One minute I'm in an office in Dubai's Jumeirah Lakes Towers; the next, I have been transported to the grounds of a villa in the Sheikh Zayed Housing Programme. I scan the garden – there's a ball by my feet, so I pick it up and toss it out of the way. Next, I teleport myself just inside the front door. I take a wander around the interior, opening and closing doors, switching on lights and admiring the view from the bedroom window. The decor isn't quite to my tastes, so with the click of a button, I swap the flooring for a lighter wood and change the colour of the sofa to a jaunty blue.
Such is the power of virtual reality. No longer the mainstay of millennial gamers, virtual reality (VR) and augmented reality (AR) are making their way into the mainstream. According to Goldman Sachs Research, by 2025, this will be an US$80 billion (Dh294bn) market – roughly the size of the current desktop PC market. “We think [VR and AR have] the potential to transform how we interact with almost every industry today, and we think it will be equally transformative both from a consumer and an enterprise perspective,” says Heather Bellini, business unit leader, telecommunications, media and technology, at Goldman Sachs Research.
It’s anticipated that the gaming sector will still account for the lion’s share of AR and VR usage in 2025 – but health care, retail, engineering and education are all set to be shaken up by these emerging technologies. So, too, will the property and interior-design sectors. Real-estate developers around the world are already using VR to aid in their sales process, offering their clients virtual walk-throughs of their off-plan properties to give them a more realistic idea of size, dimensions and finishes. Similarly, interior design companies that are ahead of the curve are looking at ways to incorporate VR into their creative processes – being able to show clients what a three-dimensional design looks like while it’s still in the planning stages prevents misunderstandings and costly mistakes later on, and enables clients to make tweaks as they go along.
My virtual wander around the Sheikh Zayed Housing Programme comes courtesy of Takeleap, a Dubai-based technology agency that specialises in AR and VR. The company has worked with a number of high-profile organisations and government entities to create everything from an artificial intelligence (AI) programme (the first ever developed in the Middle East); to immersive experiences for Mastercard that promote the brand’s vision of a cashless society; and virtual tours of Mars for the Mohammed bin Rashid Space Centre. In this instance, during a one-of-a-kind event designed to inspire space enthusiasts, Takeleap created a virtual representation of what the journey to Mars would look and feel like, and then encouraged visitors to take a walk on the surface of the Red Planet.
The rapid uptake of VR and AR is reflected in Takeleap's own growth – it has expanded from two members of staff to 67 since it was founded in 2013, and last year, was on Forbes Middle East's list of 50 UAE start-ups to watch.
Salman Yusuf, managing director of Takeleap, offers a simple breakdown of what the terms AR and VR actually mean. “AR is a digital overlay on the real world. It’s that simple. That digital overlay could be lines; it could be 3-D elements; it could be text or pictures or anything else. When you put your car into reverse gear and those two lines come up on your rear camera screen, that’s AR. Meanwhile, VR is about placing yourself in a digital environment. It’s often referred to as an immersive experience. There’s also a new term on the market now: mixed reality. This can work with AR and VR, and is an overlay of digital content on the real world that you can interact with.”
VR and AR may be the new frontier in real estate and interior design, but the use of the technology isn’t restricted to large multinationals and government agencies. Because all that you really need is a smartphone and some kind of head-mounted device – which can be picked up for as little as Dh25 – this technology is accessible to all. In the interiors sphere, it’s already trickling down to the consumer in the shape of free apps such as Planner 5D.
As with many great ideas, Planner 5D was born out of a personal need, according to Alexey Sheremetyev, one of the company’s founders. “Both founders were designing their own homes – a country house and a city apartment – and we felt that we needed to have a tool that would help us visualise our ideas. We created a prototype of the app, which was later chosen by an accelerator programme.”
Planner 5D users start by entering the dimensions of their chosen room. They can then fill that space by selecting furniture and accessories from a series of constantly updated catalogues featuring about 3,000 items for the home. Users can move furniture around, adjust colours, materials and design details, see their designs in 2-D or 3-D, create renders and then share them with friends or on social media. To experience their redesigned room in all its glory, users simply have to slip on a pair of Google Daydream goggles, turn the virtual-reality mode on and then step into their space.
“Our app allows people to fantasise and to be creators of their reality,” Sheremetyev says. “Some users get really creative, and we end up seeing shapes and forms in their final renders that we didn’t know existed – and then it turns out that someone used a coffee-table top, enlarged many times, as the basis of their wall paint.”
