Dunaden gave Sheikh Fahad Al Thani the biggest win of his short career as an owner yesterday when the five year old took the Melbourne Cup in a pulsating finish.
The French-trained horse was the Qatari Sheikh's first runner in the 3,200-metre handicap and became only the fifth foreign raider to steal Australia's greatest racing prize in the 151-year history of the Group 1 race.
"It is a dream come true and a great honour to have a runner in this race, let alone a winner," Sheikh Fahad said. He also had the grace to acknowledge his good fortune, particularly in reference to Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, who has now had 17 runners without a win in the race that is said to "stop a nation".
"He deserves it more than me," said Sheikh Fahad, who could complete a memorable week on Saturday when Strong Suit competes in the Breeders' Cup Mile against the mighty Goldikova. "I hope he wins it when I don't."
With 200 metres to go, it looked like Godolphin might finally improve on their three second-place finishes in the race when Lost In The Moment took a narrow lead. There were still five other horses challenging, however, and Dunaden and Red Cadeaux, trained by Ed Dunlop, came with a late run up the centre of the track and were locked in a furious sprint to the line.
With a record 11 foreign runners, the international brigade filled six of the first seven places in front of the crowd of 105,979. Americain, last year's winner, was fourth, Manighar, trained by Luca Cumani, was fifth, while Lost In the Moment edged out a fast-finishing Fox Hunt, owned by Sheikh Hamdan bin Mohammed, for sixth.
Lucas Cranach was third by one and half lengths. There will be much soul searching at this result by the Australian public, who were bemoaning the bumper international entry in the lead-up to the race.
For Godolphin, the pain of another near-miss was made more acute by the run of Modun, who finished last of the 23 runners. A recent recruit to the Dubai-based operation, the former Sir Michael Stoute-trained gelding was having his first run for Saeed bin Suroor and struggled with the unusually slow early pace.
"We didn't get any cover in the race so he probably didn't switch off 100 per cent and relax. Therefore, he found the two miles a little testing today," Kerrin McEvoy, Darley's retained Australian rider, said. "He is only lightly raced so I would not put two miles out of the question just yet but it may be the case that he will be suited by dropping back in trip."
Dunaden's victory was a triumph for Sheikh Fahad's judgement. Having won a Group 3 over 3,200m at Longchamp in France in April, the 22 year old decided to leave the horse out of the Ascot Gold Cup in England in June to save his handicap mark for the challenge in Australia. It was a decision contrary to the advice of David Redvers, his racing manager, and Dunaden will now be aimed at Royal Ascot's feature contest in 2012.
"It is truly humbling and thrilling experience," Redvers said. "A day like this you dream about as a runaway teenager."
sports@thenational.ae
The five pillars of Islam
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
THE SPECS
Engine: 3.9-litre twin-turbo V8
Transmission: seven-speed dual clutch
Power: 710bhp
Torque: 770Nm
Speed: 0-100km/h 2.9 seconds
Top Speed: 340km/h
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'Panga'
Directed by Ashwiny Iyer Tiwari
Starring Kangana Ranaut, Richa Chadha, Jassie Gill, Yagya Bhasin, Neena Gupta
Rating: 3.5/5
TO ALL THE BOYS: ALWAYS AND FOREVER
Directed by: Michael Fimognari
Starring: Lana Condor and Noah Centineo
Two stars
Ukraine
Capital: Kiev
Population: 44.13 million
Armed conflict in Donbass
Russia-backed fighters control territory
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
