• Ahmed Al-Humairi witnesses the Commemoration Day ceremony at the Ministry of Presidential Affairs in 2021. All photos: Wam
    Ahmed Al-Humairi witnesses the Commemoration Day ceremony at the Ministry of Presidential Affairs in 2021. All photos: Wam
  • The Ministry of Justice, Courts and Federal Prosecutions mark Commemoration Day in 2021.
    The Ministry of Justice, Courts and Federal Prosecutions mark Commemoration Day in 2021.
  • The Ministry of Interior celebrates the annual occasion.
    The Ministry of Interior celebrates the annual occasion.
  • Dubai Customs observes Commemoration Day.
    Dubai Customs observes Commemoration Day.
  • The Statistics Centre in Abu Dhabi on Commemoration Day.
    The Statistics Centre in Abu Dhabi on Commemoration Day.
  • Workers at Dubai Health mark the occasion.
    Workers at Dubai Health mark the occasion.
  • The Ministry of Defence celebrates Commemoration Day.
    The Ministry of Defence celebrates Commemoration Day.
  • The Judicial Department in Abu Dhabi marks Commemoration Day.
    The Judicial Department in Abu Dhabi marks Commemoration Day.
  • Ras Al Khaimah Chamber of Commerce marks the event.
    Ras Al Khaimah Chamber of Commerce marks the event.

What is Commemoration Day 2022 and why is it celebrated in the UAE?


Tommy Hilton
  • English
  • Arabic

The next public holiday in the UAE follows Commemoration Day, an annual event to remember those who lost their lives serving the country.

This year, the event, also known as Martyrs Day, will be the first of three days dedicated to celebrating the UAE's 51st year since unification.

As preparations gather pace for National Day, here is all you need to know about this year’s Commemoration Day.

When is the UAE's Commemoration Day?

Commemoration Day in the UAE is marked by a minute's silence on Wednesday, November 30, and celebrated with a public holiday on Thursday, December 1.

The day officially falls today, November 30, but has been marked with a public holiday on the following day in recent years, a move that is being repeated this year.

This means Commemoration Day is the first of three consecutive days of public holiday in December, because it is immediately followed by UAE National Day on December 2, with employees who work on Saturdays also given December 3 off.

Employees who work on Sunday will also have the day off, returning to work on Monday, December 5.

Why does the UAE celebrate Commemoration Day?

Commemoration Day is held every year to recognise the dedication and sacrifices of the UAE’s military and civilian service people, and to honour those who lost their lives while serving the country.

The late President Sheikh Khalifa introduced Commemoration Day in 2015.

It originally took place on November 30 to commemorate the death of Salem Suhail Khamis, who died on the same date in 1971 fighting against Iranian forces on the island of Greater Tunb. He is thought to have been the first Emirati to be killed in military service since the formation of the UAE that year.

In 2019 and 2020, the public holiday was held on December 1, a move that was repeated in 2021 and 2022.

Marking last year’s Commemoration Day, Sheikh Khalifa spoke of the sacrifices of the nation’s heroes.

“We will always remember as people and leadership, with appreciation and gratitude, our children who sacrificed their lives in defence of the nation,” he said.

