Every now and then, Netflix throws us a curveball. Case in point: nobody expected the breakout hit of 2020 to be Tiger King, a documentary about an eccentric zoo owner.
It’s arguably also fair to say that nobody expected the biggest hit of 2021 to date to be a little-hyped Korean drama about a group of debt-ridden folks taking part in adapted versions of popular children’s playground games in the hope of freeing themselves from financial burden.
If social media is to be believed, however, Hwang Dong-hyuk’s nine-episode Squid Game, which has topped Netflix charts in several countries including the US, Singapore, Kuwait, Vietnam and more, is just that – the must-see series of the year.
There’s nothing particularly new about the premise of Squid Game. A group of contestants, 456 of them to be precise, are placed in an arena where they will compete in a series of challenges until one emerges as the winner of a $38.5 million prize.
When we say these playground games have been “adapted", however, we mean they "now end in a gruesome death".
It’s a trope that’s been seen on screens many times before. Japan ushered the genre into the 21st century with Kinji Fukasaku’s 2000 classic Battle Royale, while Jennifer Lawrence and the Hunger Games franchise made the concept bona fide blockbuster fare. Yet Squid Game takes a slightly different approach and viewers appear to love it.
The modern-day story takes place in a secret island base somewhere off the coast of South Korea. This might sound insignificant, but it lends an entirely different tone to the show than the standard dystopian future that permeates the genre.
Contestants are not mercilessly taking each other’s lives due to an all-powerful oligarchy or a vicious social experiment, but because they choose to. Each is given a decision to make in episode two, with the option to go home, but the majority choose to return on realising “the torture is worse out there” than in the game itself.
It’s a damning incitement of modern society that one can’t help but compare to 2019's Oscar-winning Korean drama Parasite. These contestants aren’t forced or cajoled; they simply want to be out of debt, to pay for their families’ healthcare, and they’ll do pretty much anything to get there.
The show’s aesthetic sets it apart from the crowd, too. Rather than offering the post-industrial wasteland or futuristic neon city we might expect from this kind of production, the action takes place in a garish pink-and-yellow video game-style nightmarescape, complete with grating, eight-bit electronic music every time another 100,000 South Korean won ($85) of prize money drops to mark the “elimination” of a player.
The contrast with the highly graphic scenes of butchery is certainly striking.
Perhaps the most memorable sections of Squid Game, though, are those that take place outside the game. Little glimpses of humanity are proffered as characters interact with friends and family, only to swiftly be juxtaposed with merciless inhumanity as they dispatch their next victim in some twisted version of hopscotch.
Visually and narratively, the show offers something entirely different in a well-worn genre, while simultaneously tapping into the current global trend for all things Korean.
With an ending that unashamedly sets us up for a sequel, we can probably expect social media to keep buzzing about it for some time.
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In numbers
Number of Chinese tourists coming to UAE in 2017 was... 1.3m
Alibaba’s new ‘Tech Town’ in Dubai is worth... $600m
China’s investment in the MIddle East in 2016 was... $29.5bn
The world’s most valuable start-up in 2018, TikTok, is valued at... $75bn
Boost to the UAE economy of 5G connectivity will be... $269bn
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.