Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and the Deputy Supreme Commander of the UAE Armed Forces, left, talks to Indian prime minister Narendra Modi at Hyderabad House. Hamad Al Kaabi / Crown Prince Court - Abu Dhabi
Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and the Deputy Supreme Commander of the UAE Armed Forces, left, talks to Indian prime minister Narendra Modi at Hyderabad House. Hamad Al Kaabi / Crown Prince Court - Abu Dhabi
Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and the Deputy Supreme Commander of the UAE Armed Forces, left, talks to Indian prime minister Narendra Modi at Hyderabad House. Hamad Al Kaabi / Crown Prince Court - Abu Dhabi
Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and the Deputy Supreme Commander of the UAE Armed Forces, left, talks to Indian prime minister Narendra Modi at Hyderabad House. Hamad Al Kaabi / C

From our bond of personal friendship, a bold new vision


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Writing today in The National, Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, and Narendra Modi, India's prime minister, pledge new and enhanced cooperation on defence, trade, investment, food security, renewable energy and space research:

India and the UAE are linked by our common desire to build a resilient modern strategic partnership. This desire has become more manifest in the past two years. In this time, we have personally built a bond of friendship that has allowed us to shed the traditional approach of incremental progress.

Instead, we are using the springboard of our friendship to give our partnership a bold new vision that goes beyond our bilateral relations. We will contribute to a regional order that reflects our shared interest in stability, prosperity and tolerance. That is the promise that we have made to each other.

In this enterprise, we are fortunate to be able to draw on centuries of accumulated goodwill and understanding between our nations. The promise that the late Sheikh Zayed bin Nahyan, Father of the Nation of the UAE, so presciently foresaw in 1970, even before the UAE’s independence, is translating into purposeful action today. He said then: “Our relations go back some 4,000 years when we had flourishing trade and commerce with India; and now that we are about to be independent, we would like these bonds to be restored and strengthened in every possible way – there are boundless possibilities for trade, commerce, even joint projects.”

The Comprehensive Strategic Partnership to which we have committed our countries builds upon the vision of the respected leader. It also builds on our extensive discussions in Abu Dhabi in August, 2015 and in New Delhi in February, 2016. It sets out a clear roadmap to restore and strengthen our historic ties but also looks at several entirely new areas of cooperation.

As nations, the UAE and India have grown to respect each other for our shared values of religious tolerance and the importance of building open, multicultural societies that are respectful of differences related to faith, ethnicity or language. We have been unequivocal in our rejection of religious extremism and the atmosphere of hate and terror that it has produced. We have been equally forthright in condemning terrorism in all its manifestations and in refusing to accept false justifications for terrorism in the name of religious or political objectives. We have denounced and opposed terrorism in all forms, wherever committed and by whoever, calling on all states to reject and abandon the use of terrorism against other countries, dismantle terrorism infrastructures where they exist, and bring perpetrators of terrorism to justice. We believe that this approach is crucial for fostering an environment of peace, stability and prosperity in our region.

We have also strongly condemned the terrorist attacks in Kabul and Kandahar on January 10, and the terrible loss of lives of UAE and Afghan nationals in these attacks.

Our countries have decided to intensify our defence cooperation, expanding the scope of our training programmes, increasing our joint exercises and exploring opportunities for co-production of defence materials. The presence of a contingent from the UAE Air Force in Delhi, marching down Rajpath in step with their Indian counterparts as part of the Republic Day parade, is a powerful visual symbol of cooperation.

We have also made strides in our economic engagement. India is the UAE’s largest trading partner and for India, the UAE ranks third after the United States and China. The entrepreneurship of the Indian business community has long been recognised in the UAE, where they are present on a big scale; a relatively more recent phenomenon is the growing investments from the UAE into the Indian economy in key areas such as infrastructure, energy, health care, retail, hospitality and real estate. These mutual flows are anticipated to increase and will constitute a dynamic pillar of our partnership.

