ABU DHABI // The road map towards Abu Dhabi’s vision of a post-oil future is receiving some timely fine-tuning.
The Abu Dhabi Plan, details of which will be on public exhibition from Wednesday, has 25 objectives and 83 programmes that focus in areas such as the environment, health, education and economic development.
The plan aims to keep Abu Dhabi on track with long-term objectives set out in the Policy Agenda in 2007, which sought “to continue to create a confident, secure society and to build a sustainable, open and globally competitive economy”.
That initiative also gave rise to Economic Vision 2030, which placed the emirate on track towards economic diversification and transitioning into a knowledge-based economy.
“It brought clarity to the overall goals of Abu Dhabi and aligned organisations and business leaders to consolidate their efforts,” said Dr Yehya Al Marzouqi, executive director with Tawazun, an Abu Dhabi investment firm that focuses on the long-term development of the emirate’s manufacturing and technological capabilities.
But what was lacking were specific measures, he said.
“Tremendous thought, insight and stakeholders’ feedback were incorporated in the articulation of Vision 2030,” said Dr Al Marzouqi, who had worked in the energy, banking and manufacturing sectors.
“However, the document stopped short of crystallising ownership of those initiatives with well-defined key performance indicators for execution.
“Who does what, by when, is essential in realising any vision.”
The Abu Dhabi Plan strives to fill the gaps and prepare the emirate for the day when the final barrel of oil is shipped.
The plan includes programmes to develop the skills of jobseekers, attract foreign investment, promote entrepreneurship and elevate Abu Dhabi as a tourism destination.
Dr Al Marzouqi said the post-oil future would rely on preparing the workforce for the knowledge-based economy.
“As we diversify the economy, the challenge will be to align the output of academia to the needs of society and industries,” he said.
“Enticing the future generation to pursue their education in science, technology, engineering and mathematics is a challenge which must be dealt with at an early age.”
Dr Al Marzouqi said investing in research and development and supporting small and medium-sized enterprises were key ingredients for success” in creating more jobs.
Since 2006, when the President, Sheikh Khalifa, initiated planning for a new vision for Abu Dhabi, the emirate has enjoyed the growth of business entities such as Abu Dhabi Ship Building and Senaat General Holding, which have contributed towards the emirate’s economic diversification.
The tourism sector has also been experiencing strong growth. For instance, passenger traffic at Abu Dhabi International Airport increased 17.2 per cent last year, as well as the construction of future landmarks such as the soon-to-be-completed Louvre Abu Dhabi museum on Saadiyat Island.
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Read more:
› Abu Dhabi to unveil five-year blueprint that shapes emirate's future
› Residents have high hopes for development after launch of Abu Dhabi Plan
› Abu Dhabi Plan: A timeline
› National Editorial: Plan still carries Sheikh Zayed's vision
› Abu Dhabi's achievements in 2015 - graphic
esamoglou@thenational.ae
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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
THE DETAILS
Director: Milan Jhaveri
Producer: Emmay Entertainment and T-Series
Cast: John Abraham, Manoj Bajpayee
Rating: 2/5
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
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