The UAE is backing preservation plans for the world's mangroves. Khushnum Bhandari / The National
The UAE is backing preservation plans for the world's mangroves. Khushnum Bhandari / The National
The UAE is backing preservation plans for the world's mangroves. Khushnum Bhandari / The National
The UAE is backing preservation plans for the world's mangroves. Khushnum Bhandari / The National

UAE

UAE endorses global $4 billion investment by 2030 to conserve mangroves

Minister of Climate Change and Environment made announcement at New York's Climate Ambition Summit on Wednesday

Jessica Morgan

September 21, 2023

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The UAE has endorsed calls for a $4 billion investment by 2030 to conserve mangrove ecosystems around the world.

The announcement was made at the Climate Ambition Summit in New York on Wednesday.

It comes after the UAE supported the Mangrove Breakthrough initiative, which aims to restore and protect 15 million hectares of mangroves globally by 2030.

Mariam Al Mheiri, the UAE's Minister of Climate Change and Environment, said the Mangrove Breakthrough represents a significant stride towards reducing carbon emissions and preserving Earth's natural treasures.

"The UAE recognises the paramount importance of mangroves in combating climate change and supporting our coastal communities and we look forward to helping drive real on-the-ground change," she said.

"I invite nations around the globe to support this unique initiative."

The key objectives of the Mangrove Breakthrough include halting mangrove losses, restoring half of the recent mangrove losses, doubling the protection of mangroves on a global scale, and calling for the investment of $4 billion to conserve mangrove ecosystems.

It was launched in collaboration with the Global Mangrove Alliance (GMA) and the UN Climate High-Level Champions

It's also part of the Sharm El Sheikh Adaption Agenda, which seeks to accelerate efforts for vulnerable communities worldwide.

Ms Al Mheiri said that the UAE is committed to planting 100 million mangrove plants by 2030 to help protect the planet's vital ecosystems.

Earlier this month, environment officials said they would plant 10 mangroves in Abu Dhabi for each visitor attending Cop28.

This could mean that an estimated 800,000 mangrove trees could be planted.

The Emirates are home to 60 million mangroves that form forests spanning 183 square kilometres and capture 43,000 tonnes of carbon dioxide each year.

Earlier this year, drones scattered one million mangrove seedlings over various sites in Abu Dhabi's Al Dhafra region.

Mangrove conservation in the UAE – in pictures

  • People plant mangroves during an event organised by Companies for Good on Jubail Island, Abu Dhabi. All photos: Vidhyaa Chandramohan
    People plant mangroves during an event organised by Companies for Good on Jubail Island, Abu Dhabi. All photos: Vidhyaa Chandramohan
  • To fight climate change, the UAE is carrying out projects such as reducing emissions and planting mangroves.
    To fight climate change, the UAE is carrying out projects such as reducing emissions and planting mangroves.
  • Mangroves, trees that survive in salty water, play an important part in the ecosystem.
    Mangroves, trees that survive in salty water, play an important part in the ecosystem.
  • By 2030, the UAE intends to plant 100 million mangroves.
    By 2030, the UAE intends to plant 100 million mangroves.
  • Visitors at Jubail Mangrove Park. Schools and businesses are planting saplings as part of the UAE's campaign.
    Visitors at Jubail Mangrove Park. Schools and businesses are planting saplings as part of the UAE's campaign.
  • Volunteers during a mangrove clean-up organised by the World Wildlife Fund and Seahawk Abu Dhabi.
    Volunteers during a mangrove clean-up organised by the World Wildlife Fund and Seahawk Abu Dhabi.
  • Young mangroves can be damaged by plastic and other waste dumped into the sea.
    Young mangroves can be damaged by plastic and other waste dumped into the sea.
  • Volunteers sort rubbish gathered during a clean-up of mangroves in Abu Dhabi.
    Volunteers sort rubbish gathered during a clean-up of mangroves in Abu Dhabi.
  • After collecting debris from the mangroves, volunteers use an app to track their progress.
    After collecting debris from the mangroves, volunteers use an app to track their progress.
  • The grey mangrove is the species that grows extensively in UAE.
    The grey mangrove is the species that grows extensively in UAE.
  • Visitors enjoy an evening paddle by the mangroves and a sunset view of Abu Dhabi.
    Visitors enjoy an evening paddle by the mangroves and a sunset view of Abu Dhabi.
UAE currency: the story behind the money in your pockets
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.

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

Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

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  • Priority access to new homes from participating developers
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Updated: September 21, 2023, 1:53 PM
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