In a historic moment for the Roman Catholic Church, Cardinal Robert Francis Prevost was elected pope on May 8, 2025; becoming the 267th leader of the world’s 1.3 billion Catholics.

He has taken the name Pope Leo XIV, drawing a direct line to Leo XIII, the reform-minded 19th-century pope known for his strong stance on workers’ rights and social doctrine.

Born in Chicago in 1955, Pope Leo XIV is the first American-born pope and brings a blend of pastoral experience and institutional leadership. A member of the Augustinian order, he spent much of his early clerical career in Peru, eventually becoming the bishop of Chiclayo.

In 2023, he was appointed by Pope Francis to head the Vatican’s powerful Dicastery for Bishops, where he oversaw the global appointment of Catholic bishops.

His election arrives at a time when the Church is navigating complex geopolitical, ethical, and demographic challenges.

From the growing influence of secularism in the West to expanding Catholic populations in Africa and Asia, the Church’s next chapter will require both continuity and change. Early signals from Pope Leo XIV suggest he will continue the inclusive, pastoral tone of Pope Francis, while sharpening the Vatican’s global diplomatic voice.

Pope Leo XIV’s rise may also carry indirect relevance for the Gulf region. The UAE is home to nearly a million Catholics, and the Abrahamic Family House in Abu Dhabi, which includes a church, mosque, and synagogue, stands as a symbol of religious coexistence.

The Vatican’s growing outreach to Muslim-majority countries could accelerate under his leadership, especially given his track record in intercultural missions.

Expect the new pope to focus on social justice, environmental stewardship, and modernising Church governance—issues that align with many of the priorities shaping global discourse today.

Mubadala Investment Company’s assets under management jumped 9.1 per cent last year to Dh1.2tn($326.74bn), it said on Thursday, as it stepped up investments into sectors such as technology, manufacturing, and private credit.

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Mubadala is the second largest state investment fund in Abu Dhabi, behind the Abu Dhabi Investment Authority (ADIA). Together with smaller peer ADQ, the three funds manage around $1.7tn in assets.

Deployed capital growth

Mubadala’s deployed capital grew by 33.7 per cent in 2024 from the previous year to Dh119bn, it said in a statement. Its portfolio delivered a five-year rate of return of 10.1 per cent.

“Our portfolio has been constructed to navigate market cycles and scale future-focused sectors,” Managing Director and Group CEO Khaldoon Khalifa Al Mubarak was quoted as saying in the statement.

Diversification of economy

Abu Dhabi has accelerated efforts to diversify its economy into sectors such as tourism, manufacturing, and advanced technology, utilising vehicles like its investment funds to deploy its vast oil wealth.

Mubarak said that Mubadala’s portfolio included assets in sectors such as AI, clean energy, semiconductors and advanced manufacturing which all align with the UAE’s national priorities.

It has also emerged as a key UAE partner for US tech companies. Its MGX vehicle, focused on AI investments and set up last year, has invested in OpenAI and Elon Musk’s xAI.

Proceeds, including monetisations, grew 10 per cent from a year earlier to 109 billion dirhams in 2024, Mubadala said in its statement.

Its portfolio mix remained broadly consistent year-on-year, with 40 per cent investment in private equity, 23 per cent in public markets, and 17 per cent in infrastructure and real estate.

In a breathtaking global spectacle, Abu Dhabi’s Yas Island celebrated the announcement of Disney Theme Park Resort with an epic live show, featuring record breaking 9,000 drones, a symphony of fireworks and star-studded live performance lineup that left the crowd speechless.

In a night that redefined grandeur, The Walt Disney Company and Miral, Abu Dhabi’s leading creator of immersive destinations, officially announced plans to bring Disney’s most advanced theme park resort to Yas Island, Abu Dhabi. This historic global milestone marks Disney’s seventh theme park destination worldwide, and its first ever in the Middle East.

But it wasn’t just the announcement that made history. It was how it was announced.

Under a sky illuminated by over 7,000 choreographed drones and breathtaking fireworks, Yas Island transformed into the stage for what is now being hailed as the most spectacular announcement show the region has ever witnessed. The waterfront came alive with a once-in-a-lifetime performance featuring a world-class lineup: piano virtuoso Lang Lang, West End powerhouse Kerry Ellis, rising classical star Sonya Balsara, and beloved Emirati icon Rashed Alnuaimi.

This glittering celebration attracted global celebrities including Tyrese Gibson, Naomi Campbell, Nancy Ajram, Chiara Ferragni, and Ed Westwick, dignitaries, and media powerhouses, all converging to witness the unveiling of what promises to be a game-changing chapter in Disney’s legacy, and in the evolution of Yas Island as a global destination for entertainment.

Slated to blend the timeless magic of Disney with cutting-edge technology and contemporary architecture, the new resort is a bold step into the future, where storytelling meets state-of-the-art innovation.

This is not just an announcement. This is a global entertainment moment that will be remembered for decades.

UAE-based Etihad Airways and Emirates, along with Qatar-based Qatar Airways, have temporarily suspended flights to Pakistan due to the closure of Pakistani airspace.

