Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, has hailed the achievements of the UAE's Cabinet and federal government over the past 17 years, saying the country will continue on its path of development.
Sheikh Mohammed highlighted important milestones since 2006, including thousands of pieces of legislation in social, economic, service and other sectors, creating government services and signing international agreements.
“Seventeen years have passed quickly and beautifully, and were full of work and achievements," he said. "We introduced essential changes to the UAE government's performance and developed services.
“Ten thousand decisions in 440 meetings. Over 4,200 legislation in all sectors. We shifted from a traditional government to a new government providing over 1,500 smart services.
"We fought administrative and financial slowness, increased the government budget by more than 140 per cent, and became the most effective government in public spending in the world.
“We launched 330 government policies and initiatives to develop the economic environment and signed about 600 international agreements.
"Our foreign trade jumped from Dh415 billion to Dh2,200 billion, and the GDP doubled to reach Dh1,800 billion in the same period.
"The UAE is the first in the region to attract investments with a value of Dh734 billion."
UAE in space
Sheikh Mohammed also praised the creation of an integrated space sector in 10 years, attracting more than Dh734 billion in investments to the country.
The UAE has heavily invested in its space sector, with a 10-year plan worth Dh36 billion and the launch of the National Space Fund.
The country now owns 19 orbital satellites, has 10 new spacecraft under development, and hosts more than 50 international and emerging space companies and centres.
Significant milestones include becoming the first Arab country to reach Mars in February 2021 and planning a new interplanetary mission to Venus and the asteroid belt beyond Mars in 2028.
The country has also launched a lunar rover called Rashid, which is set to land on unexplored regions of the Moon this month or next, depending on conditions.
The UAE Astronaut Programme aims to develop a national team of astronauts for scientific and manned space exploration missions.
The "Hope Probe" was launched in July 2020 and reached Mars in early 2021, marking the first Arab space mission to explore planets.
Economic strides
Sheikh Mohammed, also Vice President, said the government launched 330 policies and initiatives to develop the economic environment.
He said the UAE government became the most effective in public spending globally, and has been successful in many ministerial reshuffles involving more than 66 ministers to encourage youth to take on responsibility.
"Today, with the endless support of my brother, President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and with the spirit of union and the ambitions of youth, the UAE will continue its march of prosperity and development,” Sheikh Mohammed said.
Social development programmes have received more than Dh110 billion of total government spending, while the government has allocated more than Dh50 billion to housing for citizens, and spent almost Dh160 billion on the education sector.
In that time the Cabinet has also issued policies and laws to stimulate and regulate the labour market.
Major initiatives
These government models have also played a significant role in promoting innovation, sustainability and preparing the country for the next 50 years.
In April 2007, the UAE government announced its strategy for the years 2008-2010.
Then in 2008, it launched the UAE leadership programme, which has since had more than 1,000 leaders graduate in more than 10 years.
The year 2009 saw the launch of the Sheikh Khalifa Government Excellence Programme, which became the first integrated government excellence scheme at the federal government level.
In 2010, the UAE Vision 2021 was launched, and more than 36 national teams from 150 federal and local entities, private sector institutions and the community took part in its implementation.
This vision aimed to transform the UAE into a diversified and knowledge-based economy, with a focus on promoting innovation, sustainability, and preparing the country for the future.
The Emirates Programme for Excellence in Government Services was launched in March 2011, with the objective of achieving higher standards in client service by improving efficiency.
In 2012, the Mohammed bin Rashid Smart Learning Programme was launched to establish a unique environment in schools through the introduction of "smart classes", under which pupils use smart devices and high-speed 4G networks to acquire knowledge.
The same year witnessed the launch of the UAE Green Growth Strategy, a long-term national initiative to develop a green economy in the country.
Under the leadership of Sheikh Mohammed, the World Government Summit was established in 2013, as a global knowledge exchange platform for future governments.
The UAE National Agenda 2021 was launched in 2014, aiming to achieve a sustainable and diversified economy, with a focus on promoting innovation, sustainability and preparing the country for the future.
In 2015, the Arab Reading Challenge was launched, to encourage all pupils across the Arab World to read.
In 2016 the UAE launched the Emirates Youth Councils, the Centre For the Fourth Industrial Revolution and Dubai Future Councils.
The UAE government's Annual Meetings were launched in 2017, with the aim of unifying all government entities at the federal and local levels to discuss current challenges, strategies and initiatives that would lead the country to achieve the Centennial 2071 Plan.
In 2018, the strategic partnership for government modernisation was launched, aiming, among other things, to foster a culture of innovation.
The UAE launched the Regulations Lab in 2019 to develop solid legislation for emerging technologies, and the Arab Government Excellence Award to celebrate successful government experiences and projects in the region.
In 2020, the UAE focused on preparing for the next 50 years and hosted Expo 2020 Dubai, while in 2021 it launched a new methodology for government action.
In 2022, the UAE launched the Comprehensive Economic Partnership Agreements and the "We the UAE 2031" vision to continue its development path with a focus on social, economic, investment and development aspects.
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Mica
Director: Ismael Ferroukhi
Stars: Zakaria Inan, Sabrina Ouazani
3 stars
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
Results
Stage three:
1. Stefan Bissegger (SUI) EF Education-EasyPost, in 9-43
2. Filippo Ganna (ITA) Ineos Grenadiers, at 7s
3. Tom Dumoulin (NED) Jumbo-Visma, at 14s
4. Tadej Pogacar (SLO) UAE-Team Emirates, at 18s
5. Joao Almeida (POR) UAE-Team Emirates, at 22s
6. Mikkel Bjerg (DEN) UAE-Team Emirates, at 24s
General Classification:
1. Stefan Bissegger (SUI) EF Education-EasyPost, in 9-13-02
2. Filippo Ganna (ITA) Ineos Grenadiers, at 7s
3. Jasper Philipsen (BEL) Alpecin Fenix, at 12s
4. Tom Dumoulin (NED) Jumbo-Visma, at 14s
5. Tadej Pogacar (SLO) UAE-Team Emirates, at 18s
6. Joao Almeida (POR) UAE-Team Emirates, at 22s
How to donate
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
Sholto Byrnes on Myanmar politics
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
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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
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The specs
Engine: 5.0-litre supercharged V8
Transmission: Eight-speed auto
Power: 575bhp
Torque: 700Nm
Price: Dh554,000
On sale: now
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
How Tesla’s price correction has hit fund managers
Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.
It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.
The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.
Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.
Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.
He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.
AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”
A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.
Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.
Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.
Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.
By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.
Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.
In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”
Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.
She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.
Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.
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Most match wins on clay
Guillermo Vilas - 659
Manuel Orantes - 501
Thomas Muster - 422
Rafael Nadal - 399 *
Jose Higueras - 378
Eddie Dibbs - 370
Ilie Nastase - 338
Carlos Moya - 337
Ivan Lendl - 329
Andres Gomez - 322
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.
