• Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, with Sheikh Sabah Khalid Al Sabah, Prime Minister of Kuwait. Photo: Wam
    Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, with Sheikh Sabah Khalid Al Sabah, Prime Minister of Kuwait. Photo: Wam
  • Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, with Sheikh Sabah. Photo: Sheikh Hamdan / Twitter
    Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, with Sheikh Sabah. Photo: Sheikh Hamdan / Twitter
  • Sheikh Sabah delivers a keynote speech in the presence of Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior, and Sheikh Hamdan bin Mohammed
    Sheikh Sabah delivers a keynote speech in the presence of Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior, and Sheikh Hamdan bin Mohammed
  • Sheikh Sabah delivers a keynote speech in the presence of Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior, and Sheikh Hamdan bin Mohammed
    Sheikh Sabah delivers a keynote speech in the presence of Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior, and Sheikh Hamdan bin Mohammed

UAE

Sheikh Mohammed and Sheikh Hamdan meet Kuwait's prime minister

On sidelines of Expo 2020 Dubai, leaders discuss the strong bonds between the UAE and Kuwait

The National

March 30, 2022

  • English
  • Arabic

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, and Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, have met Sheikh Sabah Khaled Al Sabah, Prime Minister of Kuwait.

The separate meetings took place on the sidelines of the World Government Summit that concluded on Wednesday at Expo 2020 Dubai, state news agency Wam reported.

The leaders discussed the strong ties that exist between the two countries, while Sheikh Hamdan commended Kuwait’s efforts to enhance government performance.

Sheikh Sabah, meanwhile, congratulated the UAE on the successful hosting of the World Government Summit as well as Expo 2020 Dubai.

World Government Summit - in pictures

  • Azucena Arbeleche, left, Uruguay’s Minister of Economy and Finance, is presented with the Best Minister award by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai. Antonie Robertson / The National
    Azucena Arbeleche, left, Uruguay’s Minister of Economy and Finance, is presented with the Best Minister award by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai. Antonie Robertson / The National
  • will. i.am, founder and chief executive of FYI, speaking at the World Government Summit in Dubai. Pawan Singh / The National
    will. i.am, founder and chief executive of FYI, speaking at the World Government Summit in Dubai. Pawan Singh / The National
  • Delegates chat at the World Government Summit at Dubai Exhibition Centre. Pawan Singh / The National
    Delegates chat at the World Government Summit at Dubai Exhibition Centre. Pawan Singh / The National
  • Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs, speaks at the event. Pawan Singh / The National
    Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs, speaks at the event. Pawan Singh / The National
  • The World Government Summit this year is being held at the Expo 2020 Dubai site. Pawan Singh / The National
    The World Government Summit this year is being held at the Expo 2020 Dubai site. Pawan Singh / The National
  • Delegates from many countries have assembled. Pawan Singh / The National
    Delegates from many countries have assembled. Pawan Singh / The National
  • Mariam Al Mheiri, Minister of Climate Change and Environment, and Gilbert Houngbo, President of the International Fund for Agricultural Development, speak during a session at the World Government Summit. Pawan Singh / The National
    Mariam Al Mheiri, Minister of Climate Change and Environment, and Gilbert Houngbo, President of the International Fund for Agricultural Development, speak during a session at the World Government Summit. Pawan Singh / The National
  • Robinah Nabbanja, Prime Minister of Uganda, speaks on ‘The Rise of Africa: Strategies and Dynamics’ at the World Government Summit. Pawan Singh / The National
    Robinah Nabbanja, Prime Minister of Uganda, speaks on ‘The Rise of Africa: Strategies and Dynamics’ at the World Government Summit. Pawan Singh / The National
  • Abdulrahman Al Owais, Minister of Health and Prevention, delivers a speech on ‘The Future Readiness of Health’ at the summit. Antonie Robertson / The National
    Abdulrahman Al Owais, Minister of Health and Prevention, delivers a speech on ‘The Future Readiness of Health’ at the summit. Antonie Robertson / The National
  • From left, Irakli Beridze, head of the UN’s Centre for Artificial Intelligence and Robotics, Iain Drennan, executive director of WeProtect Global Alliance and Dana Humaid Al Marzooqi, general director of the International Affairs Bureau, at the summit. Pawan Singh / The National
    From left, Irakli Beridze, head of the UN’s Centre for Artificial Intelligence and Robotics, Iain Drennan, executive director of WeProtect Global Alliance and Dana Humaid Al Marzooqi, general director of the International Affairs Bureau, at the summit. Pawan Singh / The National
  • Brent Harris, vice president of Governance of Meta Platforms Inc speaking during the session on ‘Paving the Way to the Metaverse’ at the World Government Summit. Pawan Singh / The National
    Brent Harris, vice president of Governance of Meta Platforms Inc speaking during the session on ‘Paving the Way to the Metaverse’ at the World Government Summit. Pawan Singh / The National
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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

