UAE and France sign strategic deals as Emmanuel Macron visits Expo

Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, on Friday received French President Emmanuel Macron at Expo 2020 Dubai.

The meeting was also attended by business leaders and several important deals were signed for the benefit of the two countries. These included an accord between Mubadala and the French Economy Ministry, an agreement between Adnoc and Total, and the sale of French-made defence systems to the UAE.

Sheikh Mohamed welcomed Mr Macron and conveyed to him the greetings of President Sheikh Khalifa, who wished the French leader health and happiness, and further progress and prosperity to the people of France.

Sheikh Mohamed said he hoped both countries would continue to work together in various fields.

The French President congratulated Sheikh Mohamed and the UAE on the country’s 50th anniversary.

He wished the Emirates further progress and prosperity and expressed his country's aspiration to co-operate with the UAE to carry out joint initiatives that serve the interests of both countries and support peace efforts in the region.

The leaders discussed friendly relations and co-operation in various sectors, including advanced technology, energy, food security and education.

During the meeting, the two sides spoke about issues of common interest and other regional and international developments.

A number of important agreements and deals were signed on the sidelines. Wam news agency reported that these included:

A deal between Mubadala Investment Company and the French Ministry of Economy, Finance and Recovery. It was signed by Khaldoon Al Mubarak, chief executive and managing director of Mubadala, and Bruno Le Maire, France’s Minister of Economy and Finance.
An agreement on behalf of Mubadala and BPI France, an investment bank. It was signed by Mr Al Mubarak and Nicolas Dufourcq, chief executive of the bank.
Another agreement was made between the UAE’s Ministry of Industry and Advanced Technology and the Ministry of Economy and Finance in France. It was signed by Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, and Mr Le Maire.
An agreement between Adnoc and Total Energy was signed by Dr Sultan Al Jaber, who is also the group chief executive of Adnoc, and Patrick Pouyanne, chief of Total Energy.
A contract was signed by Borouge – a manufacturer of polyolefins and part of Adnoc Group – and Technip, a French engineering company, to build an ethane cracker to expand the Borouge 4 project. It was signed by Dr Sultan Al Jaber and Arnaud Pieton, chief executive of Technip.
A deal was also made between Masdar and Engie, a French utility company. It was signed by Dr Sultan Al Jaber and Catherine MacGregor, chief executive of Engie.
UAE’s Ministry of Defence signed an agreement with Dassault Aviation to buy aircraft, related products and services. The signatories were Tareq Al Hosani, chief executive of Tawazun Economic Board, and Eric Trappier, chief executive of Dassault Aviation.
An agreement on the supply of Rafale weapons equipment was made by the UAE’s Ministry of Defence and MBDA, a European multinational developer and manufacturer of missiles. It was signed by Mr Al Hosani, chief executive of Tawazun economic board of directors, and Eric Beranger, chief executive of MBDA.
An agreement for the purchase of H225M helicopters and related services was made by the UAE’s Ministry of Defence and Airbus Helicopters. It was signed by Mr Al Hosani and Bruno Even, chief executive of Airbus Helicopters.
An accord between Abu Dhabi Holding Company and the French Ministry of Economy and Finance was signed by Mohammed Hassan Al Suwaidi, chief executive of Abu Dhabi Holding Company, and Mr Le Maire.
An amendment was added to the Louvre Abu Dhabi agreement that was first signed on March 6, 2007. It was signed by Mohamed Al Mubarak, chairman of the Department of Culture and Tourism - Abu Dhabi, and Roselyne Bachelot, the French Minister of Culture.
A letter of intent was issued to co-operate in the field of lunar exploration between the Mohammed Bin Rashid Space Centre and the National Centre for Space Studies in France. It was signed by Salem Humaid Al Marri, director general of the Mohammed bin Rashid Space Centre and Philippe Baptiste, president of the French National Centre.
An agreement was made between the Emirates Nuclear Energy Corporation and Electricitie De France. It was signed by Mohamed Ibrahim Al Hammadi, chief executive of the Emirates Nuclear Energy Corporation, and John Bernard Levy, chairman and chief executive of the French company.

Read more: France celebrates Expo ‘national day’ with astronaut projection

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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Other must-tries

Tomato and walnut salad

A lesson in simple, seasonal eating. Wedges of tomato, chunks of cucumber, thinly sliced red onion, coriander or parsley leaves, and perhaps some fresh dill are drizzled with a crushed walnut and garlic dressing. Do consider yourself warned: if you eat this salad in Georgia during the summer months, the tomatoes will be so ripe and flavourful that every tomato you eat from that day forth will taste lacklustre in comparison.

Badrijani nigvzit

A delicious vegetarian snack or starter. It consists of thinly sliced, fried then cooled aubergine smothered with a thick and creamy walnut sauce and folded or rolled. Take note, even though it seems like you should be able to pick these morsels up with your hands, they’re not as durable as they look. A knife and fork is the way to go.

Pkhali

This healthy little dish (a nice antidote to the khachapuri) is usually made with steamed then chopped cabbage, spinach, beetroot or green beans, combined with walnuts, garlic and herbs to make a vegetable pâté or paste. The mix is then often formed into rounds, chilled in the fridge and topped with pomegranate seeds before being served.

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How to apply for a drone permit

Individuals must register on UAE Drone app or website using their UAE Pass
Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
Upload the training certificate from a centre accredited by the GCAA
Submit their request

What are the regulations?

Fly it within visual line of sight
Never over populated areas
Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
Users must avoid flying over restricted areas listed on the UAE Drone app
Only fly the drone during the day, and never at night
Should have a live feed of the drone flight
Drones must weigh 5 kg or less

Essentials
The flights: You can fly from the UAE to Iceland with one stop in Europe with a variety of airlines. Return flights with Emirates from Dubai to Stockholm, then Icelandair to Reykjavik, cost from Dh4,153 return. The whole trip takes 11 hours. British Airways flies from Abu Dhabi and Dubai to Reykjavik, via London, with return flights taking 12 hours and costing from Dh2,490 return, including taxes.
The activities: A half-day Silfra snorkelling trip costs 14,990 Icelandic kronur (Dh544) with Dive.is. Inside the Volcano also takes half a day and costs 42,000 kronur (Dh1,524). The Jokulsarlon small-boat cruise lasts about an hour and costs 9,800 kronur (Dh356). Into the Glacier costs 19,500 kronur (Dh708). It lasts three to four hours.
The tours: It’s often better to book a tailor-made trip through a specialist operator. UK-based Discover the World offers seven nights, self-driving, across the island from £892 (Dh4,505) per person. This includes three nights’ accommodation at Hotel Husafell near Into the Glacier, two nights at Hotel Ranga and two nights at the Icelandair Hotel Klaustur. It includes car rental, plus an iPad with itinerary and tourist information pre-loaded onto it, while activities can be booked as optional extras. More information inspiredbyiceland.com