The ever-changing skyline of the UAE's major cities is a daily reminder of ongoing development in the country's markets. But behind expanding cities, another aspect of the Emirates continuously evolves: its business environment. In recent years, the government has enacted new policies to make it easier for domestic and foreign companies to operate in the country, and ultimately make the UAE not just a market, but a commercial home.
Today, starting a business in Abu Dhabi just got a lot easier. Company set-up fees will be cut to Dh1,000 ($270), a reduction of 94 per cent. The new charges apply to six activities within the business licence. This will be a particular boost for smaller enterprises and start-ups, central pillars in the UAE's plans for economic growth, which do not have the same financial resources as bigger, global firms.
This is not an isolated reform. From ongoing changes in the country's visa system to attract talented professionals, to vast investment packages such as yesterday's news that Abu Dhabi Investment Office will provide $24.5 million in funding to help three technology companies develop their operations in the emirate, government is turning its attention to creating the conditions needed for a business to grow and thrive.
The agenda appears to be working. The value of foreign direct investment in the UAE, an indicator of a country's competitiveness, increased by 11 per cent last year to almost $20 billion. This makes it the 15th-largest recipient globally, an especially striking achievement given that global rates plunged by 35 per cent last year, according to UN numbers.
Helping business has become particularly important in a world locked down by Covid-19. Major disruption has hit most markets, and differing rates of recovery across the economy means diversification makes even more sense than before. Abu Dhabi has supported all sorts of companies throughout the pandemic with rent rebates, discounted bills, loan guarantee packages and wider plans to encourage economic growth through investment. The main goal of this programme is alleviating economic pain in the short to medium term, but commitment to business paves the way for positive change after the pandemic, too.
Government support throughout Covid-19 has been particularly important for small and medium-sized businesses, a key part of the UAE's economic development plan, but which due to their size are more vulnerable to financial shocks such as the pandemic. Last month, in a package that demonstrated the country's commitment to growing the number and strength of these firms, the government launched a series of initiatives, including business accelerators to create ties between family companies and start-ups, an academy to teach entrepreneurship to UAE residents and plans for an investment summit next March.
Private enterprise has taken the limelight throughout this years-long reform programme. But it is important to remember the symbiotic relationship between business and government, whose decisions make private sector growth possible. Most importantly, a competitive UAE is more than just a domestic success. It is a financial one for the region, boosting trade and offering jobs that are in short supply elsewhere. It shows countries across the Middle East that governments do not have to be an inherent part of the problem. Listening to the private sector and weighing in when necessary, especially in crises, is good practice that should be followed by all.
Greatest Royal Rumble match listing
50-man Royal Rumble -Â names entered so far include Braun Strowman, Daniel Bryan, Kurt Angle, Big Show, Kane, Chris Jericho, The New Day and Elias
Universal Championship Brock Lesnar (champion) v Roman Reigns in a steel cage match
WWE World Heavyweight ChampionshipAJ Styles (champion) v Shinsuke Nakamura
Intercontinental Championship Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe
United States Championship Jeff Hardy (champion) v Jinder Mahal
SmackDown Tag Team Championship The Bludgeon Brothers (champions) v The Usos
Raw Tag Team Championship (currently vacant)Â Cesaro and Sheamus v Matt Hardy and Bray Wyatt
Casket match The Undertaker v Rusev
Singles match John Cena v Triple H
Cruiserweight Championship Cedric Alexander v Kalisto
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
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Schedule:
Pakistan v Sri Lanka:
28 Sep-2 Oct, 1st Test, Abu Dhabi
6-10 Oct, 2nd Test (day-night), Dubai
13 Oct, 1st ODI, Dubai
16 Oct, 2nd ODI, Abu Dhabi
18 Oct, 3rd ODI, Abu Dhabi
20 Oct, 4th ODI, Sharjah
23 Oct, 5th ODI, Sharjah
26 Oct, 1st T20I, Abu Dhabi
27 Oct, 2nd T20I, Abu Dhabi
29 Oct, 3rd T20I, Lahore
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
What to watch out for:
Algae, waste coffee grounds and orange peels will be used in the pavilion's walls and gangways
The hulls of three ships will be used for the roof
The hulls will painted to make the largest Italian tricolour in the country’s history
Several pillars more than 20 metres high will support the structure
Roughly 15 tonnes of steel will be used
What is Diwali?
The Hindu festival is at once a celebration of the autumn harvest and the triumph of good over evil, as outlined in the Ramayana.
According to the Sanskrit epic, penned by the sage Valmiki, Diwali marks the time that the exiled king Rama – a mortal with superhuman powers – returned home to the city of Ayodhya with his wife Sita and brother Lakshman, after vanquishing the 10-headed demon Ravana and conquering his kingdom of Lanka. The people of Ayodhya are believed to have lit thousands of earthen lamps to illuminate the city and to guide the royal family home.
In its current iteration, Diwali is celebrated with a puja to welcome the goodness of prosperity Lakshmi (an incarnation of Sita) into the home, which is decorated with diyas (oil lamps) or fairy lights and rangoli designs with coloured powder. Fireworks light up the sky in some parts of the word, and sweetmeats are made (or bought) by most households. It is customary to get new clothes stitched, and visit friends and family to exchange gifts and greetings. Â
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