Mohammed Alardhi is the executive chairman of Investcorp, chairman of Muscat Stock Exchange MSX and chairman of Royal Jet
October 14, 2021
In the past couple of decades, countries in the Gulf Cooperation Council (GCC) have channeled resources to diversify their economies and reduce their reliance on oil. I have always stressed the importance of tourism when it comes to the growth of countries in the region. The industry can evolve with the times and drive economic targets.
The world is now recovering from the fallout from Covid-19. According to a report published by the World Tourism Organisation (WTO), tourism is one of the sectors that has suffered the worst of the pandemic, with an 84 per cent decline in international arrivals between March and December 2020. WTO estimates that economic losses in the industry could reach up to $4 trillion in 2021.
Ferrari World Abu Dhabi has a series of attractions designed especially for children. Reem Mohammed / The National
A group kayaks in Abu Dhabi's Eastern Mangroves. Courtesy TCA Abu Dhabi
We must also consider that the past two years have been stressful for most, if not all, people across the world. Many people would be looking for accessible travel and recreational experiences. There is an opportunity to deliver packages that address this demand and help uplift spirits of travellers who have been limited by restrictions and demands of the pandemic.
Virtual reality tourism options can be brought to airports for travellers short on time
Many countries in the GCC are on their way to restart tourism, as the UAE and Oman have begun allowing travellers from all parts of the world, provided they have been fully vaccinated. Hopefully other countries will follow suit. The Gulf countries are uniquely placed, bridging East and West. The region has made enormous progress and boasts rich culture and heritage, along with plenty of tourist attractions to suit every age and interest.
One lesson from the pandemic is to innovate and adapt quickly to changing times. In the context of tourism, this could give rise to ideas that could help grow the industry and spearhead change.
Financial institutions in the Middle East must take advantage of the potential of the tourism industry and offer support to service providers to invest in resources, which would subsequently contribute towards growth. Players within the travel and tourism sectors can form regional partnerships to tailor packages that suit today’s traveller.
From the roses of Taif to stargazing on Moon Mountain, Saudi Arabia has plenty of unique experiences to offer visitors. Photo: Saudi Tourism Authority
The tech industry also benefits through collaborations with travel providers. The pandemic has led more travellers to virtual reality experiences. Countries like Germany and the Maldives have begun offering a series of virtual experiences to those unable to travel.
Now that a large percentage of the world’s population has been vaccinated and open to overseas travel, virtual reality options can be brought to airports and hotels for tourists who want to see it all but have limited days or other constraints. This will be especially useful for business travellers and transit passengers, who may not have enough time to visit attractions in person.
Collaborations with players outside the region, adoption of best practices from across the globe and targeted marketing campaigns to promote experiences the Gulf can contribute to tourist traffic.
Of course, we must not discount the region’s popularity as a destination for industry and trade events, especially given the launch of Expo 2020 Dubai. Businesses from several countries across various sectors are gathering to partner with others who have also suffered the fall-out of the pandemic.
Visitors to the Oman pavilion on the 10th day of Expo 2020, Dubai.
Expo 2020 Dubai is home to 10 chefs from the GCC. They include (from second left to right) Chef Nader Al Aisari from Oman and Qatar's Mohammad Najem. Victor Besa / The National
The theme of "Opportunity, Mobility and Sustainability" is very pertinent to our times and is a golden opportunity for nations in the GCC and the wider Arab region to demonstrate strengths and opportunities to potential partners.
The Oman pavilion is inspired by our nation’s iconic frankincense tree, or the luban in Arabic, and showcases the Sultanate’s socio-economic journey, inviting guests to learn from and engage with Omanis, who are keen to share their history, achievements and aspirations.
I am also proud to share that Investcorp, a leading global asset management firm, where I serve as executive chairman, is present at the Expo 2020 Dubai, offering opportunities for investors looking for asset managers with a nuanced understanding of the Arab region.
I anticipate many fruitful conversations, ideas and business deals coming out of Expo 2020 Dubai. It would be an excellent opportunity and in keeping with the theme for attendees in our region to brainstorm with representatives of tourism sectors in the GCC, network and use this platform to learn more about best practices from across the globe.
