• 7 titles - Michael Schumacher won a record seven Formula One world titles. The German won back-to-back titles at Benetton before leaving to join Ferrari in 1996. He would go on to win five successive F1 titles from 2000-04. Getty Images
    7 titles - Michael Schumacher won a record seven Formula One world titles. The German won back-to-back titles at Benetton before leaving to join Ferrari in 1996. He would go on to win five successive F1 titles from 2000-04. Getty Images
  • 7 titles - Lewis Hamilton equalled the legendary Schumacher's seven world titles with victory at Sunday's Turkish Grand Prix. The Briton began his career at McLaren and went on to win his maiden F1 drivers' title in 2008. Since switching to Mercedes, the Briton has won six of the past seven championships, finishing second behind former teammate Nico Rosberg in 2016. Getty Images
    7 titles - Lewis Hamilton equalled the legendary Schumacher's seven world titles with victory at Sunday's Turkish Grand Prix. The Briton began his career at McLaren and went on to win his maiden F1 drivers' title in 2008. Since switching to Mercedes, the Briton has won six of the past seven championships, finishing second behind former teammate Nico Rosberg in 2016. Getty Images
  • 5 titles - Juan Manuel Fangio secured all his titles in the 1950s with four teams - Alfa Romeo (1951), Maserati (1954, 1957), Daimler Benz (1955), Ferrari (1956). Getty Images
    5 titles - Juan Manuel Fangio secured all his titles in the 1950s with four teams - Alfa Romeo (1951), Maserati (1954, 1957), Daimler Benz (1955), Ferrari (1956). Getty Images
  • 4 titles - Alain Prost was known as "The Professor" during an F1 career that saw him race for teams including McLaren, Ferrari and Williams. The Frenchman won three of his world titles while at McLaren (1985, 1986 and 1989) and one with Williams in 1993 before he retired from F1. Getty Images
    4 titles - Alain Prost was known as "The Professor" during an F1 career that saw him race for teams including McLaren, Ferrari and Williams. The Frenchman won three of his world titles while at McLaren (1985, 1986 and 1989) and one with Williams in 1993 before he retired from F1. Getty Images
  • 4 titles - Sebastien Vettel won consecutive F1 championships behind the wheel of Red Bull between 2010-13. Getty Images
    4 titles - Sebastien Vettel won consecutive F1 championships behind the wheel of Red Bull between 2010-13. Getty Images
  • 3 titles - Jack Brabham won the first two of his championships racing for Cooper (1959, 1960) before setting up his own racing organisation in 1962 where he went on to clinch the 1966 title. Getty Images
    3 titles - Jack Brabham won the first two of his championships racing for Cooper (1959, 1960) before setting up his own racing organisation in 1962 where he went on to clinch the 1966 title. Getty Images
  • 3 titles - Jackie Stewart's glorious career in F1 spanned eight years and four teams. The Briton won the 1969 title behind the wheel of a Matra before securing the titles in 1971 and 1973 with Tyrell. Getty Images
    3 titles - Jackie Stewart's glorious career in F1 spanned eight years and four teams. The Briton won the 1969 title behind the wheel of a Matra before securing the titles in 1971 and 1973 with Tyrell. Getty Images
  • 3 titles - Niki Lauda won the F1 title in 1975 and 1977 for Ferrari and in 1984 with McLaren. He almost won the 1976 title despite suffering horrific burns and being given his last rites. Getty Images
    3 titles - Niki Lauda won the F1 title in 1975 and 1977 for Ferrari and in 1984 with McLaren. He almost won the 1976 title despite suffering horrific burns and being given his last rites. Getty Images
  • 3 titles - Nelson Piquet collected three F1 titles during a long and illustrious racing career, the first two with Brabham, in 1981 and again in 1983, before clinching his third title with Williams four years later. Getty Images
    3 titles - Nelson Piquet collected three F1 titles during a long and illustrious racing career, the first two with Brabham, in 1981 and again in 1983, before clinching his third title with Williams four years later. Getty Images
  • 3 titles - Many argue that the Brazilian Ayrton Senna is the greatest F1 driver of all time, despite others having won more titles. Senna won all of his championships driving for McLaren (1988, 1990, 1991) before joining Williams in 1994. He died following a crash at the San Marino Grand Prix the same year. Getty Images
    3 titles - Many argue that the Brazilian Ayrton Senna is the greatest F1 driver of all time, despite others having won more titles. Senna won all of his championships driving for McLaren (1988, 1990, 1991) before joining Williams in 1994. He died following a crash at the San Marino Grand Prix the same year. Getty Images

