The Omani pavilion – Opportunities Over Time will be part of the Mobility Thematic District and split into five zones. Courtesy: Expo 2020
The Omani pavilion – Opportunities Over Time will be part of the Mobility Thematic District and split into five zones. Courtesy: Expo 2020
The Omani pavilion – Opportunities Over Time will be part of the Mobility Thematic District and split into five zones. Courtesy: Expo 2020
The Omani pavilion – Opportunities Over Time will be part of the Mobility Thematic District and split into five zones. Courtesy: Expo 2020

UAE

Oman looks to frankincense tree as inspiration for Expo 2020 Dubai pavillion

Initial plans revealed for the country's entry to the world fair

Nick Webster
Nick Webster

November 04, 2018

  • English
  • Arabic

As anticipation builds towards one of the region’s biggest events, details have emerged of the spectacular Oman pavilion that will welcome thousands of visitors at Expo 2020 Dubai.

With a main theme of connecting minds and creating the future, the pavilion will be inspired by the historical importance of the frankincense tree and how it has bridged regional civilisations over 5,000 years.

The Omani pavilion – Opportunities Over Time will be part of the Mobility Thematic District and split into five zones, transporting visitors across time and space in an interactive environment to tell the nation’s history.

It will also reveal what development is planned in future for Oman.

A nod to the past will reveal how the finest Omani frankincense was transported for trade around the globe, and its use in medicine and cosmetics.

The pavilion will show visitors its role in developing international relations to help the nation prosper through tourism and trade.

Commercial convoys travelled on different routes from Dhofar to the shores of southern Iraq, to the Levant and ancient Egypt.

It has been traded in Gaza on the coasts of Palestine, from which ships carried the frankincense to European countries, especially Rome.

Mohsin bin Khamis Al Balushi, commissioner general of the Sultanate of Oman, expects Expo 2020 to be a big draw for his compatriots.

“Frankincense has been selected as the main theme for the Omani pavilion,” he said.

“Due to the hosting by a brotherly and neighbouring country, it is expected there will be a great demand by the Omani citizens to visit the Expo 2020.

“Everything related to the implementation of the pavilion project has been implemented by Omani youth - from design, equipment and even its operation."

The world Expo fair will be brought to the Middle East for the first time from October 20, 2020 and will run until April 10, 2021.

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Read more:

World's biggest countdown: Expo 2020 milestone marked at Burj Khalifa

WATCH: Countdown for Expo 2020 Dubai is on 

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Saturday (UAE kick-off times)

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Brighton v Arsenal (6pm)

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Bournemouth v Crystal Palace (10.45pm)

Sunday

Newcastle United v Sheffield United (5pm)

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Monday

Manchester City v Burnley (11pm)

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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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. 

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Other simple ideas for sushi rice dishes

Cheat’s nigiri 
This is easier to make than sushi rolls. With damp hands, form the cooled rice into small tablet shapes. Place slices of fresh, raw salmon, mackerel or trout (or smoked salmon) lightly touched with wasabi, then press, wasabi side-down, onto the rice. Serve with soy sauce and pickled ginger.

Easy omurice
This fusion dish combines Asian fried rice with a western omelette. To make, fry cooked and cooled sushi rice with chopped vegetables such as carrot and onion and lashings of sweet-tangy ketchup, then wrap in a soft egg omelette.

Deconstructed sushi salad platter 
This makes a great, fuss-free sharing meal. Arrange sushi rice on a platter or board, then fill the space with all your favourite sushi ingredients (edamame beans, cooked prawns or tuna, tempura veggies, pickled ginger and chilli tofu), with a dressing or dipping sauce on the side.

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