If the reign of Queen Elizabeth II is founded on solid ground, then the rock that gave it such strength was her husband, companion and closest friend, Prince Philip.
His passing, at the age of 99, takes the world's longest living monarch into a new and uncharted era. Beyond the initial grief and loss, Queen Elizabeth, 94, must now face a future without the man who was at her side for more than 70 years.
Their relationship can be traced back even farther. The couple were first formally introduced when Princess Elizabeth was just eight years old, at the wedding of Princess Marina of Greece.
It began to develop more seriously at a lunch when the future monarch was 13 and her prince was a dashing 18-year-old student at the Royal Navy College in Dartmouth.
The two began a correspondence that was initially founded on friendship, but would eventually blossom into love and eventually the longest marriage of any British monarch in history.
It was a future that could hardly have been foreseen when the fifth and youngest child of Prince Andrew of Greece and Princess Alice of Battenberg was born on a kitchen table in a villa on the Greek island of Corfu on June 10, 1921.
Despite the grand titles, his early years were far from the courts and palaces of European royalty. Barely a year old, Philip was sent into exile when his uncle King Constantine was forced to abdicate by Greece’s new military government.
Banished for life by a revolutionary court, the infant prince departed the land of his birth on a British Royal Navy warship, sleeping in a makeshift cot made from an orange box.
It was an indication that the young prince could not take for granted a life of privilege. Initially settled in Paris, in a house owned by another member of the Greek royal family, he was sent to school in Britain under the care of his maternal grandmother, Victoria Mountbatten.
There was little contact with his immediate family. His four older sisters married into the German aristocracy, while his mother, tragically, was institutionalised in a mental hospital with schizophrenia. His father dealt with this by taking up permanent residence in Monte Carlo, Monaco.
“My mother was ill, my sisters were married, my father was in the south of France,” he later recalled. “I just had to get on with it.”
At the age of 12, Philip was sent to be educated in Germany at a school owned by a relative, which apparently had the advantage of saving on fees.
Forced into exile by Nazi persecution, the school’s Jewish owner moved to Scotland in 1934, setting up Gordonstoun and with Philip enrolled as one of the first pupils.
It was a hardy environment that seemed to suit the teenage Philip, an experiment which he repeated years later with his eldest son Charles, who was reportedly bullied at the school, and described the experience as “Colditz with kilts”, a reference to the notorious German prison camp.
If Philip, who was to take his grandparents’ family name Mountbatten, thrived at Gordonstoun, his future as a minor and relatively impecunious member of European royalty was still uncertain.
The obvious solution was a career in the military and, on the eve of the Second World War, the 18-year-old prince enrolled as a cadet at Dartmouth Navy College, graduating as top student in 1940.
Five years of distinguished and sometime perilous wartime service followed, with the prince serving in battles in the Mediterranean and Pacific, in the latter witnessing the Japanese surrender as a first lieutenant on HMS Whelp.
Through all this, his relationship with Princess Elizabeth continued to develop. At 17, there were concerns from her parents, King George VI and Queen Elizabeth, that she was too young for a serious relationship.
The couple continued their romance anyway, which had now moved beyond letter writing with the war ended. In the summer of 1946, Philip proposed, and Elizabeth accepted, defying protocol by not consulting her parents first.
The marriage was agreed anyway, on condition that the engagement was kept secret until 1947, when Elizabeth turned 21. The wedding took place on July 10 that year at Westminster Abbey, a breath of fresh air and much needed romance for a grey Britain exhausted by war and austerity, and was broadcast on radio worldwide to an audience of 200 million.
For a while, the fairytale continued for the princess and her new prince, a royal title bestowed by King George, who also named him Duke of Edinburgh. Charles, their eldest son, was born the following year, followed by daughter Anne in 1949.
Philip had resumed his naval career, rising through the ranks until he was promoted to his first command, the sloop HMS Magpie, stationed in the Mediterranean.
A tour of the Commonwealth in 1952 offered the couple a chance to reunite. By February, the royal couple had reached Kenya, relaxing for a short break at the famous Treetops Lodge.
In London, the condition of King George, who was suffering from lung cancer, deteriorated, and he died in his sleep in the early hours of February 6. The news was broken the following day to his daughter, now Queen Elizabeth, by Prince Philip, now consort to the monarch as well being a husband and father.
The moment was a turning point for a man who had, until that point, had something of a reputation for chafing against the strictures of royalty. He grumbled about giving up his navy career, had complained and was overruled, by no less than Winston Churchill, that his children should take the family name Mountbatten rather than his wife’s house of Windsor.
“I am nothing but a bloody amoeba. I am the only man in the country not allowed to give his name to his own children,” he is reported to have said at the time.
