• Egyptian singer Najat Al Saghira performs in Abu Dhabi for the 1972 National Day celebrations, which saw the first performance of the UAE national anthem. Photo: Al Ittihad
    Egyptian singer Najat Al Saghira performs in Abu Dhabi for the 1972 National Day celebrations, which saw the first performance of the UAE national anthem. Photo: Al Ittihad
  • The first Gulf Co-operation Council meeting at the InterContinental hotel in Abu Dhabi in 1981. Photo: Al Ittihad
    The first Gulf Co-operation Council meeting at the InterContinental hotel in Abu Dhabi in 1981. Photo: Al Ittihad
  • Passengers board the inaugural Emirates flight in 1985. Photo: Emirates
    Passengers board the inaugural Emirates flight in 1985. Photo: Emirates
  • Founding Father Sheikh Zayed flanked by Queen Elizabeth ll and Prince Philip before a lunch at the Hilton hotel in Abu Dhabi in February 1979. Getty Images
    Founding Father Sheikh Zayed flanked by Queen Elizabeth ll and Prince Philip before a lunch at the Hilton hotel in Abu Dhabi in February 1979. Getty Images
  • The UAE national football team during a training session at Imola in Italy before the World Cup first-round matches in May 1990. AFP
    The UAE national football team during a training session at Imola in Italy before the World Cup first-round matches in May 1990. AFP
  • Jerry Bailey on Cigar celebrates after edging out Soul of the Matter to win the $4 million Dubai World Cup race in in March 1996. Horse of the Year Cigar claimed the $2.4 million first prize with its 14th consecutive victory. Allsport
    Jerry Bailey on Cigar celebrates after edging out Soul of the Matter to win the $4 million Dubai World Cup race in in March 1996. Horse of the Year Cigar claimed the $2.4 million first prize with its 14th consecutive victory. Allsport
  • Sheikh Mohamed bin Zayed, Chief of Staff of the Armed Forces at the time, joins Emirati officers during a training session in Canjuers, southern France, in July 1999, before their deployment in Kosovo. AFP
    Sheikh Mohamed bin Zayed, Chief of Staff of the Armed Forces at the time, joins Emirati officers during a training session in Canjuers, southern France, in July 1999, before their deployment in Kosovo. AFP
  • Leaders and officials at funeral prayers for Sheikh Zayed, the Founding Father, at Abu Dhabi's Sultan bin Zayed Mosque on November 3, 2004. AFP
    Leaders and officials at funeral prayers for Sheikh Zayed, the Founding Father, at Abu Dhabi's Sultan bin Zayed Mosque on November 3, 2004. AFP
  • Sheikh Ahmed Al Maktoum, a member of Dubai's ruling family, returns to Dubai in August 2004 after winning a historic first gold medal during the Athens Olympics in the men's double trap shooting. AFP
    Sheikh Ahmed Al Maktoum, a member of Dubai's ruling family, returns to Dubai in August 2004 after winning a historic first gold medal during the Athens Olympics in the men's double trap shooting. AFP
  • Fans watch second practice round action from the main grandstand at Etihad Airways Grand Prix of Abu Dhabi at Yas Marina Circuit, on October 30, 2009. Stephen Lock / The National
    Fans watch second practice round action from the main grandstand at Etihad Airways Grand Prix of Abu Dhabi at Yas Marina Circuit, on October 30, 2009. Stephen Lock / The National
  • Burj Khalifa in Dubai, the world's tallest building, lit by fireworks at the opening ceremony on January 4, 2010. Sheikh Mohammad bin Rashid, Vice President and Ruler of Dubai, officially opened the building, which is 828 metres tall. AFP
    Burj Khalifa in Dubai, the world's tallest building, lit by fireworks at the opening ceremony on January 4, 2010. Sheikh Mohammad bin Rashid, Vice President and Ruler of Dubai, officially opened the building, which is 828 metres tall. AFP
  • Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, during a moment of silence at a Commemoration Day flag-raising ceremony at Wahat Al Karama, November 20, 2016. Photo: Crown Prince Court
    Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, during a moment of silence at a Commemoration Day flag-raising ceremony at Wahat Al Karama, November 20, 2016. Photo: Crown Prince Court
  • Emirati astronaut Hazza Al Mansouri before boarding a Soyuz rocket to the International Space Station in September, 2019. EPA
    Emirati astronaut Hazza Al Mansouri before boarding a Soyuz rocket to the International Space Station in September, 2019. EPA

A timeline of UAE history since its founding in 1971


James Langton
  • English
  • Arabic

The UAE has gone through enormous change in all aspects of development since it was formed in 1971, from its burgeoning economic sector to its increasingly diverse and growing society.