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Etihad Airways announced the suspension on its website, while Qatar Airways shared the update via its official X account.

Due to the continued closure of Pakistani airspace, Etihad Airways has canceled selected flights to and from Pakistan on 8 May.

The following Etihad flights will not operate on 8 May:

• EY300 / EY301: Abu Dhabi Zayed International Airport ↔ Islamabad International Airport
• EY288 / EY289: Abu Dhabi Zayed International Airport ↔ Lahore Allama Iqbal International Airport
• EY294 / EY295: Abu Dhabi Zayed International Airport ↔ Karachi Jinnah International Airport
• EY302 / EY303: Abu Dhabi Zayed International Airport ↔ Islamabad International Airport
• EY284 / EY285: Abu Dhabi Zayed International Airport ↔ Lahore Allama Iqbal International Airport

Flights EY296 and EY297 between Abu Dhabi and Karachi are currently planned to operate as scheduled, subject to airspace availability.

Etihad is assisting impacted guests with alternative travel arrangements. Passengers are advised to check the status of their flight at etihad.com, on the Etihad mobile app, or by contacting the Etihad Airways Contact Centre at +971 600 555 666 (UAE).

This remains an evolving situation, and further changes or disruptions may occur. Etihad continues to monitor developments closely in coordination with the relevant authorities. The safety of passengers and crew remains the airline’s highest priority.

Emirates has also suspended all flight operations to Pakistan until 10 May, due to ongoing uncertainty regarding access to the country’s airspace and airports.

“We apologise for any inconvenience caused to our customers,” the airline stated. “We are monitoring the situation closely and will post any operational updates on our website.” Customers can check flight status updates at the Emirates travel updates page.

The following Emirates flights have been canceled:

Dubai – Lahore – Dubai

• EK623: 08 May
• EK622 / EK623: 09 May
• EK624 / EK625: 09–10 May

Dubai – Islamabad – Dubai

• EK612 / EK613: 08–10 May
• EK614 / EK615: 09–10 May

Dubai – Sialkot – Dubai

• EK620 / EK621: 08–10 May
• EK618 / EK619: 08–09 May

Dubai – Peshawar – Dubai

• EK636 / EK637: 08–10 May

Dubai – Karachi – Dubai

• EK600 / EK601: 08–10 May
• EK602 / EK603: 08–09 May
• EK606 / EK607: 08–10 May

Customers booked on connecting flights to Pakistan will not be accepted for travel until further notice. Those impacted by cancellations are advised not to proceed to the airport. Passengers should contact their booking agents or Emirates directly to explore alternative travel options.

The Federal Tax Authority (FTA) of the UAE announced on May 7 that it has begun exempting certain corporate taxpayers from administrative penalties incurred due to the late submission of registration applications.

This exemption follows a decision issued by the UAE Cabinet.

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How to qualify for the waiver

To be eligible for the penalty waiver, the taxable person (or exempted category) must submit their Tax Return (or Annual Declaration) within seven (7) months from the end of their first Tax Period (or first Financial Year)—a reduction from the previously allowed nine months, a WAM report said.

Clarification from the FTA

The FTA clarified that this exemption applies only to the first tax period of the taxable person (or exempt person required to register), regardless of whether the original due date falls before or after the Cabinet Decision’s implementation.

Additionally, if a taxable person has already paid a penalty for late registration and meets the exemption criteria, the penalty amount will be refunded and credited to the taxpayer’s account with the Authority.

Similarly, registered taxpayers who filed returns before the exemption decision but were penalized for late submission will also receive a refund of the paid penalties.

FTA’s appeal to taxpayers

Khalid Ali Al Bustani, Director-General of the FTA, urged all unregistered corporate taxpayers to promptly submit their corporate tax registration applications and tax returns through the EmaraTax platform. He emphasized the importance of meeting the deadlines specified in the Cabinet Decision to benefit from the exemption.

Aligned with the Cabinet’s decision, the FTA’s strategy focuses on expediting tax procedures and encouraging voluntary compliance across all business sectors.

“Widespread compliance is a key contributor to economic growth, and the FTA remains committed to full transparency and maintaining a flexible, evolving tax framework,” said Al Bustani.

High registration turnout

Praising the strong registration response in Q1 2025, Al Bustani revealed that over 543,000 corporate tax registrations had been recorded—indicating growing awareness and compliance among businesses.

“The FTA continues to engage with businesses through various awareness channels to guide them through compliance procedures, gather feedback, and identify solutions to potential challenges,” he added.

Eligibility and conditions for exemption

The FTA explained that the exemption applies to all persons subject to corporate tax registration, whether or not they have applied for registration or were penalized for delays.

Conditions for exemption:

1. If registered and a penalty was imposed but not paid, the return (or annual declaration) must be submitted within seven (7) months of the end of the first Tax Period (or Financial Year) to qualify for the exemption.
2. If registered and the penalty was already paid, the return must also be submitted within seven (7) months of the end of the first Tax Period to receive a refund of the penalty.
3. If not yet registered, the taxpayer (or exempt person) must submit the registration application and then file the return within seven (7) months of the end of the first Tax Period to benefit from the exemption.