Emiratis are staking their claim to stand as candidates in October's Federal National Council elections.
Nominations are being accepted in person at nine registration centres until Friday.
On its first day, the FNC received 162 applications, of which 58 were submitted in Abu Dhabi, 23 in Dubai, 29 in Sharjah, 12 in Ajman, 12 in Umm Al Quwain, 19 in Ras Al Khaimah and nine in Fujairah.
The FNC, the UAE's consultative parliament, seeks to scrutinise decision-making in the Emirates, hold ministers to account and give a voice to the public.
Council members are drawn from all seven emirates and represent the views and concerns of their electorate on important local issues.
How does the nomination process work?
Those hoping for a position on the council must meet certain criteria.
Potential candidates must be Emirati and a permanent resident of the emirate they hope to represent.
They must be at least 25-years-old at the closing of the nomination.
Nominees must also have a good reputation and not have been convicted of any criminal offence, the only exceptions being for “those whose reputations have been restored in the eyes of the law”.
Anyone whose name is listed in the electoral entities' lists is required to submit a nomination request through the link available on the committee's website, www.uaenec.ae.
Registration can also be done through the National Election Committee – uaenec app, which is available on Apple Store and Google Play.
The nomination process opened at 8am on Monday and will continue until 4pm on Friday. Registration centres can also receive nomination requests during the same period.
There is a registration fee of Dh3,000.
The preliminary list of candidates will be announced on Friday, August 25, and the final list will be announced on Saturday, September 2.
What is the FNC?
The FNC was established in 1971, with its first session convened by UAE Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan, the following year.
The parliament is made up of 40 members – 20 appointed directly by the Rulers of the emirates – with the remainder elected by public vote.
The FNC is responsible for passing, amending and rejecting federal draft laws.
It is also responsible for reviewing the Annual General Budget, international treaties and agreements and other federal affairs in line with the constitution.
In 2018, the late President Sheikh Khalifa directed that women occupy half of the seats of the council.
The ruling came into effect for the FNC's 17th legislative chapter, which began in November 2019.
Where are the registration centres?
Abu Dhabi
Abu Dhabi Chamber of Commerce and Industry
The Masoudi Council, Al Ain
Al Dhafra Municipality
Dubai
Hatta Hall (C&D) at Dubai World Trade Centre
Sharjah
Consultative Council of Sharjah
Ajman
Sheikh Hamid Bin Rashid Hall, Ajman Museum
Umm Al Quwain
The Ministry of Community Development
Ras Al Khaimah
Creative Youth Centre in Al Dhait
Fujairah
Fujairah Chamber of Commerce and Industry
When does the election vote begin?
The next round of voting for the Federal National Council will take place on October 7.
The NEC has announced there are 398,879 electoral college members eligible to vote, an 18.1 per cent increase over 2019.
The representation of women in the electoral college lists for 2023 has increased to 51 per cent, compared to 49 per cent for men, the NEC said, according to state news agency Wam.
Fifty-five per cent of the list comprises men and women aged 21-40.
Nearly 30 per cent was made up of people aged 21-30, and just over 25 per cent was made up of people aged 31-40.
Recently, authorities announced that voting will be possible remotely, both from inside and outside the Emirates. A hybrid system has been created that combines remote and in-person voting to maximise convenience to voters.
If people vote more than once, whether at polling centres or remotely, only their last vote will count.
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Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
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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
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
The Vile
Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah
Director: Majid Al Ansari
Rating: 4/5
Jetour T1 specs
Engine: 2-litre turbocharged
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The specs: 2018 Nissan Altima
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Company profile
Date started: December 24, 2018
Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer
Based: Dubai Media City
Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)
Sector: ConsumerTech and FinTech
Cashflow: Almost $1 million a year
Funding: Series A funding of $2.5m with Series B plans for May 2020
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Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
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Allardyce's management career
Clubs (10) - Limerick (1991-1992), Perston North End (1992), Blackpool (1994-1996), Notts County (1997-1999), Bolton Wanderers (1999-2007), Newcastle United (2007-2008), Blackburn Rovers (2008-2010), West Ham United (2011-2015), Sunderland (2016), Crystal Palace (2016-2017)
Countries (1) - England (2016)
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COMPANY PROFILE
Company name: Happy Tenant
Started: January 2019
Co-founders: Joe Moufarrej and Umar Rana
Based: Dubai
Sector: Technology, real-estate
Initial investment: Dh2.5 million
Investors: Self-funded
Total customers: 4,000
Yahya Al Ghassani's bio
Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda