UAE

Sheikh Maktoum bin Mohammed tours Dubai Airshow

He visited several stands, including the UAE Space Agency and Amazon Web Services

Gillian Duncan
Gillian Duncan

November 16, 2021

  • English
  • Arabic

Sheikh Maktoum bin Mohammed, Deputy Prime Minister, Minister of Finance and Deputy Ruler of Dubai, toured the Dubai Airshow on Monday.

He visited several stands, including the UAE Space Agency, where Sarah Al Amiri, Minister of State for Advanced Technology and chairwoman of the UAE Space Agency, briefed him on its operations and programmes.

Sheikh Maktoum also visited the Amazon Web Services stand, where he was shown the tech company's many solutions and services for commercial air travel, as well as research and development aimed at reducing the carbon footprint in aerospace and defence.

At the Emirates airline stand he viewed the four-class configured A380, which features its new Premium Economy Class cabin, in addition to revamped interiors.

Sheikh Maktoum also visited Strata Manufacturing, a company in the UAE owned by Mubadala.

Dubai Airshow day two - in pictures

  • A visitor looks at a Chinook helicopter on the second day of the Dubai Airshow 2021. All photos: Chris Whiteoak/ The National
    A visitor looks at a Chinook helicopter on the second day of the Dubai Airshow 2021. All photos: Chris Whiteoak/ The National
  • Visitors attend day two of the Airshow.
    Visitors attend day two of the Airshow.
  • A Chinook helicopter.
    A Chinook helicopter.
  • Drones on display at the Mubadala stand.
    Drones on display at the Mubadala stand.
  • Cary Jacobson sits at the controls of a full scale mock-up of the F-35.
    Cary Jacobson sits at the controls of a full scale mock-up of the F-35.
  • A visitor takes a picture of a Boeing T-7.
    A visitor takes a picture of a Boeing T-7.
  • Plane cufflinks for sale at the Airshow.
    Plane cufflinks for sale at the Airshow.
  • An Airbus Zero E model on display.
    An Airbus Zero E model on display.
  • A QX 5 drone.
    A QX 5 drone.
  • Bellwether Volar, the private urban aircraft, on display.
    Bellwether Volar, the private urban aircraft, on display.
  • A Golden Eagle CR500A unmanned helicopter system.
    A Golden Eagle CR500A unmanned helicopter system.
  • GeoDrones on display.
    GeoDrones on display.
  • Private urban aircraft Bellwether Volar.
    Private urban aircraft Bellwether Volar.
  • Chief executive and founder of GeoDrones Mohamed Shawky.
    Chief executive and founder of GeoDrones Mohamed Shawky.
  • Sheikh Ahmed bin Saeed, Emirates' chairman and chief executive.
    Sheikh Ahmed bin Saeed, Emirates' chairman and chief executive.
  • An air display by Surya Kiran.
    An air display by Surya Kiran.
  • An air display by the Airbus A350.
    An air display by the Airbus A350.
  • Visitors enjoy the second day of Dubai Airshow 2021.
    Visitors enjoy the second day of Dubai Airshow 2021.
  • Dubai Airshow 2021.
    Dubai Airshow 2021.
  • The second day of Dubai Airshow 2021.
    The second day of Dubai Airshow 2021.
  • An air display by Super Mushak.
    An air display by Super Mushak.
  • The Airbus A350.
    The Airbus A350.
  • Sheikh Mohammed bin Rashid and Sheikh Hamdan bin Mohammed tour the Edge stand at the Airshow.
    Sheikh Mohammed bin Rashid and Sheikh Hamdan bin Mohammed tour the Edge stand at the Airshow.
  • The Aura UAV, which is used for fighting fires, search and rescue and agriculture.
    The Aura UAV, which is used for fighting fires, search and rescue and agriculture.
  • The Etihad A350 on the second day of the Dubai airshow 2021. Chris Whiteoak/ The National
    The Etihad A350 on the second day of the Dubai airshow 2021. Chris Whiteoak/ The National
  • Sheikh Mohammed bin Rashid and Sheikh Hamdan bin Mohammed tour the Edge stand on the second day of the Dubai airshow 2021. Chris Whiteoak/ The National
    Sheikh Mohammed bin Rashid and Sheikh Hamdan bin Mohammed tour the Edge stand on the second day of the Dubai airshow 2021. Chris Whiteoak/ The National
  • Apollo 16 astronaut Charles Duke in conversation with UAE astronauts Hazza Al Mansouri (R) and Sultan Al Neyadi on the second day of the Dubai airshow 2021. Chris Whiteoak/ The National
    Apollo 16 astronaut Charles Duke in conversation with UAE astronauts Hazza Al Mansouri (R) and Sultan Al Neyadi on the second day of the Dubai airshow 2021. Chris Whiteoak/ The National
  • Apollo 16 astronaut Charles Duke in conversation with UAE astronauts Hazza Al Mansouri (M) and Sultan Al Neyadi on the second day of the Dubai airshow 2021. Chris Whiteoak/ The National
    Apollo 16 astronaut Charles Duke in conversation with UAE astronauts Hazza Al Mansouri (M) and Sultan Al Neyadi on the second day of the Dubai airshow 2021. Chris Whiteoak/ The National
  • A QX 3 drone on display on the second day of the Dubai airshow 2021. Chris Whiteoak/ The National
    A QX 3 drone on display on the second day of the Dubai airshow 2021. Chris Whiteoak/ The National
Match info

