With Emirates Team New Zealand and Artemis first on the water in the best-of-three semi-finals, competition in the Louis Vuitton Trophy in La Maddalena, Italy, stepped up a notch yesterday.
Twelve days of round-robin racing in this America's Cup-class regatta produced major surprises, including the elimination of BMW Oracle, the defender of the America's Cup, and Mascalzone Latino Audi, the challenger of record.
Also unexpected was the emergence of the Synergy Russian Sailing Team, and the new Franco-German team All4One coming top of the leaderboard.
The series, regarded as sailing's equivalent of motor racing's Formula One, will be coming to the UAE in November when Dubai International Marine Club (DIMC) hosts the third of four rounds. The UAE beat out some of the world's major yachting destinations, and Sheikh Ahmed bin Saeed, the chairman of DIMC and the chief executive of Emirates airline, described it as "a real coup".
Organised by the World Sailing Teams Association, a group of America's Cup-level teams that was formed last year with the support of the French luxury goods company, the regatta follows a similar format to the Louis Vuitton Cup, the challenger selection series that preceded all America's Cups between 1983 and 2007.
The 17-strong crews race in identical Version 5 America's Cup yachts, which guarantees close-quarters racing while eliminating technological advantages that can exaggerate the differences between teams.
"It's all about the skill of the sailors," said Sid Bensalah, the general manager of DIMC, as he flew to La Maddalena. "This is the pinnacle of the sport, on a par with the UAE's other major events, in motorsport, tennis, golf and horse racing."
Before yesterday's first race, Grant Dalton, the managing director of Emirates Team New Zealand, stressed the closeness of the competition.
"Every one of these teams can beat you on any day," he said.
Yesterday, in the first of the best-of-three-race semi-finals, between Artemis and ETNZ, it was one-all before the decisive final race. Terry Hutchinson and his crew on the Swedish boat stole the start from ETNZ just metres from the line. But it was not enough for the Swedish team: despite a bungle at the second mark, the Emirates Team New Zealand stormed away to a comfortable win.
Dean Barker put the semi-final victory down to the team's attitude. "We always back ourselves to win," he said. "The first race was difficult for us ... but we do everything at the highest possible level."
The winner of today's semi-final between All4One and Synergy will meet ETNZ in the final.
* Compiled by Sandra Lane
Artemis v ETNZ
Artemis: Royal Swedish Yacht Club. Skipper Paul Cayard, helmsman Terry Hutchinson, strategist Cameron Appleton.
ETNZ: Royal New Zealand Yacht Squadron. Skipper and helmsman Dean Barker, tactician Ray Davies, stategist Adam Beashel.
All4One v Synergy
All4One: Cercle de la Voile (France), Kieler Yacht-Club (Germany). Skipper Jochen Schümann, helmsman Sébastien Col.
Synergy: Russia. Skipper and helmsman Karol Jablonski, tactician Rod Dawson.
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
The schedule
December 5 - 23: Shooting competition, Al Dhafra Shooting Club
December 9 - 24: Handicrafts competition, from 4pm until 10pm, Heritage Souq
December 11 - 20: Dates competition, from 4pm
December 12 - 20: Sour milk competition
December 13: Falcon beauty competition
December 14 and 20: Saluki races
December 15: Arabian horse races, from 4pm
December 16 - 19: Falconry competition
December 18: Camel milk competition, from 7.30 - 9.30 am
December 20 and 21: Sheep beauty competition, from 10am
December 22: The best herd of 30 camels
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McIlroy's struggles in 2016/17
European Tour: 6 events, 16 rounds, 5 cuts, 0 wins, 3 top-10s, 4 top-25s, 72,5567 points, ranked 16th
PGA Tour: 8 events, 26 rounds, 6 cuts, 0 wins, 4 top-10s, 5 top-25s, 526 points, ranked 71st
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
