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.
RESULTS
Bantamweight: Jalal Al Daaja (JOR) beat Hamza Bougamza (MAR)
Catchweight 67kg: Mohamed El Mesbahi (MAR) beat Fouad Mesdari (ALG)
Lightweight: Abdullah Mohammed Ali (UAE) beat Abdelhak Amhidra (MAR)
Catchweight 73kg: Mosatafa Ibrahim Radi (PAL) beat Yazid Chouchane (ALG)
Middleweight: Yousri Belgaroui (TUN) beat Badreddine Diani (MAR)
Catchweight 78KG: Rashed Dawood (UAE) beat Adnan Bushashy (ALG)
Middleweight: Sallah-Eddine Dekhissi (MAR) beat Abdel Enam (EGY)
Catchweight 65kg: Yanis Ghemmouri (ALG) beat Rachid Hazoume (MAR)
Lightweight: Mohammed Yahya (UAE) beat Azouz Anwar (EGY)
Catchweight 79kg: Souhil Tahiri (ALG) beat Omar Hussein (PAL)
Middleweight: Tarek Suleiman (SYR) beat Laid Zerhouni (ALG)
Company%20Profile
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The specs
Engine: 1.5-litre 4-cyl turbo
Power: 194hp at 5,600rpm
Torque: 275Nm from 2,000-4,000rpm
Transmission: 6-speed auto
Price: from Dh155,000
On sale: now
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
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
COMPANY%20PROFILE
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KILLING OF QASSEM SULEIMANI
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Bangladesh tour of Pakistan
January 24 – First T20, Lahore
January 25 – Second T20, Lahore
January 27 – Third T20, Lahore
February 7-11 – First Test, Rawalpindi
April 3 – One-off ODI, Karachi
April 5-9 – Second Test, Karachi
GROUPS
Group Gustavo Kuerten
Novak Djokovic (x1)
Alexander Zverev (x3)
Marin Cilic (x5)
John Isner (x8)
Group Lleyton Hewitt
Roger Federer (x2)
Kevin Anderson (x4)
Dominic Thiem (x6)
Kei Nishikori (x7)
What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
John%20Wick%3A%20Chapter%204
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The Gentlemen
Director: Guy Ritchie
Stars: Colin Farrell, Hugh Grant
Three out of five stars
WITHIN%20SAND
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