UAE and France sign strategic deals as Emmanuel Macron visits Expo


  • 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

White hydrogen: Naturally occurring hydrogenChromite: Hard, metallic mineral containing iron oxide and chromium oxideUltramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica contentOphiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on landOlivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour

Wicked: For Good

Director: Jon M Chu

Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater

Rating: 4/5

UAE currency: the story behind the money in your pockets
The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Sour%20Grapes
%3Cp%3E%3Cstrong%3EAuthor%3A%20%3C%2Fstrong%3EZakaria%20Tamer%3Cbr%3E%3Cstrong%3EPublisher%3A%20%3C%2Fstrong%3ESyracuse%20University%20Press%3Cbr%3E%3Cstrong%3EPages%3A%20%3C%2Fstrong%3E176%3C%2Fp%3E%0A
How to play the stock market recovery in 2021?

If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.

Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.

Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.

Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).

Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal. 

Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.

By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.

As demand for energy fell, the oil and gas industry had a tough year, too.

Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.

He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.” 

This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”

Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.

 


 

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

The chef's advice

Troy Payne, head chef at Abu Dhabi’s newest healthy eatery Sanderson’s in Al Seef Resort & Spa, says singles need to change their mindset about how they approach the supermarket.

“They feel like they can’t buy one cucumber,” he says. “But I can walk into a shop – I feed two people at home – and I’ll walk into a shop and I buy one cucumber, I’ll buy one onion.”

Mr Payne asks for the sticker to be placed directly on each item, rather than face the temptation of filling one of the two-kilogram capacity plastic bags on offer.

The chef also advises singletons not get too hung up on “organic”, particularly high-priced varieties that have been flown in from far-flung locales. Local produce is often grown sustainably, and far cheaper, he says.

Top 10 in the F1 drivers' standings

1. Sebastian Vettel, Ferrari 202 points

2. Lewis Hamilton, Mercedes-GP 188

3. Valtteri Bottas, Mercedes-GP 169

4. Daniel Ricciardo, Red Bull Racing 117

5. Kimi Raikkonen, Ferrari 116

6. Max Verstappen, Red Bull Racing 67

7. Sergio Perez, Force India 56

8. Esteban Ocon, Force India 45

9. Carlos Sainz Jr, Toro Rosso 35

10. Nico Hulkenberg, Renault 26

HUNGARIAN GRAND PRIX RESULT

1. Sebastian Vettel, Ferrari 1:39:46.713
2. Kimi Raikkonen, Ferrari 00:00.908
3. Valtteri Bottas, Mercedes-GP 00:12.462
4. Lewis Hamilton, Mercedes-GP 00:12.885
5. Max Verstappen, Red Bull Racing 00:13.276
6. Fernando Alonso, McLaren 01:11.223
7. Carlos Sainz Jr, Toro Rosso 1 lap
8. Sergio Perez, Force India 1 lap
9. Esteban Ocon, Force India  1 lap
10. Stoffel Vandoorne, McLaren 1 lap
11. Daniil Kvyat, Toro Rosso 1 lap
12. Jolyon Palmer, Renault 1 lap
13. Kevin Magnussen, Haas 1 lap
14. Lance Stroll, Williams 1 lap
15. Pascal Wehrlein, Sauber 2 laps
16. Marcus Ericsson, Sauber 2 laps
17r. Nico Huelkenberg, Renault 3 laps
r. Paul Di Resta, Williams 10 laps
r. Romain Grosjean, Haas 50 laps
r. Daniel Ricciardo, Red Bull Racing 70 laps

Company%C2%A0profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ELeap%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EMarch%202021%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Ziad%20Toqan%20and%20Jamil%20Khammu%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%3A%3C%2Fstrong%3E%20Undisclosed%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3ESeven%3C%2Fp%3E%0A

Company name: Farmin

Date started: March 2019

Founder: Dr Ali Al Hammadi 

Based: Abu Dhabi

Sector: AgriTech

Initial investment: None to date

Partners/Incubators: UAE Space Agency/Krypto Labs 

Everton%20Fixtures
%3Cp%3EApril%2015%20-%20Chelsea%20(A)%3Cbr%3EApril%2021%20-%20N.%20Forest%20(H)%3Cbr%3EApril%2024%20-%20Liverpool%20(H)%3Cbr%3EApril%2027%20-%20Brentford%20(H)%3Cbr%3EMay%203%20-%20Luton%20Town%20(A)%3Cbr%3EMay%2011%20-%20Sheff%20Utd%20(H)%3Cbr%3EMay%2019%20-%20Arsenal%20(A)%3C%2Fp%3E%0A
How much do leading UAE’s UK curriculum schools charge for Year 6?
  1. Nord Anglia International School (Dubai) – Dh85,032
  2. Kings School Al Barsha (Dubai) – Dh71,905
  3. Brighton College Abu Dhabi - Dh68,560
  4. Jumeirah English Speaking School (Dubai) – Dh59,728
  5. Gems Wellington International School – Dubai Branch – Dh58,488
  6. The British School Al Khubairat (Abu Dhabi) - Dh54,170
  7. Dubai English Speaking School – Dh51,269

*Annual tuition fees covering the 2024/2025 academic year

Sweet%20Tooth
%3Cp%3E%3Cstrong%3ECreator%3A%20%3C%2Fstrong%3EJim%20Mickle%3Cbr%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EChristian%20Convery%2C%20Nonso%20Anozie%2C%20Adeel%20Akhtar%2C%20Stefania%20LaVie%20Owen%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A
Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

Squid Game season two

Director: Hwang Dong-hyuk 

Stars:  Lee Jung-jae, Wi Ha-joon and Lee Byung-hun

Rating: 4.5/5

Results:

5pm: Conditions (PA) Dh80,000 1,400m | Winner: AF Tahoonah, Richard Mullen (jockey), Ernst Oertel (trainer)

5.30pm: Handicap (TB) Dh90,000 1,400m | Winner: Ajwad, Gerald Avranche, Rashed Bouresly

6pm: Maiden (PA) Dh80,000 1,600m | Winner: RB Lam Tara, Fabrice Veron, Eric Lemartinel

6.30pm: Handicap (PA) Dh80,000 1,600m | Winner: Duc De Faust, Szczepan Mazur, Younis Al Kalbani

7pm: Wathba Stallions Cup (PA) Dh70,000 2,200m | Winner: Shareef KB, Fabrice Veron, Ernst Oertel

7.30pm: Handicap (PA) Dh90,000 1,500m | Winner: Bainoona, Pat Cosgrave, Eric Lemartinel

While you're here
Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

How to avoid crypto fraud
  • Use unique usernames and passwords while enabling multi-factor authentication.
  • Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
  • Avoid suspicious social media ads promoting fraudulent schemes.
  • Only invest in crypto projects that you fully understand.
  • Critically assess whether a project’s promises or returns seem too good to be true.
  • Only use reputable platforms that have a track record of strong regulatory compliance.
  • Store funds in hardware wallets as opposed to online exchanges.
Updated: December 03, 2021, 7:26 PM