Tommy Weir: beware the suitcase brigade after Expo 2020 victory

Watch out, here they come. Who, you may ask? Well, the suitcase brigade is arriving on our shores – more accurately our airport runways.

The UAE is a bright spot in the global economy and now with the spotlight firmly on us thanks to Expo 2020, we are shining even brighter. Naturally this is attracting prospectors looking for a quick gain.

Just weeks before the Expo 2020 vote I was sitting in the Vault at the Marriott Marquis doing what my mum tried to teach me not to do — eavesdropping. The conversation at the next table pulled me in when one member of the suitcase brigade said to another: “They have no idea what they [referring to the current business leaders in Dubai] are doing.”

I thought to myself: are you serious? How can you make a comment that the leaders here have no idea what they are doing? I was a little offended by this. In fact, we should all be offended when people from outside decide they will come and “show us how it is done”. I was tempted to chip in with: “Please look out of this window [down Sheikh Zayed Road] and tell me that they have no idea what they are doing.”

Their conversation continued, discussing how they were going to bring their products and services here and make a fortune.

So what is this suitcase brigade? Who are these people that think they can swoop in here and “set things” straight?

To answer, they are the business people currently turning their attention to the GCC in hopes of reaping new-found fortunes.

More than a century ago, Dubai opened its borders to welcome, even encourage, people to bring their skills here and hopefully succeed commercially. Frankly speaking this is one of my favourite aspects of living here. No matter who you see, they are here because the prospects of having a better life come from living within these borders. It is rare to find anyone here who is not doing better than they could back home. Why else would someone become an expatriate?

It is in the DNA to welcome strangers and create an environment for them to succeed, and I hope we keep this DNA and our arms wide open for the world to succeed here. But something catches me in the gut at the same time.

While the borders are open with people invited to come and contribute to the vision, I just hope this is what they are doing — contributing. There is a fine line but a big difference in people who contribute and people who consume.

That conversation back in the Marriott, sadly one I hear many times from the suitcase brigade, is too reminiscent of people who are coming to consume.

Let me explain the difference between contributing and consuming. On the one hand there are business leaders and people who want to make a contribution. They have a skill, product or service that they are using to help others. Of course, we all want to receive the maximum we can for our contribution. But the focus is on giving of something to receive.

On the other hand are the consumers, and I don’t mean typical market consumers — customers. By consumer, these are the people who are focused almost exclusively on “what they can get”. They use up what is around them without giving back. At an extreme the “consume” mentality turns into cannibalism — taking, taking and taking and leaving nothing behind.

As a leader, you should be keenly aware of this concept. Hopefully, your business will be growing and when it does you will be hiring new employees. Which do you want — the ones who contribute their skills and abilities, making your company better? Or those who take for their own benefit, leaving little behind?

At a bare minimum people should contribute equally with what they consume. The perfection of economics is when they are in balance. Given the aspirations and openness here, we need to make sure that the suitcase brigade is contributing to the future success at least equal with what they are taking away.

Although the opportunity to succeed is open to all, there is an expectation to contribute, not to just come here and consume. Every one of us has the chance to contribute to the fulfilment of the vision. Together when we contribute, we create a better future for all.

Tommy Weir is author of 10 Tips for Leading in the Middle East and founder of the Emerging Markets Leadership Center

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

Tommy Weir: beware the suitcase brigade after Expo 2020 victory

What is the suitcase brigade? It is the business people currently turning their attention to the GCC in hopes of reaping new-found fortunes, including in Dubai after Expo 2020 success.

Ten tax points to be aware of in 2026