When it comes to space exploration, there is little doubt that things have changed since the intense competition of the Space Race between the US and the Soviet Union last century. From a time when a single rocket launch could capture the attention of millions, and when superpowers developed their own astronauts, spacecraft and technology in carefully guarded isolation, the world is seeing the emergence of a different model: the so-called New Space Economy (NSE).
Characterised by the involvement of entrepreneurs, private tech companies and venture capital – as well as an increasing number of countries, big and small – the NSE is a departure from the time when government-backed space agencies and aerospace contractors dominated. Some of this change is economic, some of it is technical but it is a development that looks set to stay.
For a glimpse of how this new paradigm is unfolding, a close look at this week’s Make it in the Emirates event in Abu Dhabi reveals how a relative newcomer to the space sector is both embracing and shaping this change. On Wednesday it was announced that an Earth observation satellite manufacturing centre is to be established in the UAE capital. In a collaboration between Abu Dhabi Investment Office and the emirate's Space 42 tech company, the centre will help create a national space workforce with hands-on industrial expertise.
The day before, Space42 revealed that is will begin to manufacture prototypes of platforms that will operate thousands of metres above the Earth's surface this year. And on Friday, the Mohammed bin Rashid Space Centre and US-based Firefly Aerospace signed a strategic agreement to provide payload delivery services for the Rashid 2 Rover, part of the Emirates Lunar Mission scheduled for next year.
These are just the latest examples of how UAE businesses and state-backed investors are working in partnership to explore the opportunities presented by the space sector in a 21st-century way. Another is the country's focus on developing worker expertise in components, maintenance and the AI-powered technology needed to operate successful space missions. For example, an academy run by the UAE Space Agency offers graduates in Stem subjects – science, technology, engineering and maths – the chance to sharpen their skills for a career in the space sector.
Thriving in the NSE is also about enhancing national priorities – building scientific and technical expertise as part of a profitable sector – while collaborating with other countries and private businesses. Emirati astronauts have trained in Russian and American facilities and in March, Etihad-SAT – the UAE's first Synthetic Aperture Radar satellite – was successfully launched onboard a SpaceX Falcon 9 rocket.
The world is seeing the emergence of a different model: the so-called New Space Economy
Amid the long list of positives associated with this approach, including increased economic diversification and the creation of future-proof technologies, there remain issues to be faced. Critiques of the NSE model have raised concerns about the need to update outdated international space treaties and the high entry bar for developing nations. Here too however, the UAE is shaping the change with the Emirates operating as a commercial hub with strong economic links to the global south.
Owing to its relative ubiquity, the days when a space flight would have people glued to their TV screens are probably gone, while they become more common place and available online. But as more countries look at the UAE’s path for inspiration to take part in the “new space” race, that sense of achievement and excitement will only grow.
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
Feeding the thousands for iftar
Six industrial scale vats of 500litres each are used to cook the kanji or broth
Each vat contains kanji or porridge to feed 1,000 people
The rice porridge is poured into a 500ml plastic box
350 plastic tubs are placed in one container trolley
Each aluminium container trolley weighing 300kg is unloaded by a small crane fitted on a truck
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
Tips from the expert
Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.
- Sellers should focus on providing high-quality used goods at attractive prices to buyers.
- It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
- Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
- Be creative and look around your home for valuable items that you no longer need but might be useful to others.
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Who was Alfred Nobel?
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.
The specs: 2017 GMC Sierra 1500 Denali
Price, base / as tested Dh207,846 / Dh220,000
Engine 6.2L V8
Transmission Eight-speed automatic
Power 420hp @ 5,600rpm
Torque 624Nm @ 4,100rpm
Fuel economy, combined 13.5L / 100km
How Filipinos in the UAE invest
A recent survey of 10,000 Filipino expatriates in the UAE found that 82 per cent have plans to invest, primarily in property. This is significantly higher than the 2014 poll showing only two out of 10 Filipinos planned to invest.
Fifty-five percent said they plan to invest in property, according to the poll conducted by the New Perspective Media Group, organiser of the Philippine Property and Investment Exhibition. Acquiring a franchised business or starting up a small business was preferred by 25 per cent and 15 per cent said they will invest in mutual funds. The rest said they are keen to invest in insurance (3 per cent) and gold (2 per cent).
Of the 5,500 respondents who preferred property as their primary investment, 54 per cent said they plan to make the purchase within the next year. Manila was the top location, preferred by 53 per cent.
