International Olympic Committee president Thomas Bach said the Paris Games marked a successful start to a "new era" as Sunday's closing ceremony concluded a historic Olympics.
After more than two weeks of competition, the Games came to an end in a star-studded showpiece at the Stade de France on Sunday night.
“The Olympic Games Paris 2024 were a celebration of the athletes and of sport at its best," Bach said. “The first Olympic Games delivered completely under our Olympic agenda reforms: younger, more urban, more inclusive, more sustainable. The first Olympic Games with full gender parity.
“These were sensational Olympic Games from start to finish – or dare I say: these were Seine-sational Olympic Games from start to finish. The Olympic Games Paris 2024 were Olympic Games of a new era.”
Bach also praised the athletes for their performances and for inspiring a “culture of peace” throughout the Games.
“Your performances were simply amazing. You competed fiercely against each other," he said. “Every contest on the edge of perfection. Every performance sparking excitement around the world. You showed us what greatness we humans are capable of.
“During all this time, you lived peacefully together under one roof in the Olympic Village. You embraced each other. You respected each other, even if your countries are divided by war and conflict. You created a culture of peace.
“This inspired all of us and billions of people around the globe. Thank you for making us dream. Thank you for making us believe in a better world for everyone.
“We know that the Olympic Games cannot create peace. But the Olympic Games can create a culture of peace that inspires the world. This is why I call on everyone who shares this Olympic spirit: let us live this culture of peace every single day.”
Sunday’s finale kicked off with an orchestral opening before flagbearers and athletes were welcomed into the stadium.
Following a display showcasing the origins of the Olympics, the baton was passed over to Los Angeles towards the end of the ceremony, which included Tom Cruise escorting the Olympic flag out of the stadium on a motorbike.
A video saw the flag reach LA and was subsequently followed by music on the beach by the Red Hot Chili Peppers, Billie Eilish and Snoop Dogg.
Bach concluded his speech by thanking France for hosting the 2024 Games.
“Dear French friends, you have fallen in love with the Olympic Games. And we have fallen in love with all of you,” he said. “Thank you Paris, thank you France. Long live the Olympic Games. Long live France.”
The Paris Games also provided unprecedented success for Arab athletes, who collectively won seven gold medals, which is the highest tally for athletes representing the region at any Olympic Games.
Algeria was responsible for two golds, with both achieved in historic circumstances. Firstly, 17-year-old gymnast Kaylia Nemour became Africa’s first Olympic medallist in gymnastics in uneven bars, before boxer Imane Khelif blocked out the gender controversy noise to win the welterweight title.
Bahrain also claimed two golds as top-ranked 3,000m steeplechase star Winfred Yavi lived up to her billing to clinch the title, while wrestler Akhmed Tazhudinov won the 97kg division on the final day.
Egypt, Tunisia, and Morocco also had athletes top the podium as Ahmed Elgendy set a modern pentathlon world record, Firas Katoussi claimed gold in the 80kg taekwondo event, and Soufiane El Bakkali won the men's 3,000m steeplechase respectively.
In all, Arab nations won 17 medals at the Paris Olympics.
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
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
APPLE IPAD MINI (A17 PRO)
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In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
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Results
6.30pm: Mazrat Al Ruwayah – Group 2 (PA) $36,000 (Dirt) 1,600m, Winner: RB Money To Burn, Tadhg O’Shea (jockey), Eric Lemartinel (trainer)
7.05pm: Handicap (TB) $68,000 (Turf) 2,410m, Winner: Star Safari, William Buick, Charlie Appleby
7.40pm: Meydan Trophy – Conditions (TB) $50,000 (T) 1,900m, Winner: Secret Protector, William Buick, Charlie Appleby
8.15pm: Al Maktoum Challenge Round 2 - Group 2 (TB) $293,000 (D) 1,900m, Winner: Salute The Soldier, Adrie de Vries, Fawzi Nass
8.50pm: Al Rashidiya – Group 2 (TB) $163,000 (T) 1,800m, Winner: Zakouski, William Buick, Charlie Appleby
9.25pm: Handicap (TB) $65,000 (T) 1,000m, Winner: Motafaawit, Sam Hitchcock, Doug Watson
Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
Where to buy
Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com
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COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
Empire of Enchantment: The Story of Indian Magic
John Zubrzycki, Hurst Publishers
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.