Abu Dhabi Ocean Racing and the other Volvo teams will not sail out of Abu Dhabi to a container ship, as the threat of pirate attacks have been quelled. Mike Young / The National
Abu Dhabi Ocean Racing and the other Volvo teams will not sail out of Abu Dhabi to a container ship, as the threat of pirate attacks have been quelled. Mike Young / The National
Abu Dhabi Ocean Racing and the other Volvo teams will not sail out of Abu Dhabi to a container ship, as the threat of pirate attacks have been quelled. Mike Young / The National
Abu Dhabi Ocean Racing and the other Volvo teams will not sail out of Abu Dhabi to a container ship, as the threat of pirate attacks have been quelled. Mike Young / The National

Fair winds and following seas as threat of piracy no longer looms over Volvo Ocean Race


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A reduction in the threat of piracy off the eastern coast of Africa means that the second and third legs of this year's Volvo Ocean Race (VOR) may not face the disruption in the previous race of 2011/12.

That year, the Cape Town to Abu Dhabi leg involved all the boats sailing to a secret safe haven destination, where they were loaded onto an armed ship without their crew, which then took them through the safest possible route and unloaded them along the Sharjah coastline.

For the subsequent leg to Sanya, in China, the boats sailed a short distance out of Abu Dhabi before being loaded onto a ship again and taken to another safe destination, from where they finished the leg.

Improved security in the region means pirates hijacked the fewest number of merchant ships in 2013 in nearly a decade.

Two vessels were hijacked in 2013 compared to 14 in 2012, according to a report from the International Maritime Bureau.

In turn that has encouraged race organisers to believe that the threat will not impinge heavily on the second and third legs this year.

“Currently our advice is that we will sail the whole way,” Knut Frostad, the VOR chief executive, said.

“As we speak today, we will sail all the way from Cape Town to Abu Dhabi and from Abu Dhabi to Sanya without any interfering in the actual sailing.

“That said, if we do sail all the way, which is the current plan, we will not give them complete freedom into where they race.

“They will have an enforced limitation, pushing them quite far to the east.”

VOR has been running regular risk management training programmes, which cover dealing with the hazards posed by piracy.

At least based on history, the threat would appear to be minimal – only one boat has been hijacked during a race and that was in the 1970s.

Frostad acknowledged that they would continue to keep a vigilant eye on what is always a fluid ­situation.

“We monitor piracy all the time, both through military and private intelligence and we do that every week,” he said.

“Every week we have an assessment internally about the situation. When it comes to what we will do, it depends completely on the advice we are getting. This picture changes.

“Since the last race, it has only changed for the better.

“The frequency of piracy in the Indian Ocean has in fact moved to the west coast of Africa rather than the east coast. We actually have piracy assessments now that gives us higher risks around the north-east coast of South America rather than where we are sailing in the Indian Ocean.”

Ironically, Abu Dhabi stands to benefit from the continuing risks posed by pirates.

This year’s stopover in the capital has been extended by a week to account for any such incidents during the second leg.

The boats are expected to arrive from Cape Town between December 11 and 15 and the third leg begins on January 3, with the in-port race scheduled for January 2.

That, according to Frostad, works out well for the long-term ambitions of the race to have an enhanced presence in this part of the world.

“It was a very strategic decision for us to move the race to also include the region for many reasons,” Frostad said.

“The sport is growing here, not only Abu Dhabi but also in Oman, Dubai and other places.”

It also means that the capital will be the longest stopover of any during the nine-month race.

“I’m excited about the stopover,” Frostad said.

“It’s going to be fantastic. It was one of our most exciting stopovers last race and a very high quality one.

“It was a great experience and highlighted the local interest in sailing, which is stronger than people are aware of, with all the dhow racing on the coast.

“We really enjoyed that and Christmas in Abu Dhabi will be very good for all the sailors.”

osamiddin@thenational.ae

Follow us on twitter at @SprtNationalUAE

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. 

