WATCH: the UAE's foray into art, space and taxes


Juman Jarallah
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2017 was another huge year of growth for the UAE. One of the biggest milestones this year was the much anticipated opening of Louvre Abu Dhabi, the first universal museum of the Arab world.

Ten years in the making, the museum opened on November 11 to much fanfare and three days of celebration.

Moving upwards, much further upwards, this year was also monumental for the UAE's journey into space. At the UAE Government Centennial meeting, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, announced Mars Scientific City. The Dh500 million project will cover 1.9 million square feet and simulate conditions for human settlement on Mars. Sheikh Mohammed also called on young locals to apply for the UAE Astronaut Programme which will send the first four Emiratis into space.

Back on earth, the UAE became the first country to appoint a Minister of State for Artificial Intelligence after a Cabinet reshuffle in October. Nine of the 31 ministerial positions are now held by women, making the country more gender equal than US president Donald Trump's cabinet.

In Dubai, lightning struck twice in the same place when on August 4 a fire broke out at the Torch Tower, two years after a blaze tore through the high-rise building.

The fire, which started with a recklessly tossed cigarette, temporarily displaced hundreds of residents and re-ignited a debate on flammable cladding and the UAE fire safety code.

And finally, for the first time in UAE, a law on excise taxes doubled the prices of tobacco products and energy drinks while increasing the price of fizzy drinks by 50 per cent, after the law took effect on October 1. Officials said the tax would help discourage bad habits while diversifying the Government's revenue streams.

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Year in Review:

Best images of the Year

  • 1. SEAGULLS: A Sharjah fisherman and boat owner waits for the day's catch to come ashore near Sharjah's corniche in November 2017. Pawan Singh / The National
    1. SEAGULLS: A Sharjah fisherman and boat owner waits for the day's catch to come ashore near Sharjah's corniche in November 2017. Pawan Singh / The National
  • 2. SHREK: A little girl is taken aback by the Shrek fountain at the DreamWorks zone at Motiongate in Dubai. Reem Mohammed / The National
    2. SHREK: A little girl is taken aback by the Shrek fountain at the DreamWorks zone at Motiongate in Dubai. Reem Mohammed / The National
  • 3. SKELETON: Someone you know? A pupil at Repton School Dubai looks at an exhibit during the celebration of the school's 10th anniversary in October 2017. Chris Whiteoak / The National
    3. SKELETON: Someone you know? A pupil at Repton School Dubai looks at an exhibit during the celebration of the school's 10th anniversary in October 2017. Chris Whiteoak / The National
  • 4. STREET ART: Street art at December 2 Street, Al Satwa in Dubai, in May 2017, after the Ruler decided to turn the entire city into an art museum. Christopher Pike / The National
    4. STREET ART: Street art at December 2 Street, Al Satwa in Dubai, in May 2017, after the Ruler decided to turn the entire city into an art museum. Christopher Pike / The National
  • 5. CROWD: The King is here ... the crowd who met Bollywood superstars Shah Rukh Khan and Anushka Sharma at Abu Dhabi's Dalma Mall in July 2017. Antonie Robertson / The National
    5. CROWD: The King is here ... the crowd who met Bollywood superstars Shah Rukh Khan and Anushka Sharma at Abu Dhabi's Dalma Mall in July 2017. Antonie Robertson / The National
  • 6. MOSQUE: Tourists walk past the Sheikh Zayed Grand Mosque in Abu Dhabi on the eve of Eid Al Adha in August 2017. Christopher Pike / The National
    6. MOSQUE: Tourists walk past the Sheikh Zayed Grand Mosque in Abu Dhabi on the eve of Eid Al Adha in August 2017. Christopher Pike / The National
  • 7. EID AL ADHA: Bright patches of colour punctuate Abu Dhabi's Corniche Road to mark Eid Al Adha in August 2017. Antonie Robertson / The National
    7. EID AL ADHA: Bright patches of colour punctuate Abu Dhabi's Corniche Road to mark Eid Al Adha in August 2017. Antonie Robertson / The National
  • 8. DOTS: Young Thai expatriate Thanita Denkaew in the Dots Obsession installation by artist Yayoi Kusama at the Sharjah Art Foundation in January 2017. Christopher Pike / The National
    8. DOTS: Young Thai expatriate Thanita Denkaew in the Dots Obsession installation by artist Yayoi Kusama at the Sharjah Art Foundation in January 2017. Christopher Pike / The National
  • 9. FISH: The life aquatic ... a guest listens to Mike Tyson speak at Ossiano restaurant at Atlantis, The Palm in Dubai in May 2017. Pawan Singh / The National
    9. FISH: The life aquatic ... a guest listens to Mike Tyson speak at Ossiano restaurant at Atlantis, The Palm in Dubai in May 2017. Pawan Singh / The National
  • 10. NET: Elite athletes tackle the A-frame cargo net in the XDubai Spartan Race at Al Ghazal Golf Club, Abu Dhabi, in September 2017. Ravindranath K / The National
    10. NET: Elite athletes tackle the A-frame cargo net in the XDubai Spartan Race at Al Ghazal Golf Club, Abu Dhabi, in September 2017. Ravindranath K / The National
  • 11. LOUVRE ABU DHABI: French artist M performs under the magnificent canopy of the Louvre Abu Dhabi, Saadiyat Island, on opening day in November 2017. Christopher Pike / The National
    11. LOUVRE ABU DHABI: French artist M performs under the magnificent canopy of the Louvre Abu Dhabi, Saadiyat Island, on opening day in November 2017. Christopher Pike / The National
  • 12. PLANES: An Etihad Airways A380 and the UAE's precision flying team Al Fursan thrill at the Formula One Abu Dhabi Grand Prix in November 2017. Christopher Pike / The National
    12. PLANES: An Etihad Airways A380 and the UAE's precision flying team Al Fursan thrill at the Formula One Abu Dhabi Grand Prix in November 2017. Christopher Pike / The National
  • 13. BALLOONS: Balloons in the colours of the UAE flag are launched into the Fujairah skies as part of the emirate's National day celebrations. Reem Mohamed / The National
    13. BALLOONS: Balloons in the colours of the UAE flag are launched into the Fujairah skies as part of the emirate's National day celebrations. Reem Mohamed / The National
  • 14. SKYLINE: A man relaxes with a coffee and his smartphone in front of the Abu Dhabi skyline. Christopher Pike / The National
    14. SKYLINE: A man relaxes with a coffee and his smartphone in front of the Abu Dhabi skyline. Christopher Pike / The National
  • 15. BOAT: The Sharjah skyline lights are reflected on the Al Khan Lagoon on a humid September night. Antonie Robertson / The National
    15. BOAT: The Sharjah skyline lights are reflected on the Al Khan Lagoon on a humid September night. Antonie Robertson / The National
Zidane's managerial achievements

