The UAE's Ministry of Finance has announced five major projects to improve government financial work aimed at further enhancing future readiness.
They include local supply strategies, transparency in climate data, corporate tax, public-private partnership and an e-billing system.
The projects are in line with the country's 'We the UAE 2031' strategy, which outlines the development path for the next decade, and are part of the initiatives under the digital government strategy, the ministry said on Tuesday.
The next stage of government work requires defining priorities, making qualitative transformations, managing resources and budgets, and implementing projects that seek to achieve the UAE's goals, said Mohamed Al Hussaini, Minister of State for Financial Affairs.
“In an ever-changing world, we must harness more flexible and efficient work tools and methods to keep up with developments in various vital sectors,” he said.
The ministry aims to establish effective partnerships with the private sector to improve government services and finance projects.
“This is in addition to stimulating expenditure on climate and environment to ensure a sustainable future for tomorrow’s generations. Additionally, the ministry is working on projects related to drawing tax policies and facilitating tax returns to ensure tax compliance and strengthen the tax legislative structure in the country while preserving the competitiveness of the economic environment and its ability to attract foreign investment,” Mr Al Hussaini said.
The five projects include:
1. Supply strategy of the federal government
The ministry aims to incorporate new categories of suppliers for the federal government to support national economic growth and diversify the supplier base.
The move is hoped to improve the quality of services and products for federal procurement at “competitive prices” and ensure higher adoption of the National In-Country Value Programme’s standards, the ministry said.
The National ICV Programme, launched in 2021, redirects spending into the UAE economy. It aims to enhance the competitiveness of UAE products in regional and international markets, attract foreign investments, support the UAE’s Fourth Industrial Revolution programme and incentivise the technological transformation of the industrial sector.
Last year, the programme redirected Dh53 billion ($14.4 billion) into the economy, a 25 per cent increase compared with the previous year.
2. Transparency in climate and environment spending data
Under the second project, the ministry will submit data related to state-level government expenditure on the climate and environment to the International Monetary Fund.
The data will also be published on the Climate Change Indicators Dashboard, which measures the impact of national climate policies and spending on macroeconomic sustainability and transparency.
Users of the dashboard can assess how economic and financial activities and government policies are linked to climate change and, on a wider scale, the environment.
The project is being launched as part of the UAE's year of sustainability in 2023 and as it prepares to host Cop28 later this year.
3. Public-private partnership
The ministry will establish an advanced mechanism for organising partnership projects between the public and private sectors to achieve sustainable economic development and diversify financial resources, it said.
It has set up a flexible mechanism that enables the public sector to attract and establish partnerships with the private sector in development projects. The project is scheduled to be completed in December 2025.
4. Corporate tax
The UAE introduced its corporate tax regime this year.
The tax is charged at a standard statutory rate of 9 per cent starting from the financial year beginning on or after June 1.
The law brings the income of companies exceeding Dh375,000 within the taxable bracket. Taxable profits below that level are subject to a tax of zero per cent.
The ministry is overseeing the project through the preparation and establishment of the corporate tax policy, including the issuance of the law, as well as executive regulations and related ministerial resolutions.
5. E-billing system
The ministry is also working on an electronic billing system that it aims to activate across the country.
The system will automate the procedures for filing tax returns to improve compliance and reduce cases of tax evasion, it said.
The project includes different phases and targets that are set to be completed by July 2025.
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
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There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:
- Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate.
- Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc.
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The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Day 1 results:
Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)
Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)
Porsche Macan T: The Specs
Engine: 2.0-litre 4-cyl turbo
Power: 265hp from 5,000-6,500rpm
Torque: 400Nm from 1,800-4,500rpm
Transmission: 7-speed dual-clutch auto
Speed: 0-100kph in 6.2sec
Top speed: 232kph
Fuel consumption: 10.7L/100km
On sale: May or June
Price: From Dh259,900
Company%20profile
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COMPANY%20PROFILE
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THREE
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England squad
Moeen Ali, James Anderson, Jofra Archer, Jonny Bairstow, Dominic Bess, James Bracey, Stuart Broad, Rory Burns, Jos Buttler, Zak Crawley, Sam Curran, Joe Denly, Ben Foakes, Lewis Gregory, Keaton Jennings, Dan Lawrence, Jack Leach, Saqib Mahmood, Craig Overton, Jamie Overton, Matthew Parkinson, Ollie Pope, Ollie Robinson, Joe Root, Dom Sibley, Ben Stokes, Olly Stone, Amar Virdi, Chris Woakes, Mark Wood
UAE currency: the story behind the money in your pockets
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Australia tour of Pakistan
March 4-8: First Test, Rawalpindi
March 12-16: Second Test, Karachi
March 21-25: Third Test, Lahore
March 29: First ODI, Rawalpindi
March 31: Second ODI, Rawalpindi
April 2: Third ODI, Rawalpindi
April 5: T20I, Rawalpindi
Men’s singles
Group A: Son Wan-ho (Kor), Lee Chong Wei (Mas), Ng Long Angus (HK), Chen Long (Chn)
Group B: Kidambi Srikanth (Ind), Shi Yugi (Chn), Chou Tien Chen (Tpe), Viktor Axelsen (Den)
Women’s Singles
Group A: Akane Yamaguchi (Jpn), Pusarla Sindhu (Ind), Sayaka Sato (Jpn), He Bingjiao (Chn)
Group B: Tai Tzu Ying (Tpe), Sung Hi-hyun (Kor), Ratchanok Intanon (Tha), Chen Yufei (Chn)
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
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Red Joan
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
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- AR and VR-enabled learning centres
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
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The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
