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UAE needs scientists, technology sector to boost economy: Mars Mission chief

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The United Arab Emirates, the first Arab state and the fifth country in the world to reach Mars, needs more scientists to drive its economic future towards technology.

Omran Sharaf, project director of the Emirates Hope Mission to Mars, said this after inaugurating Expo 2020 Dubai’s Space Week.

Sharaf also participated in a public-facing event named ‘The Peoples Mission: Citizens in Space Exploration’ to launch Space Week at Expo.

On February 9, 2021, the UAE became the second country to successfully enter Mars’ orbit on its first attempt.

Sharaf stressed on the importance of training local scientists and developing an advanced science and technology sector to boost the country’s economy.

He continued that his country needs to acquire a competitive knowledge-based, post-oil economy that will only be achieved through an advanced science and technology sector.

For the survival of the UAE, the region and the world, Emirati scientists are required to help build solutions, and ultimately deliver systems that will work in space, Sharaf added.

Lauding his country’s Mars mission, he said that a young nation reached the Red Planet in less than 50 years. He stressed on the importance of unity among a nation and said now time has come to work for the rest of the world.

The UAE Space Agency has recently unveiled its new Emirati interplanetary mission to further enhance the country’s space engineering and exploration capabilities.

Under the new mission, a spacecraft would be launched in 2028 that would travel 3.6 billion kilometres during its five-year journey. The mission intends to study the asteroid belt between the Red Planet and Jupiter. It would first orbit Venus in mid-2028, then Earth in mid-2029 to build the velocity required to reach the main asteroid belt in 2030.

The spacecraft would eventually land on an asteroid 560 million kilometres from Earth in 2033, making the UAE fourth country to land on an asteroid.

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Small businesses in the UAE now have tax relief until 2029

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Small businesses in the UAE with annual revenues of up to Dh3 million will continue to be eligible for Small Business Relief under the corporate tax regime until the end of 2029.

The Ministry of Finance said on Friday that Ministerial Decision No. 131 extends the period during which eligible businesses can benefit from Small Business Relief to cover tax periods ending on or before December 31, 2029.

The relief was introduced to help reduce the corporate tax compliance burden for smaller businesses and start-ups that meet the eligibility requirements.

Dh3 million threshold remains unchanged

The existing annual revenue threshold of Dh3 million, set under Ministerial Decision No. 73 of 2023, will continue to apply.

The relief applies to tax periods beginning on or after June 1, 2023 and, following the latest amendment, will remain available for subsequent tax periods ending on or before December 31, 2029.

Eligible taxable persons with annual revenue of up to Dh3 million can claim Small Business Relief, subject to meeting the conditions and requirements outlined in the corporate tax legislation.

The relief enables qualifying businesses to benefit from simplified corporate tax compliance requirements.

More time for small businesses

The extension provides eligible small businesses and start-ups with additional tax periods to benefit from the relief while continuing to meet the Dh3 million revenue threshold.

The Ministry said the decision is part of its efforts to support smaller companies and entrepreneurs, strengthen the business environment, and encourage sustainable growth and expansion.

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UAE public holiday announced: 3-day weekend coming up on August 28

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Planning your next long weekend? The UAE has confirmed Friday, August 28, as a public holiday for employees in both the public and private sectors.

The holiday commemorates Prophet Muhammad’s (PBUH) birthday, an occasion included among the UAE’s official public holidays. As the date follows the Islamic calendar, the timing changes from year to year.

A three-day break for many residents

With the holiday falling on a Friday, employees who follow a Monday-to-Friday working week can enjoy three days off:

  • Friday, August 28: Public holiday
  • Saturday, August 29: Weekend
  • Sunday, August 30: Weekend

That means residents can make the most of the break with a short trip, a staycation or a relaxed weekend at home.

Another UAE holiday is coming

The next major public holiday on the UAE calendar will be Eid Al Etihad, with celebrations and the official holiday scheduled for December 2 and 3.

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What the UAE’s new vape excise price means for consumers and retailers

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The UAE Ministry of Finance has introduced a new rule that sets a minimum excise price for liquids used in electronic smoking devices.

Beginning September 1, vaping liquids will be subject to a minimum excise price of AED 1 per millilitre.

The ministry confirmed that the existing minimum excise prices for cigarettes, water pipe tobacco (shisha), and other tobacco products will remain unchanged.

According to the ministry, the decision aims to improve tax compliance, respond to developments in the tobacco and vaping industry, and create a more consistent pricing framework across tobacco and electronic smoking products.

The UAE will also continue applying its 100% excise tax on all tobacco products covered under the country’s excise tax regulations.

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