President Sheikh Mohamed speaks with Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, during an Eid Al Adha reception at Mushrif Palace. Photo: Ministry of Presidential Affairs ( Hamad Al Kaabi / Ministry of Presidential Affairs )​ ---
President Sheikh Mohamed speaks with Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, during an Eid Al Adha reception at Mushrif Palace. Photo: Ministry of Presidential Affairs ( Hamad Al Kaabi / Ministry of Presidential Affairs )​ ---
President Sheikh Mohamed speaks with Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, during an Eid Al Adha reception at Mushrif Palace. Photo: Ministry of Presidential Affairs ( Hamad Al Kaabi / Ministry of Presidential Affairs )​ ---
President Sheikh Mohamed speaks with Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, during an Eid Al Adha reception at Mushrif Palace. Photo: Ministry of Presidential Affairs ( Hamad A

Sheikh Mohammed bin Rashid praises UAE President Sheikh Mohamed's address to nation


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Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, has said President Sheikh Mohamed delivered a "road map" for the future of the Emirates in his address to the nation on Wednesday.

In a Twitter post, he said Sheikh Mohamed had offered a “positive message for the economy”.

Sheikh Mohammed was one of a number of leading figures, both in the UAE and abroad, to praise Sheikh Mohamed's speech.

Sheikh Humaid bin Rashid Al Nuaimi, Ruler of Ajman, said the speech reflected the prosperous present and the promising future that generations aspire to.

"His Highness' speech confirmed the continuity of the Union's approach, the journey of development, the national Emirati values, and the principles of the founding founders, as well as the empowerment phase led by the late Sheikh Khalifa bin Zayed Al Nahyan," Sheikh Humaid said.

"In the coming phase, we will go steadily, starting from the point of success achieved by the UAE, to reach the highest international levels in various fields."

Senior Emirati official Dr Anwar Gargash said the address showed the UAE was on course to achieve its goals with “strength, determination and openness”.

Dr Gargash, diplomatic adviser to the President, said Sheikh Mohamed's televised speech on Wednesday highlighted his commitment to supporting and investing in the people of the Emirates and his belief in the abilities of young people.

He also praised the “hope, optimism and ambition” conveyed in the President's 10-minute message in a series of posts on Twitter.

Sheikh Mohamed set out his vision for the country in his address to the nation, stressing that hard work, dedication and innovation would continue the strong growth the Emirates has seen in recent years.

He said that empowering the nation's people was the top priority for its leaders.

Sustainability, transparency, sovereignty and security are also crucial, he added.

Dr Gargash reiterated the importance of ensuring the UAE's security and stability through a foreign policy centred on the principles of peace and co-operation.

“The hope, optimism and ambition conveyed in the speech of Sheikh Mohammed bin Zayed, may God protect him, contains a clear message that the UAE is moving towards its goals and aspirations with strength, determination and openness,” he wrote on Twitter.

“The speech emphasised the UAE's foreign policy during the era of His Highness Sheikh Mohammed bin Zayed, which is based on principles firmly rooted in the sovereignty and security of the Emirates, the promotion of peace and co-operation among peoples, and work for their well-being in a framework of trust, credibility and mutual respect to ensure the future of future generations.”

He added that the broadcast exemplified the “established traditions of communication between the leadership and the people”.

Bahrain’s King Hamad lauds UAE's wise policies

Bahrain’s King Hamad, during a phonecall with Sheikh Mohamed, praised the UAE's wise policy of enhancing bridges of partnership, dialogue and effective and balanced relations based on confidence, credibility and mutual respect with the countries of the world to achieve stability and prosperity for all.

He praised Sheikh Mohamed's speech and wished the UAE further progress, development, prosperity, security and stability.

Sheikh Mohamed thanked King Hamad and praised his continuous efforts to develop the bilateral ties between the two countries.

Egyptian leader hails 'road map for future'

Egyptian President Abdel Fattah El Sisi also praised Sheikh Mohamed's vision for the UAE.

“I followed with great interest the speech of my brother, Sheikh Mohammed bin Zayed, President of the United Arab Emirates, to the brotherly Emirati people, in which he laid out a clear road map for prosperity, development and brotherhood, and clearly defined the UAE's internal and foreign policy,” Mr El Sisi said on Twitter.

“I reaffirm our determination to strengthen relations of brotherhood and co-operation and move them to broader horizons under the wise leadership of His Highness Sheikh Mohamed bin Zayed Al Nahyan.”