The complaining, at least about his role, stopped with the coronation. By the time he officially retired from royal duties in August 2017, when – at the age of 96 – he had completed more than 22,000 solo engagements.
He could not, though, be accused of being a silent partner. Over the years, Philip became famous – perhaps infamous – for his off-the-cuff remarks that often flew in the face of contemporary sensitivities.
“If you stay here much longer you will go home with slitty eyes,” he told a British student on a visit to China in 1986. “Aren’t most of you descended from pirates?” he asked residents of the Cayman Islands.
The president of Nigeria, while wearing traditional costume, was told: “You look like you’re ready for bed,” while an Aboriginal leader on a tour of Australia was asked: “Do you still throw spears at each other?"
So frequently did these decidedly non-politically-correct bon mots occur down the years, that they created anticipation as much as offence. It solidified the public image of the Duke of Edinburgh as something of a throwback, even a reactionary, a plain speaker, scornful of progressive theories, dismissive of contemporary morality and rooted in an age when men were men, women were ladies and all upper lips were stiff.
In these circumstances, many wondered what he made of his own children, three of whose marriages ended in divorce. He was often thought to have a particularly difficult relationship with his eldest son and heir to the throne.
In an interview with biographer Giles Brandreth for his 95th birthday, the duke reflected: “He's a romantic and I'm a pragmatist. That means we do see things differently.”
Referring to Charles's view of his father, he said: “And because I don't see things as a romantic would, I'm unfeeling”.
A more nuanced view dispels some of the cliches. It was generally assumed he had little time for his daughter-in-law Diana, particularly after her divorce from the Prince of Wales in bitter and very public circumstances.
Yet letters he wrote to Diana were always signed with an affectionate “Pa”. Of his son’s adulterous affair with Camilla Parker-Bowles, who he later married, Philip wrote: “Charles was silly to risk everything with Camilla for a man in his position. We never dreamed he might feel like leaving you for her. Such a prospect never even entered our heads.”
His public interests revealed a deep concern for the natural world and support for young people. He was one of the founders of the Worldwide Fund for Nature and in 1956 created the Duke of Edinburgh’s Award, a series of physical and mental challenges designed to inspire and empower modern youth. Over the years, the duke became patron or member of nearly 800 organisations, from the British Heart Foundation to the Grand Order of Water Rats – a showbusiness charity.
His interests included engineering, carriage driving, piloting aircraft until his 70s, and attempting to create a truffle orchard on the family estate at Sandringham. He made more than 5,000 speeches and, in 1961, became the first member of the royal family to be interviewed on television.
The duke also showed an awareness of his, and the royal family’s role, in a modern, democratic society. At a press conference in Canada in 1969, he observed that: “It is a complete misconception to imagine that the monarchy exists in the interests of the monarch. It doesn't. It exists in the interests of the people. If at any time any nation decides that the system is unacceptable, then it is up to them to change it.”
In his later years there were increasing concerns about his official workload. He was briefly admitted to hospital for a chest infection in 2008, was treated for chest pains in 2011 and missed celebrations of the queen’s diamond jubilee in 2012 for a bladder infection that was followed by minor surgery.
His withdrawal from royal duties was announced in August 2017, but the duke retained the knack of staying in the public eye, including overturning a Range Rover in an accident on the Sandringham Estate in April 2019, after which, at the age of 97, he admitted it was time to give up driving.
In 2018, he underwent a hip replacement but was able to walk unaided to the wedding of his grandson, Prince Harry, to Meghan Markle, six weeks later. In October the same year, he was seen riding with Queen Elizabeth in Windsor Great Park.
That relationship will be remembered as his greatest and most lasting achievement. It always had a romantic side, despite the weight of the crown. He designed a bracelet of diamonds as his wedding present to Elizabeth, and was said to have given her the pet name “Cabbage”.
He was her most trusted source of advice. According to the queen's former private secretary Lord Charteris: "He's the only man in the world who treats the queen simply as another human being. I think she values that. And it is not unknown for the queen to tell the duke to shut up."
As the queen observed in a speech at the celebrations for their golden anniversary in 1997: “He has, quite simply, been my strength and stay all these years.”
How will she continue now her strength and stay is gone? It is a question only she can answer, by drawing deep from the memories of what was, and still is, an enduring love affair.
