In the beginning it was pearls, the sea’s bounty that brought work for many and great fortunes for a few.
Pearls from the Arabian Gulf were desired all over the world, from the Mughal jewellery workshops of India to the necks of European aristocracy.
The collapse of the industry in the 1930s, caused by the Great Depression and the arrival of cheap Japanese cultured pearls, caused economic hardship.
People made what living they could, sometimes by drying fish on the sand to sell as fertiliser. Mostly they existed by subsistence, with hunger never far away. Many left to find work elsewhere.
Oil saved the day. Suddenly, the UAE was wealthy beyond imagining, with the decades that followed the first exports in the early 1960s a time of unprecedented economic growth when villages became towns and towns turned into cities.
Streets filled with imported cars and the new shopping malls rushed to stock all the major international brand names.
As the UAE's economy grew, so did home-grown enterprises.
Dubai Dry Docks is an example. Opened in 1983, it has repaired thousands of ships, but also built dozens of projects, many for the offshore oil and gas industry, including a floating crane capable of lifting 2,000 tonnes.
Even earlier is the aluminium plant visible to anyone who has driven along the Sheikh Zayed Road.
Established in 1975 as Dubai Aluminium, it began production four years later with an official opening by Britain's Queen Elizabeth II during her state visit to the UAE in 1979.
In 2019, the company celebrated its 40th year of production, now supporting 60,000 jobs and renamed Emirates Global Aluminium after merging with Emirates Aluminium in 2013.
Another home grown success story is RAK Ceramics. Founded in 1989, the company is one of the largest ceramic companies in the world, even if many international consumers may not realise RAK stands for Ras Al Khaimah.
Even names associated with foreign brands can actually carry the “Made in the UAE” label.
Dubai Refreshment Company was set up in 1959, and more than 60 years later produces millions of cans and bottle of soft drinks from Pepsi Cola to Lipton Iced Tea and Aquafina water.
Just down the road, the Nestle plant in Jebel Ali turns out more than a billion KitKat bars each year, a production line that started in 2010 and includes Quality Street chocolates, Maggi Products and Nido powdered milk.
In the past two decades, the name of the game has been diversification, moving the country’s economy away from oil and gas and creating a skilled Emirati workforce, supporting thriving local industries.
Some are large, like Strata, founded by UAE investment company Mubadala in 2009 in Al Ain.
It is a manufacturer of world-class aviation components and continually expanding, even in the past year as a supplier as medical grade masks in the fight against the coronavirus.
Almost half the Strata workforce are young Emirati women.
Precision manufacturing is also key to the success of Caracal, founded in 2007 and named after the wildcat.
Caracal pistols are the first to be designed and made in the UAE. As well as supplying the Armed Forces they are exported.
A very different product comes from Camelicious, which harnesses one of the country’s most important natural resources – camel's milk.
Originally a research laboratory in Dubai examining the benefits of camel's milk, Camelicious now makes a range of products that include long life milk and ice cream, sold even in British supermarkets.
Separately, Al Nassma produces chocolate bars made using camel's milk, while Chocodate has shared another UAE secret with the world by taking dates and coating them in chocolate.
In Ajman, Italian Dairy Products uses milk from Emirati cows to produce authentic mozzarella, while last year W Motors broke ground on a Dh370 million ($101m) manufacturing facility that will focus production of its Lykan supercars in Dubai Silicon Oasis.
The future will extend to even more cutting edge technologies. Al Yah Satellite Communications, another Mubadala project offers satellite TV and internet to dozens of countries, but thanks to an agreement with last month Tawazun Economic Council, will develop advanced satellite and communication technology – and truly a global reach for Made in the UAE.
The specs
Engine: 3.9-litre twin-turbo V8
Transmission: seven-speed
Power: 620bhp
Torque: 760Nm
Price: Dh898,000
On sale: now
Results
5pm: Wadi Nagab – Maiden (PA) Dh80,000 (Turf) 1,200m; Winner: Al Falaq, Antonio Fresu (jockey), Ahmed Al Shemaili (trainer)
5.30pm: Wadi Sidr – Handicap (PA) Dh80,000 (T) 1,200m; Winner: AF Majalis, Tadhg O’Shea, Ernst Oertel
6pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m; Winner: AF Fakhama, Fernando Jara, Mohamed Daggash
6.30pm: Wadi Shees – Handicap (PA) Dh80,000 (T) 2,200m; Winner: Mutaqadim, Antonio Fresu, Ibrahim Al Hadhrami
7pm: Arabian Triple Crown Round-1 – Listed (PA) Dh230,000 (T) 1,600m; Winner: Bahar Muscat, Antonio Fresu, Ibrahim Al Hadhrami
7.30pm: Wadi Tayyibah – Maiden (TB) Dh80,000 (T) 1,600m; Winner: Poster Paint, Patrick Cosgrave, Bhupat Seemar
The five pillars of Islam
Our Time Has Come
Alyssa Ayres, Oxford University Press
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Straightforward ways to reduce sugar in your family's diet
- Ban fruit juice and sodas
- Eat a hearty breakfast that contains fats and wholegrains, such as peanut butter on multigrain toast or full-fat plain yoghurt with whole fruit and nuts, to avoid the need for a 10am snack
- Give young children plain yoghurt with whole fruits mashed into it
- Reduce the number of cakes, biscuits and sweets. Reserve them for a treat
- Don’t eat dessert every day
- Make your own smoothies. Always use the whole fruit to maintain the benefit of its fibre content and don’t add any sweeteners
- Always go for natural whole foods over processed, packaged foods. Ask yourself would your grandmother have eaten it?
- Read food labels if you really do feel the need to buy processed food
- Eat everything in moderation
More from Neighbourhood Watch
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
JAPAN SQUAD
Goalkeepers: Masaaki Higashiguchi, Shuichi Gonda, Daniel Schmidt
Defenders: Yuto Nagatomo, Tomoaki Makino, Maya Yoshida, Sho Sasaki, Hiroki Sakai, Sei Muroya, Genta Miura, Takehiro Tomiyasu
Midfielders: Toshihiro Aoyama, Genki Haraguchi, Gaku Shibasaki, Wataru Endo, Junya Ito, Shoya Nakajima, Takumi Minamino, Hidemasa Morita, Ritsu Doan
Forwards: Yuya Osako, Takuma Asano, Koya Kitagawa
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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
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
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More coverage from the Future Forum
Crazy Rich Asians
Director: Jon M Chu
Starring: Constance Wu, Henry Golding, Michelle Yeon, Gemma Chan
Four stars
Company info
Company name: Entrupy
Co-founders: Vidyuth Srinivasan, co-founder/chief executive, Ashlesh Sharma, co-founder/chief technology officer, Lakshmi Subramanian, co-founder/chief scientist
Based: New York, New York
Sector/About: Entrupy is a hardware-enabled SaaS company whose mission is to protect businesses, borders and consumers from transactions involving counterfeit goods.
Initial investment/Investors: Entrupy secured a $2.6m Series A funding round in 2017. The round was led by Tokyo-based Digital Garage and Daiwa Securities Group's jointly established venture arm, DG Lab Fund I Investment Limited Partnership, along with Zach Coelius.
Total customers: Entrupy’s customers include hundreds of secondary resellers, marketplaces and other retail organisations around the world. They are also testing with shipping companies as well as customs agencies to stop fake items from reaching the market in the first place.
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Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5