As well as sharing long borders, the UAE and Oman share deep historical and cultural ties. This was on show during President Sheikh Mohamed bin Zayed's state visit to the country, which began on Tuesday.
The gifts the two sides exchanged reflect these bonds. Sultan Haitham presented Sheikh Mohamed with a traditional Omani sword. He also awarded him the Order of Al Said Medal, normally bestowed on senior international representatives in appreciation for their exceptional role strengthening relations with Oman. For his part, Sheikh Mohamed awarded Sultan Haitham the Order of Zayed.
After official meetings, Sheikh Mohamed tweeted: "Thank you to my brother the Sultan of Oman for the warm welcome. Our two nations are united by deep bonds of history, friendship and common interest, and I look forward to working together to continue forging a brighter future for our people."
The trip encompassed more than a symbolic renewing of ties. In a move that profoundly changes the regional economy, it was also announced that both countries are to be linked by a rail system, for both freight and passengers. The passenger trains can reach speeds of 200 kilometres an hour, and will connect Abu Dhabi to the north of Muscat, Oman's capital. A new joint company to oversee the project will be formed by Etihad Rail and Oman rail.
This is only one of 16 agreements to have been signed by the two countries during the visit, which encompass fields such as energy, transport and industry, and on Wednesday, Abu Dhabi's ADQ, one of the region's biggest holding companies, said it had identified Dh30 billion in investment opportunities in Oman. Recently, the ADQ also signed a Dh10bn partnership agreement with the Oman Investment Authority.
It is a big moment for the bilateral ties between the nations. But it fits into a wider pattern of diplomatic and economic co-operation that has been taking place across the GCC region. A shared culture and destiny have always tied the bloc's member states together, but co-operation has been particularly strong recently.
In January of 2021, the Al Ula Declaration became a particularly important moment for regional unity. It effectively restored diplomatic ties between Qatar and four Arab nations, three of them from the GCC. This was diplomatically important. But, for a region whose people share such close bonds across borders, it was deeply personal, too.
The future is full of events for the GCC to co-ordinate on. The World Cup in Qatar will boost the domestic economy as well as that of its neighbours. On Wednesday The National reported industry experts saying that the event will boost the Dubai property market, providing a ‘mini-Expo like effect'.
Countries outside the region often look to the bloc for stability, in addition to working with individual member states. During the UN General Assembly meetings last week, the GCC grouping met collectively with representatives from the UK, US, China and France. Moreover, the UK is in talks for a major trade deal with the GCC. There are hopes one might be struck by August 2023. Similar conversations are happening with other major powers.
Beyond economics, the region is also integrating itself into the fight against the climate crisis. Cop28, arguably the most important international climate conference around, will take place in the UAE next year. A number of its states have committed to ambitious net-zero pledges. There are regular meetings among ministers of health, interior and other portfolios to ensure co-operation.
Oman and the UAE are stronger for this recent reminder of a shared history. But every time the GCC's member states share similar moments, and there are many such occasions, the bloc as a whole benefits.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
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Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
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Results
6.30pm: Mazrat Al Ruwayah – Group 2 (PA) $36,000 (Dirt) 1,600m, Winner: RB Money To Burn, Tadhg O’Shea (jockey), Eric Lemartinel (trainer)
7.05pm: Handicap (TB) $68,000 (Turf) 2,410m, Winner: Star Safari, William Buick, Charlie Appleby
7.40pm: Meydan Trophy – Conditions (TB) $50,000 (T) 1,900m, Winner: Secret Protector, William Buick, Charlie Appleby
8.15pm: Al Maktoum Challenge Round 2 - Group 2 (TB) $293,000 (D) 1,900m, Winner: Salute The Soldier, Adrie de Vries, Fawzi Nass
8.50pm: Al Rashidiya – Group 2 (TB) $163,000 (T) 1,800m, Winner: Zakouski, William Buick, Charlie Appleby
9.25pm: Handicap (TB) $65,000 (T) 1,000m, Winner: Motafaawit, Sam Hitchcock, Doug Watson
Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
Where to buy
Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com
