Today, life in the Emirates moves in the fast lane. In a regular series to mark the 50th anniversary of the UAE we take a little trip back in time to see just how much the country has changed.
Visiting the area today, it is hard to tell that this was once the commercial heart of old Abu Dhabi.
The district behind the Corniche, south of Khalifa bin Zayed Street and between Al Lulu Street and Sheikh Rashid bin Saaed Street (Airport Road), was the city's original souq.
It was a haphazard warren of barasti and coral stone stalls. Its origins are lost in the mists of time, or at least the 19th century.
In the beginning, mostly fish, vegetables and dried goods were sold.
The influx of oil money in the late 1950s led to the introduction of exotic goods such as Heinz baked beans, tinned peaches and Wrigley's chewing gum.
Ambitious plans by Sheikh Zayed, the UAE's Founding Father, for a new modern city in the late 1960s led to the old souq being swept away, along with the Brahman cattle that once roved the stalls and a dusty path that led directly to Qasr Al Hosn.
It was replaced with a concrete version, covering the old site but much expanded. The 1970s souq extended up to Hamdan Street, bisected by Khalifa bin Zayed Street, which was crossed by a pedestrian walkway.
Particularly popular with the city's growing South Asian population, this second souq did not age well, and a fire in 2003 that gutted large sections prompted a decision to knock it down.
It was eventually replaced in 2010 by a complex that includes the World Trade Centre mall and souq, which covers the original footprint. Many of the traders from the 1970s souq still conduct business on the streets around the area.
The older of these photographs shows the second souq and the bridge over Khalifa bin Zayed Street, which has also since been replaced.
It was taken from the large roundabout on Airport Road next to Etihad Square, which has a history of its own, being the site of the Al Fahim Mosque that dated back to the 1940s.
Commissioned by Mohammed Abdul Jalil Al Fahim, of the famous Abu Dhabi business dynasty, its numerous turrets and minarets made it popular with photographers, until it, too, fell to the sands of time. Trading on this spot, then, has been conducted for three centuries.
Today shoppers browse in air-conditioned comfort, with everything on offer from cupcakes to women's lingerie.
There is a Spinneys at the mall and a Lulu hypermarket at the adjacent Central Market.
Customers of the old souq, more accustomed to rice and dried fish, would surely be much impressed at the selection on offer today.
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Umm Al Emarat Park
Yas Gateway Park
Delma Park
Al Bateen beach
Saadiyaat beach
The Corniche
Zayed Sports City
Dubai
Kite Beach
Zabeel Park
Al Nahda Pond Park
Mushrif Park
Safa Park
Al Mamzar Beach Park
Al Qudrah Lakes
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- 14 kilometres is the length of LED lights used on the facade
- 1,024 individual pieces make up the exterior
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- 2,400 diagonally intersecting steel members frame the torus shape
- 100 species of trees and plants dot the gardens
- Dh145 is the price of a ticket
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The seven points are:
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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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