On this day, 18 years ago, the man responsible for the unification of the UAE and much of its early development died.
It was the 19th day of Ramadan and a time when news was heard on radios, television or by word of mouth.
It was no secret that Sheikh Zayed had been in fragile health. He was 84 and his public appearances had become rare.
A TV presenter on a local station delivered the upsetting news in the evening. Overcome with emotion, he said Sheikh Zayed, President of the UAE and Ruler of Abu Dhabi, the Founding Father, was dead.
All pretence of normal life ceased; offices were deserted and shops closed.
Radio stations played the Quran and flags were lowered as a sombre mood enveloped the country.
Forty days of mourning were declared and schools and government offices closed for eight days, to reopen after Eid Al Fitr.
The funeral was held the day after his death, with prayers held at Sheikh Sultan bin Zayed the First Mosque, in Al Bateen, and attended by the rulers of every emirate and leaders of Arab nations.
The prayers and burial were streamed live on local television.
Helicopter footage showed a sea of white as kandura-clad men poured out of the mosque and into almost a dozen large parked buses.
Sheikh Zayed's body, cloaked in the UAE flag, was taken to the then under-construction Sheikh Zayed Grand Mosque, where he was laid to rest.
Thousands of people of all backgrounds and creeds lined the streets, waiting beneath the shade of the trees, to mourn the much-loved leader, known affectionately as Baba Zayed.
Men and women cried, some threw themselves to the ground while others stood in solemn silence.
Crowds of people clamoured around the vehicle, waving pictures of the country's Ruler and trying to touch the car.
Those who did not head to the streets, prayed at home or in mosques.
Sheikh Zayed was born in Abu Dhabi on May 6, 1918. He became Ruler of Abu Dhabi in 1966 and President of the UAE at its birth in 1971.
After the death of Sheikh Zayed, Sheikh Khalifa was named President. Sheikh Khalifa died on May 13, 2022.
In 2013, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, announced that November 3 would be marked with Flag Day, a celebration of Sheikh Khalifa's accession by raising the country's flag.
The day aims to remind everyone not just of the UAE's glowing memories of the past but also to consider the promise of an even brighter future.
The anniversary of Sheikh Zayed's death is marked each year on Ramadan 19 with Zayed Humanitarian Work Day in commemoration for his legacy of charity and giving that is upheld and continued in the UAE to this day.
It's also an annual event to announce the launch of several humanitarian and charity initiatives through official community events held in the Emirates.
*This story first appeared in The National in 2021
Smart words at Make Smart Cool
Make Smart Cool is not your usual festival. Dubbed “edutainment” by organisers Najahi Events, Make Smart Cool aims to inspire its youthful target audience through a mix of interactive presentation by social media influencers and a concert finale featuring Example with DJ Wire. Here are some of the speakers sharing their inspiration and experiences on the night.
Prince Ea
With his social media videos accumulating more half a billion views, the American motivational speaker is hot on the college circuit in the US, with talks that focus on the many ways to generate passion and motivation when it comes to learning.
Khalid Al Ameri
The Emirati columnist and presenter is much loved by local youth, with writings and presentations about education, entrepreneurship and family balance. His lectures on career and personal development are sought after by the education and business sector.
Ben Ouattara
Born to an Ivorian father and German mother, the Dubai-based fitness instructor and motivational speaker is all about conquering fears and insecurities. His talk focuses on the need to gain emotional and physical fitness when facing life’s challenges. As well managing his film production company, Ouattara is one of the official ambassadors of Dubai Expo2020.
ETFs explained
Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.
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
Credit Score explained
What is a credit score?
In the UAE your credit score is a number generated by the Al Etihad Credit Bureau (AECB), which represents your credit worthiness – in other words, your risk of defaulting on any debt repayments. In this country, the number is between 300 and 900. A low score indicates a higher risk of default, while a high score indicates you are a lower risk.
Why is it important?
Financial institutions will use it to decide whether or not you are a credit risk. Those with better scores may also receive preferential interest rates or terms on products such as loans, credit cards and mortgages.
How is it calculated?
The AECB collects information on your payment behaviour from banks as well as utilitiy and telecoms providers.
How can I improve my score?
By paying your bills on time and not missing any repayments, particularly your loan, credit card and mortgage payments. It is also wise to limit the number of credit card and loan applications you make and to reduce your outstanding balances.
How do I know if my score is low or high?
By checking it. Visit one of AECB’s Customer Happiness Centres with an original and valid Emirates ID, passport copy and valid email address. Liv. customers can also access the score directly from the banking app.
How much does it cost?
A credit report costs Dh100 while a report with the score included costs Dh150. Those only wanting the credit score pay Dh60. VAT is payable on top.
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