ABU DHABI // The world's largest wind-turbine maker last night won the $1.5million (Dh5.5m) Zayed Future Energy Prize award - then gave half the cash to the other finalists.
Vestas Wind Systems donated the money to help to launch a product label that will tell consumers which goods have been made using wind power.
The Danish company was chosen from six finalists. Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, presented the awards last night as the World Future Energy Summit took place in the capital.
Earlier Sheikh Mohammed met the UN secretary-general Ban Ki-moon and pledged continued UAE efforts to find alternative solutions to energy issues.
Mr Ban also met Sheikh Mohammed bin Rashid, the Vice President and Prime Minister of the UAE and Ruler of Dubai.
The meeting came on the second day of the summit, which has attracted a host of distinguished heads of state, government ministers and green technology specialists to discuss alternative energy solutions.
The Emirates was also praised by Christiana Figueres, the executive secretary of the UN Framework Convention on Climate Change, for its commitment to minimising its contribution to climate change.Ms Figueres said the efforts could serve as a model for the Gulf and that initiatives such as the clean-energy Masdar city made the UAE "stand out" among other oil producers.
After the announcement of the Zayed Award winner, the Vestas chief executive Detlev Engel announced that the company would donate the proceeds to the three finalists that did not receive awards: the Barefoot College in India, the country's only institution that runs on solar power; US-based First Solar, one of the fastest-growing solar panel manufacturers in the world; and Terry Tamminen, a California policy- maker who has encouraged green energy.
Amory Lovins, chairman and chief scientist of the Rocky Mountain Institute in Colorado, and E+Co, an American investment organisation that supports clean energy companies in the developing world, also received runner-up prizes of $350,000 each for work in renewable energy and sustainability.
econroy@thenational.ae
The prize explained:
The Zayed Future Energy Prize was founded in 2008 by Sheikh Mohammed bin Zayed, in honour of his father and founder of the UAE, Sheikh Zayed. The $2.2 million (Dh8m) in prize money is awarded to individuals, companies and non-governmental organisations that demonstrate innovation and leadership in the fields of renewable energy and sustainability. This year’s jury was led by Dr RK Pachauri, the 2007 Nobel Peace laureate. His colleagues on the jury were Ólafur Ragnar Grimsson, the president of Iceland; Khaled Irani, a former minister of energy and mineral resources in Jordan; and Ali al Sayegh, the chairman of Masdar.
* Erin Conroy
COMPANY PROFILE
Company name: SimpliFi
Started: August 2021
Founder: Ali Sattar
Based: UAE
Industry: Finance, technology
Investors: 4DX, Rally Cap, Raed, Global Founders, Sukna and individuals
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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