As the UAE prepares to host the Cop28 UN climate summit – arguably the most important international gathering of the year – for the past two days, hundreds of Emirati decision makers have been looking at how sustainability, prosperity and long-term planning can ensure the country is among the world's leading nations.
More than 500 senior figures – including Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, Sheikh Mansour bin Zayed, Vice President, Deputy Prime Minister and Chairman of the Presidential Court and Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of Abu Dhabi Executive Council – as well as ministers and senior officials in the federal and local governments met over two days in the capital to discuss and review strategies and initiatives on several burning topics. These include important areas such as the country’s investment environment, its legislative system, attracting and developing top talent, and co-ordination between different branches of government. Also on the agenda are topics such as education, health care, digital transformation, housing, climate change and food security.
What unites the work on these different topics is the central aim of improving governance, cutting bureaucracy, delivering for the people and improving the quality of life for citizens and residents alike. It is perhaps a reflection of the vision that characterises the UAE’s journey that many of the initiatives coming out of the Abu Dhabi meetings have timetables that are measured in decades, not just months. Far from adopting, adapting or abandoning initiatives to match a news cycle or changing events, the ability of the UAE to construct and implement programmes for the long term, while maintaining an agile and nimble approach is one of the country’s core strengths. The UAE’s centennial plan of 2071 continues to be a guiding force.
It has been a busy time for local decision makers. Before the Annual Government Meetings began on Tuesday, Sheikh Mohammed bin Rashid set out three top priorities. These were a continued focus on economic growth and development; support for young people; and sustainability – a theme very much in keeping with the approaching Cop28 summit.
At a meeting of the Cabinet on October 30, Sheikh Mohammed unveiled a number of important decisions, such as new housing policies that will “allow UAE citizens to replace or resell their houses and transfer mortgages, in addition to approving flexible loan policies for citizens”. In addition, the Cabinet approved a decision organising the export of aquaculture, and a new policy on the integrated management of recyclable materials.
Another important branch of the UAE’s governance system, the Federal National Council, held its first session on Monday following recent elections. The 40-member group, half of whom are women, represent citizens from all seven emirates, and were addressed by re-elected Speaker Saqr Ghobash who echoed many of the goals at the heart of the Annual Government Meetings – “a strong nation that enjoys high levels of security and safety, and provides an exceptional quality of life for its people and residents".
Complementing the work of government meetings in the capital this week, was the release yesterday of a comprehensive strategy by the Adnec Group aimed at reaching the target of attaining climate neutrality by 2045, in line with the UAE’s national 2050 goal.
Taken as a whole, this flurry of domestic activity reveals the country’s priorities – prosperity, stability and the environment, not just now but years into the future. For those want to see what direction the UAE is travelling in, keeping a close eye on pivotal meetings such as these is to be advised.
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
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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
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
RESULTS
Catchweight 82kg
Piotr Kuberski (POL) beat Ahmed Saeb (IRQ) by decision.
Women’s bantamweight
Corinne Laframboise (CAN) beat Cornelia Holm (SWE) by unanimous decision.
Welterweight
Omar Hussein (PAL) beat Vitalii Stoian (UKR) by unanimous decision.
Welterweight
Josh Togo (LEB) beat Ali Dyusenov (UZB) by unanimous decision.
Flyweight
Isaac Pimentel (BRA) beat Delfin Nawen (PHI) TKO round-3.
Catchweight 80kg
Seb Eubank (GBR) beat Emad Hanbali (SYR) KO round 1.
Lightweight
Mohammad Yahya (UAE) beat Ramadan Noaman (EGY) TKO round 2.
Lightweight
Alan Omer (GER) beat Reydon Romero (PHI) submission 1.
Welterweight
Juho Valamaa (FIN) beat Ahmed Labban (LEB) by unanimous decision.
Featherweight
Elias Boudegzdame (ALG) beat Austin Arnett (USA) by unanimous decision.
Super heavyweight
Maciej Sosnowski (POL) beat Ibrahim El Sawi (EGY) by submission round 1.
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
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Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
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