A top UAE official said the country has managed to strike the balance between lives and livelihoods, when it comes to managing the economy during the pandemic.
Omar Saif Ghobash, Assistant Minister for Culture and Public Diplomacy, said the economy could not be put on hold, as efforts to tackle the coronavirus and introduce the vaccine continue.
"Obviously there are people who are still getting sick, and unfortunately passing away," Mr Ghobash, a former ambassador to France and Russia, told CNBC Middle East.
"But overall we think that we've managed to find the balance between health and safety on the one hand, and economic viability on the other hand."
It's about balancing personal responsibility, with an economy that needs to go forward
Mr Ghobash said it was up to everyone in society to work together to get through the pandemic.
“It’s really about balancing personal responsibility, with an economy that needs to go forward," he said.
The UAE has opened up most of its economic sectors and is one of the few countries to allow tourists to return in significant numbers.
The decision has contributed to an ongoing economic recovery, though the number of new cases has risen significantly following the Christmas and New Year holidays.
On Monday, officials reported 3,471 more cases – a record number for seventh consecutive day – taking the total since the pandemic began to 256,732. A further six people died, taking the three-day death toll to 18.
That compares to about 1,000 cases per day in late December.
This spurge in cases coincided with a major vaccination drive to inoculate 50 per cent of the population by March. On Monday, 88,743 people received a vaccine shot and more than 1.8 million doses have been administered so far.
UAE 'must have say' in any future Iran deal
Mr Ghobash was also asked about relations between Washington, the Gulf states and Tehran. He said the Emirates would be open to restoring relations with Iran, but that this would depend on a significant change in behaviour from the Iranian government.
“We don't have a problem with rapprochement with Iran,” he said.
"It needs to be conditional. It needs to be participatory. We need to be able to engage also with the Biden administration, with the Iranians, with the region, because we're all implicated in these questions.”
In recent months, there has been discussion about the prospect of a new "Iran deal", the agreement that relaxed almost all trade sanctions in exchange for UN nuclear inspectors being allowed to visit atomic research sites.
Washington withdrew from the agreement in 2018, largely objecting to “sunset clauses” that would have allowed Iran to continue nuclear research at a later date. Washington re-imposed sanctions on Iran, a signature policy of President Donald Trump’s administration known as “maximum pressure”.
Mr Ghobash said that the deal, “didn't take our concerns into account and it treated us as bystanders, and as spectators, when we felt that it was directly concerned with our security”.
Any new agreement would have to emphasise a renewed commitment to nuclear non-proliferation on the part of Tehran, Minister Ghobash said, before opening up other doors, such as renewed trade. In the absence of any new deal, Mr Ghobash said the UAE would be in favour of continued pressure on Iran to use as leverage in potential talks.
“We do business with Iran, we've got a significant Iranian population here, we don't have an issue with that. We do have an issue with ballistic missiles, nuclear technology, looking at a nuclear weapon, and the corrosive influence that they have on many Arab economies.
“So, if we can put an end to all of that, fantastic, everybody would be very happy to deal with Iran on an equal basis.”
“We are still in favour of maximum pressure – yes, absolutely. Was it successful? We think it will succeed,” he said.
He pointed to the fact that Barbara Leaf, the former US ambassador to the UAE, was chosen for Mr Biden’s national security team.
“She knows our concerns very well, and we would expect that those concerns be taken into account,” he said.
The minister said he believed future talks with Iran would be more balanced.
“We in the Emirates are a positive influence, the Gulf states are a positive influence ... take us on board and see the positive influence that we can bring to discussions on Iran,” he said.
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Iran war games in Gulf of Oman
MATCH INFO
Northern Warriors 92-1 (10 ovs)
Russell 37 no, Billings 35 no
Team Abu Dhabi 93-4 (8.3 ovs)
Wright 48, Moeen 30, Green 2-22
Team Abu Dhabi win by six wickets
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
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ESSENTIALS
The flights
Fly Etihad or Emirates from the UAE to Moscow from 2,763 return per person return including taxes.
Where to stay
Trips on the Golden Eagle Trans-Siberian cost from US$16,995 (Dh62,414) per person, based on two sharing.
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Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
US households add $601bn of debt in 2019
American households borrowed another $601 billion (Dh2.2bn) in 2019, the largest yearly gain since 2007, just before the global financial crisis, according to February data from the New York Federal Reserve Bank.
Fuelled by rising mortgage debt as homebuyers continued to take advantage of low interest rates, the increase last year brought total household debt to a record high, surpassing the previous peak reached in 2008 just before the market crash, according to the report.
Following the 22nd straight quarter of growth, American household debt swelled to $14.15 trillion by the end of 2019, the New York Fed said in its quarterly report.
In the final three months of the year, new home loans jumped to their highest volume since the fourth quarter of 2005, while credit cards and auto loans also added to the increase.
The bad debt load is taking its toll on some households, and the New York Fed warned that more and more credit card borrowers — particularly young people — were falling behind on their payments.
"Younger borrowers, who are disproportionately likely to have credit cards and student loans as their primary form of debt, struggle more than others with on-time repayment," New York Fed researchers said.
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
88 Video's most popular rentals
Avengers 3: Infinity War: an American superhero film released in 2018 and based on the Marvel Comics story.
Sholay: a 1975 Indian action-adventure film. It follows the adventures of two criminals hired by police to catch a vagabond. The film was panned on release but is now considered a classic.
Lucifer: is a 2019 Malayalam-language action film. It dives into the gritty world of Kerala’s politics and has become one of the highest-grossing Malayalam films of all time.
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
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%3Cp%3E%3Cstrong%3ECreator%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStreaming%20on%3A%20%3C%2Fstrong%3EMBC%20Shahid%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A
Cinco in numbers
Dh3.7 million
The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown
46
The number, in kilograms, that Swarovski’s wedding gown weighed.
1,000
The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]
50
How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday
3,000
The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.
1.1 million
The number of followers that Michael Cinco’s Instagram account has garnered.
FA Cup fifth round draw
Sheffield Wednesday v Manchester City
Reading/Cardiff City v Sheffield United
Chelsea v Shrewsbury Town/Liverpool
West Bromwich Albion v Newcastle United/Oxford United
Leicester City v Coventry City/Birmingham City
Northampton Town/Derby County v Manchester United
Southampton/Tottenham Hotspur v Norwich City
Portsmouth v Arsenal
Engine: 5.6-litre V8
Transmission: seven-speed automatic
Power: 400hp
Torque: 560Nm
Price: Dh234,000 - Dh329,000
On sale: now
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
Day 3 stumps
New Zealand 153 & 249
Pakistan 227 & 37-0 (target 176)
Pakistan require another 139 runs with 10 wickets remaining
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