F1

Lewis Hamilton equals Michael Schumacher's record: F1 drivers with the most titles - in pictures

The Briton secured his seventh drivers' title - and sixth with Mercedes - at Sunday's Turkish Grand Prix

Steve Luckings
Steve Luckings
Abu Dhabi

November 15, 2020

  • English
  • Arabic

Leading Formula One world title winners after Lewis Hamilton won his seventh world title on Sunday:

7: Michael Schumacher (GER) - 1994 (Benetton-Ford), 1995 (Benetton-Renault), 2000, 2001, 2002, 2003, 2004 (Ferrari)

7: Lewis Hamilton (GBR) - 2008 (McLaren-Mercedes), 2014, 2015, 2017, 2018, 2019, 2020 (Mercedes)

5: Juan Manuel Fangio (ARG, 1911-1995) - 1951 (Alfa Romeo), 1954 (Maserati/Mercedes-Benz), 1955 (Mercedes-Benz), 1956 (Ferrari), 1957 (Maserati)

4: Sebastian Vettel (GER) - 2010, 2011, 2012, 2013 (Red Bull-Renault)

4: Alain Prost (FRA) - 1985, 1986 (McLaren-Tag Porsche), 1989 (McLaren-Honda), 1993 (Williams-Renault)

3: Ayrton Senna (BRA) - 1988, 1990, 1991 (McLaren-Honda)

3: Nelson Piquet (BRA) - 1981 (Brabham-Ford), 1983 (Brabham-BMW), 1987 (Williams-Honda)

3: Niki Lauda (AUT) - 1975, 1977 (Ferrari), 1984 (McLaren-Tag Porsche)

3: Jackie Stewart (GBR) - 1969 (Matra-Ford), 1971, 1973 (Tyrrell-Ford)

3: Jack Brabham (AUS) - 1959, 1960 (Cooper-Climax), 1966 (Brabham)