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Launched: February 2020

Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year

Employees: Five

Based: Jumeirah Lakes Towers, Dubai

Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings

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Cultural Excellence: Hoor Al Qasimi (UAE)

Environmental Development and Sustainability: Bkerzay (Lebanon)

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Humanitarian and Civic Services: Women’s Programs Association (Lebanon)

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Excellence in Education: World Innovation Summit for Education (WISE) (Qatar)

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Scientific and Technological Achievement: Mohamed Slim Alouini (KSA)

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Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

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Start-up hopes to end Japan's love affair with cash

Across most of Asia, people pay for taxi rides, restaurant meals and merchandise with smartphone-readable barcodes — except in Japan, where cash still rules. Now, as the country’s biggest web companies race to dominate the payments market, one Tokyo-based startup says it has a fighting chance to win with its QR app.

Origami had a head start when it introduced a QR-code payment service in late 2015 and has since signed up fast-food chain KFC, Tokyo’s largest cab company Nihon Kotsu and convenience store operator Lawson. The company raised $66 million in September to expand nationwide and plans to more than double its staff of about 100 employees, says founder Yoshiki Yasui.

Origami is betting that stores, which until now relied on direct mail and email newsletters, will pay for the ability to reach customers on their smartphones. For example, a hair salon using Origami’s payment app would be able to send a message to past customers with a coupon for their next haircut.

Quick Response codes, the dotted squares that can be read by smartphone cameras, were invented in the 1990s by a unit of Toyota Motor to track automotive parts. But when the Japanese pioneered digital payments almost two decades ago with contactless cards for train fares, they chose the so-called near-field communications technology. The high cost of rolling out NFC payments, convenient ATMs and a culture where lost wallets are often returned have all been cited as reasons why cash remains king in the archipelago. In China, however, QR codes dominate.

Cashless payments, which includes credit cards, accounted for just 20 per cent of total consumer spending in Japan during 2016, compared with 60 per cent in China and 89 per cent in South Korea, according to a report by the Bank of Japan.

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Super Bowl LIII schedule

What Super Bowl LIII

Who is playing New England Patriots v Los Angeles Rams

Where Mercedes-Benz Stadium in Atlanta, United States

When Sunday (start time is 3.30am on Monday UAE time)

 

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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.

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Power: 540hp at 6,500rpm

Torque: 600Nm at 2,500rpm

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Kerb weight: 1580kg

Price: From Dh750k

On sale: via special order

The biog

Name: James Mullan

Nationality: Irish

Family: Wife, Pom; and daughters Kate, 18, and Ciara, 13, who attend Jumeirah English Speaking School (JESS)

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Results

1. New Zealand Daniel Meech – Fine (name of horse), Richard Gardner – Calisto, Bruce Goodin - Backatorps Danny V, Samantha McIntosh – Check In. Team total First round: 200.22; Second round: 201.75 – Penalties 12 (jump-off 40.16 seconds) Prize €64,000

2. Ireland Cameron Hanley – Aiyetoro, David Simpson – Keoki, Paul Kennedy – Cartown Danger Mouse, Shane Breen – Laith. Team total 200.25/202.84 – P 12 (jump-off 51.79 – P17) Prize €40,000

3. Italy Luca Maria Moneta – Connery, Luca Coata – Crandessa, Simone Coata – Dardonge, Natale Chiaudani – Almero. Team total 130.82/198.-4 – P20. Prize €32,000

UAE squad

Esha Oza (captain), Al Maseera Jahangir, Emily Thomas, Heena Hotchandani, Indhuja Nandakumar, Katie Thompson, Lavanya Keny, Mehak Thakur, Michelle Botha, Rinitha Rajith, Samaira Dharnidharka, Siya Gokhale, Sashikala Silva, Suraksha Kotte, Theertha Satish (wicketkeeper) Udeni Kuruppuarachchige, Vaishnave Mahesh.

UAE tour of Zimbabwe

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Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
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Company: Bidzi

● Started: 2024

● Founders: Akshay Dosaj and Asif Rashid

● Based: Dubai, UAE

● Industry: M&A

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● No of employees: Nine

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PROFILE OF HALAN

Started: November 2017

Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga

Based: Cairo, Egypt

Sector: transport and logistics

Size: 150 employees

Investment: approximately $8 million

Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar