The UAE and Germany signed a "landmark agreement" on Sunday aimed at accelerating joint efforts to boost energy security, decarbonisation and combat climate change.
The major deal was struck in the presence of President Sheikh Mohamed and German Chancellor Olaf Scholz, who is currently visiting the Emirates.
The new Energy Security and Industry Accelerator Agreement was signed by Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and the UAE's climate change envoy, and Dr Franziska Brantner, Germany's Parliamentary State Secretary at the Federal Ministry for Economic Affairs and Climate Action.
Sheikh Mohamed told of the "close friendship and strategic partnership" the two countries enjoy in a post on Twitter after the deal was finalised.
Nations build on close ties
Under the international partnership, Abu Dhabi National Oil Company will supply German energy company RWE AG with liquefied natural gas cargo towards the end of the year. This will be used in Germany’s floating LNG import terminal at Brunsbuttel.
Adnoc has also reserved a number of other LNG cargos for German companies in 2023.
Adnoc has entered into a series of agreements with German firms for demonstration cargos of low-carbon ammonia, a carrier fuel for hydrogen that can play a critical role in supporting decarbonisation.
It was also announced that Adnoc had completed the UAE's first direct diesel delivery to Germany this month and has agreed terms with Wilhelm Hoyer GmbH & Co. KG (Hoyer) to supply up to 250,000 tonnes of diesel per month next year.
The UAE and other countries across the Middle East and North Africa region are pursuing plans to incorporate hydrogen into their energy mix and tap into the clean fuel for different industrial applications.
Both countries expect to work in tandem on further opportunities to boost growth in the growing hydrogen sector.
The alliance will also involve leading UAE renewable energy firm, Masdar, exploring opportunities in the offshore wind markets in the North Sea and the Baltic Sea in Germany. This will be with the aim of generating up to 10GW of renewable energy production capacity by 2030.
"This landmark new agreement reinforces the rapidly growing energy partnership between the UAE and Germany," Dr Al Jaber said.
"As we embrace the energy transition, Adnoc is fully committed to accelerate and invest in projects of energy security, decarbonisation and climate action as we continue to be a responsible and reliable provider and trusted exporter of low-carbon energy."
Mr Scholz said: "I welcome the signing of the joint declaration of intent on the "Energy Security and Industry Accelerator - Esia.
"Through Esia, we enable the swift implementation of strategic lighthouse projects on the focus areas of renewable energies, hydrogen, LNG and climate action."
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
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
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
TALE OF THE TAPE
Floyd Mayweather
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Conor McGregor
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Company profile
Company: Eighty6
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Founders: Abdul Kader Saadi and Anwar Nusseibeh
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Sector: Hospitality
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Mina Cup winners
Under 12 – Minerva Academy
Under 14 – Unam Pumas
Under 16 – Fursan Hispania
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Profile of Hala Insurance
Date Started: September 2018
Founders: Walid and Karim Dib
Based: Abu Dhabi
Employees: Nine
Amount raised: $1.2 million
Funders: Oman Technology Fund, AB Accelerator, 500 Startups, private backers
Lewis Hamilton in 2018
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Catchweight 82kg
Piotr Kuberski (POL) beat Ahmed Saeb (IRQ) by decision.
Women’s bantamweight
Corinne Laframboise (CAN) beat Cornelia Holm (SWE) by unanimous decision.
Welterweight
Omar Hussein (PAL) beat Vitalii Stoian (UKR) by unanimous decision.
Welterweight
Josh Togo (LEB) beat Ali Dyusenov (UZB) by unanimous decision.
Flyweight
Isaac Pimentel (BRA) beat Delfin Nawen (PHI) TKO round-3.
Catchweight 80kg
Seb Eubank (GBR) beat Emad Hanbali (SYR) KO round 1.
Lightweight
Mohammad Yahya (UAE) beat Ramadan Noaman (EGY) TKO round 2.
Lightweight
Alan Omer (GER) beat Reydon Romero (PHI) submission 1.
Welterweight
Juho Valamaa (FIN) beat Ahmed Labban (LEB) by unanimous decision.
Featherweight
Elias Boudegzdame (ALG) beat Austin Arnett (USA) by unanimous decision.
Super heavyweight
Maciej Sosnowski (POL) beat Ibrahim El Sawi (EGY) by submission round 1.
Most sought after workplace benefits in the UAE
- Flexible work arrangements
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- Financial well-being incentives
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