Construction work completed on Dubai's Uptown Tower

Work has concluded on the facade of a 79-floor skyscraper tipped to be the next famous building on Dubai’s skyline.

Uptown Tower will be available for handover late this year, said Dubai Multi Commodities Centre, the free zone behind the skyscraper.

More than 8,500 glass panels were installed on the “diamond tower” megaproject, which stands at 340 metres tall close to the Jumeirah Lakes Tower community.

“This is a new icon that will be the first thing people coming to Dubai from Abu Dhabi or Al Maktoum Airport will see,” Ahmed bin Sulayem, chief executive of Dubai Multi Commodities Centre, told The National earlier this year.

The building, which will be the 14th tallest in Dubai once completed, will be mixed-use with residential units and offices, alongside a SO Sofitel five-star hotel.

More than 17 million man hours were spent working on the project, the developers said on Wednesday.

“The installation of the Uptown Tower facade system was completed with no lost time due to injury,” it said.

“This is a testament to the entire project team's dedication to ensuring every person on the project worked safely and that any potential hazards on the project were managed and controlled effectively.”

More than 23,000 vehicles were involved in delivering close to 140,000 cubic metres of concrete to the Uptown Tower.

The skyscraper itself is reinforced by more than 30,000 tonnes of steel.

The ballroom will hold more than 1,500 people and there are more than 20 kitchens in the tower.

The project is also the first of two “supertall towers” at DMCC’s Uptown Dubai District.

“Uptown Tower was inspired by the shape of a diamond as DMCC does a lot of trade in diamonds and gold,” said Sanna Farooq, development director with Dubai Multi Commodities Centre.

“That’s why you see a cubic shape to it. People are already talking about how beautiful it is.”

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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

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Rating: 4 / 5

The UN General Assembly President in quotes:

YEMEN: “The developments we have seen are promising. We really hope that the parties are going to respect the agreed ceasefire. I think that the sense of really having the political will to have a peace process is vital. There is a little bit of hope and the role that the UN has played is very important.”

PALESTINE: “There is no easy fix. We need to find the political will and comply with the resolutions that we have agreed upon.”

OMAN: “It is a very important country in our system. They have a very important role to play in terms of the balance and peace process of that particular part of the world, in that their position is neutral. That is why it is very important to have a dialogue with the Omani authorities.”

REFORM OF THE SECURITY COUNCIL: “This is complicated and it requires time. It is dependent on the effort that members want to put into the process. It is a process that has been going on for 25 years. That process is slow but the issue is huge. I really hope we will see some progress during my tenure.”

British Grand Prix free practice times in the third and final session at Silverstone on Saturday (top five):

1. Lewis Hamilton (GBR/Mercedes) 1:28.063 (18 laps)

2. Sebastian Vettel (GER/Ferrari) 1:28.095 (14)

3. Valtteri Bottas (FIN/Mercedes) 1:28.137 (20)

4. Kimi Raikkonen (FIN/Ferrari) 1:28.732 (15)

5. Nico Hulkenberg (GER/Renault) 1:29.480 (14)