Dubai has been unrelenting in its bid to build up support, both home and abroad, to be the host city for World Expo 2020. Kamran Jebreili / AP Photo
Dubai has been unrelenting in its bid to build up support, both home and abroad, to be the host city for World Expo 2020. Kamran Jebreili / AP Photo
Dubai has been unrelenting in its bid to build up support, both home and abroad, to be the host city for World Expo 2020. Kamran Jebreili / AP Photo
Dubai has been unrelenting in its bid to build up support, both home and abroad, to be the host city for World Expo 2020. Kamran Jebreili / AP Photo

Expo bid helps put UAE on global events map


Ramola Talwar Badam
  • English
  • Arabic

PARIS // Teamwork on a local and national scale has ensured the Emirates is recognised as a major destination for global events, senior UAE officials have said.

Nine UAE federal ministers and high-ranking officials are in Paris for the final stretch to galvanise support to bring Expo 2020 to Dubai.

The UAE hosted its second and final official reception on Monday at the Palais Brogniart, an architectural heritage site that was once the city’s stock exchange.

The campaign hit a high note at the reception with a surprise performance by singer Celine Dion. The famous Italian tenor Tino Favazza and popular Lebanese singer Yara also performed.

Each candidate city is given two opportunities to host receptions during the bid. Turkey’s, due to be held on Tuesday night, will be the last official function before Wednesday’s vote to select the world fair winner.

Optimistic about Dubai’s chances, senior UAE officials said the experience and knowledge gained from the bidding process was immeasurable.

“The UAE bid is strong in merit and I hope it will be received as such by the Bureau International des Expositions,” said Sheikh Abdullah bin Zayed, Minister of Foreign Affairs.

“It was a wonderful opportunity not only for Dubai and the UAE, but for the entire region to have a strong bid in a prestigious competition. It also showed a team effort not only of the local and federal government but also of businesses and the people of the UAE, both locals and expats. Everyone made an effort to build support for the UAE.

“Realistically we are facing strong and well respected countries who have already done so much politically, economically and socially,” said Sheikh Abdullah.

“Whatever the result, Dubai was shown as an international city on the same footing as the other competing countries that may have traditions and culture older than ours, but we have tried our very best.”

Sultan Al Mansouri, the Minister of Economy, said local and federal officials had concentrated on winning to make Dubai’s the most successful and unique Expo in the world.

“We have learnt a lot about how to compete, how to prepare the bid and so what has been achieved on the ground cannot be measured,” he said. “There will be big economic gains, we could utilise funds for infrastructure development and our focus was on attracting 25 million people and through word of mouth maybe 100 million over three to four years.”

Mr Al Mansouri said the country’s economy continued to grow and development would not cease whatever the outcome.

“There is natural growth in Dubai, Abu Dhabi and other cities and we will continue with our infrastructure plans. There are also a lot of new ideas that can be added.”

Sheikh Ahmed bin Saeed Al Maktoum, chairman of Emirates Group and of Dubai Expo 2020, said the bid was important for the region.

“We feel confident about the process,” he said. “Development will continue regardless of what happens because the UAE attracts people and businesses. It is not only for Dubai or the UAE but for the more than 2 billion people in the region, it is for everybody.”

The use of social media by the young to reach out to their parents, officials and the Expo organisers also came in for special mention.

Suhail Al Mazrouei, the Minister of Energy, said while the team was optimistic, the competition was tough and had worked equally hard.

“The decision is very close to National Day and if in our favour the celebrations will be double. But the bid has given not just Dubai but countries in the region hope that they can try to become one of the best around the world.”

The BIE general assembly began on Tuesday and will work on review progress reports on exhibitions, such as the Expo Milano 2015, the Horticultural Expo Antalya 2016 and Expo Astana 2017.

rtalwar@thenational.ae

Moon Music

Artist: Coldplay

Label: Parlophone/Atlantic

Number of tracks: 10

Rating: 3/5

Australia squads

ODI: Tim Paine (capt), Aaron Finch (vice-capt), Ashton Agar, Alex Carey, Josh Hazlewood, Travis Head, Nathan Lyon, Glenn Maxwell, Shaun Marsh, Jhye Richardson, Kane Richardson, D’Arcy Short, Billy Stanlake, Marcus Stoinis, Andrew Tye.

T20: Aaron Finch (capt), Alex Carey (vice-capt), Ashton Agar, Travis Head, Nic Maddinson, Glenn Maxwell, Jhye Richardson, Kane Richardson, D’Arcy Short, Billy Stanlake, Marcus Stoinis, Mitchell Swepson, Andrew Tye, Jack Wildermuth.

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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