Cop 28 President Dr Sultan Al Jaber at the Cop Presidencies Troika event in New York. Photo: Cop28 UAE Presidency
Cop 28 President Dr Sultan Al Jaber at the Cop Presidencies Troika event in New York. Photo: Cop28 UAE Presidency
Cop 28 President Dr Sultan Al Jaber at the Cop Presidencies Troika event in New York. Photo: Cop28 UAE Presidency
Cop 28 President Dr Sultan Al Jaber at the Cop Presidencies Troika event in New York. Photo: Cop28 UAE Presidency

Cop28 President calls for ambitious global climate action plans


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The UAE will submit its new national climate action plan before November's Cop29 climate talks in Azerbaijan, Dr Sultan Al Jaber, Cop28 President and Minister of Industry and Advanced Technology, has said.

Speaking in New York on Thursday, Dr Al Jaber said the road map was ready months ahead of the February deadline and he urged others to follow suit.

Dr Al Jaber said the UAE’s submission will “cover all greenhouse gases and every sector of the economy, including energy, industry, transportation and waste”.

“It will leverage the latest technologies, including artificial intelligence, to drive decarbonisation and enhance adaptive resilience by transforming food, health and early warning systems,” he said. “And it will back all efforts with a robust legal framework that holds every sector accountable to specific, timebound goals.”

Dr Al Jaber was speaking at a Cop presidencies troika event on the sidelines of the UN General Assembly in New York.

The troika was established to ensure momentum from Cop28 continued through to Cop29 and Cop30 and Dr Al Jaber said it is primarily focused on stimulating the “highest level of ambition” in the next round of NDCs.

The Noor solar plant in Abu Dhabi. Dr Sultan Al Jaber said the UAE has more than doubled its renewable energy capacity since 2019. Pawan Singh / The National
The Noor solar plant in Abu Dhabi. Dr Sultan Al Jaber said the UAE has more than doubled its renewable energy capacity since 2019. Pawan Singh / The National

Utmost importance

Climate plans are known formally as nationally determined contributions (NDCs) and are five-year plans for how a country will reduce emissions, boost resilience and build a greener tomorrow.

Countries are required to publish their new NDCs next year, before Cop30 in Brazil in November 2025, as part of efforts to tackle man-made climate change and keep global temperatures from rising above the key 1.5ºC threshold. But 2023 the warmest year globally on record.

Countries at Cop28 agreed, for the first time, to transition away from fossil fuels. Burning fossil fuels is the primary driver of man-made climate change.

UN climate chief Simon Stiell has called this round of NDCs “among the most important policy documents produced so far this century”.

“We need every country to have a plan by 2025 and make progress on implementing them by 2030,” he said in June.

Dr Al Jaber, meanwhile, called on parties to present fresh NDCs that “meet the urgency of the moment” and represent a “comprehensive response plan” to Cop28. He said NDCs should be viewed “not as a burden” but as “platforms for new streams of growth, green jobs and a clean future”. Done right, they can leverage the three megatrends: the energy transition, the rise of AI, and the expansion of emerging markets.

The UAE has previously announced plans for net-zero emissions by 2050. Dr Al Jaber said the country has more than doubled its renewable energy capacity since 2019 and is on track to more than triple it by 2030.

“Let me take this opportunity to call on all parties to be early movers and to provide concrete signals on their NDCs by or before Cop29 to build momentum during this critical decade of action,” he said.

“Let’s deliver transformational NDCs backed by serious investment to deliver on the mandate of the UAE Consensus, and let’s drive a new era of sustainable socio-economic growth that keeps 1.5°C within reach, advances prosperity and leaves no one behind.”

Pressure on for Cop29

Cop29 will take place in Baku from November 11 to 22. Climate finance is expected to dominate the talks with countries still deadlocked on how to deliver more funds to help vulnerable countries adapt to climate change.

Cop29 president-designate Mukhtar Babayev earlier this month said some progress had been made but talks still risk falling short. Countries at the summit need to agree a new financial target to replace the $100 billion-a-year pledge from developed countries to developing countries. The financial target is formally known as the “new collective quantified goal” but parties remain in stalemate over how much to pay and who should be contributing.

Dr Al Jaber on Thursday said it was crucial countries agreed a new target at Cop29. Climate funds are sorely needed in developing countries who lack the financial power to switch from fossil fuels.

Dr Al Jaber referred to the Africa Green Investment Initiative, which is investing US$4.5 billion in renewable energy projects across the continent, and Alterra, the climate investment fund launched at Cop28, which has deployed US$6.5 billion with investors, as models “that can and should be replicated to enable green industrialisation and clean growth at scale and pace”.

