Bill Gates throws weight behind Dubai's play for world fair


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DUBAI // The billionaire Microsoft chairman Bill Gates is backing Dubai's bid to host Expo 2020.

In a video message on the bid committee's website, the technology mogul and philanthropist heaped praise on the emirate and UAE.

"Dubai, as part of the UAE, has modernised itself, taken on tough projects, brought people together in a number of amazing ways and I think they would be a great location for a world expo," Mr Gates says.

He commends the UAE's policy to invest in future technology and improve learning.

"The UAE has taken its success and been willing to invest in new learning, new innovation," Mr Gates says.

"It's great to see that kind of long-term approach is part of their taking their success and becoming a hub of people from different regions.

"A lot of gathering is done here because they are a place that's looking forward. Everybody is willing to come and work together."

Expos play an important role in having people from across the world exchanging ideas and learning from one another, he says.

"Expos going back in history have let people see new innovations and let them think about 'how's that going to change life?'," Mr Gates says.

"They get people excited, get them to participate in different approaches, and so it brings people together, it gets us dreaming, and so it's a great institution."

Mr Gates also talks about his first expo, when he was only seven years old. "When I was a child I got the chance to go to the world expo in 1962 in my home town of Seattle.

"There was a lot of really great technology there, it was really quite inspirational."

The video shows footage of that expo, blended with present-day Dubai. The similarities are striking.

Seattle's monorail trains can be seen travelling above the city with the Space Needle Tower in the background. At the time, it was one of the tallest buildings in the world.

The scene quickly switches to the Dubai Metro track, with views of the Burj Khalifa in the background.

"The digital world is magical but I don't think it's going to replace meetings or expos anytime during my lifetime," Mr Gates says.

How to get there

Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
 

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 biog

Year of birth: 1988

Place of birth: Baghdad

Education: PhD student and co-researcher at Greifswald University, Germany

Hobbies: Ping Pong, swimming, reading