Duke of Edinburgh's life – in pictures
The Transfiguration
Director: Michael O’Shea
Starring: Eric Ruffin, Chloe Levine
Three stars
Boston%20Strangler
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65
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ANATOMY%20OF%20A%20FALL
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Gulf Under 19s final
Dubai College A 50-12 Dubai College B
The specs: 2018 Maxus T60
Price, base / as tested: Dh48,000
Engine: 2.4-litre four-cylinder
Power: 136hp @ 1,600rpm
Torque: 360Nm @ 1,600 rpm
Transmission: Five-speed manual
Fuel consumption, combined: 9.1L / 100km
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
COMPANY%20PROFILE%20
%3Cp%3EName%3A%20DarDoc%3Cbr%3EBased%3A%20Abu%20Dhabi%3Cbr%3EFounders%3A%20Samer%20Masri%2C%20Keswin%20Suresh%3Cbr%3ESector%3A%20HealthTech%3Cbr%3ETotal%20funding%3A%20%24800%2C000%3Cbr%3EInvestors%3A%20Flat6Labs%2C%20angel%20investors%20%2B%20Incubated%20by%20Hub71%2C%20Abu%20Dhabi's%20Department%20of%20Health%3Cbr%3ENumber%20of%20employees%3A%2010%3C%2Fp%3E%0A
Company profile
Date started: January, 2014
Founders: Mike Dawson, Varuna Singh, and Benita Rowe
Based: Dubai
Sector: Education technology
Size: Five employees
Investment: $100,000 from the ExpoLive Innovation Grant programme in 2018 and an initial $30,000 pre-seed investment from the Turn8 Accelerator in 2014. Most of the projects are government funded.
Partners/incubators: Turn8 Accelerator; In5 Innovation Centre; Expo Live Innovation Impact Grant Programme; Dubai Future Accelerators; FHI 360; VSO and Consult and Coach for a Cause (C3)
BACK%20TO%20ALEXANDRIA
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ETamer%20Ruggli%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ENadine%20Labaki%2C%20Fanny%20Ardant%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3.5%2F5%3C%2Fp%3E%0A
THE SPECS
Engine: 3.9-litre twin-turbo V8
Transmission: seven-speed dual clutch
Power: 710bhp
Torque: 770Nm
Speed: 0-100km/h 2.9 seconds
Top Speed: 340km/h
Price: Dh1,000,885
On sale: now
Results:
5pm: Handicap (PA) | Dh80,000 | 1,600 metres
Winner: Dasan Da, Saeed Al Mazrooei (jockey), Helal Al Alawi (trainer)
5.30pm: Maiden (PA) | Dh80,000 | 1,600m
Winner: AF Saabah, Tadhg O’Shea, Ernst Oertel
6pm: Handicap (PA) | Dh80,000 | 1,600m
Winner: Mukaram, Pat Cosgrave, Eric Lemartinel
6.30pm: Handicap (PA) | Dh80,000 | 2,200m
Winner: MH Tawag, Richard Mullen, Elise Jeanne
7pm: Wathba Stallions Cup Handicap (PA) | Dh70,000 | 1,400m
Winner: RB Inferno, Fabrice Veron, Ismail Mohammed
7.30pm: Handicap (TB) | Dh100,000 | 1,600m
Winner: Juthoor, Jim Crowley, Erwan Charpy
ALL THE RESULTS
Bantamweight
Siyovush Gulmomdov (TJK) bt Rey Nacionales (PHI) by decision.
Lightweight
Alexandru Chitoran (ROU) bt Hussein Fakhir Abed (SYR) by submission.
Catch 74kg
Omar Hussein (JOR) bt Tohir Zhuraev (TJK) by decision.
Strawweight (Female)
Seo Ye-dam (KOR) bt Weronika Zygmunt (POL) by decision.
Featherweight
Kaan Ofli (TUR) bt Walid Laidi (ALG) by TKO.
Lightweight
Abdulla Al Bousheiri (KUW) bt Leandro Martins (BRA) by TKO.
Welterweight
Ahmad Labban (LEB) bt Sofiane Benchohra (ALG) by TKO.
Bantamweight
Jaures Dea (CAM) v Nawras Abzakh (JOR) no contest.
Lightweight
Mohammed Yahya (UAE) bt Glen Ranillo (PHI) by TKO round 1.
Lightweight
Alan Omer (GER) bt Aidan Aguilera (AUS) by TKO round 1.
Welterweight
Mounir Lazzez (TUN) bt Sasha Palatkinov (HKG) by TKO round 1.
Featherweight title bout
Romando Dy (PHI) v Lee Do-gyeom (KOR) by KO round 1.
