The Arabian Travel Market got under way in Dubai on Sunday, marking the world's first in-person global travel and tourism event since the onset of the coronavirus pandemic. The four-day conference provides a platform for the tourism industry in the Middle East and beyond. Given the breath-taking pace at which the nature of travel has changed in the past year, the fact that ATM is taking place at all, and involves guests from more than 60 countries, is extraordinary.
According to a World Economic Forum report, nearly 90 per cent of the global population lived in countries with travel restrictions last year. An estimated 25 million aviation jobs and 100 million travel and tourism jobs were said to be at risk at the time. Airlines recorded losses of $126.4 billion in 2020, with the region’s operators set back by $7.9bn.
After a tough year, there are some indications of green shoots ahead, particularly in the Middle East. The Gulf is among the leading regions of the world making positive strides in public vaccination campaigns. This has convinced policymakers that the time has come to open up national borders and establish travel corridors – albeit gradually, with precautionary measures in place.
This month, the UAE established travel corridors with four countries, allowing vaccinated residents to visit Greece, Serbia, Seychelles and Bahrain with no quarantine requirements when they arrive. More are expected. Abu Dhabi emirate, meanwhile, announced that it will drop its own quarantine requirements for most countries from July 1.
On Monday, Saudi Arabia lifted its ban on international travel for its vaccinated residents, with about 385 international flights scheduled to depart from nine airports across the kingdom. Tourism into the kingdom, however, is still paused. It also reopened the King Fahd Causeway to Bahrain after 14 months. This year, unlike in 2020, the annual Muslim pilgrimage Hajj will include pilgrims from abroad.
Meanwhile, Egypt is aiming for tourism revenue of more than $8bn as it aims to attract more than 8 million overseas visitors in 2021. Egyptian officials are in Dubai this week as part of ATM, looking at further ways to boost tourism.
It's little wonder, then, that Sheikh Mohammed bin Rashid, Dubai's ruler and Vice President, on Sunday said there was "light at the end of the tunnel" for global tourism.
There are constant reminders, however, that we are not in the post-pandemic era just yet. The slow pace of vaccine delivery in some parts of the world and the emergence of new strains of the virus make travel to and from several countries unpredictable. Even as Abu Dhabi, for example, prepares to open, a ban on entry from India, a severe Covid-19 hotspot, is expected to remain in place for some time.
New waves of the pandemic, such as that being experienced in India, will inevitably be accompanied by travel restrictions. This means that, as long as one part of the world is affected at any given point, travel and tourism will experience ebbs and flows for the foreseeable future. Uneven vaccine delivery has already dampened the tourism industry's projections, with airlines expected to lose $47.7bn this year.
Amid such uncertainty, global travel cannot be expected to fully rebound for some time. But with the recovery having already begun, there is indeed a flicker of light at the end of the tunnel.
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
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THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
FIXTURES
Thu Mar 15 – West Indies v Afghanistan, UAE v Scotland
Fri Mar 16 – Ireland v Zimbabwe
Sun Mar 18 – Ireland v Scotland
Mon Mar 19 – West Indies v Zimbabwe
Tue Mar 20 – UAE v Afghanistan
Wed Mar 21 – West Indies v Scotland
Thu Mar 22 – UAE v Zimbabwe
Fri Mar 23 – Ireland v Afghanistan
The top two teams qualify for the World Cup
Classification matches
The top-placed side out of Papua New Guinea, Hong Kong or Nepal will be granted one-day international status. UAE and Scotland have already won ODI status, having qualified for the Super Six.
Thu Mar 15 – Netherlands v Hong Kong, PNG v Nepal
Sat Mar 17 – 7th-8th place playoff, 9th-10th place play-off
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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
The specs
Engine: 3.0-litre flat-six twin-turbocharged
Transmission: eight-speed PDK automatic
Power: 445bhp
Torque: 530Nm
Price: Dh474,600
On Sale: Now