  • UAE Armed Forces honour guard participate in the Commemoration Day ceremony at Wahat Al Karama.
    UAE Armed Forces honour guard participate in the Commemoration Day ceremony at Wahat Al Karama.
  • Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces (left), Sheikh Dr Sultan bin Muhammad Al Qasimi, Ruler of Sharjah (third left), Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai (fourth left), Sheikh Humaid bin Rashid Al Nuaimi, Ruler of Ajman (seventh left), Sheikh Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah (11th left), Sheikh Hamad bin Mohammed Al Sharqi, Ruler of Fujairah (13th left) and Sheikh Saud bin Rashid Al Mualla, Ruler of Umm Al Quwain (15th left), stand for a group photograph with the families of Martyrs during a Commemoration Day ceremony at Wahat Al Karama in 2019. The memorial is dedicated to the memory of UAE’s National Heroes in honour of their sacrifice and in recognition of their heroism. All photos Ministry of Presidential Affairs.
    Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces (left), Sheikh Dr Sultan bin Muhammad Al Qasimi, Ruler of Sharjah (third left), Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai (fourth left), Sheikh Humaid bin Rashid Al Nuaimi, Ruler of Ajman (seventh left), Sheikh Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah (11th left), Sheikh Hamad bin Mohammed Al Sharqi, Ruler of Fujairah (13th left) and Sheikh Saud bin Rashid Al Mualla, Ruler of Umm Al Quwain (15th left), stand for a group photograph with the families of Martyrs during a Commemoration Day ceremony at Wahat Al Karama in 2019. The memorial is dedicated to the memory of UAE’s National Heroes in honour of their sacrifice and in recognition of their heroism. All photos Ministry of Presidential Affairs.
  • Members of the UAE Armed Forces participate in a Commemoration Day ceremony at Wahat Al Karama.
    Members of the UAE Armed Forces participate in a Commemoration Day ceremony at Wahat Al Karama.
  • (L-R) Sheikh Saud bin Rashid Al Mualla; Sheikh Hamad bin Mohammed Al Sharqi; Sheikh Saud bin Saqr Al Qasimi; Sheikh Humaid bin Rashid Al Nuaimi; Sheikh Mohammed bin Rashid; Sheikh Dr Sultan bin Muhammed Al Qasimi; and Sheikh Mohamed bin Zayed stand for a group photograph during the Commemoration Day ceremony in 2019.
    (L-R) Sheikh Saud bin Rashid Al Mualla; Sheikh Hamad bin Mohammed Al Sharqi; Sheikh Saud bin Saqr Al Qasimi; Sheikh Humaid bin Rashid Al Nuaimi; Sheikh Mohammed bin Rashid; Sheikh Dr Sultan bin Muhammed Al Qasimi; and Sheikh Mohamed bin Zayed stand for a group photograph during the Commemoration Day ceremony in 2019.
  • Sheikh Mohamed bin Zayed presents a medal during the Commemoration Day ceremony to a family member of a serviceman who died in 2019.
    Sheikh Mohamed bin Zayed presents a medal during the Commemoration Day ceremony to a family member of a serviceman who died in 2019.
