The AI Infrastructure Partnership, an artificial intelligence consortium backed by Abu Dhabi-based technology company MGX, received a significant boost on Wednesday with the addition of Nvidia and xAI.
The two US technology giants will be joining BlackRock and Microsoft, which first announced support for the infrastructure investment partnership back in 2024.
That partnership seeks to raise up to $100 billion to enhance the future of AI to develop new data centres and increase the capabilities of existing centres in the US and partner countries.
The announcement coincides with a visit to Washington by Sheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi and National Security Adviser, during which he has met US President Donald Trump, senior members of his administration and business leaders.
Initially, AIP plans to secure $30 billion in private equity from investors, asset owners and companies, which will grow to $100 billion in total investment with the inclusion of debt financing.
“Together, we look forward to focusing on our joint ambition to enhance AI innovation and economic growth,” said AIP chief executive Bayo Ogunlesi.
According to a news release by Wam, GE Vernova and NextEra Energy have also agreed to collaborate with AIP to accelerate the scaling of energy solutions for AI data centres as part of the project.
“Artificial intelligence is not just an industry of the future, it underpins the future. As we welcome new partners to the AI Infrastructure Partnership, we will accelerate innovation and technological breakthroughs to achieve transformational productivity gains across the global economy,” said Sheikh Tahnoon. "Our singular focus is accelerating AI’s responsible and inclusive development for the benefit of humanity.”
Jensen Huang, founder and chief executive of Nvidia, also commented on the announcement.
“The global buildout of AI infrastructure will benefit every company and country that wants to achieve economic growth and unlock solutions to the world’s greatest challenges,” he said.
“AI factories built on Nvidia's full-stack AI infrastructure will convert data into intelligence that will accelerate every industry and help society achieve unimaginable breakthroughs.”
Larry Fink, chairman and chief executive of BlackRock, expressed enthusiasm for the addition of Nvidia and xAI, and said that the partnership “demonstrates the powerful combination of BlackRock’s global relationships with AIP's infrastructure capabilities".
According to the news release announcing the inclusion of Nvidia and xAI, “the addition of both companies reinforces AIP’s commitment to scaling an open-architecture platform and fostering a broad ecosystem that supports a diverse range of partners on a non-exclusive basis".
UAE currency: the story behind the money in your pockets
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
