Prince William visit: Abu Dhabi announces major mangrove conservation project

As it happened: Prince William's visit to the UAE

Abu Dhabi set out ambitious plans to establish the emirate as a global hub for research and innovation in support of the conservation of mangroves during Prince William's landmark visit to the UAE.

The key project was announced as Prince William met Sheikh Khaled bin Mohamed, member of the Abu Dhabi Executive Council and chairman of Abu Dhabi Executive Office, at Jubail Mangrove Park on Thursday.

The Duke of Cambridge's first trip to the UAE is now under way, with efforts to promote an international green agenda high on the list.

The Abu Dhabi Mangrove Initiative will be implemented by the Environment Agency Abu Dhabi and has already secured its first partnership with the Zoological Society of London, a charity of which Queen Elizabeth II is a patron.

While at the park, Prince William and Sheikh Khaled planted mangrove saplings with green-fingered school pupils and discussed the importance of young people leading the charge for sustainable development for years to come.

Pupils from an Abu Dhabi school with strong links to Britain were excited about meeting the prince.

“He’s doing a lot of good trying to help the younger generation protect the environment as much as we can,” said Amaan Haider, 13, from The British School Al Khubairat, Abu Dhabi.

Fellow pupil Lily-Rose Mayall, 12, said: “He’s really inspirational and I’m really excited to meet him.

“He knows so much about the environment and he also helps a lot, which is really amazing.”

Headmaster Mark Leppard said Prince William's visit would be something the pupils would never forget.

“The school is linked to the British embassy and we’ve had many royal visitors,” he said.

“For the students to be involved with the prince is going to be fantastic and it is something that will stay with them for life.”

Key project to address global challenges

The Abu Dhabi eco drive will provide a platform for innovation in mangrove research and support efforts to combat climate change.

A state-of-the-art mangrove nursery will also be established to act as a centre of research and learning.

The scheme aims to enable mangrove recovery to address the climate crisis and safeguard precious biodiversity.

The partners will develop a joint programme of research support on the assessment of blue carbon storage in different regional ecosystems and help to develop standardised assessment methods across habitats, such as mangroves and reefs, that allow for the comparison of data sets.

Under the project, cutting-edge genetic and planting methods will be used to breed resilient mangrove strains.

Prince William plants mangrove seedlings with children at Jubail Mangrove Park in Abu Dhabi. Victor Besa / The National

The Zoological Society of London will field test different approaches with the aim of bolstering mangroves for future generations.

The programme will also develop outreach, training and advocacy for mangrove restoration both locally and internationally.

Jubail Mangrove Park opened in January 2020 to help protect biodiversity, raise awareness of the emirate’s rich mangrove ecosystem, and showcase its natural heritage.

The sprawling beauty spot is home to a variety of bird, land, and marine wildlife, and features two kilometres of boardwalk, where visitors can learn about the important ecological function of mangrove habitats in protecting and supporting biodiversity.

Mangroves are woody plants that inhabit the intertidal zones of tropical and subtropical coasts all around the world.

They are highly recognisable from their visible root systems which can give them the strange impression of being planted upside-down.

This unique appearance is the result of adaptations developed to survive in harsh environments, including high temperatures, high salinity and intense UV exposure.

Mangroves are estimated to cover more than 150 square kilometres of the UAE's coastline, acting as a “green lung” for big cities such as Abu Dhabi and Dubai, while also providing habit for wildlife and recreation grounds for humans.

Mangroves in the UAE — in pictures

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.

A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.

The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.

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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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Prince William visit: Abu Dhabi announces major mangrove conservation project

Ambitious plans to safeguard the green lungs of the planet unveiled as Duke of Cambridge tours Jubail Mangrove Park and meets young pupils

Key project to address global challenges

Mangroves in the UAE — in pictures

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