Oklahoma City, of which I am the mayor, has a lot in common with Abu Dhabi. Both cities saw rapid development in the 20th century. Both experienced quick expansion as a result of commodity-based economies with a focus on fossil fuels and other natural resources. And both have faced, and continue to face, a challenge with obesity.
As someone who has dedicated a significant amount of my time in public office to combating the prevalence and acceptance of obesity, headlines from this part of the world are troubling. Perhaps most concerning is the increasing number of obese children and teenagers. This is also an issue in Oklahoma City, which was a deep concern of ours as we started our weight loss journey. We believe we are making strides in that area – and so can you.
At Daman’s Creating Health Communities conference in Abu Dhabi tomorrow, I will be talking about Oklahoma City’s journey to collectively losing a million pounds (450,000kg), which began at the end of 2007.
On New Year’s Eve, I challenged Oklahoma City to go on a diet and that, together, we were going to lose a million pounds. I will also share my own personal journey with weight loss.
One of the biggest challenges with reducing obesity – on both the individual and collective levels – is that it becomes normalised or even accepted. A social network analysis study of obesity within communities found that a person’s chances of becoming obese increased by 57 per cent if they had a friend who became obese within a given time frame. This is why we refer to obesity as an epidemic.
As such, the first step is simply to have a conversation and open dialogue about the problem.
It’s encouraging to see that such discussions are appearing in the UAE’s public discourse, and that companies such as Daman are actively engaged in raising awareness about the extent and effects of obesity. This is the first step to initiating a much needed behavioural change across the city and country.
Our next stage was to address the factors contributing to obesity. While there is disagreement among different schools of thought over the precise biological process behind weight loss, the general consensus is that regular exercise and a good diet militate against obesity.
In Oklahoma City, we also came to the realisation that the city itself was contributing to our obesity problem. Our infrastructure and urban planning were such that people were sometimes unable to walk from one place to another, even if they were willing to.
Firstly, there was simply a lack of pavements in many areas of the city. Regulations requiring developers to build pavements had only recently been introduced, which had resulted in over 100,000 homes throughout the city’s neighbourhoods with almost no pedestrian access.
Secondly, Oklahoma City’s city occupies over 1,600 square kilometres. Because land is cheap and generally well-served by accessible highways, developers have expanded outward. These factors had affected a sedentary culture – people were simply not in the habit of being active.
Abu Dhabi has its own set of challenges. The soaring summer temperatures and humidity don’t help. Nonetheless, there are ways of adapting to and dealing with the climate. Readily available access to air-conditioned venues, for example, would go a long way to reducing the strain that summer can have on one’s health in the UAE.
In Oklahoma, our response was to invest in infrastructure designed to nudge people towards a healthier and more active lifestyle.
We redesigned our city centre into a pedestrian-friendly area that prioritises people above cars. We’re building more than 160 kilometres of bicycle trails. We’re adding pavements to connect neighbourhoods to parks, libraries and retail centres. We’re building a 70-acre park in downtown Oklahoma City.
The redevelopment plan also introduced a world-class venue for watersports such as kayaking, rowing and whitewater rafting.
For the first time in generations, exercise in open public spaces became a free and desirable option. Of course, these changes were neither cheap nor quick, and we explored a range of funding and investment opportunities. The investments have paid off, however. Not only have residents overseen a lasting and sustainable lifestyle change, but individuals and businesses from elsewhere in the United States increasingly found Oklahoma City an attractive location.
We still have a long way to go, but we believe our investments will result in a generational change.
Our two cities have a lot in common. Let’s add significant and sustained weight loss and lifestyle change to our similarities. It can’t happen tomorrow, but it must start today.
Mick Cornett is serving his fourth term as mayor of Oklahoma City, which gained recognition across the US and abroad for achieving a collective weight loss of one million pounds (450,000kg). He will be speaking at Daman’s Creating Healthy Communities conference in Abu Dhabi on Monday, October 31
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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
Company name: Farmin
Date started: March 2019
Founder: Dr Ali Al Hammadi
Based: Abu Dhabi
Sector: AgriTech
Initial investment: None to date
Partners/Incubators: UAE Space Agency/Krypto Labs
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.”
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