India recognises that rapid development of infrastructure holds the key to meeting India’s development aspirations. Some of the UAE’s largest companies are world leaders in this area and we hope to encourage greater participation by them in India’s ambitious plans to develop highways, ports, airports and logistics hubs. We are also exploring innovative approaches in the equally important area of food security.

As a major exporter of crude oil, the UAE has been a reliable partner in India’s quest for energy security. But we are also looking beyond fossil fuels at the world that we want to bequeath to future generations. The UAE’s decision to establish Masdar was a trend-setter for the world, and India has set up extremely ambitious targets for the share of renewable energy in its own energy mix. The UAE plans to join the Indo-French initiative to establish an International Solar Alliance and India is an ardent advocate and partner of the Abu Dhabi based International Renewable Energy Agency, Irena.

The role of the 2.6 million strong Indian community in the UAE is appreciated in both nations: for India, as a visible testament to the strength and success of our diaspora that enriches us in turn; for the UAE, as a valuable contribution to its development and national life. The bonds of trade, investment, friendship and personal relations that have taken root between the UAE and India represent an especially strong bridge between our countries.

An eye on the future is also manifest in our dialogue on cooperation between the Indian Space Research Organisation and the UAE Space Agency. India is one of just four countries to have successfully sent a mission to Mars. The UAE also has an ambitious programme in this field. By working together, we intend to demonstrate that not even the sky is the limit for our cooperation.

Today, we are moving towards a deeper, stronger and more intense engagement with each other. This rests on a strategic vision shared by us and on the extensive network of people-to-people contacts between us.

We are confident that we have created strong and robust platforms and mechanisms to take our relationship to new heights. India and the UAE are determined to fulfill the promise of our partnership for our people and our region.

Sheikh Mohammed bin Zayed is Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces. Narendra Modi is prime minister of India

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__________________________________

Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

Available: Now

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COMPANY PROFILE

Name: Rain Management

Year started: 2017

Based: Bahrain

Employees: 100-120

Amount raised: $2.5m from BitMex Ventures and Blockwater. Another $6m raised from MEVP, Coinbase, Vision Ventures, CMT, Jimco and DIFC Fintech Fund

England squads for Test and T20 series against New Zealand

Test squad: Joe Root (capt), Jofra Archer, Stuart Broad, Rory Burns, Jos Buttler, Zak Crawley, Sam Curran, Joe Denly, Jack Leach, Saqib Mahmood, Matthew Parkinson, Ollie Pope, Dominic Sibley, Ben Stokes, Chris Woakes

T20 squad: Eoin Morgan (capt), Jonny Bairstow, Tom Banton, Sam Billings, Pat Brown, Sam Curran, Tom Curran, Joe Denly, Lewis Gregory, Chris Jordan, Saqib Mahmood, Dawid Malan, Matt Parkinson, Adil Rashid, James Vince

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

UEFA CHAMPIONS LEAGUE FIXTURES

All kick-off times 10.45pm UAE ( 4 GMT) unless stated

Tuesday
Sevilla v Maribor
Spartak Moscow v Liverpool
Manchester City v Shakhtar Donetsk
Napoli v Feyenoord
Besiktas v RB Leipzig
Monaco v Porto
Apoel Nicosia v Tottenham Hotspur
Borussia Dortmund v Real Madrid

Wednesday
Basel v Benfica
CSKA Moscow Manchester United
Paris Saint-Germain v Bayern Munich
Anderlecht v Celtic
Qarabag v Roma (8pm)
Atletico Madrid v Chelsea
Juventus v Olympiakos
Sporting Lisbon v Barcelona

Spider-Man%202
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'How To Build A Boat'
Jonathan Gornall, Simon & Schuster

Honeymoonish
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What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

 

Company: Instabug

Founded: 2013

Based: Egypt, Cairo

Sector: IT

Employees: 100

Stage: Series A

Investors: Flat6Labs, Accel, Y Combinator and angel investors

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”