Plans for what could be the world’s largest ocean restoration and ecotourism project in Dubai have been revealed.
Dubai Reefs would be a floating living lab for marine restoration and ecotourism, said developer URB.
At the heart of the futuristic project is a sprawling marine institute, where scientists and researchers could work towards greater protection of Dubai’s marine and coastal regions.
The project, which is currently only in the research and development stage, would support the building of an artificial reef, spanning approximately 200 square kilometres across the Dubai coastline. This would help regenerate the city's coastal ecosystem and provide protection from storms and habitats for fish and marine life.
Responsible tourism is a major part of the plans. Tourists would travel by electric boat shuttles to Dubai Reefs for unique marine ecotourism experiences.
Staying in floating eco resorts and lodges, all of which would be powered by 100 per cent renewable energy, travellers would have first-hand access to the marine projects at the site, which include creating a habitat for more than a billion corals and the planting of more than 100 million mangrove trees.
Unique eco activities on offer would include underwater “forest bathing”, similar to the ancient Japanese wellness practice that promotes calm and quiet among the trees. At Dubai Reefs, the corals would act as the trees of the ocean. Tourists would also have “edutainment” classes at The Marine Institute, to help visitors better understand the ecosystem connecting people with the ocean.
The project would also include residential properties, retail outlets, educational facilities and research hubs, with a total built-up area of about 80,000 square metres and a target of creating more than 30,000 green jobs.
If realised, Dubai Reefs could also house wave farms which would be used to produce additional clean energy for the city’s growing population. And climate-friendly food production could be produced at the floating site via regenerative ocean farming.
“The health of our cities is intrinsically tied to the health of our oceans. The ocean is the source of life controlling everything. Given that everything on our planet is connected, a healthy ocean is a healthy city,” said Baharash Bagherian, chief executive of URB.
“We need an entrepreneurial spirit in the planning of coastal cities and the types of infrastructure as well as developments that are linked to the ocean. As an innovative coastal city, Dubai is best positioned to lead such a transformation. Beyond creating a unique resilient destination for eco-tourism and marine research, Dubai Reefs aims to become a blueprint for ocean living, while mitigating the impacts of climate change,” added Bagherian.
Depending on when the project is funded, the first phase could be realised by 2025 to 2030, and Dubai Reefs could be the project Dubai needs to transform it into a world-recognised eco-destination. With travellers in the UAE increasingly prioritising sustainable travel, it could be a timely initiative.
At present, URB is addressing several challenges for the project, the primary one being commercial viability.
“The main challenge is the commercial viability, to ensure that the entire initiative can be funded privately and that all assets are revenue-generating assets. We are looking to develop the best balance between built-to-lease assets and built-to-sell assets that are in line with the project mission. Any built-to-sell assets will provide the revenue for funding the additional phases of the project, thus not requiring any public funding,” Bagherian told The National.
Other factors still being considered during the research phase are ways to ensure that all aspects of sustainability are considered by the operators, and that the project, if realised, is entirely inclusive and accessible to all.
URB has had a busy year so far. In February, the developer announced plans for The Loop — a sustainable 93km cycling and wellness highway in Dubai.
Housing a zero-emissions transport system, The Loop would be powered by kinetic flooring, allowing it to operate on 100 per cent renewable energy, and the aim is to offer leisure options for residents and visitors.
Scroll through the gallery below for more pictures of The Loop
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The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
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Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
TOURNAMENT INFO
Women’s World Twenty20 Qualifier
Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi
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
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Age: 23
How she spends spare time: Playing with cats at the clinic and feeding them
Inspiration: My father. He’s a hard working man who has been through a lot to provide us with everything we need
Favourite book: Attitude, emotions and the psychology of cats by Dr Nicholes Dodman
Favourit film: 101 Dalmatians - it remind me of my childhood and began my love of dogs
Word of advice: By being patient, good things will come and by staying positive you’ll have the will to continue to love what you're doing
Three ways to limit your social media use
Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.
1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.
2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information.
3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
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