A joint UAE-US fund to help prepare the agricultural sector for climate change has been doubled to $8 billion.
The Agriculture Innovation Mission for Climate (Aim for Climate) has mobilised another $4bn since it launched last year to build more resilient agriculture and food systems, it was announced at Cop27 on Friday by Mariam Al Mheiri, UAE Minister of Climate Change and Environment, and Tom Vilsack, the US Agriculture Secretary.
The funds will go towards projects that can mitigate climate change, prepare for its effects and help to lift people out of poverty. Aim for Climate also seeks to support small-scale farmers, especially women, and communities in low- and middle-income countries most susceptible to the world's changing climate.
"We wanted to partner with a strong one," Ms Al Mheiri told The National, about the tie-up with the US. "We also have political will on both sides."
Aim for Climate seeks to boost the use of vertical farming, hydroponics and aquaculture. Ms Almheiri said the UAE has shown how this technology and innovation can help to grow crops never thought possible in the country.
"We are growing berries now," she said. "How can that happen? This showcased that when you are able to control an environment, it can open up so many different things. You don’t need to use chemicals. It is a much more efficient system and you have got something that is so tasty."
Ms Al Mheiri said vertical farming, also known as "closed environment agriculture", would be crucial in the years ahead as it allows countries to grow fruit and vegetables much more sustainably by recirculating water, using renewable power and avoiding dangerous chemicals.
"When you have that you start a whole domino effect of behaviour change because people will start buying locally and start reducing the carbon footprint when it comes to sourcing food."
Agriculture is a crucial part of the fight against climate change as it contributes about 25 per cent of all greenhouse gas emissions, according to the UN. Food security is also imperiled globally, with crops susceptible to changing temperatures and extreme weather.
Aim for Climate is now being supported by more than 275 government and non-government partners that include businesses, academia, non-profit organisations, think tanks and others.
Aim for Climate also said on Friday that the number of its “innovation sprints” — initiatives funded by private sector rather than government that have targeted goals in areas such as small-scale farming and methane reduction — have increased by 22 to 30.
It also announced plans to hold a climate summit in Washington, from May 8-10, to highlight issues before the Cop28 meeting in Dubai next year.
“Aim for Climate is focusing on a sector that has been overlooked in terms of the opportunities it offers for global climate action,” Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and Special Envoy for Climate Change, said at the fund's launch last year.
“This initiative demonstrates the UAE’s holistic and inclusive approach to climate action.”
The announcements came on the same day US President Joe Biden arrived to address the climate conference in Sharm El Sheikh.
Bolstered by his Democratic party's stronger than expected showing in the US midterm elections, Mr Biden is expected to try to galvanise ambition at the conference.
Cop27 at Sharm El Sheikh in Egypt — in pictures
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Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
RESULT
Aston Villa 1
Samatta (41')
Manchester City 2
Aguero (20')
Rodri (30')
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
WHAT IS GRAPHENE?
It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were experimenting with sticky tape and graphite, the material used as lead in pencils.
Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But when they repeated the process many times, the flakes got thinner.
By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment led to graphene being isolated for the very first time.
In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics.
The Two Popes
Director: Fernando Meirelles
Stars: Anthony Hopkins, Jonathan Pryce
Four out of five stars
The specs: 2019 Subaru Forester
Price, base: Dh105,900 (Premium); Dh115,900 (Sport)
Engine: 2.5-litre four-cylinder
Transmission: Continuously variable transmission
Power: 182hp @ 5,800rpm
Torque: 239Nm @ 4,400rpm
Fuel economy, combined: 8.1L / 100km (estimated)
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Abu Dhabi traffic facts
Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road
The highest volume of traffic on the roads is found between 7am and 8am on a Sunday.
Travelling before 7am on a Sunday could save up to four hours per year on a 30-minute commute.
The day was the least congestion in Abu Dhabi in 2019 was Tuesday, August 13.
The highest levels of traffic were found on Sunday, November 10.
Drivers in Abu Dhabi lost 41 hours spent in traffic jams in rush hour during 2019
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
Global state-owned investor ranking by size
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Results
6.30pm Madjani Stakes Rated Conditions (PA) I Dh160,000 I 1,900m I Winner: Mawahib, Tadhg O’Shea (jockey), Eric Lemartinel (trainer)
7.05pm Maiden Dh150,000 I 1,400m I Winner One Season, Antonio Fresu, Satish Seemar
7.40pm: Maiden Dh150,000 I 2,000m I Winner Street Of Dreams, Pat Dobbs, Doug Watson
8.15pm Dubai Creek Listed I Dh250,000 I 1,600m I Winner Heavy Metal, Royston Ffrench, Salem bin Ghadayer
8.50pm The Entisar Listed I Dh250,000 I 2,000m I Winner Etijaah, Dane O’Neill, Doug Watson
9.25pm The Garhoud Listed I Dh250,000 I 1,200m I Winner Muarrab, Dane O’Neill, Ali Rashid Al Raihe
10pm Handicap I Dh160,000 I 1,600m I Winner Sea Skimmer, Patrick Cosgrave, Helal Al Alawi
SQUADS
India
Virat Kohli (captain), Rohit Sharma (vice-captain), Shikhar Dhawan, Ajinkya Rahane, Manish Pandey, Kedar Jadhav, Dinesh Karthik, Mahendra Singh Dhoni (wicketkeeper), Hardik Pandya, Axar Patel, Kuldeep Yadav, Yuzvendra Chahal, Jasprit Bumrah, Bhuvneshwar Kumar, Shardul Thakur
New Zealand
Kane Williamson (captain), Martin Guptill, Colin Munro, Ross Taylor, Tom Latham (wicketkeeper), Henry Nicholls, Ish Sodhi, George Worker, Glenn Phillips, Matt Henry, Colin de Grandhomme, Mitchell Santner, Tim Southee, Adam Milne, Trent Boult
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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