Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, met South Korea President Moon Jae-in on Sunday.
Sheikh Mohammed said that the Emirates wanted to deepen its long-standing trade relations with South Korea, which date back more than four decades.
“Our relationship of 41 years is rapidly developing, with the UAE as their biggest trade partner in the region,” he said on Twitter.
“We seek a comprehensive strategic economic partnership with them.”
Mr Moon arrived in the UAE on Saturday.
The leaders discussed ways of enhancing bilateral relations and witnessed the signing of bilateral agreements.
Trade between the Emirates and South Korea reached more than $9.4 billion in 2020 and non-oil trade grew to $2.1bn in the first six months of 2021, according to government data.
The two countries agreed in October to begin talks on expanding co-operation in priority areas including climate change mitigation and advanced technology, to create new investment and trade opportunities.
Negotiations on the Comprehensive Economic Partnership Agreement are expected to be finalised by the end of 2022.
South Korea day at Expo
Expo 2020 Dubai dedicated Sunday to celebrating all things South Korean, with a programme that included a traditional Jang-Gu drumming performance, a taekwondo demonstration and a K-pop concert featuring six of the country’s leading artists.
Sheikh Nahyan bin Mubarak, Minister of Tolerance and Co-existence, welcomed Mr Moon and his wife, Kim Jung-sook, to Expo and praised South Korea’s pavilion.
“The Republic of Korea’s pavilion is an exceptional one, in terms of its modern architecture and interactive content, highlighting the impact of virtual mobility on our modern world,” he said.
“It also demonstrates how these advancements are achieved through its key resources, including the great minds and skills of its truly dedicated people.”
Mr Moon said Expo 2020 Dubai is "turning into reality the hope for a sustainable future”.
“The UAE’s endeavours that put into practice environmental integrity and sustainability will deeply inspire the world as it is poised to usher in a post-pandemic era,” he said.
“The first ever Expo in the Middle East has been transformed into a festival, forward-looking into the future by the leaders and the people of the UAE.”
South Korea, which participated at Expo for the first time in 1962, is hoping to host the world’s fair in 2030.
“Information and technology has served Korea as one of the growth engines that has propelled its rise as the world’s 10th largest economy,” he said.
“Expo 2020 Dubai is a source of great inspiration for us, and we are hoping to host an Expo in Busan, Korea, in 2030, and our theme of ‘Transforming our world, navigating towards a better future’ is aligned with the goals pursued by Expo 2020 Dubai.
“People of the world, through Expo 2020 Dubai, have been connecting their minds, and I hope we will connect again in Korea in 2030.”
Killing of Qassem Suleimani
Killing of Qassem Suleimani
The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
COMPANY%20PROFILE
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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
Two-step truce
The UN-brokered ceasefire deal for Hodeidah will be implemented in two stages, with the first to be completed before the New Year begins, according to the Arab Coalition supporting the Yemeni government.
By midnight on December 31, the Houthi rebels will have to withdraw from the ports of Hodeidah, Ras Issa and Al Saqef, coalition officials told The National.
The second stage will be the complete withdrawal of all pro-government forces and rebels from Hodeidah city, to be completed by midnight on January 7.
The process is to be overseen by a Redeployment Co-ordination Committee (RCC) comprising UN monitors and representatives of the government and the rebels.
The agreement also calls the deployment of UN-supervised neutral forces in the city and the establishment of humanitarian corridors to ensure distribution of aid across the country.
Read more from Kareem Shaheen
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
Barbie
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Fixtures
Wednesday
4.15pm: Japan v Spain (Group A)
5.30pm: UAE v Italy (Group A)
6.45pm: Russia v Mexico (Group B)
8pm: Iran v Egypt (Group B)
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Leaderboard
15 under: Paul Casey (ENG)
-14: Robert MacIntyre (SCO)
-13 Brandon Stone (SA)
-10 Laurie Canter (ENG) , Sergio Garcia (ESP)
-9 Kalle Samooja (FIN)
-8 Thomas Detry (BEL), Justin Harding (SA), Justin Rose (ENG)