Who's who in Yemen conflict

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

Red flags
  • Promises of high, fixed or 'guaranteed' returns.
  • Unregulated structured products or complex investments often used to bypass traditional safeguards.
  • Lack of clear information, vague language, no access to audited financials.
  • Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
  • Hard-selling tactics - creating urgency, offering 'exclusive' deals.

Courtesy: Carol Glynn, founder of Conscious Finance Coaching

'Top Gun: Maverick'

Rating: 4/5

 

Directed by: Joseph Kosinski

 

Starring: Tom Cruise, Val Kilmer, Jennifer Connelly, Jon Hamm, Miles Teller, Glen Powell, Ed Harris

 
Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EDirect%20Debit%20System%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20Sept%202017%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20with%20a%20subsidiary%20in%20the%20UK%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20Undisclosed%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Elaine%20Jones%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%208%3Cbr%3E%3C%2Fp%3E%0A
MO
%3Cp%3E%3Cstrong%3ECreators%3A%20%3C%2Fstrong%3EMohammed%20Amer%2C%20Ramy%20Youssef%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EMohammed%20Amer%2C%20Teresa%20Ruiz%2C%20Omar%20Elba%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Kareem Shaheen on Canada
While you're here
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EHakbah%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ENaif%20AbuSaida%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ESaudi%20Arabia%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E22%20%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24200%2C000%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3Epre-Series%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EGlobal%20Ventures%20and%20Aditum%20Investment%20Management%0D%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
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.

Quick pearls of wisdom

Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”

Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.” 

UAE v Gibraltar

What: International friendly

When: 7pm kick off

Where: Rugby Park, Dubai Sports City

Admission: Free

Online: The match will be broadcast live on Dubai Exiles’ Facebook page

UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)

At a glance

- 20,000 new jobs for Emiratis over three years

- Dh300 million set aside to train 18,000 jobseekers in new skills

- Managerial jobs in government restricted to Emiratis

- Emiratis to get priority for 160 types of job in private sector

- Portion of VAT revenues will fund more graduate programmes

- 8,000 Emirati graduates to do 6-12 month replacements in public or private sector on a Dh10,000 monthly wage - 40 per cent of which will be paid by government

6.30pm Meydan Classic Trial US$100,000 (Turf) 1,400m

Winner Bella Fever, Dane O’Neill (jockey), Mike de Kock (trainer).

7.05pm Handicap $135,000 (T) 1,400m

Winner Woven, Harry Bentley, David Simcock.

7.40pm UAE 2000 Guineas Group Three $250,000 (Dirt) 1,600m

Winner Fore Left, William Buick, Doug O’Neill.

8.15pm Dubai Sprint Listed Handicap $175,000 (T) 1,200m

Winner Rusumaat, Dane O’Neill, Musabah Al Muhairi.

8.50pm Al Maktoum Challenge Round-2 Group Two $450,000 (D) 1,900m

Winner Benbatl, Christophe Soumillon, Saeed bin Suroor.

9.25pm Handicap $135,000 (T) 1,800m

Winner Art Du Val, William Buick, Charlie Appleby.

10pm Handicap $135,000 (T) 1,400m

Winner Beyond Reason, William Buick, Charlie Appleby.

While you're here
Updated: March 30, 2022, 6:39 PM
UAEKuwaitExpo 2020 DubaiSheikh Hamdan bin Mohammed