Planner 5D has now been used by 18 million people around the world, with more than 100,000 users daily. Sheremetyev feels confident that the Middle East will be an important growth area for the company moving forward. “The Middle East is definitely high on our target user list, and all our apps are translated into Arabic,” he says.
“We know that people in the Middle East are very meticulous about their home design, and also interested in the newest technology, so we hope that our products will keep growing in this market. We feel we are on the brink of big growth in the whole Middle East region.”
VR and AR may be on an upwards swing, but both Yusuf and Sheremetyev acknowledge that there’s room for improvement. One issue for me is that the visuals aren’t yet photorealistic – they still look like renders, rather than the real thing. It’s possible to make things look completely lifelike, but the cost of doing so at present is still too high to be commercial viable, particularly when it comes to consumer applications.
“A photo still looks more appealing to people than a render,” Sheremetyev agrees. “One of the challenges for virtual reality is to convey an emotion that can only be transmitted with a real-life photo, and virtual-reality technology still has room for improvement. However, we definitely see virtual reality as the future of home design as the technology keeps improving.”
As Sheremetyev points out, the technology is still catching up with the promise. “When mobile devices will be able to show at least 8K images for each eye through virtual-reality goggles, and processors will be able to render them at similar speeds, the images will become more realistic and lifelike. Currently, the idea precedes the technology,” he says.
And just as VR and AR are entering the mainstream, those in the know are setting their sights on the next big thing. “When it comes to interior design, we imagine that in the near future virtual reality will be closely connected with AI to create lifelike user experiences,” Sheremetyev predicts.
“With the help of AI, users’ wishes will be guessed before they even think about a solution, and reflected through virtual-reality goggles. An algorithm will travel through someone’s projects looking for patterns.
“For example, some people tend to lean towards lighter wall colours and Italian-style furniture. So when a person chooses their wall colour, the system will suggest furniture that they might like – and everything will be shown in real-life virtual-reality technology.”
sdenman@thenational.ae
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
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
House-hunting
Top 10 locations for inquiries from US house hunters, according to Rightmove
- Edinburgh, Scotland
- Westminster, London
- Camden, London
- Glasgow, Scotland
- Islington, London
- Kensington and Chelsea, London
- Highlands, Scotland
- Argyll and Bute, Scotland
- Fife, Scotland
- Tower Hamlets, London
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The%20stats%20and%20facts
%3Cp%3E1.9%20million%20women%20are%20at%20risk%20of%20developing%20cervical%20cancer%20in%20the%20UAE%3C%2Fp%3E%0A%3Cp%3E80%25%20of%20people%2C%20females%20and%20males%2C%20will%20get%20human%20papillomavirus%20(HPV)%20once%20in%20their%20lifetime%3C%2Fp%3E%0A%3Cp%3EOut%20of%20more%20than%20100%20types%20of%20HPV%2C%2014%20strains%20are%20cancer-causing%3C%2Fp%3E%0A%3Cp%3E99.9%25%20of%20cervical%20cancers%20are%20caused%20by%20the%20virus%3C%2Fp%3E%0A%3Cp%3EA%20five-year%20survival%20rate%20of%20close%20to%2096%25%20can%20be%20achieved%20with%20regular%20screenings%20for%20cervical%20cancer%20detection%3C%2Fp%3E%0A%3Cp%3EWomen%20aged%2025%20to%2029%20should%20get%20a%20Pap%20smear%20every%20three%20years%3C%2Fp%3E%0A%3Cp%3EWomen%20aged%2030%20to%2065%20should%20do%20a%20Pap%20smear%20and%20HPV%20test%20every%20five%20years%3C%2Fp%3E%0A%3Cp%3EChildren%20aged%2013%20and%20above%20should%20get%20the%20HPV%20vaccine%3C%2Fp%3E%0A
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
Ultra processed foods
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;
- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,
- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
UAE currency: the story behind the money in your pockets
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
The%20Super%20Mario%20Bros%20Movie
%3Cp%3E%3Cstrong%3EDirectors%3A%3C%2Fstrong%3E%20Aaron%20Horvath%20and%20Michael%20Jelenic%0D%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Chris%20Pratt%2C%20Anya%20Taylor-Joy%2C%20Charlie%20Day%2C%20Jack%20Black%2C%20Seth%20Rogen%20and%20Keegan-Michael%20Key%0D%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%201%2F5%3C%2Fp%3E%0A
KINGDOM%20OF%20THE%20PLANET%20OF%20THE%20APES
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Wes%20Ball%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Owen%20Teague%2C%20Freya%20Allen%2C%20Kevin%20Durand%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3.5%2F5%3C%2Fp%3E%0A
