The appointment of UAE Minister of Industry and Advanced Technology Dr Sultan Al Jaber as President-designate of Cop28 has generated worldwide headlines and not necessarily all of them are of the kind one would hope for. The controversy stems from him being the chief executive of Adnoc, the world's 12th largest oil company by production. However, for the UAE, appointing anyone else other than Dr Al Jaber to this position might have seemed as though it is paying lip service to the monumental task ahead and not giving it the serious consideration it deserves. What Dr Al Jaber presents, as head of an oil company, is the opportunity to confront the serious matter of energy transition and climate head-on.
In an ideal world we human beings would shut off all polluting industries overnight, but we don't live in an ideal world. We live in one where there are major developmental inequalities across the globe. For instance, according to a report by the African Development Bank, "about 10 -12 million young Africans enter the labour market each year where only 3 million formal jobs are available". The energy sector is crucial for all aspects of life and in particular offers many jobs in less developed parts of the world. What the world should not neglect to do is to strike a fair balance between energy equity, whether for producers or consumers, and sustainability.
There is also the slight matter of western double standards, when it was to their own advantage Europe cast away the energy and free market economics playbook. Recently, Germany extended the lives of nuclear reactors, effectively abandoning its "nuclear exit" policy. Only over the past few months, US liquefied natural gas exports to Europe have skyrocketed from less than 20 per cent to 60 per cent. In the free market economy of Europe, energy firms have been nationalised and gas hoarding accelerated, filling reserves to 96 per cent, further driving up gas prices. The European Commission, moreover, has enshrined a strategy that allows for accelerated permitting and “overriding public interest” to fast-track projects such as wind farms. And let us not talk about the re-emergence of coal as an energy source for Europe.
The truth is that no one owns a monopoly when it comes to finding solutions to global problems and a vital debate such as climate action and the future of this planet needs the input of all key stakeholders. We need the energy activists, the environmental experts, the scholars and academics, and the sceptics who push the agenda and goals further. But we also need the government officials, the financiers and the oil executives too if serious steps are to be taken. The appointment of Dr Al Jaber will turn into an opportunity to have someone speak with senior energy executives rather than at them.
Dr Al Jaber proved his mettle in 2009, in the lead-up to the UAE hosting the International Renewable Energy Agency (Irena). Back then there was similar scepticism about whether an oil-producing country should host such a global organisation. Dr Al Jaber, then the chief executive of the Abu Dhabi Future Energy Company (Masdar), was part of a carefully selected team that traversed the globe, lobbying, committing and speaking as equals to African, Asian and Latin American capitals that were not only underestimated but talked down to by western states for the past decades. In the end, the UAE beat competition from two European cities to host Irena. Building on such commitments, in January 2022 the UAE launched a programme titled Etihad 7 aimed at supplying clean electricity to 100 million people in Africa by 2035.
There is also the slight matter of western double standards
Dr Al Jaber's tenure as the head of Adnoc since 2016 has seen him take over a legacy firm and streamline it. Difficult decisions were taken such as cutting down jobs and merging of subsidiaries but also the introduction of one single entity for registration and pre-qualification to eliminate repeated tendering for the same goods and services and a scorecard system to ensure meritocratic and fair employee performance management. These steps ensured that Adnoc would become a well-managed firm that can help further accelerate Abu Dhabi's position as a global player in the energy industry.
Dr Al Jaber, who participated in the ten previous UN Cop Summits and has served as the UAE’s climate envoy, knows that the spotlight will be not only on the UAE to deliver but also on the team he will lead to ensure success. Coming from the same industry as many of the key stakeholders including oil executives, Dr Al Jaber can play a leading role in convincing them of the magnitude of this task on which all our futures depend. In the end the UAE and Dr Al Jaber will be judged on the Cop deliverables. The Arab Gulf States have over the past years repeatedly proved critics wrong whether it was through the hosting of Expo 2020 Dubai or the recent World Cup in Qatar. We've delivered before, we'll deliver again.
THE SPECS – Honda CR-V Touring AWD
Engine: 2.4-litre 4-cylinder
Power: 184hp at 6,400rpm
Torque: 244Nm at 3,900rpm
Transmission: Continuously Variable Transmission (CVT)
0-100kmh in 9.4 seconds
Top speed: 202kmh
Fuel consumption: 6.8L/100km
Price: From Dh122,900
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
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
Her most famous song
Aghadan Alqak (Would I Ever Find You Again)?
Would I ever find you again
You, the heaven of my love, my yearning and madness;
You, the kiss to my soul, my cheer and
sadness?
Would your lights ever break the night of my eyes again?
Would I ever find you again?
This world is volume and you're the notion,
This world is night and you're the lifetime,
This world is eyes and you're the vision,
This world is sky and you're the moon time,
Have mercy on the heart that belongs to you.
Lyrics: Al Hadi Adam; Composer: Mohammed Abdel Wahab
PREMIER LEAGUE FIXTURES
Saturday (UAE kick-off times)
Watford v Leicester City (3.30pm)
Brighton v Arsenal (6pm)
West Ham v Wolves (8.30pm)
Bournemouth v Crystal Palace (10.45pm)
Sunday
Newcastle United v Sheffield United (5pm)
Aston Villa v Chelsea (7.15pm)
Everton v Liverpool (10pm)
Monday
Manchester City v Burnley (11pm)
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
Suggested picnic spots
Abu Dhabi
Umm Al Emarat Park
Yas Gateway Park
Delma Park
Al Bateen beach
Saadiyaat beach
The Corniche
Zayed Sports City
Dubai
Kite Beach
Zabeel Park
Al Nahda Pond Park
Mushrif Park
Safa Park
Al Mamzar Beach Park
Al Qudrah Lakes
Company%20Profile
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