Sadly, I have no idea what it must be like to be a billionaire. To be able to afford anything you wish, to not have to worry, to not give so much as a second glance at a restaurant bill, to go anywhere you fancy on a private jet, to cruise around in a superyacht must, truly, be wonderful.
All I can do is dream: what would I spend the dosh on, what would I be doing if I were in their position? It is partly for this reason that rushing to condemn three billionaires, Sir Richard Branson, Jeff Bezos and Elon Musk, for devoting part of their fortunes to launching themselves and others into space is misplaced.
It’s their money, they can do as they wish. True, they may go to some trouble to reduce their tax bills, but be honest now, who doesn’t? Besides, unless I am missing something, they are not breaking the law. If we, as a society, don’t like rich folk minimising their dues, then it’s up to us, up to our governments, to tighten the rules and close the loopholes.
Where I have an issue is with the emissions their rocket blast-offs leave behind. Eloise Marais, an associate professor of physical geography at University College London, reckons that on every space flight, up to 300 tonnes of carbon dioxide are split between four or so passengers, compared with up to three tonnes of carbon dioxide per passenger on a long-haul commercial airline flight.
So far, of course, we have seen only two space trips – one by Branson, the other by Bezos – but as Marais says: “It [commercial space travel] doesn’t need to grow that much more to compete with other sources.”
Their plans are only excusable then, if their endgame is of such benefit to mankind to outweigh the harm.
Bezos’s declared aim is to put human beings on different planets and turn us into a “spacefaring civilisation”.
Meanwhile, manna from heaven for the climate change lobby and his critics, Bezos’s Amazon trucks continue to damage the one planet we’re currently obliged to live upon.
Branson, of course, does little better with his Virgin Atlantic long-haul airline.
Musk can lay claim to be more eco-friendly, having advanced the electric car, although the batteries and resources devoured in making a Tesla would not put him on the “green” side of the spectrum.
The charge can be made, then, with some justification, that this is three of the very richest guys in the world playing at being space cowboys, fulfilling their boyhood fantasies, when the money they’re lavishing could be put to more valuable use, like help saving the Earth, or alleviating poverty and inequality.
The fact they’ve turned their rush into some sort of macho rivalry adds to the unedifying spectacle.
Bezos has tweeted that Branson’s spacecraft are “airplane-sized”; Musk has tweeted that Bezos is a copycat and used a cat emoji. They’re charging fares as well. So, Bezos sold a place on his Blue Origin space company’s New Shepard rocket for $28 million in an online auction; Branson is charging a mere $250,000 for the chance to look at us from space.
Underneath the razzmatazz and being seen to indulge in what appears to be the latest example of boys outdoing each other for bigger and faster playthings, at a time when the rest of the population is grappling with the pandemic, not to mention heat domes and wildfires and horrendous flooding, there is a serious aspect.
The three are not alone. Space is opening up rapidly, to private companies and nations.
The days when it was a two-horse race between the US and Russia now seem distant. The US, in particular, is in danger of being caught out. Once reliant on co-operation, even with Vladimir Putin’s Russia, that has effectively ended with the Joe Biden era’s frostier relations.
The financially strapped American space agency, Nasa, would like it very much if the uber-rich could step up – Nasa has formed a close relationship with Musk’s SpaceX and the Tesla tycoon is building a landing craft for the Moon, to the agency’s instruction, and will be shuttling astronauts to and from the International Space Station.
Russia has formed a space bond with China and the pair are to build a base on the Moon. China, meanwhile, is also targeting Mars, having sent a rover there and announced a human crew will be going to the Red Planet in 2033. It’s also constructing a spaceship capable of reaching 14.5 billion kilometres from Earth.
Against this increasingly competitive and fraught backdrop, and western governments that must cater for all sorts of social and economic needs and priorities, a shove or two from benign, if ego-centric, cash-heavy moguls is a blessing.
The worry is that the three are doing this for some ulterior purpose, that as the Earth is hit with melting polar ice caps and rising sea levels, they and their successors will be able to wave goodbye, take off and leave this increasingly troubled environment behind.
They deny that, of course. Instead, they play the good-of-mankind card, and if there is to be an escape route it will be available to the many, not just the lucky few. Yes, they want to bring in revenue in the process – these are not people who amassed their vast riches by giving money away.
But Bezos does not appear to be joking when he says: “What we’re really trying to do is build reusable space vehicles. It’s the only way to build a road to space, and we need to build a road to space so that our children can build the future.”
Perhaps most tellingly, the public, well the American public anyway, appear to agree. Despite numerous politicians weighing in to denounce the threesome and repeated widespread criticism, 72 per cent of Americans, according to Pew Research, believe the US should be striving to lead the world in space exploration.
The tendency is to view them as wealthy men dabbling in adventures. Look beyond that, however, and they are showing us what is possible, using their money to kick-start and to forge ahead.
As the saying among Nasa hands goes, “space is a place not a programme”. For now, they merit begrudging applause, becoming louder should they remain true to their word.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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'The Sky is Everywhere'
Director:Josephine Decker
Stars:Grace Kaufman, Pico Alexander, Jacques Colimon
Rating:2/5
Q&A with Dash Berlin
Welcome back. What was it like to return to RAK and to play for fans out here again?
It’s an amazing feeling to be back in the passionate UAE again. Seeing the fans having a great time that is what it’s all about.
You're currently touring the globe as part of your Legends of the Feels Tour. How important is it to you to include the Middle East in the schedule?
The tour is doing really well and is extensive and intensive at the same time travelling all over the globe. My Middle Eastern fans are very dear to me, it’s good to be back.
