• Expo City Dubai is set to open in phases from September 2022, with a full relaunch in October. All photos: Pawan Singh / The National
    Expo City Dubai is set to open in phases from September 2022, with a full relaunch in October. All photos: Pawan Singh / The National
  • Visitors can take a trip on the Garden in the Sky from September 1 for Dh30.
    Visitors can take a trip on the Garden in the Sky from September 1 for Dh30.
  • Later, as residential sectors open, the district will become a '24-hour neighbourhood' in which people live and work, and can visit.
    Later, as residential sectors open, the district will become a '24-hour neighbourhood' in which people live and work, and can visit.
  • The Expo metro station in June 2022.
    The Expo metro station in June 2022.
  • Dubai Exhibition Centre in June 2022.
    Dubai Exhibition Centre in June 2022.
  • Ahmed Al Khatib, chief development and delivery officer and Marjan Faraidooni, chief visitor experience officer at Expo 2020 Dubai, at a news conference in June 2022 to announce Expo City Dubai.
    Ahmed Al Khatib, chief development and delivery officer and Marjan Faraidooni, chief visitor experience officer at Expo 2020 Dubai, at a news conference in June 2022 to announce Expo City Dubai.
  • The entrance gates await new residents and businesses.
    The entrance gates await new residents and businesses.
  • Ahmed Al Khatib said the district would be free of single plastics and was built with an emphasis on the environment.
    Ahmed Al Khatib said the district would be free of single plastics and was built with an emphasis on the environment.
  • Sheikh Ahmed Bin Saeed, chairman of Dubai Airports, speaking at a press conference welcoming the next chapter at Expo City Dubai.
    Sheikh Ahmed Bin Saeed, chairman of Dubai Airports, speaking at a press conference welcoming the next chapter at Expo City Dubai.

Climate

Environment

UAE to host Cop28 climate conference at Expo City Dubai

President Sheikh Mohamed sets out plans for meeting of world leaders

The National

June 22, 2022

  • English
  • Arabic

The upcoming Cop28 climate conference will be held at Expo City Dubai, President Sheikh Mohamed announced.

The meeting of world leaders in November 2023 will try to find solutions to the threats posed by climate change.

Expo City ― the legacy district of the six-month Expo 2020 Dubai world fair ― was unveiled to the public earlier this week. It will reopen to the public from October 2022 when residents and businesses will move to the area.

At the 28th session of the Conference of the Parties, as Cop28 is formally known, leaders will be urged to commit to tougher action on climate change, including cutting the use of coal-fired power stations, reducing reliability on fossil fuels and boosting renewable energy sources.

It will follow on from Cop27 in Egypt this November.

A statement carried by UAE state news agency Wam said the decision underlines the "venue's unique proposition as a state-of-the-art destination, which brought the world together in the UAE for six months".

"Both Expo 2020 and Cop28 share similar objectives: achieving sustainability and promoting international action as essential steps towards facing global challenges."

The selection of Dubai Expo City as a venue for Cop28 builds on the legacy and message of "Connecting Minds, Creating the Future".

Key goals of Expo 2020 were sustainability, opportunity, and mobility, while showcasing the site's sustainable infrastructure.

The conference is expected to attract more than 45,000 participants daily, including heads of state, government officials, international industry leaders, private sector representatives, academics, experts and representatives of civil society organisations.

It will run for 12 days from November 6-17, 2023.

The new city, unveiled on Monday by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, will be a global centre for innovation and creativity, he said.

Towering concerns
Background
Draw

Quarter-finals

Real Madrid (ESP) or Manchester City (ENG) v Juventus (ITA) or Lyon (FRA)

RB Leipzig (GER) v Atletico Madrid (ESP)

Barcelona (ESP) or Napoli (ITA) v Bayern Munich (GER) or Chelsea (ENG)

Atalanta (ITA) v Paris Saint-Germain (FRA)

Ties to be played August 12-15 in Lisbon

THE BIO

Bio Box

Role Model: Sheikh Zayed, God bless his soul

Favorite book: Zayed Biography of the leader

Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet

Favorite food: seafood

Favorite place to travel: Lebanon

Favorite movie: Braveheart

While you're here
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Mohammed bin Zayed Majlis
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

Dhadak

Director: Shashank Khaitan

Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana

Stars: 3

Updated: June 23, 2023, 12:05 PM
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