SHANGHAI // It may be hard to believe, but a curvaceous structure taking shape in a vast construction site in eastern China is expected to be one of the UAE capital's major cultural attractions in the years to come.
The UAE pavilion for Expo 2010 in Shanghai is starting to look like the sweeping sand dunes that one of Britain's top architects, Lord Foster, designed it to resemble.
At the end of Expo 2010, which is expected to attract 70 million visitors, the UAE pavilion will be dismantled and shipped away to be reassembled on Saadiyat Island in Abu Dhabi.
Saudi Arabia and the UAE are the only Middle Eastern Arab countries that will have their own pavilions at Expo 2010, and the Emirates' enthusiastic involvement in the event comes amid growing ties with China.
Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, recently visited China, and in 2008, Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, led a delegation to the country.
Trade between the two nations grew by 40.5 per cent last year, to US$28.2 billion (Dh104bn), and it was announced in August that the UAE would open a consulate in Shanghai, China's business capital and one of the world's fastest-growing cities.
Tang Dengjie, the vice mayor of Shanghai, said it was "really a very encouraging sign" that the UAE had committed to building its own pavilion.
"It will enable people to study and know about economic and social development in the UAE," he said.
Demonstrating the achievements of rapidly developing countries such as the UAE was a major purpose of Expo 2010, beyond the obvious objective of attracting millions of visitors to Shanghai, he said.
The pavilions will be a stage "for developing countries to show their economic and social progress and for the world to enhance co-operation", he said.
Currently, the UAE pavilion, which officials have said they hope will attract 10 per cent of the expo's expected 70 million visitors, sits amid mud, rubble and construction equipment. But when it is officially revealed to the world at the opening of the expo on May 1 next year, the structure is expected to resemble two large, golden sand dunes.
It will be made of recyclable materials in keeping with Expo 2010's theme of sustainable urban development.
Mirroring the appearance of a desert dune shaped by prevailing winds, the pavilion is rippled on the windward side and smooth on its sheltered side.
The stainless steel structure, a design by the British architectural practice Foster and Partners, will appear red, copper and gold in the day, then will glow with golden internal lighting at night.
After Expo 2010 closes on October 31, the 3,000-square-metre pavilion will be dismantled, transported to Abu Dhabi and rebuilt as a cultural centre on Saadiyat Island, which will also be home to branches of the Guggenheim and Louvre museums.
The building will become the first pavilion since the tradition of grand international expos began with London's Great Exhibition of 1851 to be dismantled and rebuilt in another country.
Only a handful of the dozens of pavilions being built for Expo 2010 will remain where they are, among them the China pavilion.
While nearly every country is participating in Expo 2010, only 42 countries will have individual pavilions. Among these are Poland, France, Pakistan, Singapore, Japan and the Czech Republic.
The 5.3-sq km expo site cleared by the Chinese government on both sides of the Huangpu River will include the World Expo Centre, the Expo Performance Centre and corporate pavilions.
dbardsley@thenational.ae
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Tips for used car buyers
- Choose cars with GCC specifications
- Get a service history for cars less than five years old
- Don’t go cheap on the inspection
- Check for oil leaks
- Do a Google search on the standard problems for your car model
- Do your due diligence. Get a transfer of ownership done at an official RTA centre
- Check the vehicle’s condition. You don’t want to buy a car that’s a good deal but ends up costing you Dh10,000 in repairs every month
- Validate warranty and service contracts with the relevant agency and and make sure they are valid when ownership is transferred
- If you are planning to sell the car soon, buy one with a good resale value. The two most popular cars in the UAE are black or white in colour and other colours are harder to sell
Tarek Kabrit, chief executive of Seez, and Imad Hammad, chief executive and co-founder of CarSwitch.com
Andor
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ENGLAND SQUAD
Team: 15 Mike Brown, 14 Anthony Watson, 13 Ben Te'o, 12 Owen Farrell, 11 Jonny May, 10 George Ford, 9 Ben Youngs, 1 Mako Vunipola, 2 Dylan Hartley, 3 Dan Cole, 4 Joe Launchbury, 5 Maro Itoje, 6 Courtney Lawes, 7 Chris Robshaw, 8 Sam Simmonds
Replacements 16 Jamie George, 17 Alec Hepburn, 18 Harry Williams, 19 George Kruis, 20 Sam Underhill, 21 Danny Care, 22 Jonathan Joseph, 23 Jack Nowell
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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- Join parent networks
- Look beyond school fees
- Keep an open mind
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Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
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Name: Thndr
Started: October 2020
Founders: Ahmad Hammouda and Seif Amr
Based: Cairo, Egypt
Sector: FinTech
Initial investment: pre-seed of $800,000
Funding stage: series A; $20 million
Investors: Tiger Global, Beco Capital, Prosus Ventures, Y Combinator, Global Ventures, Abdul Latif Jameel, Endure Capital, 4DX Ventures, Plus VC, Rabacap and MSA Capital
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First Test, Brisbane: Australia won by 10 wickets
Second Test, Adelaide: Australia won by 120 runs
Third Test, Perth: Australia won by an innings and 41 runs
Fourth Test: Melbourne: Drawn
Fifth Test: Australia won by an innings and 123 runs
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Zakat definitions
Zakat: an Arabic word meaning ‘to cleanse’ or ‘purification’.
Nisab: the minimum amount that a Muslim must have before being obliged to pay zakat. Traditionally, the nisab threshold was 87.48 grams of gold, or 612.36 grams of silver. The monetary value of the nisab therefore varies by current prices and currencies.
Zakat Al Mal: the ‘cleansing’ of wealth, as one of the five pillars of Islam; a spiritual duty for all Muslims meeting the ‘nisab’ wealth criteria in a lunar year, to pay 2.5 per cent of their wealth in alms to the deserving and needy.
Zakat Al Fitr: a donation to charity given during Ramadan, before Eid Al Fitr, in the form of food. Every adult Muslim who possesses food in excess of the needs of themselves and their family must pay two qadahs (an old measure just over 2 kilograms) of flour, wheat, barley or rice from each person in a household, as a minimum.