  • (L-R) Sheikh Nahyan Bin Zayed, Chairman of the Board of Trustees of Zayed bin Sultan Al Nahyan Charitable and Humanitarian Foundation; Sheikh Eissa bin Zayed; Sheikh Saif bin Mohamed; Sheikh Mohamed bin Hamad Al Sharqi, Crown Prince of Fujairah; Sheikh Sultan bin Mohamed Al Qasimi, Crown Prince of Sharjah, Sheikh Saud bin Rashid Al Mu'alla; Sheikh Mohammed bin Rashid; Sheikh Mohamed bin Zayed; Dr Sheikh Sultan bin Mohamed Al Qasimi; , Sheikh Humaid bin Rashid Al Nuaimi; Sheikh Saud bin Saqr Al Qasimi; Sheikh Hamdan bin Mohamed, Crown Prince of Dubai, Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Sheikh Mohamed bin Saud bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, attend the Commemoration Day ceremony at Wahat Al Karama in 2019.
    (L-R) Sheikh Nahyan Bin Zayed, Chairman of the Board of Trustees of Zayed bin Sultan Al Nahyan Charitable and Humanitarian Foundation; Sheikh Eissa bin Zayed; Sheikh Saif bin Mohamed; Sheikh Mohamed bin Hamad Al Sharqi, Crown Prince of Fujairah; Sheikh Sultan bin Mohamed Al Qasimi, Crown Prince of Sharjah, Sheikh Saud bin Rashid Al Mu'alla; Sheikh Mohammed bin Rashid; Sheikh Mohamed bin Zayed; Dr Sheikh Sultan bin Mohamed Al Qasimi; , Sheikh Humaid bin Rashid Al Nuaimi; Sheikh Saud bin Saqr Al Qasimi; Sheikh Hamdan bin Mohamed, Crown Prince of Dubai, Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Sheikh Mohamed bin Saud bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, attend the Commemoration Day ceremony at Wahat Al Karama in 2019.
  • (front L-R) Sheikh Mohammed bin Rashid; Sheikh Humaid bin Rashid Al Nuaimi; Sheikh Saud bin Saqr Al Qasimi; Sheikh Hamad bin Mohamed Al Sharqi and Sheikh Saud bin Rashid Al Mu'alla attend the Commemoration Day ceremony at Wahat Al Karama.
    (front L-R) Sheikh Mohammed bin Rashid; Sheikh Humaid bin Rashid Al Nuaimi; Sheikh Saud bin Saqr Al Qasimi; Sheikh Hamad bin Mohamed Al Sharqi and Sheikh Saud bin Rashid Al Mu'alla attend the Commemoration Day ceremony at Wahat Al Karama.
  • (front L-R) Sheikh Mohamed bin Zayed; Sheikh Dr Sultan bin Muhammad Al Qasimi; Sheikh Mohamed bin Rashid Al Maktoum; Sheikh Humaid bin Rashid Al Nuaimi; Sheikh Saud bin Saqr Al Qasimi; Sheikh Hamad bin Mohammed Al Sharqi; and Sheikh Saud bin Rashid Al Mualla stand for a group photograph during the Commemoration Day ceremony at Wahat Al Karama.
    (front L-R) Sheikh Mohamed bin Zayed; Sheikh Dr Sultan bin Muhammad Al Qasimi; Sheikh Mohamed bin Rashid Al Maktoum; Sheikh Humaid bin Rashid Al Nuaimi; Sheikh Saud bin Saqr Al Qasimi; Sheikh Hamad bin Mohammed Al Sharqi; and Sheikh Saud bin Rashid Al Mualla stand for a group photograph during the Commemoration Day ceremony at Wahat Al Karama.
  • Guests attend the Commemoration Day ceremony at Wahat Al Karama.
    Guests attend the Commemoration Day ceremony at Wahat Al Karama.
  • Members of the UAE Armed Forces participate in a Commemoration Day ceremony at Wahat Al Karama.
    Members of the UAE Armed Forces participate in a Commemoration Day ceremony at Wahat Al Karama.
  • Sheikh Saud bin Rashid Al Mualla (R); Sheikh Hamad bin Mohamed Al Sharqi (3rd R); and Sheikh Saud bin Saqr Al Qasimi (5th R), stand for a group photograph with the families of martyrs during the Commemoration Day ceremony at Wahat Al Karama.
