• The Zayed Sustainability Awards held at ADNEC as part of Abu Dhabi Sustainability Week. Antonie Robertson / The National
    The Zayed Sustainability Awards held at ADNEC as part of Abu Dhabi Sustainability Week. Antonie Robertson / The National
  • The Zayed Sustainability Awards held at ADNEC as part of Abu Dhabi Sustainability Week. Antonie Robertson / The National
    The Zayed Sustainability Awards held at ADNEC as part of Abu Dhabi Sustainability Week. Antonie Robertson / The National
  • Joko Widodo, President of the Republic of Indonesia, presents an award to Electricians Without Borders together with Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces. Antonie Robertson / The National
    Joko Widodo, President of the Republic of Indonesia, presents an award to Electricians Without Borders together with Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces. Antonie Robertson / The National
  • The Zayed Sustainability Awards held at ADNEC as part of Abu Dhabi Sustainability Week. H.E. Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the United Arab Emirates Armed Forces awards Global High Schools Winner: The Americas, Air Batalla, Columbia with Seychelles President Danny Faure. Antonie Robertson/The National
    The Zayed Sustainability Awards held at ADNEC as part of Abu Dhabi Sustainability Week. H.E. Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the United Arab Emirates Armed Forces awards Global High Schools Winner: The Americas, Air Batalla, Columbia with Seychelles President Danny Faure. Antonie Robertson/The National
  • The Zayed Sustainability Awards held at ADNEC as part of Abu Dhabi Sustainability Week. H.E. Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the United Arab Emirates Armed Forces awards Global High Schools Winner: Sub Sahara Africa, Hakimi Aliyu Day Secondary School, Nigeria with the Prime Minister of Serbia Ana Brnabić. Antonie Robertson/The National
    The Zayed Sustainability Awards held at ADNEC as part of Abu Dhabi Sustainability Week. H.E. Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the United Arab Emirates Armed Forces awards Global High Schools Winner: Sub Sahara Africa, Hakimi Aliyu Day Secondary School, Nigeria with the Prime Minister of Serbia Ana Brnabić. Antonie Robertson/The National
  • The Zayed Sustainability Awards held at ADNEC as part of Abu Dhabi Sustainability Week. Antonie Robertson / The National
    The Zayed Sustainability Awards held at ADNEC as part of Abu Dhabi Sustainability Week. Antonie Robertson / The National
  • The Zayed Sustainability Awards held at ADNEC as part of Abu Dhabi Sustainability Week. Antonie Robertson / The National
    The Zayed Sustainability Awards held at ADNEC as part of Abu Dhabi Sustainability Week. Antonie Robertson / The National
  • The Zayed Sustainability Awards held at ADNEC as part of Abu Dhabi Sustainability Week. Antonie Robertson / The National
    The Zayed Sustainability Awards held at ADNEC as part of Abu Dhabi Sustainability Week. Antonie Robertson / The National
  • The Zayed Sustainability Awards held at ADNEC as part of Abu Dhabi Sustainability Week. Antonie Robertson / The National
    The Zayed Sustainability Awards held at ADNEC as part of Abu Dhabi Sustainability Week. Antonie Robertson / The National
  • The Zayed Sustainability Awards held at ADNEC as part of Abu Dhabi Sustainability Week. Antonie Robertson / The National
    The Zayed Sustainability Awards held at ADNEC as part of Abu Dhabi Sustainability Week. Antonie Robertson / The National
  • The Zayed Sustainability Awards held at ADNEC as part of Abu Dhabi Sustainability Week. Antonie Robertson / The National
    The Zayed Sustainability Awards held at ADNEC as part of Abu Dhabi Sustainability Week. Antonie Robertson / The National
  • The Zayed Sustainability Awards held at ADNEC as part of Abu Dhabi Sustainability Week. Antonie Robertson / The National
    The Zayed Sustainability Awards held at ADNEC as part of Abu Dhabi Sustainability Week. Antonie Robertson / The National
  • Winners of the Zayed Sustainability Prize. Antonie Robertson / The National
    Winners of the Zayed Sustainability Prize. Antonie Robertson / The National
  • Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, was at the ceremony. Antonie Robertson / The National
    Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, was at the ceremony. Antonie Robertson / The National
  • Joko Widodo, President of the Republic of Indonesia. Antonie Robertson / The National
    Joko Widodo, President of the Republic of Indonesia. Antonie Robertson / The National
  • Dr Sultan Al Jaber, Minister of State, Chairman of Masdar. Antonie Robertson / The National.
    Dr Sultan Al Jaber, Minister of State, Chairman of Masdar. Antonie Robertson / The National.
  • Winners collect their awards. Antonie Robertson / The National
    Winners collect their awards. Antonie Robertson / The National

Zayed Sustainability Prize postponed until 2022


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  • Arabic

The annual award ceremony for the upcoming Zayed Sustainability Prize has been postponed for one year.

The major international award, which funds innovative projects that change lives for the better, was due to take place in January next year.

The decision to postpone the event was made due to the Covid-19 pandemic and because of the travel restrictions that would affect attendance for some of the global participants.

Entities that submitted their applications this year will be automatically moved to the 2022 cycle of the competition.

Since 2008, the UAE’s Zayed Sustainability Prize has been at the centre of a global effort to harness new technologies to make change.

Launched by Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, it covers five categories, including health, food, energy and water. Education is addressed through its 'global high schools' category.

Projects are judged based on how impactful they are when it comes to benefiting communities around the world through innovations such as renewable and solar energy.

This year, 10 winners shared an Dh11m prize fund, with each allocated Dh2.2m.

They included a Ghanaian teenager who created a smartphone application which used data analytics to predict and detect crop diseases.

A total of 2,373 projects put their work forward in the hope of winning the 2020 edition of the prize.

Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and director general of the prize, said the decision to postpone the award was made after careful consideration.

“The prize has impacted more than 335 million people, to date,” he said.

“We are also continuing to focus on accelerating the UAE-driven 20by20 initiative.

"It is pioneered by the Prize in partnership with several entities by donating past finalists’ and winners’ solutions to vulnerable communities around the world to improve their quality of life.”

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 burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part one: how cars came to the UAE

 

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