'A father and a friend'

Hessa Buhumaid, Minister of Community Development, said Sheikh Mohamed was speaking to all people in the UAE, both young and old, citizens and residents alike, as a father, brother and friend.

She said he delivered a message of peace and well-being not only to the people of the UAE but those around the world.

Ms Buhumaid said the speech was “inclusive, comprehensive and courteous” and called on the public to do their utmost to support the country's progress.

“His Highness also lauded the pivotal efforts of the private sector to take a greater and more effective role in building the economy of the UAE and sincerely expressed the efforts of the UAE in making the world live in peace and harmony,” the minister said.

Minister of Culture & Youth, Noura Al Kaabi said the speech "embodies an ambitious roadmap and guarantees a tomorrow full of achievements".

She said the focus on Emirati identity and heritage shows its importance in the country's journey.

"It is a confirmation that the UAE does not wait for the future, but rather has the ability to foresee and manufacture it, and we are certain that the coming decades will witness many achievements that will enhance the country’s leading position in the world", she said, according to Wam.

Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, and Adnoc managing director and Group chief executive said: “In line with President His Highness Sheikh Mohamed bin Zayed Al Nahyan’s address to the nation, Adnoc is accelerating the progress of national priorities as a key driver of economic diversification and growth."

Dr Al Jaber said the speech "represents an incentive to accelerate progress towards achieving national priorities, including the objectives of the national industrial strategy and plans to prepare for the future, contributing to diversifying sustainable economic and social growth, and benefiting from competitive advantages", Wam reported.

Sheikh Mohamed's vision is "for the state to build a strong industrial sector that increases reliance on the local product and makes the UAE a global center for industry, and empowering young Emiratis to achieve His Highness’ directives that the people of the UAE should be the focus of the state’s attention while maintaining its global competitiveness and its pioneering model of partnership with the private sector and increasing its attractiveness to global talent", Dr Al Jaber said.

Ohoud Al Roumi, Minister of State for Government Development and Future, said the UAE was entering a new phase of development under the leadership of Sheikh Mohamed.

She said the UAE was building on firm foundations to forge a sustainable future.

Omar Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, said Sheikh Mohamed's uplifting message to the public was in keeping with the values of Sheikh Zayed, the Founding Father, and the late Sheikh Khalifa.

'Inspirational words'

Prominent Emirati businessman Khalaf Al Habtoor spoke of the importance of Sheikh Mohamed addressing the public directly.

“A salute to His Highness Sheikh Mohamed bin Zayed for his inspirational words and his clear stance,” he said.

“His message matters to citizens and residents alike. Since the beginning, the UAE's strength is in its people and their union.”

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

Tonight's Chat on The National

Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.

Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.

Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.

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It's up to you to go green

Nils El Accad, chief executive and owner of Organic Foods and Café, says going green is about “lifestyle and attitude” rather than a “money change”; people need to plan ahead to fill water bottles in advance and take their own bags to the supermarket, he says.

“People always want someone else to do the work; it doesn’t work like that,” he adds. “The first step: you have to consciously make that decision and change.”

When he gets a takeaway, says Mr El Accad, he takes his own glass jars instead of accepting disposable aluminium containers, paper napkins and plastic tubs, cutlery and bags from restaurants.

He also plants his own crops and herbs at home and at the Sheikh Zayed store, from basil and rosemary to beans, squashes and papayas. “If you’re going to water anything, better it be tomatoes and cucumbers, something edible, than grass,” he says.

“All this throwaway plastic - cups, bottles, forks - has to go first,” says Mr El Accad, who has banned all disposable straws, whether plastic or even paper, from the café chain.

One of the latest changes he has implemented at his stores is to offer refills of liquid laundry detergent, to save plastic. The two brands Organic Foods stocks, Organic Larder and Sonnett, are both “triple-certified - you could eat the product”.  

The Organic Larder detergent will soon be delivered in 200-litre metal oil drums before being decanted into 20-litre containers in-store.

Customers can refill their bottles at least 30 times before they start to degrade, he says. Organic Larder costs Dh35.75 for one litre and Dh62 for 2.75 litres and refills will cost 15 to 20 per cent less, Mr El Accad says.

But while there are savings to be had, going green tends to come with upfront costs and extra work and planning. Are we ready to refill bottles rather than throw them away? “You have to change,” says Mr El Accad. “I can only make it available.”

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

Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

UAE currency: the story behind the money in your pockets
Updated: July 14, 2022, 6:01 AM