    Sheikh Saud bin Rashid Al Mualla (R); Sheikh Hamad bin Mohamed Al Sharqi (3rd R); and Sheikh Saud bin Saqr Al Qasimi (5th R), stand for a group photograph with the families of martyrs during the Commemoration Day ceremony at Wahat Al Karama.
  • Sheikh Mohamed bin Zayed and Sheikh Dr Sultan bin Muhammad Al Qasimi lay wreaths during the Commemoration Day ceremony at Wahat Al Karama.
    Sheikh Mohamed bin Zayed and Sheikh Dr Sultan bin Muhammad Al Qasimi lay wreaths during the Commemoration Day ceremony at Wahat Al Karama.
  • Staff Brigadier Pilot Ali Mohamed bin Musleh Al Ahbabi, director of the Office of the Deputy Supreme Commander of the UAE Armed Forces (2nd R); Sheikh Mohammed bin Tahnoon, director general of the Security and Ports Affairs at Abu Dhabi Police (3rd R); and members of the UAE Armed Forces attend the Commemoration Day ceremony at Wahat Al Karama.
    Staff Brigadier Pilot Ali Mohamed bin Musleh Al Ahbabi, director of the Office of the Deputy Supreme Commander of the UAE Armed Forces (2nd R); Sheikh Mohammed bin Tahnoon, director general of the Security and Ports Affairs at Abu Dhabi Police (3rd R); and members of the UAE Armed Forces attend the Commemoration Day ceremony at Wahat Al Karama.
  • Sheikh Mohamed bin Zayed Al Nahyan speaks with Sheikh Dr Sultan bin Muhammad Al Qasimi during the Commemoration Day ceremony at Wahat Al Karama.
    Sheikh Mohamed bin Zayed Al Nahyan speaks with Sheikh Dr Sultan bin Muhammad Al Qasimi during the Commemoration Day ceremony at Wahat Al Karama.
  • Sheikh Hamdan bin Zayed, Ruler’s Representative in Al Dhafra Region; Sheikh Mohamed bin Saud bin Saqr Al Qasimi; Sheikh Ammar bin Humaid Al Nuaimi; Sheikh Hamdan bin Mohamed; Sheikh Saud bin Saqr Al Qasimi; Sheikh Humaid bin Rashid Al Nuaimi; Dr Sheikh Sultan bin Mohamed Al Qasimi; Sheikh Mohamed bin Zayed; Sheikh Mohammed bin Rashid; Sheikh Hamad bin Mohamed Al Sharqi; Sheikh Saud bin Rashid Al Mu'alla; Sheikh Sultan bin Mohamed Al Qasimi; Sheikh Mohamed bin Hamad Al Sharqi; Sheikh Saif bin Mohamed; and Sheikh Issa bin Zayed attend the Commemoration Day ceremony at Wahat Al Karama.
    Sheikh Hamdan bin Zayed, Ruler’s Representative in Al Dhafra Region; Sheikh Mohamed bin Saud bin Saqr Al Qasimi; Sheikh Ammar bin Humaid Al Nuaimi; Sheikh Hamdan bin Mohamed; Sheikh Saud bin Saqr Al Qasimi; Sheikh Humaid bin Rashid Al Nuaimi; Dr Sheikh Sultan bin Mohamed Al Qasimi; Sheikh Mohamed bin Zayed; Sheikh Mohammed bin Rashid; Sheikh Hamad bin Mohamed Al Sharqi; Sheikh Saud bin Rashid Al Mu'alla; Sheikh Sultan bin Mohamed Al Qasimi; Sheikh Mohamed bin Hamad Al Sharqi; Sheikh Saif bin Mohamed; and Sheikh Issa bin Zayed attend the Commemoration Day ceremony at Wahat Al Karama.
  • Guests attend the Commemoration Day ceremony at Wahat Al Karama.
    Guests attend the Commemoration Day ceremony at Wahat Al Karama.
  • Sheikh Hamad bin Mohamed Al Sharqi; Sheikh Humaid bin Rashid Al Nuaimi; Sheikh Mohammed bin Rashid; and Sheikh Saud bin Rashid Al Mu'alla attend the Commemoration Day ceremony at Wahat Al Karama.
    Sheikh Hamad bin Mohamed Al Sharqi; Sheikh Humaid bin Rashid Al Nuaimi; Sheikh Mohammed bin Rashid; and Sheikh Saud bin Rashid Al Mu'alla attend the Commemoration Day ceremony at Wahat Al Karama.

