Jaap Kalkman is Group Chief Investment Officer at ADQ
September 30, 2022
From fresh produce and pharmaceuticals to parcels and packaged goods, consumers, businesses and governments all rely on complex supply chains for essential goods that stimulate trade.
Logistics is at the doorstep of a digital revolution. Advanced technology must be included at every step of the supply chain to increase efficiency and create a resilient economy.
It is critically needed. Recent supply chain disruption has limited the availability of certain products. The Ports of Los Angeles and Long Beach saw a record 105 container ships waiting to berth in January 2022. To illustrate the danger of such delays, it is worth remembering that around 90 per cent of global trade moves by sea. In many parts of the world, logistics still relies heavily on manual, paper-based processes that other industries have largely phased out. The sheer complexity of global supply chains makes these old approaches particularly cumbersome.
Although the logistics sector globally is grappling with immediate challenges, these disruptions have acted as catalysts for innovation that can release such bottlenecks.
Semiconducter manufacturing, crucial for modern industry, is reeling from supply chain disruption. Getty
The UAE’s cutting-edge ports infrastructure, technology capabilities and favourable location – the country is within an 8-hour flight of 80 per cent of the world’s population – makes it an attractive place to test smarter supply chains.
According to the UAE’s Ministry of Economy, trade in recent years has been growing at record levels. Non-oil foreign trade achieved a record-breaking milestone in the first half of 2022, exceeding Dh1 trillion – a growth rate 17 per cent higher than the second half of 2021. The UAE’s non-oil exports achieved approximately Dh180 billion for the first time in history during the same period.
As people were forced to work remotely during the pandemic, consumer spending increased, placing greater pressure on supply chains. The acceleration of e-commerce and digital transformation over the past two years has encouraged logistics companies to prioritise modern practices such as automation, internet of things and blockchain.
Progress is being made. Abu Dhabi’s HOPE Consortium is an example. It brought together partners such as Department of Health – Abu Dhabi, Etihad Cargo, AD Ports Group, Rafed and SkyCell to distribute vaccines globally. Further afield, the Port of Los Angeles co-created the first port community information sharing system in the US.
Investment is critical to loosening bottlenecks and getting more success of this kind. A recent report found that most organisations transitioning from linear to digitised supply chains saved around 7 per cent on costs and generated almost 8 per cent more revenue annually.
ADQ, an Abu Dhabi-based investment and holding company that focuses on Mobility and Logistics, is playing a leading role in the digital transformation of the Middle East’s supply chains.
The UAE's ports occupy a particularly strategic position. Getty
One of ADQ’s portfolio companies, AD Ports Group, which generated 21 per cent of Abu Dhabi’s non-oil GDP and created more than 210,000 jobs nationwide in 2021, was recently listed on the Abu Dhabi Securities Exchange to accelerate growth and position Abu Dhabi as a premier logistics and transport hub. AD Ports Group’s implemented the first purpose-built Port Community System (PCS) in the UAE, which is an electronic platform that optimises, manages and automates logistics through a single submission of data.
AD Ports Group is already making substantial investments in promoting a data-driven supply chains. Through Maqta Gateway, the Group has completed more than 30 million online transactions and is developing the Advanced Trade & Logistics Platform that will integrate trade via sea, land, air, rail and zones in Abu Dhabi. Building on these investments, Maqta Gateway also launched Margo, the UAE’s digital marketplace for logistics. This one-stop portal further enables consumers to import goods.
Increasing resilience in the supply chain is imperative to withstand economic volatility and promote efficiency in the global logistics industry. While the immediate benefits are a reduction in trade costs and quicker shipment, it also enhances trade that bolsters economic resilience.
Harmonising the flow and reporting of electronic information is a great first step towards digitising the global supply chain. The efficient and valuable handling of digital information, however, is fully reliant on systems that are inter-operative and fully compliant with regulations. Multimodal supply chain integration can only be achieved if the logistics sector prioritises and encourages public-private-partnerships between all the parties involved in the global supply chains, including ports, logistics companies, freight forwarders, customs authorities and governments.
We also cannot ignore investment of developing homegrown knowledge and skills. Capitalising on the UAE’s strategic location, robust infrastructure and distribution channels will help ensure supplies are uninterrupted.
At the core, there is a great opportunity to invest in a resilient supply chain and drive leadership in a sector that strengthens global trade. In doing so, it will reinforce Abu Dhabi and the UAE as facilitators of growth both at home and abroad.