UAE%20Warriors%2045%20Results
%3Cp%3E%3Cstrong%3E%0DMain%20Event%0D%3A%20Lightweight%20Title%3C%2Fstrong%3E%0D%3Cbr%3EAmru%20Magomedov%20def%20Jakhongir%20Jumaev%20-%20Round%201%20(submission)%0D%3Cbr%3E%3Cstrong%3ECo-Main%20Event%0D%3A%20Bantamweight%3C%2Fstrong%3E%0D%3Cbr%3ERany%20Saadeh%20def%20Genil%20Franciso%20-%20Round%202%20(submission)%0D%3Cbr%3E%3Cstrong%3ECatchweight%20150%20lbs%3C%2Fstrong%3E%0D%3Cbr%3EWalter%20Cogliandro%20def%20Ali%20Al%20Qaisi%20-%20Round%201%20(TKO)%0D%3Cbr%3E%3Cstrong%3EBantamweight%3C%2Fstrong%3E%0D%3Cbr%3ERenat%20Khavalov%20def%20Hikaru%20Yoshino%20-%20Round%202%20(TKO)%0D%3Cbr%3E%3Cstrong%3EFlyweight%3C%2Fstrong%3E%0D%3Cbr%3EVictor%20Nunes%20def%20Nawras%20Abzakh%20-%20Round%201%20(TKO)%0D%3Cbr%3E%3Cstrong%3EFlyweight%3C%2Fstrong%3E%0D%3Cbr%3EYamato%20Fujita%20def%20Sanzhar%20Adilov%20-%20Round%201%20(submission)%0D%3Cbr%3E%3Cstrong%3ELightweight%3C%2Fstrong%3E%0D%3Cbr%3EAbdullo%20Khodzhaev%20def%20Petru%20Buzdugen%20-%20Round%201%20(TKO)%0D%3Cbr%3E%3Cstrong%3ECatchweight%20139%20lbs%3C%2Fstrong%3E%0D%3Cbr%3ERazhabali%20Shaydullaev%20def%20Magomed%20Al-Abdullah%20-%20Round%202%20(submission)%0D%3Cbr%3E%3Cstrong%3EFlyweight%3C%2Fstrong%3E%0D%3Cbr%3ECong%20Wang%20def%20Amena%20Hadaya%20-%20Points%20(unanimous%20decision)%0D%3Cbr%3E%3Cstrong%3EMiddleweight%3C%2Fstrong%3E%0D%3Cbr%3EKhabib%20Nabiev%20def%20Adis%20Taalaybek%20Uulu%20-%20Round%202%20(submission)%0D%3Cbr%3E%3Cstrong%3ELight%20Heavyweight%3C%2Fstrong%3E%0D%3Cbr%3EBartosz%20Szewczyk%20def%20Artem%20Zemlyakov%20-%20Round%202%20(TKO)%3C%2Fp%3E%0A
THE%20HOLDOVERS
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'Saand Ki Aankh'
Produced by: Reliance Entertainment with Chalk and Cheese Films
Director: Tushar Hiranandani
Cast: Taapsee Pannu, Bhumi Pednekar, Prakash Jha, Vineet Singh
Rating: 3.5/5 stars
More on animal trafficking
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%206.5-litre%20V12%20and%20three%20electric%20motors%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E1%2C015hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E1%2C500Nm%20(estimate)%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%3C%2Fstrong%3E%20Eight-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Early%202024%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh2%20million%20(estimate)%3C%2Fp%3E%0A
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
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.”
MATCH INFO
What: Brazil v South Korea
When: Tonight, 5.30pm
Where: Mohamed bin Zayed Stadium, Abu Dhabi
Tickets: www.ticketmaster.ae
RIVER%20SPIRIT
%3Cp%3E%3Cstrong%3EAuthor%3A%20%3C%2Fstrong%3ELeila%20Aboulela%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Saqi%20Books%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPages%3A%3C%2Fstrong%3E%20320%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAvailable%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
ABU%20DHABI'S%20KEY%20TOURISM%20GOALS%3A%20BY%20THE%20NUMBERS
%3Cp%3EBy%202030%2C%20Abu%20Dhabi%20aims%20to%20achieve%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%2039.3%20million%20visitors%2C%3C%2Fstrong%3E%20nearly%2064%25%20up%20from%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%20Dh90%20billion%20contribution%20to%20GDP%2C%3C%2Fstrong%3E%20about%2084%25%20more%20than%20Dh49%20billion%20in%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%20178%2C000%20new%20jobs%2C%3C%2Fstrong%3E%20bringing%20the%20total%20to%20about%20366%2C000%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%2052%2C000%20hotel%20rooms%2C%3C%2Fstrong%3E%20up%2053%25%20from%2034%2C000%20in%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%207.2%20million%20international%20visitors%2C%3C%2Fstrong%3E%20almost%2090%25%20higher%20compared%20to%202023's%203.8%20million%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%203.9%20international%20overnight%20hotel%20stays%2C%3C%2Fstrong%3E%2022%25%20more%20from%203.2%20nights%20in%202023%3C%2Fp%3E%0A
Price, base / as tested From Dh173,775 (base model)
Engine 2.0-litre 4cyl turbo, AWD
Power 249hp at 5,500rpm
Torque 365Nm at 1,300-4,500rpm
Gearbox Nine-speed auto
Fuel economy, combined 7.9L/100km
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