What events are planned for Commemoration Day 2022?

Every year, the UAE observes a nationwide minute of silence to remember those who lost their lives while serving the country.

This year, the one-minute silence is taking place at 11.30am on November 30.

In previous years, UAE leaders commemorated the country’s fallen servicemen at Abu Dhabi’s Wahat Al Karama memorial, which translates to Oasis of Dignity in English, and is dedicated to Emiratis killed in service.

  • UAE leaders observe a minute’s silence at Wahat Al Karamah in Abu Dhabi for Commemoration Day.
    UAE leaders observe a minute’s silence at Wahat Al Karamah in Abu Dhabi for Commemoration Day.
  • Members of the UAE Armed Forces observe a minute’s of silence during a Commemoration Day flag raising ceremony at Wahat Al Karama. Hamad Al Kaabi / Crown Prince Court - Abu Dhabi
    Members of the UAE Armed Forces observe a minute’s of silence during a Commemoration Day flag raising ceremony at Wahat Al Karama. Hamad Al Kaabi / Crown Prince Court - Abu Dhabi
  • A member of the UAE Armed Forces salutes the flag. Crown Prince Court - Abu Dhabi
    A member of the UAE Armed Forces salutes the flag. Crown Prince Court - Abu Dhabi
  • UAE citizens honour UAE's fallen at Wahat Al Karamah. Mohamed Al Hammadi / Crown Prince Court - Abu Dhabi
    UAE citizens honour UAE's fallen at Wahat Al Karamah. Mohamed Al Hammadi / Crown Prince Court - Abu Dhabi
  • Representative from the UAE Armed Forces reflect on UAE’s fallen martyrs during the ceremony. Hamad Al Kaabi / Crown Prince Court - Abu Dhabi
    Representative from the UAE Armed Forces reflect on UAE’s fallen martyrs during the ceremony. Hamad Al Kaabi / Crown Prince Court - Abu Dhabi
  • Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, attended a solemn ceremony held at the Wahat Al Karama monument in Abu Dhabi.
    Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, attended a solemn ceremony held at the Wahat Al Karama monument in Abu Dhabi.
  • “We stand tall with the sacrifices of our righteous martyrs,” said Sheikh Mohammed bin Zayed. Saeed Al Neyadi / Crown Prince Court
    “We stand tall with the sacrifices of our righteous martyrs,” said Sheikh Mohammed bin Zayed. Saeed Al Neyadi / Crown Prince Court
  • “We remember their altruism, their contributions and heroic deeds in terms of the great value that remains everlasting across generations, pushing them to preserve the inheritance of the martyrs and follow their loyalty.” Mohamed Al Hammadi / Crown Prince Court - Abu Dhabi
    “We remember their altruism, their contributions and heroic deeds in terms of the great value that remains everlasting across generations, pushing them to preserve the inheritance of the martyrs and follow their loyalty.” Mohamed Al Hammadi / Crown Prince Court - Abu Dhabi
  • Commemoration Day was first introduced in 2015 as Martyrs Day, which is still the holiday's name in Arabic. Saeed Al Neyadi / Crown Prince Court - Abu Dhabi
    Commemoration Day was first introduced in 2015 as Martyrs Day, which is still the holiday's name in Arabic. Saeed Al Neyadi / Crown Prince Court - Abu Dhabi

Last year, Sheikh Mohamed bin Zayed, who is now UAE President, called the country’s martyrs heroes.

“Their courage and sacrifice will inspire future generations and their memory will live forever in the history of the UAE,” he said.

“We salute their families and we pray that they rest in peace.”

*This article was originally published on November 16, 2021.

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How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
Mica

Director: Ismael Ferroukhi

Stars: Zakaria Inan, Sabrina Ouazani

3 stars

FFP EXPLAINED

What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.

What the rules dictate? 
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.

What are the penalties? 
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.

Results

Stage three:

1. Stefan Bissegger (SUI) EF Education-EasyPost, in 9-43

2. Filippo Ganna (ITA) Ineos Grenadiers, at 7s

3. Tom Dumoulin (NED) Jumbo-Visma, at 14s

4. Tadej Pogacar (SLO) UAE-Team Emirates, at 18s

5. Joao Almeida (POR) UAE-Team Emirates, at 22s

6. Mikkel Bjerg (DEN) UAE-Team Emirates, at 24s

General Classification:

1. Stefan Bissegger (SUI) EF Education-EasyPost, in 9-13-02

2. Filippo Ganna (ITA) Ineos Grenadiers, at 7s

3. Jasper Philipsen (BEL) Alpecin Fenix, at 12s

4. Tom Dumoulin (NED) Jumbo-Visma, at 14s

5. Tadej Pogacar (SLO) UAE-Team Emirates, at 18s

6. Joao Almeida (POR) UAE-Team Emirates, at 22s

How to donate

Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200

if you go

The flights

Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.

The hotel

Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.

The tour

Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg

Muslim Council of Elders condemns terrorism on religious sites

The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.

It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.

“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.

The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.

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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

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The specs

Engine: 5.0-litre supercharged V8

Transmission: Eight-speed auto

Power: 575bhp

Torque: 700Nm

Price: Dh554,000

On sale: now

The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

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Most match wins on clay

Guillermo Vilas - 659

Manuel Orantes - 501

Thomas Muster - 422

Rafael Nadal - 399 *

Jose Higueras - 378

Eddie Dibbs - 370

Ilie Nastase - 338

Carlos Moya - 337

Ivan Lendl - 329

Andres Gomez - 322

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

Updated: November 30, 2022, 5:03 AM