Forty million people per year come to the Mall of the Emirates. Thousands make a living there, and many more come to spend money in shops, hotels and even an indoor ski slope, all in a site that spans 2.4 million square feet. It is a visible reminder and celebration of the UAE's astonishing transformation over the past 50 years. But over the next few days it will also be a place on which many are reflecting, after news broke on Friday of the passing of Majid Al Futtaim, the man who made this development, and many others, possible.
In a tweet, Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, wrote of Al Futtaim's "deep commitment to society". His charity work included, for example, the yearly "Make a Difference" Ramadan campaign, in which people would donate as much as 60 tonnes of books, toys and clothes for underprivileged families in the region. Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, also paid tribute to him following the news: “May God have mercy on our brother Majid Al Futtaim, the creative businessman.”
He was exactly that. A hugely talented commercial operator, Al Futtaim also possessed creativity to a degree that made him more than a successful property developer; it placed him at the heart of the UAE's history.
While the transformation of Dubai and the UAE is based on the ideas of its leaders, the quick emergence of a thriving business environment in the past few decades has been an integral part of the plan. Al Futtaim was a textbook example of someone who worked alongside Dubai's rulers to realise their dream.
A brief list of his endeavours demonstrate quite how significant he was in this regard. His group – Majid Al Futtaim group (MAF), set up in 1992 – includes 28 malls, 13 hotels and four city projects. All in all, MAF employs 34,000 people. And much before Mall of the Emirates drew millions of visitors each year, back in 1995, it was a mall in the older part of town, City Centre Deira, which was the group's flagship retail offering. In the early 2000s, MAF's portfolio expanded rapidly, with its properties opening the UAE's first multiplex cinema and the region's first Apple store in 2003.
One of his most significant achievements was the development of Dubai Creek, an area that encompasses a vast expanse of the city's most important commercial and tourism districts. Today, the neighbourhood around the Dubai Creek shows how rapid development does not have to come at the expense of a location's traditional identity. Historically, the Creek was a centre of the country's pearl fishing industry. And while it is now at the heart of a modern metropolis, there are plenty of reminders of this heritage and culture, too.
MAF has also been an important part of exporting the UAE's ambition into markets including Saudi Arabia, Egypt, Oman, Bahrain, Lebanon, Kuwait, Qatar, Jordan and Uganda. The company brought with it more than technical expertise, but also the deeper appreciation that mega-projects can be cornerstones of prosperity.
Back in the UAE, the presence of vast numbers of visitors from around the globe in today's Dubai can, in the wake of Al Futtaim's death, be a part of his memory. His life is proof that gifted people can rise to the top in the UAE and realise their ambitions. And in an ever-globalising country, his legacy will be the success of the next generation of businesspeople making the Emirates their home.
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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
MATCH INFO
Uefa Champions League semi-finals, first leg
Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
The years Ramadan fell in May
The years Ramadan fell in May