Along the way, it has transformed from a collection of Trucial States to the Gulf powerhouse known throughout the world today.

Here, The National looks back at some of the landmark moments that have helped to shape the country's history.

1971

December 2 Formation of the United Arab Emirates in Dubai (with the exception of Ras Al Khaimah, which joined on February 10, 1972). Sheikh Zayed bin Sultan is named the first President.

1972

February 12 The Federal National Council meets for the first time.

Egyptian singer Najat Al Saghira performs the UAE national anthem in Abu Dhabi for National Day in 1972. Photo: Alittihad
Egyptian singer Najat Al Saghira performs the UAE national anthem in Abu Dhabi for National Day in 1972. Photo: Alittihad

December 2 The first National Day is celebrated. The Egyptian diva Najat Al Saghira sings the new national anthem.

1973

May 19 The launch of the UAE dirham.

September 26 The first traffic lights come into operation in Abu Dhabi.

Israeli units move in against Syrian troops in the now-occupied Golan Heights on October 8, 1973, during the Yom Kippur war. AFP
Israeli units move in against Syrian troops in the now-occupied Golan Heights on October 8, 1973, during the Yom Kippur war. AFP

October 18 Sheikh Zayed announces the UAE will cut supplies of oil to the US as a protest against its support for Israel in the Yom Kippur war.

November 15 National Day celebrations are cancelled because of the Middle East crisis.

December 23 A new Cabinet is formed with Sheikh Rashid as Prime Minister.

1974

January 31 A direct telephone service between Abu Dhabi and Dubai is inaugurated with a phone call between Sheikh Zayed and Sheikh Rashid.

September 17 Sheikh Mohammed bin Hamad Al Sharqi, Ruler of Fujairah, dies. His son, Sheikh Hamad bin Mohammed Al Sharqi, becomes the new ruler of the emirate.

The country's leaders in 1973. From left to right: Sheikh Rashid bin Ahmed Al Mualla, Crown Prince of Umm Al Quwain; Sheikh Dr Sultan bin Muhammad Al Qasimi, Ruler of Sharjah; Sheikh Rashid bin Saeed Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai; Sheikh Zayed, President and Ruler of Abu Dhabi; Sheikh Saqr bin Mohammed Al Qasimi, Ruler of Ras Al Khaimah; Sheikh Mohammed bin Hamad Al Sharqi, Ruler of Fujairah; Sheikh Humaid bin Rashid Al Nuaimi, Crown Prince of Ajman.
The country's leaders in 1973. From left to right: Sheikh Rashid bin Ahmed Al Mualla, Crown Prince of Umm Al Quwain; Sheikh Dr Sultan bin Muhammad Al Qasimi, Ruler of Sharjah; Sheikh Rashid bin Saeed Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai; Sheikh Zayed, President and Ruler of Abu Dhabi; Sheikh Saqr bin Mohammed Al Qasimi, Ruler of Ras Al Khaimah; Sheikh Mohammed bin Hamad Al Sharqi, Ruler of Fujairah; Sheikh Humaid bin Rashid Al Nuaimi, Crown Prince of Ajman.

December 2 National Day coverage includes the first experimental colour television broadcast in the UAE.

1975

April 2 Al Maktoum Bridge in Dubai opens at a cost of £1 million (about $2.3m).

December 21 The World Bank confirms that in 1974 the average income in the UAE is the highest in the world.

1976

February 1 Preliminary results of the UAE's first census show a population of 655,937 at the end of 1975.

May 6 Unification of the UAE armed forces.

Sheikh Zayed, the founding President, reviews the new UAE Armed Forces on parade in 1976, the year he oversaw their unification. Photo: Alittihad
Sheikh Zayed, the founding President, reviews the new UAE Armed Forces on parade in 1976, the year he oversaw their unification. Photo: Alittihad

November 22 Sheikh Zayed is unanimously re-elected President.

1977

January 1 Sharjah International Airport opens.

April 26 Female students are admitted to UAE University for the first time.