Recent times have presented challenges not witnessed earlier. Leaders in our region, however, have responded well to the pandemic and it is now time for citizens, public and private organisations to work towards a sustainable recovery.
The GCC has many jewels in its crown that make for an enriching tourism experience – from natural beauty and rich heritage to world-class resorts and attractions. If we pool the best of our resources we can respond to market needs and develop solutions that catalyse growth in tourism and strengthen our economies.
ENGLAND SQUAD
Joe Root (c), Moeen Ali, Jimmy Anderson, Jonny Bairstow, Stuart Broad, Jos Buttler, Alastair Cook, Sam Curran, Keaton Jennings, Ollie Pope, Adil Rashid, Ben Stokes, James Vince, Chris Woakes
'Ghostbusters: From Beyond'
Director: Jason Reitman
Starring: Paul Rudd, Carrie Coon, Finn Wolfhard, Mckenna Grace
The flights
Emirates and Etihad fly direct to Nairobi, with fares starting from Dh1,695. The resort can be reached from Nairobi via a 35-minute flight from Wilson Airport or Jomo Kenyatta International Airport, or by road, which takes at least three hours.
The rooms
Rooms at Fairmont Mount Kenya range from Dh1,870 per night for a deluxe room to Dh11,000 per night for the William Holden Cottage.
Fixtures and results:
Wed, Aug 29:
Malaysia bt Hong Kong by 3 wickets
Oman bt Nepal by 7 wickets
UAE bt Singapore by 215 runs
Thu, Aug 30: UAE v Nepal; Hong Kong v Singapore; Malaysia v Oman
Sat, Sep 1: UAE v Hong Kong; Oman v Singapore; Malaysia v Nepal
Sun, Sep 2: Hong Kong v Oman; Malaysia v UAE; Nepal v Singapore
Tue, Sep 4: Malaysia v Singapore; UAE v Oman; Nepal v Hong Kong
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
Born in Dibba, Sharjah in 1972.
He is the eldest among 11 brothers and sisters.
He was educated in Sharjah schools and is a graduate of UAE University in Al Ain.
He has written poetry for 30 years and has had work published in local newspapers.
He likes all kinds of adventure movies that relate to his work.
His dream is a safe and preserved environment for all humankind.
His favourite book is The Quran, and 'Maze of Innovation and Creativity', written by his brother.
Pearls on a Branch: Oral Tales
Najlaa Khoury, Archipelago Books
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
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Premier League results
Saturday
Tottenham Hotspur 1 Arsenal 1
Bournemouth 0 Manchester City 1
Brighton & Hove Albion 1 Huddersfield Town 0
Burnley 1 Crystal Palace 3
Manchester United 3 Southampton 2
Wolverhampton Wanderers 2 Cardiff City 0
West Ham United 2 Newcastle United 0
Sunday
Watford 2 Leicester City 1
Fulham 1 Chelsea 2
Everton 0 Liverpool 0
Cryopreservation: A timeline
Keyhole surgery under general anaesthetic
Ovarian tissue surgically removed
Tissue processed in a high-tech facility
Tissue re-implanted at a time of the patient’s choosing
Full hormone production regained within 4-6 months
Leading all-time NBA scorers
Kareem Abdul-Jabbar 38,387
Karl Malone 36,928
Kobe Bryant 33,643
Michael Jordan 32,292
LeBron James 31,425
Wilt Chamberlain 31,419
How much sugar is in chocolate Easter eggs?
The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
The Cadbury Creme Egg contains 26g of sugar per 40g egg
The biog
Date of birth: 27 May, 1995
Place of birth: Dubai, UAE
Status: Single
School: Al Ittihad private school in Al Mamzar
University: University of Sharjah
Degree: Renewable and Sustainable Energy
Hobby: I enjoy travelling a lot, not just for fun, but I like to cross things off my bucket list and the map and do something there like a 'green project'.
'Top Gun: Maverick'
Rating: 4/5
Directed by: Joseph Kosinski
Starring: Tom Cruise, Val Kilmer, Jennifer Connelly, Jon Hamm, Miles Teller, Glen Powell, Ed Harris
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