___________________________

Hamilton wins Turkish Grand Prix

  • Mercedes driver Lewis Hamilton reacts after winning the 2020 Turkish Grand Prix and equalling Michael Schumacher's record of seven world titles. AP
    Mercedes driver Lewis Hamilton reacts after winning the 2020 Turkish Grand Prix and equalling Michael Schumacher's record of seven world titles. AP
  • Lewis Hamilton gets emotional after winning the Turkish GP for Mercedes. AFP
    Lewis Hamilton gets emotional after winning the Turkish GP for Mercedes. AFP
  • An emotional Lewis Hamilton after winning the Turkish GP for Mercedes, and with it the world title. Reuters
    An emotional Lewis Hamilton after winning the Turkish GP for Mercedes, and with it the world title. Reuters
  • Mercedes' Lewis Hamilton after winning the Turkish GP. Reuters
    Mercedes' Lewis Hamilton after winning the Turkish GP. Reuters
  • Mercedes' Lewis Hamilton joined Michael Schumacher as the sports' only seven times champions. Reuters
    Mercedes' Lewis Hamilton joined Michael Schumacher as the sports' only seven times champions. Reuters
  • Mercedes driver Lewis Hamilton celebrates after winning the Turkish GP at the Istanbul Park circuit racetrack on Sunday. AP
    Mercedes driver Lewis Hamilton celebrates after winning the Turkish GP at the Istanbul Park circuit racetrack on Sunday. AP
  • Mercedes' Lewis Hamilton is the most successful F1 driver of all time. Reuters
    Mercedes' Lewis Hamilton is the most successful F1 driver of all time. Reuters
  • Mercedes driver Lewis Hamilton won the Turkish GP on Sunday to clinch the world title. Getty
    Mercedes driver Lewis Hamilton won the Turkish GP on Sunday to clinch the world title. Getty
  • Lewis Hamilton of Mercedes during a wet Turkish GP in Istanbul on Sunday. EPA
    Lewis Hamilton of Mercedes during a wet Turkish GP in Istanbul on Sunday. EPA
  • Racing Point team work in the pitlane in Istanbul. Getty
    Racing Point team work in the pitlane in Istanbul. Getty
  • Mercedes Valtteri Bottas was the only other driver who could challenge Lewis Hamitlon for the world title. Getty
    Mercedes Valtteri Bottas was the only other driver who could challenge Lewis Hamitlon for the world title. Getty
  • The Turkish GP was impacted by weather over the weekend. Reuters
    The Turkish GP was impacted by weather over the weekend. Reuters
  • Conditions were challenging for drivers at the Turkish GP. Getty
    Conditions were challenging for drivers at the Turkish GP. Getty
  • Sebastian Vettel of Ferrari at Istanbul track on Sunday. Getty
    Sebastian Vettel of Ferrari at Istanbul track on Sunday. Getty
ICC Women's T20 World Cup Asia Qualifier 2025, Thailand

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May 10, v Qatar
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May 15, v Qatar
May 18 and 19, semi-finals
May 20, final

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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

Difference between fractional ownership and timeshare

Although similar in its appearance, the concept of a fractional title deed is unlike that of a timeshare, which usually involves multiple investors buying “time” in a property whereby the owner has the right to occupation for a specified period of time in any year, as opposed to the actual real estate, said John Peacock, Head of Indirect Tax and Conveyancing, BSA Ahmad Bin Hezeem & Associates, a law firm.

EU Russia

The EU imports 90 per cent  of the natural gas used to generate electricity, heat homes and supply industry, with Russia supplying almost 40 per cent of EU gas and a quarter of its oil. 

The Gandhi Murder
  • 71 - Years since the death of MK Gandhi, also christened India's Father of the Nation
  • 34 - Nationalities featured in the film The Gandhi Murder
  • 7 - million dollars, the film's budget 

Favourite book: ‘The Art of Learning’ by Josh Waitzkin

Favourite film: Marvel movies

Favourite parkour spot in Dubai: Residence towers in Jumeirah Beach Residence

What are the main cyber security threats?

Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids.
Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.

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Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

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Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)

The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

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

Defined benefit and defined contribution schemes explained

Defined Benefit Plan (DB)

A defined benefit plan is where the benefit is defined by a formula, typically length of service to and salary at date of leaving.

Defined Contribution Plan (DC) 

A defined contribution plan is where the benefit depends on the amount of money put into the plan for an employee, and how much investment return is earned on those contributions.

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

Jewel of the Expo 2020

252 projectors installed on Al Wasl dome

13.6km of steel used in the structure that makes it equal in length to 16 Burj Khalifas

550 tonnes of moulded steel were raised last year to cap the dome

724,000 cubic metres is the space it encloses

Stands taller than the leaning tower of Pisa

Steel trellis dome is one of the largest single structures on site

The size of 16 tennis courts and weighs as much as 500 elephants

Al Wasl means connection in Arabic

World’s largest 360-degree projection surface

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

War and the virus

Starring: Jamie Foxx, Angela Bassett, Tina Fey

Directed by: Pete Doctor

Rating: 4 stars

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%3Cp%3E%3Cstrong%3ECreator%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStreaming%20on%3A%20%3C%2Fstrong%3EMBC%20Shahid%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A

The Birkin bag is made by Hermès. 
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.

World record transfers

1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m

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