La Liga: 2016/17
Spanish Super Cup: 2017
Uefa Champions League: 2015/16, 2016/17, 2017/18
Uefa Super Cup: 2016, 2017
Fifa Club World Cup: 2016, 2017

How to avoid crypto fraud
  • Use unique usernames and passwords while enabling multi-factor authentication.
  • Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
  • Avoid suspicious social media ads promoting fraudulent schemes.
  • Only invest in crypto projects that you fully understand.
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MATCH INFO

Mainz 0

RB Leipzig 5 (Werner 11', 48', 75', Poulsen 23', Sabitzer 36')

Man of the Match: Timo Werner (RB Leipzig)

The%20specs%20
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%204cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E261hp%20at%205%2C500rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E400Nm%20at%201%2C750-4%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E7-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E10.5L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh129%2C999%20(VX%20Luxury)%3B%20from%20Dh149%2C999%20(VX%20Black%20Gold)%3C%2Fp%3E%0A
Champions League Last 16

 Red Bull Salzburg (AUT) v Bayern Munich (GER) 

Sporting Lisbon (POR) v Manchester City (ENG) 

Benfica (POR) v Ajax (NED) 

Chelsea (ENG) v Lille (FRA) 

Atletico Madrid (ESP) v Manchester United (ENG) 

Villarreal (ESP) v Juventus (ITA) 

Inter Milan (ITA) v Liverpool (ENG) 

Paris Saint-Germain v Real Madrid (ESP)  

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Getting%20there
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Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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

Citizenship-by-investment programmes

United Kingdom

The UK offers three programmes for residency. The UK Overseas Business Representative Visa lets you open an overseas branch office of your existing company in the country at no extra investment. For the UK Tier 1 Innovator Visa, you are required to invest £50,000 (Dh238,000) into a business. You can also get a UK Tier 1 Investor Visa if you invest £2 million, £5m or £10m (the higher the investment, the sooner you obtain your permanent residency).

