The glitzy Dubai World Cup returned to Meydan Racecourse on Saturday, but the thrill wasn't just apparent on the course as spectators donned their best outfits – from flowy pastel-hued dresses to intricate statement hats and fascinators.
The horse-racing event often doubles as one of Dubai's biggest fashion showcases. Aside from turning heads, best-dressed racegoers are recognised in the annual Style Stakes competition, with prizes of up to Dh200,000 to be won.
This year, a trend towards solid colours was noticeable, with many women opting for a bold monotone look – a detour from the usual summery prints and patterns. Some chose flashy hues while others went for softer pastel tints.
Headpieces are a big element of horse-racing fashion, and this year saw a multitude of varieties. They ranged from intricate, ornate pieces to sophisticated designs using traditional lace and ribbons, and more sculptural creations.
Fashion at horse-racing events such as the Dubai World Cup tends to have strict guidelines. Royal Ascot in England, for example, asks spectators to follow rules on necklines, dress straps and sleeve lengths, as well as hats and fascinators.
The Dubai event has similar expectations around what to wear during the evening, especially for those who want to enter the Style Stakes. Women are required to wear a headpiece and to avoid skimpy outfits.
So modest fashion was a staple of the event, with plenty of long and flowing ensembles.
Aside from the best-dressed women, the Style Stakes also recognises men dressed to the nines. Many male attendees wore outfits that complemented those of their female companions, veering away from simple black-tie looks to incorporate more playful colour combinations.
Another feature of this year's event was rental outfits, for a more sustainable approach. A handful of women, including Style Stakes host Maz Hakim, got their ensembles from Siz, a peer-to-peer designer fashion rental platform in Dubai.
“There’s a growing demand for renting outfits instead of buying them, especially for one-time events,” Siz founder Annabel Demana told The National. She says there is increasing interest from both renters and lenders, and there were many inquiries in the lead-up to the race.
While solid monotone looks were a hit, intricate patterns were still spotted trackside. Some racegoers also wore cultural outfits that showcased their heritage.
Aside from originality, the Style Stakes judges also looked for attention to detail and appropriateness for race day.
Before the event, judge Ruth Bradley told The National: “The main piece of advice is to just be yourself.
“Be super unique because ultimately we are looking for a really unique sense of style and people that stand out.”
Tips for SMEs to cope
- Adapt your business model. Make changes that are future-proof to the new normal
- Make sure you have an online presence
- Open communication with suppliers, especially if they are international. Look for local suppliers to avoid delivery delays
- Open communication with customers to see how they are coping and be flexible about extending terms, etc
Courtesy: Craig Moore, founder and CEO of Beehive, which provides term finance and working capital finance to SMEs. Only SMEs that have been trading for two years are eligible for funding from Beehive.
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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
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