ABU DHABI // A jury of international experts yesterday decided on the recipients of the Zayed Future Energy Prize.
The names of the winning individuals and organisations - who will receive a total of US$4 million (Dh14.7m) - will be announced on January 15, to coincide with Abu Dhabi Sustainability Week.
The recipients represent "a wide selection both globally and in terms of their impact", according to Olafur Ragnar Grimsson, the president of the Republic of Iceland and chairman of the jury.
"In the top seats, you have [representatives from] countries as different in size as the United States and Switzerland," he said.
But all of the winners share one thing in common, he added, "a profound contribution to making the world a better place".
The award aims to recognise organisations, scientists and advocates working in the fields of energy efficiency and other technologies that reduce carbon-dioxide emissions, such as solar and wind power, energy-efficient building design, smart grids and biofuels.
"The Zayed Future Energy Prize is different from other prizes in the world because its mission is to change the world," Mr Grimsson said. "The only way [to avoid] a monumental disaster with climate change this century is to transform our energy sector."
Now in its fifth year, the award recognises small and medium enterprises in the renewable energy sector, as well as non-governmental organisations, each being given $1.5m.
The jury also awarded $500,000 to commemorate a person with a lifetime achievement in the field.
Large corporations in the sector are acknowledged, although they are not given a monetary award.
For the first time, five schools - in the Americas, Europe, Africa, Asia and Oceania - will be given $100,000 each to commemorate their contributions.
The winners were selected from 579 applications from 88 countries. Members of the jury included Ahmed Ali Al Sayegh, the chairman of Masdar, Adnan Amin, director general of the International Renewable Energy Agency, influential politicians, a renowned educational administrator and the Hollywood actor Leonardo DiCaprio, who was not in the capital yesterday.
Former prize winners include the Toyota Corporation, maker of the Prius hybrid car, Grameen Bank from Bangladesh and the Danish wind turbine maker, Vestas.
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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
'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
