US software company Oracle opened a technology collaboration centre in Abu Dhabi that aims to help public and private sector organisations leverage the use of emerging technology to boost their bottom lines.
The Al Mustaqbal Oracle Innovation Hub on Reem Island will promote the integration of innovation into companies to streamline their cost and operational efficiencies, the Texas-based company said at the launch on Wednesday.
It will focus on artificial intelligence, machine learning and the Internet of Things, as well as supporting the development of the UAE capital’s knowledge economy.
The hub is part of Oracle’s continued investment in the UAE and the second after the Zayed Innovation Hub in Dubai. The company declined to disclose the investment cost of the centre.
Representatives from Abu Dhabi government entities attended the launch, including from the Ministry of Interior, the Department of Finance, the Abu Dhabi Digital Authority (ADDA), Abu Dhabi Customs, the Human Resources Authority and sovereign wealth fund Mubadala.
“Data is the beginning,” Mohamed Al Askar, director general of the ADDA, said in a keynote. "We spend huge time using technology, changing and impacting our interaction. The journey will never stop.
“We always want to explore and do something new. And along that journey and transformation we always seek the right partners.”
GCC states are attracting a large number of global technology companies because of the rise of tech-focused young consumers and an evolving digital landscape in the region.
Data centre companies have been a key factor in helping economies keeping in step with the rapidly-evolving digital landscape.
The UAE is ranked first in the Middle East in the 2021 edition of the Global Innovation Index, cementing its status as among the world’s leading countries in adopting the latest technology.
Oracle and a host of other global technology companies have flocked to the Emirates to set up various facilities to support the country's technological push.
The company currently has 33 cloud regions globally, with three in the Middle East, and the most recent one opened in Abu Dhabi last November. The Jeddah and Dubai regions were inaugurated in 2020.
Microsoft and Amazon, among the world's most valuable companies, have also opened their respective cloud regions in the UAE.
"We are seeing an increasing demand on how the government and the private sector leverages data and analytics," Leopoldo Boado, senior vice president for business applications at Oracle, told The National.
"The main challenge is how we use and take advantage of the value of this data. Data centres have that maximum level of security and sovereignty."
The global cloud computing market was valued at $368.97 billion in 2021 and is projected to grow at a compound annual rate of almost 16 per cent from 2022 to 2030, according to Grand View Research.
Global spending on public cloud services, meanwhile, is expected to rise by more than 20 per cent annually to $495bn this year — nearly $84bn more than what was spent in 2020 — and hit $600bn in 2023, according to research firm Gartner.
The UAE provides the ecosystem, talent and support to explore innovation. We always want to be the first in digital transformation
Mohamed Al Askar,
director general of the Abu Dhabi Digital Authority
Additionally, the Ministry of Industry and Advanced Technology had announced that it would adopt the Smart Industry Readiness Index, the global standard used by the World Economic Forum, to help local companies use Fourth Industrial Revolution technology to boost productivity and their contribution to the economy.
Oracle's new innovation hub aims to help public entities and private businesses to co-innovate to be able to capture the new opportunities in the market, Mr Boado said.
“There is a big shift right now among chief financial officers, mainly on cost reductions. The main focus is on the top line and how they can increase revenues."
In addition to corporates, the programme will also support start-ups and small and medium enterprises, both of which are major pillars of the UAE's economic engine.
Mr Al Askar said: “The UAE provides the ecosystem, talent and support to explore innovation. We always want to be the first in digital transformation."
SERIE A FIXTURES
All times UAE ( 4 GMT)
Saturday
Roma v Udinese (5pm)
SPAL v Napoli (8pm)
Juventus v Torino (10.45pm)
Sunday
Sampdoria v AC Milan (2.30pm)
Inter Milan v Genoa (5pm)
Crotone v Benevento (5pm)
Verona v Lazio (5pm)
Cagliari v Chievo (5pm)
Sassuolo v Bologna (8pm)
Fiorentina v Atalanta (10.45pm)
Key Points
- Protests against President Omar Al Bashir enter their sixth day
- Reports of President Bashir's resignation and arrests of senior government officials
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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
Indika
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Company%20Profile
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The biog
Simon Nadim has completed 7,000 dives.
The hardest dive in the UAE is the German U-boat 110m down off the Fujairah coast.
As a child, he loved the documentaries of Jacques Cousteau
He also led a team that discovered the long-lost portion of the Ines oil tanker.
If you are interested in diving, he runs the XR Hub Dive Centre in Fujairah
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Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
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The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
In Full Flight: A Story of Africa and Atonement
John Heminway, Knopff
Results
5pm: Maiden (PA) Dh80,000 (Turf) 1,200m, Winner: ES Rubban, Antonio Fresu (jockey), Ibrahim Aseel (trainer)
5.30pm: Handicap (PA) Dh85,000 (T) 1,200m, Winner: Al Mobher, Sczcepan Mazur, Ibrahim Al Hadhrami
6pm: Handicap (PA) Dh80,000 (T) 2,200m, Winner: Jabalini, Tadhg O’Shea, Ibrahim Al Hadhrami
6.30pm: Wathba Stallions Cup (PA) Dh70,000 (T) 2,200m, Winner: AF Abahe, Tadgh O’Shea, Ernst Oertel
7pm: Handicap (PA) Dh85,000 (T) 1,600m, Winner: AF Makerah, Tadhg O’Shea, Ernst Oertel
7.30pm: Maiden (TB) Dh80,000 (T) 1,600m, Winner: Law Of Peace, Tadhg O’Shea, Satish Seemar
Countries recognising Palestine
France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
