Abu Dhabi Ocean Racing's new Volvo Ocean 65 emerges from the Green Marine boat yard in Southampton, England, for the first time on February 26, 2014. Courtesy Ian Roman / Abu Dhabi Ocean Racing
Abu Dhabi Ocean Racing's new Volvo Ocean 65 emerges from the Green Marine boat yard in Southampton, England, for the first time on February 26, 2014. Courtesy Ian Roman / Abu Dhabi Ocean Racing
Abu Dhabi Ocean Racing's new Volvo Ocean 65 emerges from the Green Marine boat yard in Southampton, England, for the first time on February 26, 2014. Courtesy Ian Roman / Abu Dhabi Ocean Racing
Abu Dhabi Ocean Racing's new Volvo Ocean 65 emerges from the Green Marine boat yard in Southampton, England, for the first time on February 26, 2014. Courtesy Ian Roman / Abu Dhabi Ocean Racing

Dongfeng pick French skipper to lead Volvo Ocean Race team


  • English
  • Arabic

Experienced French yachtsman Charles Caudrelier has been named as the new skipper of the Chinese Dongfeng Race Team, which will take part in the Volvo Ocean Race 2014/15.

The 40 year old from Britanny was part of the winning French Groupama crew in the last edition of the multi-stage team race, which sees single-hulled 20-metre boats race each other around the world.

He also won the Solitaire du Figaro single-handed race in 2004 and the double-handed Transat Jacques Vabre in 2009 and 2013 before agreeing to work under skipper Franck Cammas in the 2011/12 Volvo Ocean Race.

He will break new ground in leading the Chinese team, which will be the third from that country to contest the race in its 40-year history, following Team Sanya (2011/12) and the joint-entry with Ireland, Green Dragon (2008/09).

Caudrelier said he aimed to put together an eight-man crew, which will include four Chinese sailors from the country’s Olympic yachting programme.

“Our Chinese candidates are very dedicated and they are working hard. Yet, few of them know about ocean racing and it’s quite a challenge with the race starting in six months,” he said.

“We have to teach them all if we want to perform as a group. As we’ve started sailing together, I’m already seeing their personalities and skills developing.

“I take a great pleasure in teaching my sport. I believe it’s key for our sport to get China involved in sailing for real, too. I want to do my part for everyone to gain from this – the sport of sailing, China and Dongfeng Race Team.”

Backed by leading carmakers Dongfeng, the Chinese boat – a Volvo Ocean 65 (20 metres) – will prepare until the end of March at the Serenity Marina in the southern Chinese port of Sanya, a race stopover in 2014/15.

They will then head to Auckland for an offshore exercise at the end of March before sailing to Europe to gear up for the start of the race on October 4 in Alicante, Spain.

Among their rivals will be Abu Dhabi Ocean Racing, who are competing in the event for a second time, having first entered the 2011/12 race. The UAE-based team saw their new Volvo Ocean 65 craft leave the boat yard in Southampton, England, for the first time on Wednesday.

Five teams have been confirmed for the race thus far, with Alvimedica, Brunel and SCA Ocean Racing the other three entered.

sports@thenational.ae

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

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Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO

Based: Amman, Jordan

Sector: Education Technology

Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed

Stage: early-stage startup 

Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.

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Unresolved crisis

Russia and Ukraine have been locked in a bitter conflict since 2014, when Ukraine’s Kremlin-friendly president was ousted, Moscow annexed Crimea and then backed a separatist insurgency in the east.

Fighting between the Russia-backed rebels and Ukrainian forces has killed more than 14,000 people. In 2015, France and Germany helped broker a peace deal, known as the Minsk agreements, that ended large-scale hostilities but failed to bring a political settlement of the conflict.

The Kremlin has repeatedly accused Kiev of sabotaging the deal, and Ukrainian officials in recent weeks said that implementing it in full would hurt Ukraine.

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All times UTC 4

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The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

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1. Valtteri Bottas (FIN/Mercedes) 1hr 21min 48.527sec
2. Sebastian Vettel (GER/Ferrari) at 0.658sec
3. Daniel Ricciardo (AUS/Red Bull) 6.012 
4. Lewis Hamilton (GBR/Mercedes) 7.430
5. Kimi Räikkönen (FIN/Ferrari) 20.370
6. Romain Grosjean (FRA/Haas) 1:13.160
7. Sergio Pérez (MEX/Force India) 1 lap
8. Esteban Ocon (FRA/Force India) 1 lap
9. Felipe Massa (BRA/Williams) 1 lap
10. Lance Stroll (CAN/Williams) 1 lap
11. Jolyon Palmer (GBR/Renault) 1 lap
12. Stoffel Vandoorne (BEL/McLaren) 1 lap
13. Nico Hülkenberg (GER/Renault) 1 lap
14. Pascal Wehrlein (GER/Sauber) 1 lap
15. Marcus Ericsson (SWE/Sauber) 2 laps
16. Daniil Kvyat (RUS/Toro Rosso) 3 laps

Essentials

The flights
Etihad and Emirates fly direct from the UAE to Delhi from about Dh950 return including taxes.
The hotels
Double rooms at Tijara Fort-Palace cost from 6,670 rupees (Dh377), including breakfast.
Doubles at Fort Bishangarh cost from 29,030 rupees (Dh1,641), including breakfast. Doubles at Narendra Bhawan cost from 15,360 rupees (Dh869). Doubles at Chanoud Garh cost from 19,840 rupees (Dh1,122), full board. Doubles at Fort Begu cost from 10,000 rupees (Dh565), including breakfast.
The tours 
Amar Grover travelled with Wild Frontiers. A tailor-made, nine-day itinerary via New Delhi, with one night in Tijara and two nights in each of the remaining properties, including car/driver, costs from £1,445 (Dh6,968) per person.