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

All Blacks line-up for third Test

J Barrett; I Dagg, A Lienert-Brown, N Laumape, J Savea; B Barrett, A Smith; J Moody, C Taylor, O Franks, B Retallick, S Whitelock, J Kaino, S Cane, K Read (capt).

Replacements: N Harris, W Crockett, C Faumuina, S Barrett, A Savea, TJ Perenara, A Cruden, M Fekitoa.

Tips on buying property during a pandemic

Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.

While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.

While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.

Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.

Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.

Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.

Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.

Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.

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RACE CARD

5pm: Maiden (PA) Dh80,000 1,400m
5.30pm: Maiden (PA) Dh80,000 1,200m
6pm: Arabian Triple Crown Round-1 (PA) Listed Dh230,000 1,600m
6.30pm: HH The President’s Cup (PA) Group 1 Dh2.5million 2,200m
7pm: HH The President’s Cup (TB) Listed Dh380,000 1,400m
7.30pm: Wathba Stallions Cup (PA) Handicap Dh70,000 1,200m.

Sam Smith

Where: du Arena, Abu Dhabi

When: Saturday November 24

Rating: 4/5

Other acts on the Jazz Garden bill

Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.

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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FA Cup semi-finals

Saturday: Manchester United v Tottenham Hotspur, 8.15pm (UAE)
Sunday: Chelsea v Southampton, 6pm (UAE)

Matches on Bein Sports

All the Money in the World

Director: Ridley Scott

Starring: Charlie Plummer, Mark Wahlberg, Michelle Williams, Christopher Plummer

Four stars

MATCH INFO

Uefa Champions League semi-finals, first leg
Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome

WHEN TO GO:

September to November or March to May; this is when visitors are most likely to see what they’ve come for.

WHERE TO STAY:

Meghauli Serai, A Taj Safari - Chitwan National Park resort (tajhotels.com) is a one-hour drive from Bharatpur Airport with stays costing from Dh1,396 per night, including taxes and breakfast. Return airport transfers cost from Dh661.

HOW TO GET THERE:

Etihad Airways regularly flies from Abu Dhabi to Kathmandu from around Dh1,500 per person return, including taxes. Buddha Air (buddhaair.com) and Yeti Airlines (yetiairlines.com) fly from Kathmandu to Bharatpur several times a day from about Dh660 return and the flight takes just 20 minutes. Driving is possible but the roads are hilly which means it will take you five or six hours to travel 148 kilometres.

MATCH INFO

AC Milan v Inter, Sunday, 6pm (UAE), match live on BeIN Sports

COMPANY%20PROFILE

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Petrarch: Everywhere a Wanderer
Christopher Celenza,
Reaktion Books

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

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

All Blacks line-up for third Test

Tips on buying property during a pandemic

APPLE IPAD MINI (A17 PRO)

RACE CARD

Sam Smith

Other acts on the Jazz Garden bill

Ten tax points to be aware of in 2026

SPEC%20SHEET%3A%20APPLE%20IPAD%20(2022)

MATCH INFO

MATCH INFO

COMPANY%20PROFILE