UAE

Government

UAE and France sign strategic deals as Emmanuel Macron visits Expo

Sheikh Mohamed bin Zayed received the French President before the signing of major agreements across several sectors

The National

December 03, 2021

  • English
  • Arabic

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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. 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.
  7. 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.
  8. 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.
  9. 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.
  10. 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.
  11. 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.
  12. 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.
  13. 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

  • Pilots with the Patrouille de France fly over the Expo 2020 Dubai site. Chris Whiteoak / The National
    Pilots with the Patrouille de France fly over the Expo 2020 Dubai site. Chris Whiteoak / The National
  • A air display by Patrouille de France for French national day at Expo 2020, Dubai. Chris Whiteoak / The National
    A air display by Patrouille de France for French national day at Expo 2020, Dubai. Chris Whiteoak / The National
  • The 'Patrouille de France' aerobatics team performs over the EXPO site. EPA
    The 'Patrouille de France' aerobatics team performs over the EXPO site. EPA
  • France National Day Parade on Ghaf Avenue. Expo 2020 Dubai
    France National Day Parade on Ghaf Avenue. Expo 2020 Dubai
  • A group of French people wearing traditional berets, Phrygian caps and mariniere shirts, wave national flags as they parade during the Expo 2020. AFP
    A group of French people wearing traditional berets, Phrygian caps and mariniere shirts, wave national flags as they parade during the Expo 2020. AFP
  • People parade on French national day at Expo 2020, Dubai. Chris Whiteoak / The National
    People parade on French national day at Expo 2020, Dubai. Chris Whiteoak / The National
  • People parade on French national day at Expo 2020, Dubai. Chris Whiteoak / The National
    People parade on French national day at Expo 2020, Dubai. Chris Whiteoak / The National
  • People parade on French national day at Expo 2020, Dubai. Chris Whiteoak / The National
    People parade on French national day at Expo 2020, Dubai. Chris Whiteoak / The National
  • People parade on French national day at Expo 2020, Dubai. Chris Whiteoak / The National
    People parade on French national day at Expo 2020, Dubai. Chris Whiteoak / The National
  • Visitors celebrate French national day at Expo 2020, Dubai. Chris Whiteoak / The National
    Visitors celebrate French national day at Expo 2020, Dubai. Chris Whiteoak / The National
  • Visitors celebrate French national day at Expo 2020, Dubai. Chris Whiteoak / The National
    Visitors celebrate French national day at Expo 2020, Dubai. Chris Whiteoak / The National

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Frankenstein in Baghdad
Ahmed Saadawi
​​​​​​​Penguin Press

CREW
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ERajesh%20A%20Krishnan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ETabu%2C%20Kareena%20Kapoor%20Khan%2C%20Kriti%20Sanon%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203.5%2F5%3C%2Fp%3E%0A
Tax authority targets shisha levy evasion

The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.

Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".

The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.

He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.

"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.

As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.

Company Profile

Company name: NutriCal

Started: 2019

Founder: Soniya Ashar

Based: Dubai

Industry: Food Technology

Initial investment: Self-funded undisclosed amount

Future plan: Looking to raise fresh capital and expand in Saudi Arabia

Total Clients: Over 50

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

While you're here
The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

The 12 Syrian entities delisted by UK 

Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV

While you're here
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

MATCH INFO

Barcelona 2
Suarez (10'), Messi (52')

Real Madrid 2
Ronaldo (14'), Bale (72')

Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
  • Stay invested: Time in the market, not timing the market, is critical to long-term gains.
  • Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
  • Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
 
 
Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Bareilly Ki Barfi
Directed by: Ashwiny Iyer Tiwari
Starring: Kriti Sanon, Ayushmann Khurrana, Rajkummar Rao
Three and a half stars

Updated: December 03, 2021, 7:26 PM
UAEFranceSheikh Mohamed bin ZayedExpo 2020 Dubai