Abu Dhabi Ocean Racing’s Azzam won in her competitive debut against two other Volvo 65 boats, crossing the line first in the Artemis Challenge in light conditions at Cowes Week in England.
The race around the Isle of Wight is another step in the preparation of captain's Ian Walker's boat, one of the five identically prepared Volvo 65s that will contest the 2014/15 edition of the around-the-world Volvo Ocean Race (VOR).
British musician and keen sailor Simon Le Bon, lead singer of the group Duran Duran, joined the crew for what turned out to be a tight contest with China’s Dongfeng Race Team and the Swedish all-female Team SCA also competing.
“It is difficult to deduce much from the race, but it was our first race and we won it,” Walker said. “We were comfortable with our decision making, boat handling and speeds, but in the context of an ocean leg on the Volvo, it wasn’t relevant.”
Azzam led from the start and the Emirati crew member Adil Khalid, a trimmer and helmsman, said the team had performed well.
“We got a great start and after that everything went according to plan,” said the veteran of the 2012/13 Volvo Ocean Race. “It’s very satisfying to get our first win for Abu Dhabi under our belts.”
A much more challenging competition begins tomorrow, the Round Britain and Ireland Race.
Not only is it far longer than the lap around the Isle of Wight, heavy weather is expected.
“The Round Britain and Ireland Race will be a completely difference proposition because there is a lot of weather coming in so it will be a real test,” Walker said. “But we have done a lot of training and are well prepared.”
The VOR begins at Alicante, Spain, on October 11, moving on to Cape Town and then to Abu Dhabi for the new year.
The race continues with stops in China, New Zealand, Brazil, the US, Portugal and France ahead of the finish, at Gothenburg, Sweden, on or about June 17.
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Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company
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