October 25 Saif Ghobash, Minister of State for Foreign Affairs, is shot dead at Abu Dhabi International Airport while meeting Syria's foreign minister, the intended target.

Saif Ghobash, an Emirati diplomat and engineer, was shot and killed at Abu Dhabi airport by a gunman who was trying to kill former Syrian foreign minister Abdul Halim Khaddam. Wam
Saif Ghobash, an Emirati diplomat and engineer, was shot and killed at Abu Dhabi airport by a gunman who was trying to kill former Syrian foreign minister Abdul Halim Khaddam. Wam

1978

January 9 A decree from Sheikh Zayed bans the hunting of birds and wild animals in the UAE.

April 8 Direct phone links begin between Sharjah and Fujairah.

April 12 The Red Crescent is officially established in the UAE.

August 15 Maternity leave of up to 45 days is introduced.

1979

February 24 Britain's Queen Elizabeth II begins a state visit to Abu Dhabi and Dubai. In Dubai, she opens the World Trade Centre, the tallest building in the Middle East, with a main tower of 149 metres, and inaugurates Jebel Ali Port.

Queen Elizabeth II attends the opening ceremony for Le Meridien Abu Dhabi with Sheikh Zayed in 1979. Photo: Le Meridien Abu Dhabi
Queen Elizabeth II attends the opening ceremony for Le Meridien Abu Dhabi with Sheikh Zayed in 1979. Photo: Le Meridien Abu Dhabi

1980

July 7 Seven Gulf countries – the UAE, Saudi Arabia, Kuwait, Bahrain, Qatar, Iraq and Iran – agree to establish the Regional Organisation to Protect the Marine Environment, based in Kuwait.

1981

February 21 The death of the Ruler of Umm Al Quwain, Sheikh Ahmed bin Rashid, is announced. His son, Sheikh Rashid, succeeds him.

May 25 The UAE and five other countries – Saudi Arabia, Kuwait, Oman, Bahrain and Qatar – form the Gulf Co-operation Council.

Leaders of the Gulf countries at the Intercontinental hotel in Abu Dhabi for the first GCC meeting in 1981. Photo: Alittihad
Leaders of the Gulf countries at the Intercontinental hotel in Abu Dhabi for the first GCC meeting in 1981. Photo: Alittihad

September 6 The Ruler of Ajman, Sheikh Rashid bin Humaid Al Nuaimi, dies. His son, Sheikh Humaid, succeeds him.

1982

January 2 Abu Dhabi International Airport opens at its present location, taking over from Al Bateen airport as the main passenger centre for the city.

1983

September 23 A Gulf Air flight from Pakistan to Abu Dhabi crashes on approach after a bomb explodes in the baggage compartment, killing all 112 passengers and crew.

1984

July the UAE competes in the Summer Olympic Games for the first time in Los Angeles, US. Three Emirati men participated in athletics (long jump, 110m hurdles, 400m).

1985

October 25 Emirates airline begins operations out of Dubai. Its first destinations are in Pakistan and India.

The first passengers board the inaugural Emirates flight in 1985. Photo: Emirates
The first passengers board the inaugural Emirates flight in 1985. Photo: Emirates

1986

May 6 The Federal National Council acknowledges a recession in the UAE, brought on by a drop in oil prices, and calls on the government to diversify the economy.

October 15 Sheikh Zayed is unanimously re-elected President of the federation for a further five years by the Supreme Council.

1987

October 26 UAE announces that its oil reserves amount to 200 billion barrels, and that it expects them to become the second largest in the world.

1988

July 18 The Iran-Iraq War, which dominated the Gulf for most of the 1980s, enters its final weeks after both countries accept a UN Security Council resolution to end the conflict. The UAE, as one of the non-permanent members of the Security Council, sends notes to both countries to express satisfaction.

1989

February 11 Sheikh Shakhbut, brother of Sheikh Zayed and former ruler of Abu Dhabi, dies at the age of 83.

Sheikh Shakhbut, former Ruler of Abu Dhabi, in front of Qasr Al Hosn. Photo: National Archives
Sheikh Shakhbut, former Ruler of Abu Dhabi, in front of Qasr Al Hosn. Photo: National Archives

1990

June 9-19 The UAE national football team plays in the Fifa World Cup in Italy, losing to Colombia, West Germany and Yugoslavia by a cumulative score of 11-2.

