Latest: 15 landmark moments in UAE history - in pictures
President Sheikh Khalifa declared 2021 to be the 'Year of the 50th', as the nation celebrates its milestone Golden Jubilee.
The Year of the 50th officially starts on April 6 and will last until March 31 next year.
The declaration was coupled with the announcement of year-long initiatives, activities and grand celebrations.
These will be governed by the UAE Golden Jubilee Committee under the chairmanship of Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation, with Sheikha Mariam bint Mohamed bin Zayed as deputy chairwoman, state news agency Wam reported.
Everyone in the UAE has the chance to reach their full potential, and together we will continue to shape new frontiers
The committee has members representing various federal and local departments.
Its activities have the following foundational pillars:
- Launching the Year 50 with a festive spirit that engages all those who consider the UAE their homeland
- Calling upon all UAE citizens to contemplate the values and achievements of the past in acknowledgement of the Founding Fathers
- Inspiring young people to have their vision about the ambitions of the next 50 years, while supporting them to make quality national achievements in furtherance of the March of Development, Progress and Prosperity
'Gearing up for the next journey'
Sheikh Khalifa said: "Year of the 50th represents a historic defining moment in our journey that started immediately after the declaration of the UAE’s union in 1971.
"It’s an acknowledgement of the resolute will and strong determination our Founding Fathers had while building up their nation.
"It also comes in recognition of the sincere efforts made by our citizens for our nation to be what we are seeing today as one of the best growing and fastest developing countries in the world."
Sheikh Khalifa said he valued the efforts made by foreign citizens who have shared with Emirati citizens the same journey and the efforts to build this young nation.
"Year of the 50th is an opportunity to contemplate the achievements made over 50 years at a time we are gearing up for the next journey," he said.
The programme includes a series of initiatives to celebrate the UAE's history, values and achievements as the nation moves towards its centennial in 2071.
In so doing, the nation will remain committed to building its future by relying on its young people and equipping them with all the skills they need to forge ahead with their plans for the future.
Sheikh Khalifa said: "We are living in a rapidly changing world. Amid this change, there are opportunities up for grabs to drive innovation and creativity.
"Therefore, we’ll have to double efforts to generate novel ideas, and quality initiatives to preserve our heritage and values and protect the cultural diversity of our society.
"As such, these initiatives should contribute to creating a better tomorrow with a brighter future for our nation."
The Golden Jubilee Committee was formed in December 2019 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai.
In addition to governing the UAE's Golden Jubilee celebrations, developing a comprehensive preparation plan and forming teams to execute plans to mark the nation's 50th anniversary in 2021, the committee is working on a diverse agenda.
This is built on four strategic pillars that cover several development initiatives aimed at driving change through socio-economic and developmental policies for generations to come.
Sheikh Mohammed bin Rashid said: "A year to celebrate 50 years, which witnessed the fastest construction journey in the history of countries, the best development journey in the region and the most noble journey in human building.
"It is also a year of preparation for the next 50 years, full of goodness, deep in impact and exemplary in building hope for the region and the world."
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, said: "Today, as we launch the UAE Year Of the 50th, we can proudly look back on our achievements as we embark on a new journey with determination and enthusiasm.
"Everyone in the UAE has the chance to reach their full potential, and together we will continue to shape new frontiers."
For further information on the Year of the 50th, please visit the following link: www.UAEyearof.ae
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
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
House-hunting
Top 10 locations for inquiries from US house hunters, according to Rightmove
- Edinburgh, Scotland
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What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
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.”
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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