President Sheikh Mohamed meets Bahrain's Crown Prince Salman bin Hamad

President Sheikh Mohamed bin Zayed met Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister of the Kingdom of Bahrain, in Abu Dhabi on Wednesday.

Prince Salman conveyed to Sheikh Mohamed the greetings of King Hamad.

The meeting was attended by Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of the Interior; Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of the Presidential Court; Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation; Sheikh Tahnoun bin Mohammed, Abu Dhabi Ruler’s Representative in Al Ain Region; Sheikh Saif bin Mohammed; Sheikh Hazza bin Zayed, Deputy Chairman of Abu Dhabi Executive Council; Sheikh Nahyan bin Zayed, Chairman of the Board of Trustees of the Zayed Charitable and Humanitarian Foundation; and Sheikh Hamed bin Zayed, Member of Abu Dhabi Executive Council.

Sheikh Khalid bin Zayed, Chairman of the Board of Zayed Higher Organisation for People of Determination; Sheikh Khaled bin Mohamed, member of Abu Dhabi Executive Council and Chairman of the Abu Dhabi Executive Office; Sheikh Theyab bin Mohamed, Member of Abu Dhabi Executive Council; Sheikh Hamdan bin Mohamed; Sheikh Zayed bin Mohamed, and several other sheikhs and senior officials were also present at the meeting.

Last month, King Hamad was on a visit to the UAE and met Sheikh Mohamed with several other Arab leaders, including Oman's Sultan Haitham, Sheikh Tamim, Emir of Qatar, and Egypt's President Abdel Fattah El Sisi.

The UAE and Bahrain are important trade partners.

In July 2022, Bahrain joined the Industrial Partnership for Sustainable Economic Development, a bloc that comprises the UAE, Egypt and Jordan.

The bloc of four nations has a combined population of 122 million, accounting for 27 per cent of the Mena region and 49 per cent of its youth, those under 24 years of age.

The industrial partnership is expected to boost the gross domestic product of member countries by $809 billon. The alliance represents the world's largest combined raw aluminium exporter with an aggregate value of $6.76 billion.

Generation Start-up: Awok company profile

Started: 2013

Founder: Ulugbek Yuldashev

Sector: e-commerce

Size: 600 plus

Stage: still in talks with VCs

Principal Investors: self-financed by founder

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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Company%20profile

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Tips for entertaining with ease

· Set the table the night before. It’s a small job but it will make you feel more organised once done.

· As the host, your mood sets the tone. If people arrive to find you red-faced and harried, they’re not going to relax until you do. Take a deep breath and try to exude calm energy.

· Guests tend to turn up thirsty. Fill a big jug with iced water and lemon or lime slices and encourage people to help themselves.

· Have some background music on to help create a bit of ambience and fill any initial lulls in conversations.

· The meal certainly doesn’t need to be ready the moment your guests step through the door, but if there’s a nibble or two that can be passed around it will ward off hunger pangs and buy you a bit more time in the kitchen.

· You absolutely don’t have to make every element of the brunch from scratch. Take inspiration from our ideas for ready-made extras and by all means pick up a store-bought dessert.

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THE BIO

Ms Davison came to Dubai from Kerala after her marriage in 1996 when she was 21-years-old

Since 2001, Ms Davison has worked at many affordable schools such as Our Own English High School in Sharjah, and The Apple International School and Amled School in Dubai

Favourite Book: The Alchemist

Favourite quote: Failing to prepare is preparing to fail

Favourite place to Travel to: Vienna

Favourite cuisine: Italian food

Favourite Movie : Scent of a Woman

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.