Today, life in the Emirates moves in the fast lane. In a new regular series to mark the 50th anniversary of the UAE we take a little trip back in time and see just how much the country has changed.
When this photograph was taken in May 2006, the unfinished Burj Khalifa had reached 300 metres and equalled Eiffel Tower in Paris.
Indeed, the structure was already among the 20 tallest buildings in the world.
Four years and 530 metres later, the Burj was crowned the king of the sky-scrapers – and by some measure.
It is 200 metres taller than the second-placed Shanghai Tower, and close to twice the height of the Empire State Building, which held the title from 1931 for nearly 50 years.
It has been calculated that Burj Khalifa's spire alone would qualify it to be the 11th tallest building in Europe.
But numbers cannot convey the awesome size of Burj Khalifa, an icon of Dubai and a tribute to the The President, Sheikh Khalifa, when it opened on January 4, 2010. A year earlier it had already surpassed the previous title holder, Taipei 101.
Construction began in 2004 as the centrepiece of a new development, Downtown Dubai, that would also include the massive Dubai Mall and the spectacular dancing Dubai Fountain, which together create one of the world’s top tourist attractions. More recently, the striking Dubai Opera building has been added.
Burj Khalifa was designed by Adrian Smith of Skidmore, Owings and Merrit and influenced by Islamic themes including the Great Mosque of Samarra in Iraq.
It uses a tubular system of construction, decreasing in size with its height to minimise wind resistance. Even so, it is estimated the tower sways 1.5 metres at its highest point.
Its observation deck, on the 124th floor is the highest in the world, while its lifts travel the longest distance. The building’s height also means that after viewing the sunset at ground level, it is possible to take the lift to the observation deck and watch it set again. During Ramadan, it also means the fast is broken four minutes later.
A decade later, Burj Khalifa's crown remains intact. Merdeka 118, due for completion next year in Kuala Lumpar will be the new second-tallest building, but reaching only 644 metres.
Under construction in Saudi Arabia since 2013, the Jeddah Tower is to be the world’s first one kilometre-high building, but is reported to have been on hold since 2018.
From dream to world's tallest tower, the Burj Khalifa - in pictures
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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
More from Aya Iskandarani
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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Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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