Al Naimi quits as Taqa head


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Abdulla Al Nuaimi has stepped down as the chief executive of Taqa, the Abu Dhabi energy investment vehicle.

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Mr Al Nuaimi was appointed to the post with Abu Dhabi National Energy (Taqa) last year after the departure of its previous head. Yesterday the company said Carl Sheldon, the general manager, would run the company, without naming a successor.

"No decision was made regarding the CEO position, and it's not a thing we're focusing on," said Mohammed Mubaideen, the investor relations manager at Taqa. "The thing we are focusing is who will run the company, and that is Carl Sheldon."

Taqa is 75 per cent owned by Abu Dhabi Water and Electricity Authority (Adwea) and the remainder is floated on the Abu Dhabi Securities Exchange.

The appointment of Mr Al Nuaimi, a top Adwea official, as Taqa's chief executive, reflected a desire to bring the investment company closer to the fold.

Mr Al Nuaimi was sent to Taqa in April last year to run the company after Peter Barker-Homek, its former chief executive, resigned. During his three years at the helm, Mr Barker-Homek led the company on an acquisition drive, buying US$25 billion (Dh91.82bn) worth of assets from Canada to the Caribbean.

After his departure in October 2009, Taqa executives outlined a strategy that emphasised consolidating existing holdings and focusing on more central geographic regions such as the Middle East and North Africa.

They sold off fringe holdings, such as a stake in a company that owned hydroelectric dams and electricity infrastructure in Jamaica and Trinidad and Tobago.

Taqa said Mr Al Nuaimi's move came as a result of a desire to focus more on his role at Adwea, where he is director general. He will remain vice chairman of Taqa's board.

Yesterday's announcement came as Taqa considers its options with $1.5bn of debt that will mature in October.

"Taking into consideration that interest rates are very low and there is a lot of liquidity in the markets, even a lot of investors were asking us to issue now," said Mr Mubaideen. "We have to look at the market situation."

Last December the company secured a $3bn revolving credit facility, which will be enough to cover the maturing debt if Taqa chooses, he added.

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Abu Dhabi GP schedule

Friday: First practice - 1pm; Second practice - 5pm

Saturday: Final practice - 2pm; Qualifying - 5pm

Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm

Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

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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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  • Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
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Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz

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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 

Five ways to get fit like Craig David (we tried for seven but ran out of time)

Start the week as you mean to go on. So get your training on strong on a Monday.

Train hard, but don’t take it all so seriously that it gets to the point where you’re not having fun and enjoying your friends and your family and going out for nice meals and doing that stuff.

Think about what you’re training or eating a certain way for — don’t, for example, get a six-pack to impress somebody else or lose weight to conform to society’s norms. It’s all nonsense.

Get your priorities right.

And last but not least, you should always, always chill on Sundays.

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