October 7 Sheikh Rashid bin Saeed, Vice President and Prime Minister of the UAE and Ruler of Dubai, dies and is succeeded by his son, Sheikh Maktoum bin Rashid Al Maktoum.

1991

February 24 The UAE joins a 34-nation armed coalition and sends troops to liberate Kuwait after the Iraqi invasion.

1992

August 24 Iran escalates tension over the islands Abu Musa and Greater and Lesser Tunb, seized from the UAE in 1971, by requiring Emirati visitors to have visas.

1993

March 6 The number of federal ministries is now almost double the 12 created in 1972. New ministries include Transportation and Higher Education.

1994

September When Iraqi forces again move towards the Kuwait border, the UAE sends ground troops to the country.

Sheikh Zayed visits UAE troops who took part in Operation Desert Storm in Kuwait against the Iraqi invasion. It is reported that six members of the UAE Armed Forces died during the first Gulf War. Photo: Alittihad
Sheikh Zayed visits UAE troops who took part in Operation Desert Storm in Kuwait against the Iraqi invasion. It is reported that six members of the UAE Armed Forces died during the first Gulf War. Photo: Alittihad

1995

June 6 The UAE promises military and humanitarian aid to Bosnia's Muslims.

1996

May 20 At a meeting of the Federal Supreme Council, the provisional Constitution is made permanent and Abu Dhabi is officially named the nation's capital.

1997

November The dirham is pegged to the US dollar.

1998

March 12 Abu Dhabi Islands Archaeological Survey begins a dig on Marawah island and finds fireplaces used by late Stone Age hunters. Carbon dating indicates this is the earliest inhabited site yet found in the country.

Archaeological excavations on Marawah Island shed new light on Abu Dhabi’s earliest known settlement, which dates back 8,000 years.
Archaeological excavations on Marawah Island shed new light on Abu Dhabi’s earliest known settlement, which dates back 8,000 years.

1999

September 30 The Burj Al Arab is finished in Dubai, in time for a December opening and millennium celebrations.

2000

April 15 Construction is completed on Jumeirah Emirates Towers: with 56 storeys, the tallest building in the Middle East.

2001

September 22 after September 11, the UAE severs relations with Afghanistan's Taliban government.

2002

February 16 Sheikh Mohammed bin Rashid, Crown Prince of Dubai, announces the creation of Dubai International Financial Centre as part of a strategy to secure a place in global finance.

2003

March 1 The UAE is the first Arab country to call publicly for Saddam Hussein to step down.

November 5 The first Etihad Airways flight takes off, a ceremonial trip between Abu Dhabi and Al Ain. The inaugural commercial flight will be between Abu Dhabi and Beirut.

President Sheikh Khalifa and Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, with officials in front of an Etihad Airbus A330-200 on November 3, 2003, before the first flight on November 5. Wam/AFP
President Sheikh Khalifa and Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, with officials in front of an Etihad Airbus A330-200 on November 3, 2003, before the first flight on November 5. Wam/AFP

2004

August 17 Sheikh Ahmed Al Maktoum wins gold in the men's double trap shooting at the Athens Olympics, the UAE's first Olympic medal.

November 1 Sheikha Lubna Al Qasimi becomes first woman in the government when she is appointed Minister of Economy and Planning.

November 2 (a date corresponding to Ramadan 19, 1425) It is announced that Sheikh Zayed, the Father of the Nation, has died.

November 3 Sheikh Zayed's sons and close family are joined at his funeral by presidents and rulers from around the region and beyond: Pakistan, Afghanistan, Saudi Arabia, Iran, Iraq, Morocco, Oman, Bahrain, Qatar, Syria, Jordan, Yemen and Kuwait … their heads of state prayed over the deceased leader who was shrouded in the flag of the UAE.

2005

February 25 Emirates Palace opens in Abu Dhabi.

August 10 Sheikh Khalifa signs Law No19, which formally abandons the old property regime and permits the sale of freehold rights by citizens and, in certain areas, 99-year leases by foreigners.

2006

January 4 Sheikh Maktoum bin Rashid, Vice President and Prime Minister of the UAE and Ruler of Dubai, dies during a visit to Australia. His brother, Sheikh Mohammed, succeeds him.

December 16 About 6,500 Emiratis are eligible to vote for the Federal National Council in the UAE's first election.

Sheikh Maktoum bin Rashid was Vice President and Ruler of Dubai until his death in 2006.
Sheikh Maktoum bin Rashid was Vice President and Ruler of Dubai until his death in 2006.