Alongside the UAE Consensus, historic levels of funding were raised during Cop28, with $85 billion mobilised for climate action.

Inside the Cop28 climate talks – in pictures

  • People from all around the world, including the small island nation of Tuvalu, descend on Cop28 in Dubai. Chris Whiteoak / The National
    People from all around the world, including the small island nation of Tuvalu, descend on Cop28 in Dubai. Chris Whiteoak / The National
  • Performance artist Marius Diaconu leads a Unity Dance on the opening day at Expo City. Chris Whiteoak / The National
    Performance artist Marius Diaconu leads a Unity Dance on the opening day at Expo City. Chris Whiteoak / The National
  • British Foreign Secretary David Cameron at the second day of the summit. Chris Whiteoak / The National
    British Foreign Secretary David Cameron at the second day of the summit. Chris Whiteoak / The National
  • Visitors from Ecuador at the event. Chris Whiteoak / The National
    Visitors from Ecuador at the event. Chris Whiteoak / The National
  • The Saudi pavilion turned heads. Chris Whiteoak / The National
    The Saudi pavilion turned heads. Chris Whiteoak / The National
  • Protesters held flags reading: 'No climate justice without human rights.' Chris Whiteoak / The National
    Protesters held flags reading: 'No climate justice without human rights.' Chris Whiteoak / The National
  • Global cultures on full display on day three. Chris Whiteoak / The National
    Global cultures on full display on day three. Chris Whiteoak / The National
  • Sadhguru, founder and head of India's Isha Foundation, on day three. Khushnum Bhandari / The National
    Sadhguru, founder and head of India's Isha Foundation, on day three. Khushnum Bhandari / The National
  • Cop28 demonstrators call for a ceasefire in Gaza. Pawan Singh / The National
    Cop28 demonstrators call for a ceasefire in Gaza. Pawan Singh / The National
  • Brazil's popular pavilion. Chris Whiteoak / The National
    Brazil's popular pavilion. Chris Whiteoak / The National
  • Expo City's impressive dome at night. Chris Whiteoak / The National
    Expo City's impressive dome at night. Chris Whiteoak / The National
  • Commissioned artwork titled The Choice by Tristan Eaton at Expo City. Chris Whiteoak / The National
    Commissioned artwork titled The Choice by Tristan Eaton at Expo City. Chris Whiteoak / The National
  • Visitors young and old at the site. Chris Whiteoak / The National
    Visitors young and old at the site. Chris Whiteoak / The National
  • The summit is a global affair. Chris Whiteoak / The National
    The summit is a global affair. Chris Whiteoak / The National
  • Activists air their hopes at the site. Chris Whiteoak / The National
    Activists air their hopes at the site. Chris Whiteoak / The National
  • Local and international communities are working together to secure a greener future. Chris Whiteoak / The National
    Local and international communities are working together to secure a greener future. Chris Whiteoak / The National
  • Visitors arrive for day six of the summit. Chris Whiteoak / The National
    Visitors arrive for day six of the summit. Chris Whiteoak / The National
  • Young activists from Engajamundo protest about smog being created from deforestation in the Amazon. Chris Whiteoak / The National
    Young activists from Engajamundo protest about smog being created from deforestation in the Amazon. Chris Whiteoak / The National
  • Colours on display on day six. Chris Whiteoak / The National
    Colours on display on day six. Chris Whiteoak / The National
  • Members of a Sikh human rights group in attendence. Chris Whiteoak / The National
    Members of a Sikh human rights group in attendence. Chris Whiteoak / The National
  • Egyptian comic Bassem Youssef attends a talk on the sixth day. Chris Whiteoak / The National
    Egyptian comic Bassem Youssef attends a talk on the sixth day. Chris Whiteoak / The National
  • The Wake up experience with Sadhguru. Chris Whiteoak / The National
    The Wake up experience with Sadhguru. Chris Whiteoak / The National
  • The Wake up experience with Sadhguru. Chris Whiteoak / The National
    The Wake up experience with Sadhguru. Chris Whiteoak / The National
  • The first week of talks finished on a high, with hard negotiations planned for the second one. Khushnum Bhandari / The National
    The first week of talks finished on a high, with hard negotiations planned for the second one. Khushnum Bhandari / The National
  • Protestors call for a ban on fossil fuels. Khushnum Bhandari / The National
    Protestors call for a ban on fossil fuels. Khushnum Bhandari / The National
  • Day seven's Sustainable Fashion show. Pawan Singh / The National
    Day seven's Sustainable Fashion show. Pawan Singh / The National
  • Talks resumed on day nine, after a one-day break. Chris Whiteoak / The National
    Talks resumed on day nine, after a one-day break. Chris Whiteoak / The National
  • Friends for Future protest to phase out fossil fuels on day nine. Chris Whiteoak / The National
    Friends for Future protest to phase out fossil fuels on day nine. Chris Whiteoak / The National
  • Global Campaign to Demand Climate Justice also demonstrate. Chris Whiteoak / The National
    Global Campaign to Demand Climate Justice also demonstrate. Chris Whiteoak / The National
  • International visitors at the site on day 11. Chris Whiteoak / The National
    International visitors at the site on day 11. Chris Whiteoak / The National
  • People protest about 'no climate justice without human rights'. Chris Whiteoak / The National
    People protest about 'no climate justice without human rights'. Chris Whiteoak / The National
  • Mariam Almheiri, minister of Climate Change and Environment, speaks at the launch ceremony of the environmental identity. Chris Whiteoak / The National
    Mariam Almheiri, minister of Climate Change and Environment, speaks at the launch ceremony of the environmental identity. Chris Whiteoak / The National
  • Visitors watch the protests. Chris Whiteoak / The National
    Visitors watch the protests. Chris Whiteoak / The National
  • Day 11 at Cop28. Chris Whiteoak / The National
    Day 11 at Cop28. Chris Whiteoak / The National
  • Day 11 at Cop28. Chris Whiteoak / The National
    Day 11 at Cop28. Chris Whiteoak / The National
  • Indonesian dancers perform on day 12. Chris Whiteoak / The National
    Indonesian dancers perform on day 12. Chris Whiteoak / The National
  • Day 12 at Cop28. Chris Whiteoak / The National
    Day 12 at Cop28. Chris Whiteoak / The National
  • Negotiations remain under way on day 12. Chris Whiteoak / The National
    Negotiations remain under way on day 12. Chris Whiteoak / The National
  • Messages left at the Indonesian pavilion. Chris Whiteoak / The National
    Messages left at the Indonesian pavilion. Chris Whiteoak / The National
  • Protestors call for climate action to extend to food systems. Chris Whiteoak / The National
    Protestors call for climate action to extend to food systems. Chris Whiteoak / The National
  • Nuclear for Climate demonstrators. Chris Whiteoak / The National
    Nuclear for Climate demonstrators. Chris Whiteoak / The National
  • Dr Sultan Al Jaber, Cop28 President, arriving for the plenary session on day 14. Pawan Singh / The National
    Dr Sultan Al Jaber, Cop28 President, arriving for the plenary session on day 14. Pawan Singh / The National
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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Starring: Siddhant Chaturvedi, Triptii Dimri 