You mix tracks that people know and love, but you also have a visually impressive set too (graphics etc). Is that the secret recipe to Dash Berlin's live gigs?
People enjoying the combination of the music and visuals are the key factor in the success of the Legends Of The Feel tour 2018.
Have you had some time to explore Ras al Khaimah too? If so, what have you been up to?
Coming fresh out of Las Vegas where I continue my 7th annual year DJ residency at Marquee, I decided it was a perfect moment to catch some sun rays and enjoy the warm hospitality of Bab Al Bahr.
Naga
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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
Medicus AI
Started: 2016
Founder(s): Dr Baher Al Hakim, Dr Nadine Nehme and Makram Saleh
Based: Vienna, Austria; started in Dubai
Sector: Health Tech
Staff: 119
Funding: €7.7 million (Dh31m)
'Cheb%20Khaled'
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PROFILE OF INVYGO
Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
Based: Dubai
Sector: Transport
Size: 9 employees
Investment: $1,275,000
Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri
Results
2.15pm: Maiden (PA) Dh40,000 1,700m; Winner: AF Arrab, Antonio Fresu (jockey), Ernst Oertel (trainer).
2.45pm: Maiden (PA) Dh40,000 1,700m; Winner: AF Mahaleel, Antonio Fresu, Ernst Oertel.
3.15pm: Sheikh Ahmed bin Rashid Al Maktoum handicap (TB) Dh200,000 2,000m; Winner: Dolmen, Richard Mullen, Satish Seemar.
3.45pm: Handicap (PA) Dh40,000 1,200m; Winner: Amang Alawda, Sandro Paiva, Bakhit Al Ketbi.
4.15pm: The Crown Prince of Sharjah Cup Prestige (PA) Dh200,000 1,200m; Winner: AF Alwajel, Tadhg O’Shea, Ernst Oertel.
4.45pm: Handicap (PA) Dh40,000 2,000m; Winner: Al Jazi, Jesus Rosales, Eric Lemartinel.
Mohammed bin Zayed Majlis
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
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The specs: 2018 BMW R nineT Scrambler
Price, base / as tested Dh57,000
Engine 1,170cc air/oil-cooled flat twin four-stroke engine
Transmission Six-speed gearbox
Power 110hp) @ 7,750rpm
Torque 116Nm @ 6,000rpm
Fuel economy, combined 5.3L / 100km
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Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
UAE currency: the story behind the money in your pockets
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RESULTS
Time; race; prize; distance
4pm: Maiden; (D) Dh150,000; 1,200m
Winner: General Line, Xavier Ziani (jockey), Omar Daraj (trainer)
4.35pm: Maiden (T); Dh150,000; 1,600m
Winner: Travis County, Adrie de Vries, Ismail Mohammed
5.10pm: Handicap (D); Dh175,000; 1,200m
Winner: Scrutineer, Tadhg O’Shea, Ali Rashid Al Raihe
5.45pm: Maiden (D); Dh150,000; 1,600m
Winner: Yulong Warrior, Richard Mullen, Satish Seemar
6.20pm: Maiden (D); Dh150,000; 1,600m
Winner: Ejaaby, Jim Crowley, Doug Watson
6.55pm: Handicap (D); Dh160,000; 1,600m
Winner: Storyboard, Richard Mullen, Satish Seemar
7.30pm: Handicap (D); Dh150,000; 2,200m
Winner: Grand Dauphin, Gerald Mosse, Ahmed Al Shemaili
8.05pm: Handicap (T); Dh190,000; 1,800m
Winner: Good Trip, Tadhg O’Shea, Ali Rashid Al Raihe
SPECS
Mini John Cooper Works Clubman and Mini John Cooper Works Countryman
Engine: two-litre 4-cylinder turbo
Transmission: nine-speed automatic
Power: 306hp
Torque: 450Nm
Price: JCW Clubman, Dh220,500; JCW Countryman, Dh225,500
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
West Indies v India - Third ODI
India 251-4 (50 overs)
Dhoni (78*), Rahane (72), Jadhav (40)
Cummins (2-56), Bishoo (1-38)
West Indies 158 (38.1 overs)
Mohammed (40), Powell (30), Hope (24)
Ashwin (3-28), Yadav (3-41), Pandya (2-32)
India won by 93 runs
THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
On sale: Now
Company profile
Name: The Concept
Founders: Yadhushan Mahendran, Maria Sobh and Muhammad Rijal
Based: Abu Dhabi
Founded: 2017
Number of employees: 7
Sector: Aviation and space industry
Funding: $250,000
Future plans: Looking to raise $1 million investment to boost expansion and develop new products
THE BIO:
Sabri Razouk, 74
Athlete and fitness trainer
Married, father of six
Favourite exercise: Bench press
Must-eat weekly meal: Steak with beans, carrots, broccoli, crust and corn
Power drink: A glass of yoghurt
Role model: Any good man
MATCH INFO
Burnley 0
Man City 3
Raheem Sterling 35', 49'
Ferran Torres 65'
All about the Sevens
Cape Town Sevens on Saturday and Sunday: Pools A – South Africa, Kenya, France, Russia; B – New Zealand, Australia, Spain, United States; C – England, Scotland, Argentina, Uganda; D – Fiji, Samoa, Canada, Wales
HSBC World Sevens Series standing after first leg in Dubai 1 South Africa; 2 New Zealand; 3 England; 4 Fiji; 5 Australia; 6 Samoa; 7 Kenya; 8 Scotland; 9 France; 10 Spain; 11 Argentina; 12 Canada; 13 Wales; 14 Uganda; 15 United States; 16 Russia