The administration of US President Joe Biden has thanked the UAE and Saudi Arabia for joining this week’s climate summit, saying Gulf oil exporters were key to keeping global temperature rises under control.
Two senior officials from the Biden administration told The National that the two Gulf countries were fast becoming innovators in cutting emissions of planet-heating gases.
Sheikh Mohammed bin Rashid, the UAE Vice President and Ruler of Dubai, and Saudi Arabia's King Salman are due to take part in Mr Biden's online Leaders Summit on Climate which takes place on Thursday and Friday.
One official highlighted the UAE’s advanced water management technology and Saudi Arabia’s transition from a crude exporter to capturing solar rays and powering its $793 billion economy with hydrogen as "part of the solution" to the crisis.
“It doesn't matter if you're in Australia or the US, the UAE or Saudi Arabia, you're going to have to figure out how you move an economy that is partially reliant on carbon-intensive activities, to one that is not,” the official said.
Mr Biden’s summit will bring together leaders from 40 countries to drive global momentum to tackle climate change before the UN's Cop26 meeting in Glasgow in November.
The 2015 Paris Agreement had most world governments pledge to cut emissions of carbon dioxide and other planet-heating gases and keep global warming under 2°C above pre-industrial levels, and even 1.5°C.
The planet has so far warmed by 1.2°C and is headed for at least 3°C this century, raising the risk of wildfires, droughts, floods, hurricanes and other disasters that could force millions of people from their homes.
“If we're going to reach the 1.5°C aspirational goal ... it's going to require particularly oil-producing nations and others to decarbonise, to support decarbonisation and to invest in many of these solutions,” another official said.
The summit offers the US a chance to rejoin global efforts on climate change after the Trump administration pulled the country from the Paris deal and dismantled environmental regulations.
Mr Biden is expected to unveil America’s new carbon-emission targets at the summit and pledge money to help smaller economies fight climate change and adapt to a warmer planet.
The US and China, the world’s two biggest carbon polluters, agreed to co-operate on climate change before the summit, in which Chinese President Xi Jinping will take part.
The EU on Wednesday agreed on a major climate change law to reduce net emissions by at least 55 per cent by the end of the decade from 1990 levels.
The summit comes only weeks after US special envoy for climate John Kerry visited the UAE for the Mena Regional Climate Dialogue in Abu Dhabi.
Teenage environmental activist Greta Thunberg this week cast doubt on the US climate summit, saying world leaders were not truly treating the “crisis as a crisis”.
“Lots of insufficient climate ‘targets’ and ‘pledges’ being presented … they equal surrender on the 1.5°C target," Ms Thunberg tweeted on Wednesday.
"Same facts pretty much apply to all high-income nations."
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
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UAE currency: the story behind the money in your pockets
more from Janine di Giovanni
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
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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
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BIG SPENDERS
Premier League clubs spent £230 million (Dh1.15 billion) on January transfers, the second-highest total for the mid-season window, the Sports Business Group at Deloitte said in a report.
Takreem Awards winners 2021
Corporate Leadership: Carl Bistany (Lebanon)
Cultural Excellence: Hoor Al Qasimi (UAE)
Environmental Development and Sustainability: Bkerzay (Lebanon)
Environmental Development and Sustainability: Raya Ani (Iraq)
Humanitarian and Civic Services: Women’s Programs Association (Lebanon)
Humanitarian and Civic Services: Osamah Al Thini (Libya)
Excellence in Education: World Innovation Summit for Education (WISE) (Qatar)
Outstanding Arab Woman: Balghis Badri (Sudan)
Scientific and Technological Achievement: Mohamed Slim Alouini (KSA)
Young Entrepreneur: Omar Itani (Lebanon)
Lifetime Achievement: Suad Al Amiry (Palestine)
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
More from Neighbourhood Watch
More on Quran memorisation:
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
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Torque: 678Nm at 7,250rpm
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- 600-seat auditorium
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- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
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