Sheikh Mohammed bin Rashid launches scheme for climate-ravaged agriculture

Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, on Friday launched a plan with Britain, the US and others to develop technology that helps farmers in developing nations cope with the effects of climate change.

Sheikh Mohammed spoke at US President Joe Biden's two-day gathering of 40 world leaders to get the world's biggest economies to cut emissions of planet-heating gases and keep rising temperatures under control.

“I am pleased to announce that the UAE will be partnering with a group of champions to launch the Agricultural Innovation Mission for Climate,” Sheikh Mohammed said.

“This is a new initiative to support research and development and innovation for food systems over the next five years.”

Brazil, Denmark, Israel, Singapore, Australia and Uruguay are also involved in the plan.

The planet has so far warmed by 1.2°C and is headed for at least 3°C this century. Globally, farmers are struggling against the effects of increasingly frequent droughts, flash floods and soil degradation.

According to the UN’s Food and Agricultural Agency, climate change has affected rainfall patterns, drought, flooding and the distribution of locusts and other pests, threatening the livelihoods of smallholder and subsistence farmers.

The UAE has over the decades developed know-how in irrigation, water management to use its arid soil for farming. The mission will focus on research and development of farming innovations. It remains unclear how much funding is associated with the project.

"Climate change is not a temporary concern," Sheikh Mohammed said.

“It is rather a global challenge that is ongoing. We must unite our efforts to safeguard the planet for the future generations or else risk paying heavier costs in the future.”

At the same session, Microsoft co-founder and philanthropist Bill Gates praised the initiative, saying subsistence farmers in poor countries needed help to cope with the effects of climate change.

"We have to address the climate impacts that are going to come because of the heating that's already taken place," Mr Gates said. "This means accelerating agricultural innovation so that subsistence farmers can withstand the shocks that come with more unpredictable weather."

Dr Sultan Al Jaber, UAE Minister for Industry and Advanced Technology and Special Envoy for Climate Change, said the plan promised "far-reaching and long-lasting socio-economic benefits".

"By investing in innovation and technology in the agricultural sector, we can unlock opportunities for effective mitigation and adaptation, feed growing populations in resource-stressed areas, and create economic growth," Dr Al Jaber said.

US climate envoy John Kerry, who recently visited Abu Dhabi, said he was proud to be involved in the initiative.

"I was impressed by the ingenuity being applied to food and climate challenges during my recent trip to the UAE, and know that we all stand to benefit by sharing best practices and raising innovation ambition when it comes to climate-smart agriculture," Mr Kerry said.

"AIM for Climate can serve as a unique platform for co-operation among many countries on these shared challenges."

Mr Biden on Friday said America would boost co-operation with India, the UAE, Britain, Russia and other nations in efforts to tackle pollution, rising temperatures and the impacts of climate change.

At his gathering of 40 world leaders and business and technology chiefs, Mr Biden announced plans to work with India and Sweden on cleaning up the industrial sector and creating carbon-free power networks with the UK.

"And the agricultural sector, where we will launch the agriculture innovation mission for climate with the United Arab Emirates and other partners," Mr Biden said on the second day of his two-day climate summit.
"Also I'm very heartened by [Russian] President [Vladimir] Putin's call yesterday for the world to collaborate on advanced carbon dioxide removal. And the United States looks forward to working with Russia and other countries in that endeavour as a great promise."

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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Publisher: Konami

Platforms: PlayStation 5, Xbox Series X/S, PC

Rating: 4.5/5

Heavily-sugared soft drinks slip through the tax net

Some popular drinks with high levels of sugar and caffeine have slipped through the fizz drink tax loophole, as they are not carbonated or classed as an energy drink.

Arizona Iced Tea with lemon is one of those beverages, with one 240 millilitre serving offering up 23 grams of sugar - about six teaspoons.

A 680ml can of Arizona Iced Tea costs just Dh6.

Most sports drinks sold in supermarkets were found to contain, on average, five teaspoons of sugar in a 500ml bottle.

The specs

Engine: 3.0-litre six-cylinder turbo

Power: 398hp from 5,250rpm

Torque: 580Nm at 1,900-4,800rpm

Transmission: Eight-speed auto

Fuel economy, combined: 6.5L/100km

On sale: December

Price: From Dh330,000 (estimate)

Company profile

Name: Thndr

Started: October 2020

Founders: Ahmad Hammouda and Seif Amr

Based: Cairo, Egypt

Sector: FinTech

Initial investment: pre-seed of $800,000

Funding stage: series A; $20 million

Investors: Tiger Global, Beco Capital, Prosus Ventures, Y Combinator, Global Ventures, Abdul Latif Jameel, Endure Capital, 4DX Ventures, Plus VC, Rabacap and MSA Capital

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