Abu Dhabi Global Market and the International Association for Trusted Blockchain Applications have signed a preliminary agreement to establish a chapter of Inatba, a global blockchain body, in the Middle East and North Africa to foster collaboration between the public and private sectors.
Under the agreement, signed at FinTech Abu Dhabi, ADGM will help the trade association to establish relationships with companies, regulators and government stakeholders in the UAE and the wider region. Brussels-based Inatba, in turn, will lead policy engagement on behalf of ADGM members.
Inatba’s flagship event, Convergence 2.0, is planned to take place in the UAE next year.
“We have seen Inatba’s work with the European Commission and European Parliament, and are excited to establish similar relationships with regional regulatory bodies,” Juma Al Hameli, chief strategy and business development officer of ADGM, said in a statement on Wednesday.
The UAE's adoption of blockchain, FinTech and crypto technologies is continuously growing, with Abu Dhabi implementing frameworks to help it become an attractive jurisdiction for companies in these sectors.
Innovation is a key part of the nation’s economic strategy in the midst of digital transformation. A study from PricewaterhouseCoopers shows that blockchain has the potential to boost global gross domestic product by about $1.76 trillion over the next decade.
“Abu Dhabi is a hub for innovation and financial development. This partnership will be instrumental in strengthening our role as global convener of the blockchain system and establishing new relationships with government bodies,” Marc Taverner, executive director of Inatba, said.
ADGM promotes economic and financial sector growth through a world-class innovation centre. Its four independent authorities – the ADGM Authority, the Registration Authority, the Financial Services Regulatory Authority and ADGM Courts – ensure that the centre’s business-friendly environment operates in line with international best practices, recognised by major financial centres worldwide.
We have seen Inatba’s work with the European Commission and European Parliament and are excited to establish similar relationships with regional regulatory bodies
Juma Al Hameli,
chief strategy and business development officer of Abu Dhabi Global Market
At FinTech Abu Dhabi, ADGM’s chairman, Ahmed Al Zaabi, said it is introducing a number of new initiatives to boost its growth and attract more companies to the capital’s financial centre.
Inatba convenes industry stakeholders, start-ups, SMEs, policymakers, international organisations, regulators, civil society and standard-setting bodies to support blockchain and distributed ledger technology to be mainstreamed and scaled up in sectors worldwide.
It promotes the use of blockchain technology by developing transparent and trust-based global frameworks across relevant topics in DLT, including finance, social impact and standards.
The biog
Hobbies: Salsa dancing “It's in my blood” and listening to music in different languages
Favourite place to travel to: “Thailand, as it's gorgeous, food is delicious, their massages are to die for!”
Favourite food: “I'm a vegetarian, so I can't get enough of salad.”
Favourite film: “I love watching documentaries, and am fascinated by nature, animals, human anatomy. I love watching to learn!”
Best spot in the UAE: “I fell in love with Fujairah and anywhere outside the big cities, where I can get some peace and get a break from the busy lifestyle”
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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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Russia's Muslim Heartlands
Dominic Rubin, Oxford
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
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