All UK residency visas get approved in 90 to 120 days and are valid for 3 years. After 3 years, the applicant can apply for extension of another 2 years. Once they have lived in the UK for a minimum of 6 months every year, they are eligible to apply for permanent residency (called Indefinite Leave to Remain). After one year of ILR, the applicant can apply for UK passport.

The Caribbean

Depending on the country, the investment amount starts from $100,000 (Dh367,250) and can go up to $400,000 in real estate. From the date of purchase, it will take between four to five months to receive a passport. 

Portugal

The investment amount ranges from €350,000 to €500,000 (Dh1.5m to Dh2.16m) in real estate. From the date of purchase, it will take a maximum of six months to receive a Golden Visa. Applicants can apply for permanent residency after five years and Portuguese citizenship after six years.

“Among European countries with residency programmes, Portugal has been the most popular because it offers the most cost-effective programme to eventually acquire citizenship of the European Union without ever residing in Portugal,” states Veronica Cotdemiey of Citizenship Invest.

Greece

The real estate investment threshold to acquire residency for Greece is €250,000, making it the cheapest real estate residency visa scheme in Europe. You can apply for residency in four months and citizenship after seven years.

Spain

The real estate investment threshold to acquire residency for Spain is €500,000. You can apply for permanent residency after five years and citizenship after 10 years. It is not necessary to live in Spain to retain and renew the residency visa permit.

Cyprus

Cyprus offers the quickest route to citizenship of a European country in only six months. An investment of €2m in real estate is required, making it the highest priced programme in Europe.

Malta

The Malta citizenship by investment programme is lengthy and investors are required to contribute sums as donations to the Maltese government. The applicant must either contribute at least €650,000 to the National Development & Social Fund. Spouses and children are required to contribute €25,000; unmarried children between 18 and 25 and dependent parents must contribute €50,000 each.

The second step is to make an investment in property of at least €350,000 or enter a property rental contract for at least €16,000 per annum for five years. The third step is to invest at least €150,000 in bonds or shares approved by the Maltese government to be kept for at least five years.

Candidates must commit to a minimum physical presence in Malta before citizenship is granted. While you get residency in two months, you can apply for citizenship after a year.

Egypt 

A one-year residency permit can be bought if you purchase property in Egypt worth $100,000. A three-year residency is available for those who invest $200,000 in property, and five years for those who purchase property worth $400,000.

Source: Citizenship Invest and Aqua Properties

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Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

Abu Dhabi Grand Slam Jiu-Jitsu World Tour Calendar 2018/19

July 29: OTA Gymnasium in Tokyo, Japan

Sep 22-23: LA Convention Centre in Los Angeles, US

Nov 16-18: Carioca Arena Centre in Rio de Janeiro, Brazil

Feb 7-9: Mubadala Arena in Abu Dhabi, UAE

Mar 9-10: Copper Box Arena in London, UK

COMPANY%20PROFILE
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Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
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The specs

Engine: 6.2-litre supercharged V8

Power: 712hp at 6,100rpm

Torque: 881Nm at 4,800rpm

Transmission: 8-speed auto

Fuel consumption: 19.6 l/100km

Price: Dh380,000

On sale: now 

ONCE UPON A TIME IN GAZA

Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi

Directors: Tarzan and Arab Nasser

Rating: 4.5/5

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

The Buckingham Murders

Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu

Director: Hansal Mehta

Rating: 4 / 5

Dhadak 2

Director: Shazia Iqbal

Starring: Siddhant Chaturvedi, Triptii Dimri 

Rating: 1/5

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

UAE SQUAD

Ahmed Raza (Captain), Rohan Mustafa, Jonathan Figy, CP Rizwan, Junaid Siddique, Mohammad Usman, Basil Hameed, Zawar Farid, Vriitya Aravind (WK), Waheed Ahmed, Karthik Meiyappan, Zahoor Khan, Darius D'Silva, Chirag Suri

The specs

Engine: 2.0-litre four-cylinder turbo

Power: 268hp at 5,600rpm

Torque: 380Nm at 4,800rpm

Transmission: CVT auto

Fuel consumption: 9.5L/100km

On sale: now

Price: from Dh195,000 

COMPANY PROFILE

Name: Rain Management

Year started: 2017

Based: Bahrain

Employees: 100-120

Amount raised: $2.5m from BitMex Ventures and Blockwater. Another $6m raised from MEVP, Coinbase, Vision Ventures, CMT, Jimco and DIFC Fintech Fund

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