Thousands of leaders, experts and senior officials from 190 countries will gather in Dubai this month to help shape the post-pandemic agenda on sustainability, health care, economic recovery and the cities of the future.
The World Government Summit will take place at the Dubai Exhibition Centre in the heart of Expo 2020 Dubai on March 29 and 30.
This year's summit will feature 15 conferences aimed at defining the future of agile governance.
They will include the first hosting of the Time 100 Gala outside of the United States, which celebrates the world’s most influential people.
The Forbes 30 Under 30 event will be in the line-up, along with the Global Crypto Forum, the Arab Meeting for Young Leaders, the Arab Government Administration Forum and the Global Metaverse Forum.
Crucial issues such as climate change and the health and energy sectors will also be explored.
More than 30 agencies central to international development will take part, including the UN, the World Health Organisation, the International Monetary Fund, the World Bank, the Women’s Forum for Business and Society, the Atlantic Council, the International Civil Aviation Organisation, the Arab Monetary Fund and the Islamic Development Bank.
Ministers met at the Museum of the Future on Monday for a dialogue before the summit, which is the first such event since the start of the coronavirus pandemic.
Although speakers at the event have yet to be announced, Mohammed Al Gergawi, Minister of Cabinet Affairs and chairman of the World Government Summit, revealed some details of the programme.
“The World Government Summit has become the incubator of new ideas and innovative solutions where knowledge and success stories are shared and exchanged by pioneering government officials, thought leaders and industry experts,” he said.
"WGS reflects the UAE’s commitment to global efforts to enhance the agility and resilience of governments. We stand together to forge purposeful and constructive partnerships to support the socioeconomic recovery and development process that can unlock new opportunities for people globally.
“The summit will host more than 4,000 participants of top government officials, directors and leaders with the aim to envision the future of the governments and the world, and will include more than a hundred discussion sessions.”
At the dialogue event, Abdulla bin Touq, Minister of Economy, announced the launch of the Investopia Investment Summit, an Emirati initiative supporting efforts to accelerate the growth of new economic sectors and double the size of the UAE’s economy by 2030.
Participants can expect to see a range of sessions offered during the eighth World Government Summit, with key themes for 2022 including policies that lead government progress and development, designing future health care, sustainability, accelerating global economic recovery, future technologies, building future cities, the future of education and work, and enabling social resilience.
During the curtain-raiser, Mr Al Gergawi referred to previous events that had examined in depth the challenges faced by society today.
For example, in 2018, WHO Director General Tedros Adhanom Ghebreyesus told leaders the world was unprepared to face a global pandemic.
A year earlier, tech billionaire Elon Musk took to the stage to predict the growing influence of online virtual worlds.
The rise of the Metaverse and its significance will be a major talking point during the 2022 gathering.
Mr Al Gergawi referred to previous discussions on the rise of cryptocurrencies and their potential to disrupt traditional banking systems.
In 2016, Jesse Powell — founder of Kraken, one of the world’s largest cryptocurrency exchanges — spoke at length on the potential impact of Bitcoin and its wider adoption.
Countries around the world have since recognised the virtual currency, whose value has fluctuated wildly, peaking at $68,000 in November, 2021.
Who are the Soroptimists?
The first Soroptimists club was founded in Oakland, California in 1921. The name comes from the Latin word soror which means sister, combined with optima, meaning the best.
The organisation said its name is best interpreted as ‘the best for women’.
Since then the group has grown exponentially around the world and is officially affiliated with the United Nations. The organisation also counts Queen Mathilde of Belgium among its ranks.
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BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
Villains
Queens of the Stone Age
Matador
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
UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
Global institutions: BlackRock and KKR
US-based BlackRock is the world's largest asset manager, with $5.98 trillion of assets under management as of the end of last year. The New York firm run by Larry Fink provides investment management services to institutional clients and retail investors including governments, sovereign wealth funds, corporations, banks and charitable foundations around the world, through a variety of investment vehicles.
KKR & Co, or Kohlberg Kravis Roberts, is a global private equity and investment firm with around $195 billion of assets as of the end of last year. The New York-based firm, founded by Henry Kravis and George Roberts, invests in multiple alternative asset classes through direct or fund-to-fund investments with a particular focus on infrastructure, technology, healthcare, real estate and energy.
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Leap of Faith
Michael J Mazarr
Public Affairs
Dh67
The Pope's itinerary
Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial
Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport
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Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
