When the UAE observes Union Day today, it will be celebrating an unusual success story in the world. The UAE’s population is just under 10 million of which 12 per cent are Emiratis, but its impact on global affairs and its contribution to overall human accomplishment exceeds that of many larger countries.
Starting out as a union of seven relatively less-known emirates in the Arabian desert 52 years ago, the UAE is now one of the world’s leaders in cutting-edge technology. It is the first Arab and Muslim country to launch a mission to Mars. It ranks 10th in the 2023 Global Competitiveness Report by the World Economic Forum, which assesses the economic capacity of countries to compete globally.
The UAE also occupies first position in the 2023 Global Passport Power Rank Index and is one of the top 10 donor states providing official development aid to those living in less fortunate circumstances. Its achievements are not just because of its oil wealth but the outcome of sensible policy choices by a succession of leaders committed to the vision of building a nation that is Muslim, modern and moderate.
At the time of its independence, the UAE’s Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan, made two critical decisions that put the country on the path to success. The first was to eschew political Islam and ensure that maintaining tradition would not come at the cost of embracing contemporary ideas. The second was to embrace a positive nationalism, based on shared aspirations, instead of the negative nationalism chosen by many post-colonial states, based on antagonism towards an enemy or adversary.
It is not the case that the UAE did not have territorial disputes with other countries. But Sheikh Zayed, and his sons, the late president Sheikh Khalifa and President Sheikh Mohamed, did not allow these disputes to obstruct pragmatic decision-making.
Over the decades, the UAE has built a reputation as a country that values talent
The UAE invested its oil wealth in its people by building world-class infrastructure, healthcare facilities and educational institutions. Education was a key priority from the beginning, as Sheikh Zayed considered it to be the way forward for creating an inclusive and prosperous society. In 1975, adult literacy stood at 58 per cent among men and 38 per cent among women. Today, literacy rates for both genders stand at 95 per cent.
The UAE’s investment in education and openness to learning and competing in the global marketplace has led to some of the world’s best universities establishing programmes and campuses in the country. As a result, a population that lived in palm-frond houses transformed into a highly educated and skilled population within a generation, working alongside large numbers of expatriates. The presence of citizens of 190 countries helped create a cosmopolitan outlook among Emiratis, in addition to helping the UAE draw on global talent in its own development.
Over the decades, the UAE has built a reputation as a country that values talent and has ended up attracting the world’s most skilled individuals, innovators and creative minds. About $44 billion in remittances annually are sent from the UAE to countries around the world, primarily in the Global South.
The top five recipient countries for remittances from the UAE in 2021 included India, Egypt, Pakistan, Bangladesh and the Philippines, with India receiving half of these annual remittances. These remittances are critical to the economies of these countries. As a Mastercard survey in 2022 showed, 51 per cent of UAE residents who sent money to family and friends believe they would have struggled financially without their support.
As an oil-producing country, the UAE recognised its responsibility in embracing sustainability and environmentally friendly energy policies earlier than many others. It is currently chairing the UN Climate Change Conference or Conference of the Parties of the UNFCCC, commonly referred to as Cop28, in Dubai.
The UAE has also become a global financial hub. According to the 2023 World Investment Report of the UN Conference on Trade and Development, foreign direct investment inflows to the country in 2022 crossed $23 billion. The UAE manages extensive investments abroad, totalling more than $1 trillion through multiple sovereign wealth funds, as well as through several emirate-level, government-related investment corporations.
It is, among Muslim-majority countries, one of the earliest investors in innovation, entrepreneurship and technology. Vision 2021, National Advanced Sciences Agenda 2031 and Open Labs are policies launched by the UAE to support research and innovation in science and technology.
The UAE, like any other country, has its critics. But few would deny that it has become a model for religious inclusion in the region. Since 1971, the UAE government has demonstrated its commitment to inclusion, implementing laws that protect religious freedom and programmes that foster interfaith understanding. It is home to 40 churches and 700 ministries. In 2019, the UAE partnered with Unesco to restore Christian churches in Iraq destroyed by ISIS.
Two Hindu temples now operate in Dubai, and several cremation facilities in Abu Dhabi, Dubai and Sharjah provide Hindu burial rites. The UAE’s first Sikh temple opened in Dubai in 2012 and the country is also home to Parsis, Bahais and Druze communities. The UAE’s economic success, technological ambitions, and its growing international influence are largely the outcome of the culture of tolerance fostered by its leaders and their preference for pragmatism over hardline ideologies.
WISH
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The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE
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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
Sweet%20Tooth
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JAPAN SQUAD
Goalkeepers: Masaaki Higashiguchi, Shuichi Gonda, Daniel Schmidt
Defenders: Yuto Nagatomo, Tomoaki Makino, Maya Yoshida, Sho Sasaki, Hiroki Sakai, Sei Muroya, Genta Miura, Takehiro Tomiyasu
Midfielders: Toshihiro Aoyama, Genki Haraguchi, Gaku Shibasaki, Wataru Endo, Junya Ito, Shoya Nakajima, Takumi Minamino, Hidemasa Morita, Ritsu Doan
Forwards: Yuya Osako, Takuma Asano, Koya Kitagawa
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
COMPANY%20PROFILE
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Afro%20salons
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Men from Barca's class of 99
Crystal Palace - Frank de Boer
Everton - Ronald Koeman
Manchester City - Pep Guardiola
Manchester United - Jose Mourinho
Southampton - Mauricio Pellegrino
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Young women have more “financial grit”, but fall behind on investing
In an October survey of young adults aged 16 to 25, Charles Schwab found young women are more driven to reach financial independence than young men (67 per cent versus. 58 per cent). They are more likely to take on extra work to make ends meet and see more value than men in creating a plan to achieve their financial goals. Yet, despite all these good ‘first’ measures, they are investing and saving less than young men – falling early into the financial gender gap.
While the women surveyed report spending 36 per cent less than men, they have far less savings than men ($1,267 versus $2,000) – a nearly 60 per cent difference.
In addition, twice as many young men as women say they would invest spare cash, and almost twice as many young men as women report having investment accounts (though most young adults do not invest at all).
“Despite their good intentions, young women start to fall behind their male counterparts in savings and investing early on in life,” said Carrie Schwab-Pomerantz, senior vice president, Charles Schwab. “They start off showing a strong financial planning mindset, but there is still room for further education when it comes to managing their day-to-day finances.”
Ms Schwab-Pomerantz says parents should be conveying the same messages to boys and girls about money, but should tailor those conversations based on the individual and gender.
"Our study shows that while boys are spending more than girls, they also are saving more. Have open and honest conversations with your daughters about the wage and savings gap," she said. "Teach kids about the importance of investing – especially girls, who as we see in this study, aren’t investing as much. Part of being financially prepared is learning to make the most of your money, and that means investing early and consistently."
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
Third Test
Result: India won by 203 runs
Series: England lead five-match series 2-1
Gulf Men's League final
Dubai Hurricanes 24-12 Abu Dhabi Harlequins
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
Read more from Johann Chacko
'Brazen'
Director: Monika Mitchell
Starring: Alyssa Milano, Sam Page, Colleen Wheeler
Rating: 3/5
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The specs
Engine: 1.6-litre 4-cyl turbo and dual electric motors
Power: 300hp at 6,000rpm
Torque: 520Nm at 1,500-3,000rpm
Transmission: 8-speed auto
Fuel consumption: 8.0L/100km
Price: from Dh199,900
On sale: now
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