Seven-time world champion Lewis Hamilton has been left 'exhausted' by his misbehaving Mercedes car this season. Getty Images
Seven-time world champion Lewis Hamilton has been left 'exhausted' by his misbehaving Mercedes car this season. Getty Images
Seven-time world champion Lewis Hamilton has been left 'exhausted' by his misbehaving Mercedes car this season. Getty Images
Seven-time world champion Lewis Hamilton has been left 'exhausted' by his misbehaving Mercedes car this season. Getty Images

Mercedes must pay heed to Lewis Hamilton's 2024 warning


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Lewis Hamilton has warned erratic Mercedes they risk throwing away their 2024 championship chances in the next few months unless they change their ways.

In a swingeing assessment of their campaign, he said it was no better in Japan than it was in last year’s train-wreck of a season.

Most of the grid have started work on next year’s design but tMercedes have been slow to switch focus where he wants.

The 38-year-old Briton signed a new two-year deal earlier this month in the hope Mercedes return to their winning ways. But the German team have rarely looked like their old selves and Sunday it was clear they have fallen behind Ferrari as well as McLaren and Red Bull, finishing fifth and seventh.

“I’m exhausted,” said Hamilton. “It’s tough on weekends like this where the car is a handful. It’s basically exactly the same as last year feeling-wise with the bouncing and sliding.

“And that’s tough given how much work we’ve done. And we’re not any closer to the front – at least not here. We have a long way to go.”

In a blow to their garlanded design team, he said the car’s design concept was wrong: “We are a long way away [from Red Bull].

“The next six months of development has got to be the greatest six months of development we’ve ever, ever had if we are going to close that gap and be really banging on the door.”

Mercedes lack of improvement lately has been highlighted by rivals McLaren.

Both teams had a disastrous start to the year but McLaren reacted more decisively, pulling the trigger on a re-design similar to that of Red Bull.

As he re-jigged his own design team, Mercedes boss Toto Wolff has always insisted the former champions will never dominate by copying their rivals.

Max Verstappen and Red Bull have been unstoppable. Getty
Max Verstappen and Red Bull have been unstoppable. Getty

But Hamilton believes it is a good starting point: “The evidence is there at McLaren and we can’t turn a blind eye to that.

“We’ve got to look at what they’ve done and go in that direction. That is the direction. But I truly believe my team can do it.

“We’ve always been great at putting downforce on the car but it doesn’t work with this car, it just makes it bounce more.”

It’s all the more embarrassing for Mercedes because McLaren are outclassing them with the very same Mercedes engine.

“Hopefully with a change of philosophy we’ll be back to where we deserve because this is a world championship team,” added Hamilton.

“We still are an amazing team and I have absolute faith in everyone.

“But decisions that are made in this period of time are absolutely critical for our trajectory.”

Mercedes minimised the damage in the battle over second with Ferrari to just four points in Suzuka. But the 20 point difference could easily disappear in one bad weekend.

It’s about pride, of course, but tens of millions in prize money rest on the two runners-up spots too.

And Hamilton has staged something of a person revival after the setbacks of last year and, remarkably, could still steal runners-up spot from Red Bull number two Sergio Perez.

That beggars belief given the Mexican is in a car that, in other hands, has won six of the last seven races and all but one race this year.

It is clear testament to Hamilton’s ability that, given a better car, he will rise to the occasion.

Meanwhile Max Verstappen’s glorious form returned with victory at Sazuka Sunday after the Singapore interregnum and virtually single-handedly he has taken Red Bull to their sixth constructors title blowing away records.

While the plaudits continue to rain down it is difficult to judge the Dutchman in absolute terms. Perez is so mediocre he is no yardstick and the car so superior it only clouds the issue. Would he beat Hamilton in the same car, or Lando Norris? Let’s hope we get the chance to find out one day soon.

His relentless speed and brilliance has certainly sparkled amidst the boredom of another age of domination.

But you have to look past Verstappen and Hamilton for the real hero here: genius car designer Adrian Newey who now has over 200 F1 wins and 12 constructors championships to his name.

He also has 12 drivers titles and in a fortnight in Qatar, in all likelihood, a 13th. Not bad for someone kicked out of school at 16 for misbehaviour.

Awar Qalb

Director: Jamal Salem

Starring: Abdulla Zaid, Joma Ali, Neven Madi and Khadija Sleiman

Two stars

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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

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

EA Sports FC 26

Publisher: EA Sports

Consoles: PC, PlayStation 4/5, Xbox Series X/S

Rating: 3/5

Rashid & Rajab

Director: Mohammed Saeed Harib

Stars: Shadi Alfons,  Marwan Abdullah, Doaa Mostafa Ragab 

Two stars out of five 

NYBL PROFILE

Company name: Nybl 

Date started: November 2018

Founder: Noor Alnahhas, Michael LeTan, Hafsa Yazdni, Sufyaan Abdul Haseeb, Waleed Rifaat, Mohammed Shono

Based: Dubai, UAE

Sector: Software Technology / Artificial Intelligence

Initial investment: $500,000

Funding round: Series B (raising $5m)

Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up 

It Was Just an Accident

Director: Jafar Panahi

Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr

Rating: 4/5

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Need to know

Unlike other mobile wallets and payment apps, a unique feature of eWallet is that there is no need to have a bank account, credit or debit card to do digital payments.

Customers only need a valid Emirates ID and a working UAE mobile number to register for eWallet account.

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
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Singham Again

Director: Rohit Shetty

Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone

Rating: 3/5

While you're here

 

Company: Instabug

Founded: 2013

Based: Egypt, Cairo

Sector: IT

Employees: 100

Stage: Series A

Investors: Flat6Labs, Accel, Y Combinator and angel investors

Did you know?

Brunch has been around, is some form or another, for more than a century. The word was first mentioned in print in an 1895 edition of Hunter’s Weekly, after making the rounds among university students in Britain. The article, entitled Brunch: A Plea, argued the case for a later, more sociable weekend meal. “By eliminating the need to get up early on Sunday, brunch would make life brighter for Saturday night carousers. It would promote human happiness in other ways as well,” the piece read. “It is talk-compelling. It puts you in a good temper, it makes you satisfied with yourself and your fellow beings, it sweeps away the worries and cobwebs of the week.” More than 100 years later, author Guy Beringer’s words still ring true, especially in the UAE, where brunches are often used to mark special, sociable occasions.

Why seagrass matters
  • Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
  • Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
  • Biodiversity: Support species like sea turtles, dugongs, and seabirds
  • Coastal protection: Reduce erosion and improve water quality
Updated: September 25, 2023, 4:11 PM