Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, was celebrating his 75th birthday on Monday.
Sheikh Mohammed, also Prime Minister, has played a critical role in the rise of the emirate and the UAE on the international stage during a life dedicated to public service.
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, paid homage to his father in a message on social media.
Sheikh Hamdan, who was named Deputy Prime Minister and Minister of Defence on Sunday, shared a video montage chronicling Sheikh Mohammed's life, from a young child growing up in Dubai before the formation of the UAE through to his role leading the transformation of the city into a global business and tourism hub.
"Happy birthday," Sheikh Hamdan wrote on X, accompanied by the footage spanning several decades.
Sheikh Mohammed was born on July 15, 1949, and raised in Al Maktoum family home in Shindagha on the banks of Dubai Creek.
He was tutored privately in Arabic and Islamic studies from the age of four and began formal education two years later.
He later trained at Mons Officer Cadet School in Aldershot in the UK, which is now part of the Royal Military Academy Sandhurst. There he would emerge as the top Commonwealth student before going to Italy to be trained as a pilot.
In 1968, aged 19, he became the world’s youngest defence minister and was appointed the head of Dubai Police and Public Security force.
He became the nation’s first Minister of Defence in 1971 after the formation of the UAE, a crucial role now being carried out by his son, Sheikh Hamdan.
While a significant part of his development took place under the tutelage of academics and military officials overseas, sitting under the learning tree provided by his father, Sheikh Rashid bin Saeed, in the Emirates proved vital.
Sheikh Rashid died in October 1990 and was succeeded by his eldest son, Sheikh Maktoum bin Rashid, with Sheikh Mohammed appointed Crown Prince in 1995.
Sheikh Mohammed became Ruler of Dubai in 2006 after the death of Sheikh Maktoum, who died unexpectedly on a visit to Australia.
He has been a driving force behind the continued rise of Dubai in the years since, overseeing the opening of the world's tallest tower, Burj Khalifa, in 2010, the launch of Dubai Mall, the Dubai Metro rail network and the Mohammed bin Rashid Space Centre.
Dubai's population has soared from 1.7 million in 2009 to more than 3.7 million today, as it cements its status as a leading destination to live, work and conduct business.
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More coverage from the Future Forum
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
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
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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About Okadoc
Date started: Okadoc, 2018
Founder/CEO: Fodhil Benturquia
Based: Dubai, UAE
Sector: Healthcare
Size: (employees/revenue) 40 staff; undisclosed revenues recording “double-digit” monthly growth
Funding stage: Series B fundraising round to conclude in February
Investors: Undisclosed
