Even for someone as accustomed to the “art of the deal” as US president-elect Donald Trump, $20 billion must be an eye-catching sum. Nevertheless, Tuesday’s announcement that Emirati company Damac Properties will invest this considerable amount in building data centres across at least eight American states is just the latest step in a long-running and consequential tech and trade journey involving the two countries.
The UAE has embraced artificial intelligence and big data not only as an integral part of its transition to a post-oil economy but as essential tools to developing and maintaining its high-tech society of digital services, advanced health care and smart cities. This transition has not been carried out in isolation, and the US – as the world’s largest economy and home to many leading tech pioneers – has been an enduring and preferred partner in the UAE’s digital evolution.
During last September’s high-profile White House visit by President Sheikh Mohamed, he and US President Joe Biden welcomed an April 2024 partnership between Microsoft and the UAE’s Group 42 artificial intelligence company that involved a $1.5 billion investment from the US tech giant. During the same visit, the US and UAE issued a joint statement about their collaboration on AI. In it, Sheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi and National Security Advisor and US National Security Advisor Jake Sullivan highlighted “the importance of deepening bilateral ties and strengthen co-operation between our governments, companies and workforces”.
These were political acknowledgements of the growing commercial, professional and educational relationships that exist in this field between the UAE and the US. According to a report published by the US-UAE Business Council, major American companies such as Amazon Web Services, Oracle, Dell Technologies and Nvidia also forged partnerships with UAE businesses last year. Global chip maker Nvidia, for example, will collaborate with G42 to drive advanced climate and weather predictions using AI-augmented simulations. The companies will also establish a ClimateTech lab in Abu Dhabi that will serve as a hub for research and development. NYU Abu Dhabi is involved in AI research and education, and many young Emiratis are keen to pursue a career in advanced technology.
So far, so promising. However, the potential for this relationship to grow further is considerable. Speaking alongside Mr Trump in Florida on Tuesday, Hussain Sajwani, founder and chairman of the Dubai-based real estate developer, said Damac could increase its investment under the right market conditions. Elsewhere in the Gulf, the rush to embrace a high-tech business future is well underway – in March it was announced that Amazon’s cloud division was to invest $5.3 billion in Saudi Arabia and develop data centres there next year. In neighbouring Bahrain, a data centre park spread over a 55,000 square metre site is being built in Al Qurain, and market research agency Arizton Intelligence says the kingdom’s data centre market could be worth more than $290 million by 2029.
The US – as the world’s largest economy and home to many leading tech pioneers – has been an enduring and preferred partner in the UAE’s digital evolution
Technology is a rapidly developing sector and although partnerships are important, the pace and scale of changes should not mean they are exclusive. UAE companies work well with American counterparts but remain open to opportunities elsewhere. In March, Abu Dhabi set up a new technology investment company, MGX, to expedite the development of AI and other advanced technology and in November, Adnoc and Abu Dhabi clean energy company Masdar signed a collaboration deal with Microsoft on AI-driven sustainability and decarbonisation initiatives. In February, Khaldoon Al Mubarak, the chief executive of Mubadala Investment Company – a keen investor in AI and other technologies – said investments would be based on attractiveness of opportunities in key markets, not geopolitical considerations.
To sign a $20 billion deal on the eve of Mr Trump’s second presidency is undoubtedly a significant achievement and another vote of confidence in Emirati business. In a rapidly changing world, progress will lie on such fruitful partnerships continuing.
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Best Academy: Ajax and Benfica
Best Agent: Jorge Mendes
Best Club : Liverpool
Best Coach: Jurgen Klopp (Liverpool)
Best Goalkeeper: Alisson Becker
Best Men’s Player: Cristiano Ronaldo
Best Partnership of the Year Award by SportBusiness: Manchester City and SAP
Best Referee: Stephanie Frappart
Best Revelation Player: Joao Felix (Atletico Madrid and Portugal)
Best Sporting Director: Andrea Berta (Atletico Madrid)
Best Women's Player: Lucy Bronze
Best Young Arab Player: Achraf Hakimi
Kooora – Best Arab Club: Al Hilal (Saudi Arabia)
Kooora – Best Arab Player: Abderrazak Hamdallah (Al-Nassr FC, Saudi Arabia)
Player Career Award: Miralem Pjanic and Ryan Giggs
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Sholto Byrnes on Myanmar politics
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
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
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Important questions to consider
1. Where on the plane does my pet travel?
There are different types of travel available for pets:
- Manifest cargo
- Excess luggage in the hold
- Excess luggage in the cabin
Each option is safe. The feasibility of each option is based on the size and breed of your pet, the airline they are traveling on and country they are travelling to.
2. What is the difference between my pet traveling as manifest cargo or as excess luggage?
If traveling as manifest cargo, your pet is traveling in the front hold of the plane and can travel with or without you being on the same plane. The cost of your pets travel is based on volumetric weight, in other words, the size of their travel crate.
If traveling as excess luggage, your pet will be in the rear hold of the plane and must be traveling under the ticket of a human passenger. The cost of your pets travel is based on the actual (combined) weight of your pet in their crate.
3. What happens when my pet arrives in the country they are traveling to?
As soon as the flight arrives, your pet will be taken from the plane straight to the airport terminal.
If your pet is traveling as excess luggage, they will taken to the oversized luggage area in the arrival hall. Once you clear passport control, you will be able to collect them at the same time as your normal luggage. As you exit the airport via the ‘something to declare’ customs channel you will be asked to present your pets travel paperwork to the customs official and / or the vet on duty.
If your pet is traveling as manifest cargo, they will be taken to the Animal Reception Centre. There, their documentation will be reviewed by the staff of the ARC to ensure all is in order. At the same time, relevant customs formalities will be completed by staff based at the arriving airport.
4. How long does the travel paperwork and other travel preparations take?
This depends entirely on the location that your pet is traveling to. Your pet relocation compnay will provide you with an accurate timeline of how long the relevant preparations will take and at what point in the process the various steps must be taken.
In some cases they can get your pet ‘travel ready’ in a few days. In others it can be up to six months or more.
5. What vaccinations does my pet need to travel?
Regardless of where your pet is traveling, they will need certain vaccinations. The exact vaccinations they need are entirely dependent on the location they are traveling to. The one vaccination that is mandatory for every country your pet may travel to is a rabies vaccination.
Other vaccinations may also be necessary. These will be advised to you as relevant. In every situation, it is essential to keep your vaccinations current and to not miss a due date, even by one day. To do so could severely hinder your pets travel plans.
Source: Pawsome Pets UAE
More from Rashmee Roshan Lall
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
How to become a Boglehead
Bogleheads follow simple investing philosophies to build their wealth and live better lives. Just follow these steps.
• Spend less than you earn and save the rest. You can do this by earning more, or being frugal. Better still, do both.
• Invest early, invest often. It takes time to grow your wealth on the stock market. The sooner you begin, the better.
• Choose the right level of risk. Don't gamble by investing in get-rich-quick schemes or high-risk plays. Don't play it too safe, either, by leaving long-term savings in cash.
• Diversify. Do not keep all your eggs in one basket. Spread your money between different companies, sectors, markets and asset classes such as bonds and property.
• Keep charges low. The biggest drag on investment performance is all the charges you pay to advisers and active fund managers.
• Keep it simple. Complexity is your enemy. You can build a balanced, diversified portfolio with just a handful of ETFs.
• Forget timing the market. Nobody knows where share prices will go next, so don't try to second-guess them.
• Stick with it. Do not sell up in a market crash. Use the opportunity to invest more at the lower price.
