Although he was born in Finland and raised in various countries all over the world, Markus Thesleff counts Sweden as his favourite.
Although he was born in Finland and raised in various countries all over the world, Markus Thesleff counts Sweden as his favourite.
Although he was born in Finland and raised in various countries all over the world, Markus Thesleff counts Sweden as his favourite.
Although he was born in Finland and raised in various countries all over the world, Markus Thesleff counts Sweden as his favourite.

'I believe in karma'


  • English
  • Arabic

I was born in Finland, but raised in several countries including Belgium, England, Sweden, Argentina, Spain and the US. Both my parents were Finnish. My father moved around a lot. He was employed by a bank in Finland, then worked for big consumer goods companies like Kelloggs and Proctor & Gamble. He then set up a bunch of his own companies which he sold on. I think I get my flair for business from him.

If I had to name one country which was dominant in my childhood I would say Sweden. We lived 15 miles from the Arctic Circle and it was like living in a Christmas card. There were reindeer and dogs and sleds and people hunting moose and elk. In the winter we built the most incredible snow caves. In the summer it never got dark so we camped in the forest. Unfortunately it's not a reality for children any more. For kids today, the reality is the X-Box and computers?

Although I had a good upbringing, it was hard not having roots. You learn to relate to different cultures, people and religions and you become pretty tolerant, but the question is who do you cheer for when there's Olympic Games or a World Cup match? Being Scandinavian, family is important to me. It's something I missed when I lived in the US and England, but I like the fact that it's valued in a similar way in the UAE

I used to hate school. I went to boarding school in England but only started enjoying school when I changed to one that used the American curriculum. I did pretty well. The American system taught me that education is about learning how to learn. It encouraged me to think for myself, as opposed to having information drummed into me. When I graduated from London I went to the US on a sports scholarship. I specialised in ice hockey and went pretty far up the ranks. I'd been a professional in the UK from the age of 16. I also played rugby and American football. I graduated in Economics, specialising in marketing.

I learnt my approach to dealing with people from living in the US. I find that in Europe people tend to get jealous and look for you to fail, whereas in America there's nothing like a success story. I think they're quite spiritual people, not in a Bible-belt fashion, but in their principles. I like the idea of treating people as I want to be treated. A lot of my business principles come from that thinking .

Before working in the hospitality business, I launched a number of different ventures. I worked with my father and on my own. I've learnt many of my business skills from him. He's hyper-intelligent. He's always thinking ahead of everyone else... Dubai is home to me now and I love this city. I've been coming and going for the last five years. I chose not to buy a property during that time so I've lived in a number of hotels. These days I'm staying at The Monarch where Okku is based.

There's so much positive energy in Dubai. I actually think that what's happening here right now [with the recession] is possibly the best thing for it because Dubai grew so fast that it never had time to set the foundations strongly enough. It's still another generation away in terms of establishing those pillars. I love to build and create things and that's what motivates me. Apart from wanting to build a diverse company, I have a project which will empower people. For example a lot of people I hire are from deprived backgrounds. At Okku we're constantly training our staff and improving their skills and standard of living. When they go home they have skills they can use to their advantage.

There are still a lot of things that I want to do. I haven't even touched the surface yet. I'm very competitive and some people think it's arrogance, but it's not. However because of that I'm a bad loser. I'll work harder than anyone else and I'll do that last bit to achieve, but I won't cheat. I believe in Karma - that everything you do comes back to you.

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

Other acts on the Jazz Garden bill

Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.