The Etihad Airways Abu Dhabi Formula One Grand Prix has witnessed many historic moments over the years and this weekend will celebrate one of its own when the race celebrates its 15th anniversary.
Yas Marina Circuit will welcome tens of thousands of fans to F1's season finale, with the festivities starting on Thursday and concluding after Sunday's race. A large workforce has been busy around the clock preparing for one of the pre-eminent events on the UAE's sports calendar, getting the track race ready and preparing the grandstands, fan zones, hospitality spaces, and landscape areas around the venue.
A global television audience of more than 100 million is expected to tune in for the final grand prix of the 2023 season.
Saif Al Noaimi, chief executive officer of Ethara, the event management company behind the Abu Dhabi Grand Prix, glances over his shoulder from his office overlooking the race track at a job well done.
“We are ready to go with all the final touches now complete. It’s going to be a unique 15th edition of the Etihad Airways Abu Dhabi Grand Prix,” Al Noaimi told The National.
“Last year, we set a record, and this year, we are expecting to exceed those numbers. We’re really excited to put on an amazing experience for customers."
The Abu Dhabi Grand Prix set a record attendance of 140,000 across the race weekend 12 months ago. With an expanded grandstand and demand for tickets once again high, that record is expected to be broken once again, despite the fact the drivers' and constructors' titles have long been won by Max Verstappen and Red Bull.
“Fifteen years is a major milestone for us, as is having Etihad Airways as the title sponsor for the Grand Prix’s 15th edition," Al Noaimi said. "The airline is celebrating their 20th year anniversary around this time, so it’s a truly big milestone for us."
In terms of what's in store for fans on the 15th anniversary, Al Noaimi said there would be "some exciting surprises" while highlighting some of the sustainability steps the event has taken.
“We have recently upgraded and replaced all of our track lights at Yas Marina Circuit with a new LED lighting system, which reduces total power use by up to 30 per cent. This will also support our race's unique day-to-night schedule for fans watching here in Abu Dhabi and across the world," Al Noaimi said.
“The new system will also bring an exciting light show, with something special every night of the Abu Dhabi GP weekend, so we're looking forward to giving our attendees some memorable moments. I won't give too much more away for now as we're looking forward to revealing this over the weekend.
“In addition to that, we have the Yasalam After-Race Concerts, four nights of entertainment at Etihad Park with five global acts performing.”
This year's race entertainment will be provided by dance music stars Ava Max and DJ Tiesto on Thursday night, RnB singer Chris Brown on Friday evening, and pop star Shania Twain on Saturday.
Following the race on Sunday, Rock and Roll Hall of Fame band Foo Fighters will close out the weekend.
“What we learnt this year and what our customers realise is the demand for the Abu Dhabi Grand Prix is at an unprecedented level,” Al Noaimi said.
“We really don’t want people disappointed when they don’t find tickets. This year, in the middle of our campaign we had to add two sections to meet the demands.”
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FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
2.0
Director: S Shankar
Producer: Lyca Productions; presented by Dharma Films
Cast: Rajnikanth, Akshay Kumar, Amy Jackson, Sudhanshu Pandey
Rating: 3.5/5 stars
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MATCH INFO
Red Star Belgrade v Tottenham Hotspur, midnight (Thursday), UAE
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
How to invest in gold
Investors can tap into the gold price by purchasing physical jewellery, coins and even gold bars, but these need to be stored safely and possibly insured.
A cheaper and more straightforward way to benefit from gold price growth is to buy an exchange-traded fund (ETF).
Most advisers suggest sticking to “physical” ETFs. These hold actual gold bullion, bars and coins in a vault on investors’ behalf. Others do not hold gold but use derivatives to track the price instead, adding an extra layer of risk. The two biggest physical gold ETFs are SPDR Gold Trust and iShares Gold Trust.
Another way to invest in gold’s success is to buy gold mining stocks, but Mr Gravier says this brings added risks and can be more volatile. “They have a serious downside potential should the price consolidate.”
Mr Kyprianou says gold and gold miners are two different asset classes. “One is a commodity and the other is a company stock, which means they behave differently.”
Mining companies are a business, susceptible to other market forces, such as worker availability, health and safety, strikes, debt levels, and so on. “These have nothing to do with gold at all. It means that some companies will survive, others won’t.”
By contrast, when gold is mined, it just sits in a vault. “It doesn’t even rust, which means it retains its value,” Mr Kyprianou says.
You may already have exposure to gold miners in your portfolio, say, through an international ETF or actively managed mutual fund.
You could spread this risk with an actively managed fund that invests in a spread of gold miners, with the best known being BlackRock Gold & General. It is up an incredible 55 per cent over the past year, and 240 per cent over five years. As always, past performance is no guide to the future.
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