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iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
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iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649

iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179

Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.

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Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Director: Venkat Prabhu
Rating: 2/5
match info

Southampton 2 (Ings 32' & pen 89') Tottenham Hotspur 5 (Son 45', 47', 64', & 73', Kane 82')

Man of the match Son Heung-min (Tottenham)

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

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South Korea

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

Available: Now

Low turnout
Two months before the first round on April 10, the appetite of voters for the election is low.

Mathieu Gallard, account manager with Ipsos, which conducted the most recent poll, said current forecasts suggested only two-thirds were "very likely" to vote in the first round, compared with a 78 per cent turnout in the 2017 presidential elections.

"It depends on how interesting the campaign is on their main concerns," he told The National. "Just now, it's hard to say who, between Macron and the candidates of the right, would be most affected by a low turnout."

Know your Camel lingo

The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home

Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless

Asayel camels - sleek, short-haired hound-like racers

Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s

Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival

UAE currency: the story behind the money in your pockets
Business Insights
  • As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses. 
  • SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income. 
  • Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.

UAE squad

Rohan Mustafa (captain), Ashfaq Ahmed, Ghulam Shabber, Rameez Shahzad, Mohammed Boota, Mohammed Usman, Adnan Mufti, Shaiman Anwar, Ahmed Raza, Imran Haider, Qadeer Ahmed, Mohammed Naveed, Amir Hayat, Zahoor Khan

Sheer grandeur

The Owo building is 14 storeys high, seven of which are below ground, with the 30,000 square feet of amenities located subterranean, including a 16-seat private cinema, seven lounges, a gym, games room, treatment suites and bicycle storage.

A clear distinction between the residences and the Raffles hotel with the amenities operated separately.

World record transfers

1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m

Henrik Stenson's finishes at Abu Dhabi HSBC Championship:

2006 - 2
2007 - 8
2008 - 2
2009 - MC
2010 - 21
2011 - 42
2012 - MC
2013 - 23
2014 - MC
2015 - MC
2016 - 3
2017 - 8

MATCH INFO

Uefa Champions League semi-finals, first leg
Liverpool v Roma

When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome

Updated: September 26, 2024, 5:01 PM