2007

March 6 France and the UAE sign an agreement to open a branch of the Louvre on Saadiyat Island.

2008

January 21 Sheikh Zayed Grand Mosque opens to the public.

September 1 Manchester City Football Club is taken over by Sheikh Mansour bin Zayed's Abu Dhabi United Group for Development and Investment.

November 4 The Dubai Mall opens.

2009

January 2 Sheikh Rashid bin Ahmed Al Mualla, Ruler of Umm Al Quwain, dies. His son, Sheikh Saud, succeeds him.

September 9 At 9:09:09pm, Sheikh Mohammed bin Rashid inaugurates the first section of Dubai Metro's Red Line, serving 10 stations.

2010

January 4 Dubai inaugurates the world's tallest skyscraper, the Burj Khalifa.

Fireworks complete the opening ceremony for Burj Khalifa in Dubai on January 4, 2010. Paulo Vecina / The National
Fireworks complete the opening ceremony for Burj Khalifa in Dubai on January 4, 2010. Paulo Vecina / The National

October 27 Sheikh Saqr bin Mohammed Al Qasimi, Ruler of Ras Al Khaimah, dies at the age of 92. Sheikh Saud bin Saqr succeeds him as Ruler.

2011

April 23 The launch of Yahsat's first commercial telecommunications satellite.

September 24 Almost 130,000 Emiratis are eligible to vote in the second poll to elect members of the FNC.

2012

July 15 The first day of operation for a pipeline that runs 403 kilometres from the oilfields of Al Gharbia to the waters off Fujairah, bypassing the Strait of Hormuz.

2013

November 8 The UAE hosts the Fifa Under-17 World Cup for the first time. Nigeria beat Mexico 3-0 in the final at Mohamed bin Zayed Stadium in Abu Dhabi.

2014

January 19 Mandatory military service for all Emirati males aged 18 to 30 is introduced by the UAE Cabinet. Under the new law, women may also volunteer for the military.

2015

September 4 About 50 members of the UAE Armed Forces die in a single missile attack on their base in Marib, Yemen. A three-day mourning period was declared by President Sheikh Khalifa.

2016

March 19 Flydubai flight 981 from Dubai to Rostov-on-Don in Russia crashes during an aborted landing, killing all 62 passengers and crew on board.

December 6 Wahat Al Karama, the UAE’s first memorial to those who have lost their lives in service to the country, is inaugurated opposite the Sheikh Zayed Grand Mosque.

A moment of silence is observed during a Commemoration Day flag raising ceremony at the Wahat Al Karama memorial. Delores Johnson / The National
A moment of silence is observed during a Commemoration Day flag raising ceremony at the Wahat Al Karama memorial. Delores Johnson / The National

2017

January 11 Five Emirati diplomats are killed in a bombing in Kandahar, Afghanistan, during a humanitarian mission. The UAE's ambassador to Afghanistan at the time, Juma Al Kaabi, was among the injured and died of his wounds weeks later.

November 8 Louvre Abu Dhabi opens on Saadiyat Island. The museum, conceived in 2007, has taken 10 years to complete and is a collaboration with France. It is the largest museum on the Arabian Peninsula and the most visited in the Arab world.

2018

January 1 VAT is introduced in the UAE at a standard rate of 5 per cent, part of series of economic reforms that include new visas for ease of residency and a Dh50 billion stimulus package over the next three years.

January 28 Sheikha Hessa bint Mohammed Al Nahyan, mother of President Sheikh Khalifa, dies. The Ministry of Presidential Affairs declares three days of official mourning

2019

February 3 Pope Francis becomes the first pontiff to visit the UAE, with a Roman Catholic mass for more than 100,000 worshippers at Zayed Sports City.

September 25 Hazza Al Mansouri becomes the first Emirati to go into space.

Emirati astronaut Hazza Al Mansouri conducts a live Q&A session from space and gives a station tour. Screengrab via Youtube Live
Emirati astronaut Hazza Al Mansouri conducts a live Q&A session from space and gives a station tour. Screengrab via Youtube Live

2020

August 13 The UAE and Israel agree to normalise diplomatic relations, exchanging ambassadors and allowing direct travel freely between the two countries.

