Low interest in FIA academy proves Emiratis yet to display driving desire

In early 2010, in the afterglow of Abu Dhabi’s inaugural grand prix, the chief executive of Yas Marina Circuit confidently proclaimed an Emirati would be racing in Formula One by 2020.

Four-and-a-half years later and the likelihood of Richard Cregan’s prediction coming true remains as improbable as ever. Next week, Yas will host the FIA Institute’s regional qualifier for its Young Driver Excellence Academy.

In Europe, the programme is prestigious, popular and fiercely competitive, but here the search for an Emirati to take part ended almost as quickly as it began.

Such is the shallow pool of talent, the spot reserved for an Emirati has been filled by the same driver who trialled last year.

For an academy in which three of the class of 2011 are now test drivers with F1 teams, the paltry response raises real concerns. However a lack of suitable participants and an absence of interest came as no surprise to those involved in motorsport in this country.

The UAE has been hosting races and rallies for more than 30 years, but for the majority of its residents it was never a viable career option. At best, it was a hobby.

In recent years, massive investment has been pumped into motorsport in a bid to change that, but it has not yet produced a flow of talent. The few young Emiratis that have shown desire have also struggled to find companies willing to provide financial support.

Yesterday, as the Formula Gulf 1,000 announced a major tie-up with Campos Racing, the series founders were contemplating starting the season for the first time without an Emirati in the field.

Yet, there is one glaring exception to the rule. Rashed Al Dhaheri is a six year old who hero worships Fernando Alonso and has already started racing karts in Europe.

It is no coincidence he is the same age as the Abu Dhabi Grand Prix.

Changing a generation’s mindset is difficult, but when you grow up only ever knowing your town as a F1 host city, it makes motorsport appear accessible, it makes it appear more than just a hobby, and that is the goal.

gmeenaghan@thenational.ae

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

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Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
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Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.

“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.

“They were living in perpetual mystery as to how their futures would pan out, and what that would be.

“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.

“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.

“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”

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