Dr Thani bin Ahmed Al Zeyoudi is UAE Minister of State for Foreign Trade
February 22, 2024
It’s difficult to overstate the importance of trade to the global economy. Simply put, without trade, there is no global economy. The exchange of raw materials, goods, products, ideas and innovations is what enables industries to grow, companies to expand, markets to develop in size and sophistication, and societies to develop. The UAE is a clear case in point: trade has been the principal driver in the economy’s 20-fold expansion in the past 50 years.
Today, a matrix of rules, treaties and regulations govern these exchanges and despite the centrality of trade to collective prosperity they remain mired in analogue processes and legacy systems. For instance, moving a single shipment from Kenya to the Netherlands requires 36 documents.
These cumbersome procedures not only create unnecessary logjams, increasing costs and slowing delivery times, they also limit the accessibility of global supply chains to smaller nations and start-ups. This curtails development and exaggerates economic inequalities.
Firms like Abu Dhabi Ports are leveraging blockchain and big data to process millions of transactions paper-free. Khushnum Bhandari / The National
The UAE, however, has a new vision for global trade. We are championing an era of sustainable, inclusive and efficient supply chains powered by advanced technology, where artificial intelligence enhances stock movements and freight routes, blockchain supports cross-border payments and customs compliance, and data analytics improves risk management.
In Davos last year, the UAE partnered with the World Economic Forum to launch the TradeTech Initiative, a bold, far-reaching programme designed to promote the development and use of trade tech tools around the world. By bringing nations, policymakers, innovators and stakeholders from the logistics and banking communities together, we believe the UAE can help accelerate the delivery of a trade system that works better for every participant, large or small, developed or developing.
Simply introducing e-bills of could save the logistics sector up to $6.5 billion a year
The programme has five initial pillars. First, the Trade Tech report, now published, offers a detailed road map for public-private collaboration to integrate trade tech tools into regional and international supply chains; a regulatory sandbox will co-design, implement and pilot cutting-edge regulatory policies to ensure proper governance and interoperability; a TradeTech incubator will support promising new trade-related tech projects and start-ups; and finally, a TradeTech forum, an annual event, will champion new technologies, advocate for greater momentum and showcase the best new applications.
The first TradeTech Forum will take place in Abu Dhabi on February 27, and will run in parallel to the 13th Ministerial Conference (MC13) of the World Trade Organisation, which the UAE is hosting between February 26-29. This will be a chance to place technology and its transformative power at the heart of discussions on the future of trade.
We already know the potential rewards. Studies suggest that among the G7 countries alone, technology can unlock an additional $7 trillion in trade value. Simply introducing e-bills of lading – digital versions of the document that lists the type, quantity, and destination of goods being carried – could save the logistics sector up to $6.5 billion a year.
The benefits go beyond numbers, though. In emerging economies and least developed countries, where the starting point is lower, the transformative power of trade tech can be limitless.
Entrepreneurs, small businesses, women-led enterprises and young people making their first forays into business face an uphill battle in trading across borders. High costs, complex bureaucracy, onerous paperwork, opaque rules, informational asymmetries, and a lack of access to capital are globally competitive products out of global markets. This stifles growth, drives up prices for consumers and strangles innovation.
The UAE is already leading on this issue. Firms like Abu Dhabi Ports are operating at the frontiers of innovation, with their Advanced Trade & Logistics Platform leveraging blockchain and big data to process millions of transactions entirely paper-free.
Abu Dhabi Customs has introduced an AI-powered smart classification system to enable importers and exporters to instantly ascertain the applicable customs duties, taxes, and restrictions. DP World Trade Finance is a fintech platform that is bridging the $1.7 trillion global trade finance gap by connecting small and medium enterprises to the credit they need.
By taking place alongside MC13, which gathers trade ministers and government officials from 166 member states, the inaugural TradeTech Forum will put these technologies and their applications in the spotlight – and start a vital conversation about supply-chain inclusivity and accessibility.
Though some of the coverage of MC13 has been pessimistic, I am extremely positive that at the conference we can agree on the possibilities of a dynamic, resilient and technologically powered trading system.
Trading across borders has remained largely static for decades, but a new future is possible – with TradeTech at its centre. I am confident the UAE will be leading this vital transformation.
Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding
Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.
Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.
Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
UAE currency: the story behind the money in your pockets
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
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 is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
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The biog
Hometown: Birchgrove, Sydney Australia Age: 59 Favourite TV series: Outlander Netflix series Favourite place in the UAE: Sheikh Zayed Grand Mosque / desert / Louvre Abu Dhabi Favourite book: Father of our Nation: Collected Quotes of Sheikh Zayed bin Sultan Al Nahyan Thing you will miss most about the UAE: My friends and family, Formula 1, having Friday's off, desert adventures, and Arabic culture and people
When: The one-off Test starts on Friday, May 11 What time: Each day’s play is scheduled to start at 2pm UAE time. TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
SERIES SCHEDULE
First Test, Galle International Stadium
July 26-30 Second Test, Sinhalese Sports Club Ground
August 3-7 Third Test, Pallekele International Cricket Stadium
August 12-16 First ODI, Rangiri Dambulla International Stadium
August 20 Second ODI, Pallekele International Cricket Stadium
August 24 Third ODI, Pallekele International Cricket Stadium
August 27 Fourth ODI, R Premadasa Stadium
August 31 Fifth ODI, R Premadasa Stadium
September 3 T20, R Premadasa Stadium
September 6