2021

March 24 Sheikh Hamdan bin Rashid Al Maktoum dies, aged 75. The brother of Dubai Ruler Sheikh Mohammed bin Rashid was Deputy Ruler of the emirate and Minister of Finance.

July 19 The Hope probe, the first mission to Mars by an Islamic country, goes into orbit around the Red Planet. Hope is studying the planet’s atmosphere, to better understand its climate.

October 1 Expo 2020 Dubai, the first expo in the Middle East, opens.

2022

January 1 The UAE moves to a Saturday and Sunday weekend for the public sector, with most of the private sector following suit.

February 22 Museum of the Future opens in Dubai.

May 13/14 The death is announced of Sheikh Khalifa bin Zayed Al Nahyan, second President of the UAE. The Federal Supreme Council elects Sheikh Mohamed bin Zayed Al Nahyan as the new President the following day.

2023

March 29 Sheikh Khalid bin Mohamed Al Nahyan is appointed Crown Prince of Abu Dhabi

November 30 Cop28, the annual climate change conference organised by the UN, opens in Dubai under the chairmanship of Dr Sultan Al Jabar.

How much sugar is in chocolate Easter eggs?
  • The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
  • The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
  • The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
  • The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
  • The Cadbury Creme Egg contains 26g of sugar per 40g egg
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

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

Profile

Company name: Jaib

Started: January 2018

Co-founders: Fouad Jeryes and Sinan Taifour

Based: Jordan

Sector: FinTech

Total transactions: over $800,000 since January, 2018

Investors in Jaib's mother company Alpha Apps: Aramex and 500 Startups

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.”

Where to donate in the UAE

The Emirates Charity Portal

You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.

The General Authority of Islamic Affairs & Endowments

The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.

Al Noor Special Needs Centre

You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.

Beit Al Khair Society

Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.

Dar Al Ber Society

Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.

Dubai Cares

Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.

Emirates Airline Foundation

Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.

Emirates Red Crescent

On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.

Gulf for Good

Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.

Noor Dubai Foundation

Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).

The specs: 2019 Audi A8

Price From Dh390,000

Engine 3.0L V6 turbo

Gearbox Eight-speed automatic

Power 345hp @ 5,000rpm

Torque 500Nm @ 1,370rpm

Fuel economy, combined 7.5L / 100km

Know your Camel lingo

The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home

Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless

Asayel camels - sleek, short-haired hound-like racers

Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s

Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival

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360Vuz PROFILE

Date started: January 2017
Founder: Khaled Zaatarah 
Based: Dubai and Los Angeles
Sector: Technology 
Size: 21 employees
Funding: $7 million 
Investors: Shorooq Partners, KBW Ventures, Vision Ventures, Hala Ventures, 500Startups, Plug and Play, Magnus Olsson, Samih Toukan, Jonathan Labin

Russia's Muslim Heartlands

Dominic Rubin, Oxford

Results

2pm: Serve U – Maiden (TB) Dh60,000 (Dirt) 1,400m; Winner: Violent Justice, Pat Dobbs (jockey), Doug Watson (trainer)

2.30pm: Al Shafar Investment – Conditions (TB) Dh100,000 (D) 1,400m; Winner: Desert Wisdom, Bernardo Pinheiro, Ahmed Al Shemaili

3pm: Commercial Bank of Dubai – Handicap (TB) Dh68,000 (D) 1,200m; Winner: Fawaareq, Sam Hitchcott, Doug Watson

3.30pm: Shadwell – Rated Conditions (TB) Dh100,000 (D) 1,600m; Winner: Down On Da Bayou, Xavier Ziani, Salem bin Ghadayer

4pm: Dubai Real Estate Centre – Maiden (TB) Dh60,000 (D) 1,600m; Winner: Rakeez, Patrick Cosgrave, Bhupat Seemar

4.30pm: Al Redha Insurance Brokers – Handicap (TB) Dh78,000 (D) 1,800m; Winner: Capla Crusader, Bernardo Pinheiro, Rashed Bouresly

SPECS
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The biog

Name: Timothy Husband

Nationality: New Zealand

Education: Degree in zoology at The University of Sydney

Favourite book: Lemurs of Madagascar by Russell A Mittermeier

Favourite music: Billy Joel

Weekends and holidays: Talking about animals or visiting his farm in Australia

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COMPANY%20PROFILE
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Company%20profile
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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.

The%20specs
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Company%20profile
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Updated: November 28, 2023, 11:41 AM