Sultan Al Neyadi gets his spacesuit ready for his spacewalk. Photo: Mohammed bin Rashid Space Centre
Sultan Al Neyadi gets his spacesuit ready for his spacewalk. Photo: Mohammed bin Rashid Space Centre
Sultan Al Neyadi gets his spacesuit ready for his spacewalk. Photo: Mohammed bin Rashid Space Centre
Sultan Al Neyadi gets his spacesuit ready for his spacewalk. Photo: Mohammed bin Rashid Space Centre

How to watch Sultan Al Neyadi's historic spacewalk on Friday


Sarwat Nasir
  • English
  • Arabic

Emirati astronaut Sultan Al Neyadi is set to become the first Arab astronaut to perform a spacewalk on Friday.

He will float outside the International Space Station at about 5.15pm GST with Nasa colleague Stephen Bowen for nearly seven hours to carry out maintenance work.

Dr Al Neyadi joins an exclusive club of astronauts as only 260 spacewalks have taken place at the orbiting science laboratory since 1998.

The duo have multiple tasks assigned to them, including retrieving and relocating foot restraints that astronauts can use during future spacewalks, preparing a part of the station for a solar array installation and retrieving a piece of communication hardware.

How to watch the spacewalk

The spacewalk will be streamed live on Nasa's and the Mohammed bin Rashid Space Centre's websites and on social media channels.

Their spacesuits will switch to battery power at about 5.15pm GST, and the live-stream is expected to begin around that time.

Viewers will be able to listen in to the communication between mission control in Houston and the astronauts while the spacewalk is taking place.

A Nasa employee will also be describing exactly what is happening.

What exactly will the astronauts be doing?

Dr Al Neyadi and Mr Bowen will carry out various tasks during their long spacewalk.

Their first major job will be to retrieve foot restraints spread out on different parts of the station's exterior.

These restraints will be stowed away or placed in other parts of the station so astronauts can use them in future spacewalks.

They will then prepare a part of the ISS for a solar array installation that will be carried out during a spacewalk later this year.

Dr Al Neyadi will also be retrieving a radio frequency unit that will eventually be sent back to Earth for repairs.

The unit has a multi-thermal insulation tent over it, so he will spend some of his time removing that.

Mr Bowen will be assisting in removing the hardware.

He will be carried to the voltage side of the radio frequency unit by the station's robotic arm and use a drill to unscrew the bolts to finally remove the hardware from the station.

It will be Mr Bowen's eighth spacewalk.

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Will the pound fall to parity with the dollar?

The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.

Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.

New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.

“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.

The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.

The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.

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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

Updated: April 27, 2023, 1:42 PM