Wolves 0

Arsenal 2 (Saka 43', Lacazette 85')

Man of the match: Shkodran Mustafi (Arsenal)

'Saand Ki Aankh'

Produced by: Reliance Entertainment with Chalk and Cheese Films
Director: Tushar Hiranandani
Cast: Taapsee Pannu, Bhumi Pednekar, Prakash Jha, Vineet Singh
Rating: 3.5/5 stars

Start-up hopes to end Japan's love affair with cash

Across most of Asia, people pay for taxi rides, restaurant meals and merchandise with smartphone-readable barcodes — except in Japan, where cash still rules. Now, as the country’s biggest web companies race to dominate the payments market, one Tokyo-based startup says it has a fighting chance to win with its QR app.

Origami had a head start when it introduced a QR-code payment service in late 2015 and has since signed up fast-food chain KFC, Tokyo’s largest cab company Nihon Kotsu and convenience store operator Lawson. The company raised $66 million in September to expand nationwide and plans to more than double its staff of about 100 employees, says founder Yoshiki Yasui.

Origami is betting that stores, which until now relied on direct mail and email newsletters, will pay for the ability to reach customers on their smartphones. For example, a hair salon using Origami’s payment app would be able to send a message to past customers with a coupon for their next haircut.

Quick Response codes, the dotted squares that can be read by smartphone cameras, were invented in the 1990s by a unit of Toyota Motor to track automotive parts. But when the Japanese pioneered digital payments almost two decades ago with contactless cards for train fares, they chose the so-called near-field communications technology. The high cost of rolling out NFC payments, convenient ATMs and a culture where lost wallets are often returned have all been cited as reasons why cash remains king in the archipelago. In China, however, QR codes dominate.

Cashless payments, which includes credit cards, accounted for just 20 per cent of total consumer spending in Japan during 2016, compared with 60 per cent in China and 89 per cent in South Korea, according to a report by the Bank of Japan.

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

Most wanted allegations
  • Benjamin Macann, 32: involvement in cocaine smuggling gang.
  • Jack Mayle, 30: sold drugs from a phone line called the Flavour Quest.
  • Callum Halpin, 27: over the 2018 murder of a rival drug dealer. 
  • Asim Naveed, 29: accused of being the leader of a gang that imported cocaine.
  • Calvin Parris, 32: accused of buying cocaine from Naveed and selling it on.
  • John James Jones, 31: allegedly stabbed two people causing serious injuries.
  • Callum Michael Allan, 23: alleged drug dealing and assaulting an emergency worker.
  • Dean Garforth, 29: part of a crime gang that sold drugs and guns.
  • Joshua Dillon Hendry, 30: accused of trafficking heroin and crack cocain. 
  • Mark Francis Roberts, 28: grievous bodily harm after a bungled attempt to steal a £60,000 watch.
  • James ‘Jamie’ Stevenson, 56: for arson and over the seizure of a tonne of cocaine.
  • Nana Oppong, 41: shot a man eight times in a suspected gangland reprisal attack. 
While you're here
Ms Yang's top tips for parents new to the UAE
  1. Join parent networks
  2. Look beyond school fees
  3. Keep an open mind
What is a robo-adviser?

Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.

These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.

Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.

Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.

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Notable Yas events in 2017/18

October 13-14 KartZone (complimentary trials)

December 14-16 The Gulf 12 Hours Endurance race

March 5 Yas Marina Circuit Karting Enduro event

March 8-9 UAE Rotax Max Challenge

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Silkhaus%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Aahan%20Bhojani%20and%20Ashmin%20Varma%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Property%20technology%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%247.75%20million%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Nuwa%20Capital%2C%20VentureSouq%2C%20Nordstar%2C%20Global%20Founders%20Capital%2C%20Yuj%20Ventures%20and%20Whiteboard%20Capital%3C%2Fp%3E%0A
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How the bonus system works

The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.

The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.

There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).

All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.

RESULT

Fifth ODI, at Headingley

England 351/9
Pakistan 297
England win by 54 runs (win series 4-0)

Killing of Qassem Suleimani
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Plan to boost public schools

A major shake-up of government-run schools was rolled out across the country in 2017. Known as the Emirati School Model, it placed more emphasis on maths and science while also adding practical skills to the curriculum.

It was accompanied by the promise of a Dh5 billion investment, over six years, to pay for state-of-the-art infrastructure improvements.

Aspects of the school model will be extended to international private schools, the education minister has previously suggested.

Recent developments have also included the introduction of moral education - which public and private schools both must teach - along with reform of the exams system and tougher teacher licensing requirements.

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