The American stand-up comedian Dave Chappelle recently shared a wonderful analogy about what it's like to be a celebrity these days. He describes the experience as being akin to storming the beaches of Normandy on D-Day, bombs exploding and bullets flying as the battle unfolds around you, while being forced to wear a happy expression on your face the whole time.
His joke resonated because everywhere I look, I notice examples of leaders – those running governments and businesses – doing the same thing. They attempt to communicate a sense of control when they are obviously dealing with brutal technological, economic and climate-driven trends.
It will ultimately prove futile to maintain a forced smile in the public discourse while the running of a business or country is undermined by the various forces at play. No one is buying it anymore. The facade will not hold. It's like circling a giant drain. Eventually, you're going to drown.
Throughout history, leaders have, of course, always played to the gallery. However, in recent decades the proliferation of media and the closer proximity of bigger audiences as a result has raised the likely risk of failure. Since the 1990s, and the emergence of an era of political correctness that coincided with 24-hour news channels and then the rise of digital media platforms, the attempts to be seen to be PC have morphed into what some describe as culture wars. Regardless of the cause, issue or topic in question, we have grown weary of being pandered to.
US President Donald Trump hinted at this collective exhaustion when he mentioned a crisis of trust during his inauguration speech on Monday. That is partly why those leaders who've been the most effective at engaging with a broad group of people on both sides of the political divide have been from the companies, people and institutions that know exactly who they are and what they are about.
John Browne, chief executive of BP between 1995 and 2007 (the company’s golden period) calls this “purpose”. Being able to communicate what this purpose is consistently and directly to your audiences, customers and employees is what matters more than following a trend.
Mr Browne told Bloomberg in September that losing sight of purpose can result in the very backlash that is trying to be avoided.
“I come back to the question of purpose,” he said. “The purpose of a company is to create goods and services which are compatible with society, that actually make money for their shareholders. Companies are not in the business of just doing ESG. When it looks like the company is just doing ESG people react against it.”
Ironically, there is no better illustration right now of how to avoid such pitfalls – by both being able to evolve with the times successfully and knowing yourself and your audience – than the WWE, the professional wrestling organisation.
For much of wrestling’s modern history it had been the ultimate example of maintaining a facade. There was an unspoken pact where everyone involved knew that it wasn’t real competition but to shatter that illusion would have been considered an exercise in corporate self-immolation. The expectation being no one would want to watch it anymore.
However, as the WWE has grown and ridden through many challenges it has learnt it can be authentic without hurting its product. After signing a landmark 10-year distribution deal with Netflix, giving it unprecedented global reach, it marked the moment by broadcasting during its first live-streamed show a promotional video montage that burst the bubble irrevocably. Chief content officer Paul “Triple H” Levesque was straight-faced amid the controversy, highlighting that its audiences appreciated wrestling as an “art form”.
“The reaction seems like we did a good job with it. That was the intent: to capture the emotion and let people know we’re not hiding what we do. I saw a lot of chatter today from people saying, ‘Oh my God, they said heel and face and shoot and work in one promo.’ We’re not hiding what we do. That’s what we do," he said.
Mr Levesque’s response to the noise is refreshing and likely marks the start of a period of maturity in the business world. We will increasingly become familiar with it as more and more leaders recognise how far the landscape has shifted.
It may result in an end to what the British liberal philosopher John Stuart Mill, who wrote the seminal book On Liberty in the 19th century, called the risk of oppression by the tyranny of the majority and that has been a fixture in recent years.
He was a staunch defender, too, of freedom of speech, which so many people are currently claiming to be the custodians of, cynically covering the pursuit of their own self-interests. That is just another form of pandering in the end.
Perhaps the best lesson we can draw in 2025 from Mill – who championed the rights of the individual to strive for a life of originality – is that while originality will always be rejected by the mainstream, it is vital to nurture it for any hope of creating a more equitable world. When the fear of being ostracised just for what you bring to the world diminishes, there is more light and, as a result, fewer dark places from which chaos and havoc can be wrought.
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THE BIO
Ambition: To create awareness among young about people with disabilities and make the world a more inclusive place
Job Title: Human resources administrator, Expo 2020 Dubai
First jobs: Co-ordinator with Magrudy Enterprises; HR coordinator at Jumeirah Group
Entrepreneur: Started his own graphic design business
Favourite singer: Avril Lavigne
Favourite travel destination: Germany and Saudi Arabia
Family: Six sisters
%3Cp%3E%3Cstrong%3EFixtures%3C%2Fstrong%3E%3Cbr%3E%3Cbr%3ESaturday%2C%20May%2028%2C%20United%20States%20v%20Scotland%3Cbr%3ESunday%2C%20May%2029%2C%20United%20States%20v%20Scotland%3Cbr%3ETuesday%2C%20May%2031%2C%20UAE%20v%20Scotland%3Cbr%3EWednesday%2C%20June%201%2C%20UAE%20v%20United%20States%3Cbr%3EFriday%2C%20June%203%2C%20UAE%20v%20Scotland%3Cbr%3ESaturday%2C%20June%204%2C%20UAE%20v%20United%20States%3Cbr%3E%3Cbr%3E%3Cstrong%3EUAE%20squad%3A%20%3C%2Fstrong%3EAhmed%20Raza%20(captain)%2C%20Chirag%20Suri%2C%20Muhammad%20Waseem%2C%20Vriitya%20Aravind%2C%20CP%20Rizwan%2C%20Basil%20Hameed%2C%20Rohan%20Mustafa%2C%20Kashif%20Daud%2C%20Karthik%20Meiyappan%2C%20Zahoor%20Khan%2C%20Junaid%20Siddique%2C%20Alishan%20Sharafu%2C%20Akif%20Raja%2C%20Rahul%20Bhatia%3Cbr%3E%3Cbr%3E%3Cstrong%3ETable%3C%2Fstrong%3E%3Cbr%3E1.%20Oman%2032%2019%2011%2040%20%2B0.156%3Cbr%3E2.%20Scotland%2016%2011%203%2024%20%2B0.574%3Cbr%3E3.%20UAE%2018%2010%206%2022%20%2B0.22%3Cbr%3E4.%20Namibia%2014%207%207%2014%20%2B0.096%3Cbr%3E5.%20United%20States%2016%207%209%2014%20-0.229%3Cbr%3E6.%20Nepal%2012%206%206%2012%20%2B0.113%3Cbr%3E7.%20Papua%20New%20Guinea%2020%201%2019%202%20-0.856%3C%2Fp%3E%0A
Brief scores:
Manchester United 4
Young 13', Mata 28', Lukaku 42', Rashford 82'
Fulham 1
Kamara 67' (pen),
Red card: Anguissa (68')
Man of the match: Juan Mata (Man Utd)
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
UAE currency: the story behind the money in your pockets
Four reasons global stock markets are falling right now
There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:
1. Rising US interest rates
The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.
Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”
At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.
2. Stronger dollar
High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.”
3. Global trade war
Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”
4. Eurozone uncertainty
Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.
Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”
The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”