At one point, two feature films were in the works, but only German director Werner Herzog’s project starring Nicole Kidman would be made. While there were high hopes he would do a worthy job of directing the biopic, when Queen of the Desert arrived in 2015 it was a disappointment. Critics panned the film, in which Herzog largely glossed over Bell’s political work in favour of her ill-fated romances.
A documentary
A project that did do justice to Bell arrived the next year: Sabine Krayenbuhl and Zeva Oelbaum’s Letters from Baghdad: The Extraordinary Life and Times of Gertrude Bell. Drawing on more than 1,000 pieces of archival footage, 1,700 documents and 1,600 letters, the filmmakers painstakingly pieced together a compelling narrative that managed to convey both the depth of Bell’s experience and her tortured love life.
Books, letters and archives
Two biographies have been written about Bell, and both are worth reading: Georgina Howell’s 2006 book Queen of the Desert and Janet Wallach’s 1996 effort Desert Queen. Bell published several books documenting her travels and there are also several volumes of her letters, although they are hard to find in print. Original documents are housed at the Gertrude Bell Archive at the University of Newcastle, which has an online catalogue.
1. Sebastian Vettel, Ferrari 1:39:46.713
2. Kimi Raikkonen, Ferrari 00:00.908
3. Valtteri Bottas, Mercedes-GP 00:12.462
4. Lewis Hamilton, Mercedes-GP 00:12.885
5. Max Verstappen, Red Bull Racing 00:13.276
6. Fernando Alonso, McLaren 01:11.223
7. Carlos Sainz Jr, Toro Rosso 1 lap
8. Sergio Perez, Force India 1 lap
9. Esteban Ocon, Force India 1 lap
10. Stoffel Vandoorne, McLaren 1 lap
11. Daniil Kvyat, Toro Rosso 1 lap
12. Jolyon Palmer, Renault 1 lap
13. Kevin Magnussen, Haas 1 lap
14. Lance Stroll, Williams 1 lap
15. Pascal Wehrlein, Sauber 2 laps
16. Marcus Ericsson, Sauber 2 laps
17r. Nico Huelkenberg, Renault 3 laps
r. Paul Di Resta, Williams 10 laps
r. Romain Grosjean, Haas 50 laps
r. Daniel Ricciardo, Red Bull Racing 70 laps
Results:
2.15pm: Handicap (PA) Dh60,000 1,200m.
Winner: AZ Dhabyan, Adam McLean (jockey), Saleha Al Ghurair (trainer).
2.45pm: Maiden (PA) Dh60,000 1,200m.
Winner: Ashton Tourettes, Sam Hitchcott, Ibrahim Aseel.
3.15pm: Conditions (PA) Dh60,000 2,000m.
Winner: Hareer Al Reef, Gerald Avranche, Abdallah Al Hammadi.
3.45pm: Maiden (PA) Dh60,000 1,700m.
Winner: Kenz Al Reef, Gerald Avranche, Abdallah Al Hammadi.
4.15pm: Sheikh Ahmed bin Rashid Al Maktoum Cup (TB) Dh 200,000 1,700m.
Winner: Mystique Moon, Sam Hitchcott, Doug Watson.
4.45pm: The Crown Prince Of Sharjah Cup Prestige (PA) Dh200,000 1,200m.
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Individuals must register on UAE Drone app or website using their UAE Pass
Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
Upload the training certificate from a centre accredited by the GCAA
Submit their request
What are the regulations?
Fly it within visual line of sight
Never over populated areas
Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
Users must avoid flying over restricted areas listed on the UAE Drone app
Only fly the drone during the day, and never at night
Should have a live feed of the drone flight
Drones must weigh 5 kg or less
How to increase your savings
Have a plan for your savings.
Decide on your emergency fund target and once that's achieved, assign your savings to another financial goal such as saving for a house or investing for retirement.
Decide on a financial goal that is important to you and put your savings to work for you.
It's important to have a purpose for your savings as it helps to keep you motivated to continue while also reducing the temptation to spend your savings.
- Carol Glynn, founder of Conscious Finance Coaching
Engine: 4.0-litre twin-turbo V8 plus rear-mounted electric motor
Power: 843hp at N/A rpm
Torque: 1470Nm N/A rpm
Transmission: 9-speed auto
Fuel consumption: 8.6L/100km
On sale: October to December
Price: From Dh875,000 (estimate)
What is tokenisation?
Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets.
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
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany - At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people - Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed - Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest - He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
