In the past decade or two, broadly speaking, the UAE has gained remarkable proficiency in setting high benchmarks in various fields and steadily following through to meet them. Whether it is its space ambitions or the Dubai Expo 2020 bid that was won and a spectacular event pulled off despite a pandemic; there are several examples to substantiate the country's diverse ambitions, its consistent record of meeting targets and its emphasis on meritocracy.
Last week, another ambitious quest was set in motion. The UAE is backing Arab talent and supporting Arabs across a wide range of fields to make names for themselves as well as propel advancements, through their contributions in the categories of natural sciences, medicine, literature and arts, economics, technology and engineering, and architecture and design. The Great Arab Minds initiative, driven by the vision of Vice President and Prime Minister Sheikh Mohammed bin Rashid, has great significance, as it can have an impact on the future of not just the UAE but the entire region.
Educators perhaps understand this best: identifying minds that have the potential to make a difference is a responsibility and nourishing those individuals, championing their attempts and successes is how the Arab world can foster a drive for excellence that is not limited to the Middle East. We know from civilisational history that ambitious, driven and talented Arabs can make a difference to people around the world and for periods long after their lifetimes.
The inspiration derived from an initiative such as Great Arab Minds has the power to lift people out of their monetary circumstances and set them on a path of progress. A study conducted by the auditing firm KPMG found that ignorance costs the Arab world more than $2 trillion. And the situation is not helped by the "brain drain", as Mohammed Al Gergawi, Minister of Cabinet Affairs, pointed out at the launch of the event last week, saying that over the years, there has been a brain drain in the Arab world, with talent moving to the West, often unrecognised in their own region.
The Great Arab Minds initiative aims to change the course of this reality and take the reins in shaping a brighter future for Arab generations. Earlier this year, Sheikh Mohammed set up a Dh100 million fund ($27.2m) to mentor and develop the brightest people in their fields. The opportunity that this presents to young people with big ideas cannot be underestimated.
An award of this nature, calling for the brightest of Arab minds, will have many benefits. But perhaps two that are bound to be the most far-reaching will be the dispelling of ignorance, and the power of role models that this initiative is likely to create.
Over the next five years, selected Arab minds will inspire people in their respective spheres as well as younger generations. But even the contenders who may not win the award will by virtue of their effort, ideas and hard work, influence their peers and inspire other young Arab minds to strive for greatness. It is how human beings meet challenges – by focusing on a goal and striving to attain it, and in that effort, often reaching their potential. Those result are likely to improve Arab lives, and possibly the lives of millions of others.
The burning issue
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.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Other promotions
- Deliveroo will team up with Pineapple Express to offer customers near JLT a special treat: free banana caramel dessert with all orders on January 26
- Jones the Grocer will have their limited edition Australia Day menu available until the end of the month (January 31)
- Australian Vet in Abu Dhabi (with locations in Khalifa City A and Reem Island) will have a 15 per cent off all store items (excluding medications)
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
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
