The UAE has delivered $110 million of humanitarian aid to the Yemeni island of Socotra since 2015, helping authorities to improve the lives of its residents.
The vital financial contribution over the past six years has bolstered a series of crucial public services, from the health and education sectors to construction and transport, state news agency Wam reported.
The financial aid has been delivered by organisations such as Emirates Red Crescent, the Abu Dhabi Fund for Development, the Khalifa bin Zayed Al Nahyan Foundation, the Sheikh Sultan bin Khalifa Al Nahyan Humanitarian and Scientific Foundation and Abu Dhabi Waste Management Centre.
Key investment has restored Socotra's airport and paid for the construction of two solar power stations, the establishment of four power plants and the installation of power generators in remote villages.
The UAE's relief mission has been integral to the island's health sector by providing medical equipment and ambulances, establishing a fully equipped emergency centre and two surgery rooms, and donating 13 beds and an intensive care unit, in line with international standards.
The aid has also expanded Sheikh Khalifa Hospital, increasing its number of beds to 42 and adding four to the ICU.
The UAE has also offered university scholarships to help 80 students continue their education in Egypt, while 40 received scholarships to UAE University.
It also launched various education projects, including the restoration of schools and the creation of new classes, as well as the opening of the Socotra Institute for Consultancy and Training.
The Emirates has ensured the education sector has the tools to succeed by recruiting teachers from overseas and hiring 440 local teachers.
It has printed 227,000 text books, established the Socotra International University and opened two colleges.
In June, the UAE sent 60,000 Covid-19 vaccine doses to Socotra to help tackle the pandemic.
The Emirates Red Crescent worked with health authorities in Socotra to vaccinate people free of charge at Sheikh Khalifa Hospital.
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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
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
Company%20profile
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