ALICANTE, SPAIN // Now comes the routine that doubles as a crescendo.
Six voguish sailboats will edge off the dock Saturday, no big deal there, except that they embark on the global circumnavigation of the Volvo Ocean Race, big hubbub there.
Two years of planning, budgeting, designing, boat-building, launching, testing, deciding, customising, customising and customising will find a finish line at a starting line.
Abu Dhabi Ocean Racing's Azzam and five rivals will aim for the Mediterranean Sea, the Atlantic Ocean, the meaty winds of yonder out towards Brazil and 6,500 nautical miles of Leg 1 hassle towards Cape Town.
The forecast calls for a "brutal" first overnight, according to the race meteorologist Gonzalo Infante, while the start at 2pm in Spain - 5pm UAE - calls for esoteric emotions ranging from wistfulness (families) to eagerness (sailors) to tension (shore team members who maintain the boats).
"It's a bit like exams, your school exams," said Ian Walker, the Abu Dhabi captain. "You study for so long, you actually just want to go ahead and do them."
"We've done this so many times now," said Brad Jackson, the Puma watch captain, whose five previous Volvo Ocean Races tie him with Camper's Stu Bannatyne for most experienced among the 66 total crew members.
"You know what you're in for."
The boat-smart Shore Team members have been in for untold toil across recent months, so they are in for a milestone as they stand watching the vessel that has governed their lives stream away toward the oceans for which she was built. Already there has been the in-port race last Saturday, which gave Abu Dhabi the early lead, but this Atlantic-bound moment proves much weightier, dredging up the word "apprehension".
"You get nervous," said Mike Danks, the technical manager of a bustling Abu Dhabi Shore Team that from time to time has 10 or 11 mainstays. "What's going to break down, and what haven't you done."
He paused and said: "Apprehensive."
"You look after it - it's your little baby, isn't it," said Tim Sellars, the engineer. "You're probably a little bit relieved, relieved that the actual boat is actually starting the leg and doing the race."
"Their DNA is in this boat," said Jamie Boat, the Abu Dhabi team director. "Literally."
So they worry, as do the sailors, but more fleetingly.
Said the seasoned Jackson: "You know, I guess you have a bit of anxiety leading up to the starting, because of obviously everything you're doing for the previous 18 months or nearly two years.
"Hopefully, you've gone down the right road and made the right steps so when you do sail, you're racing a good package."
His Volvos and Whitbreads (the race's previous sponsor) stretch clear back into last century, to the 1993-94 race when, at 25, he said, "I didn't really know what I was up for, really." Nowadays he knows. "You worry about it for a while and then you start racing and get into it, and it all goes away."
It goes away and then the shore team men keep worrying.
For one thing, they remain on call as the boat zooms toward the unpredictable. Sellars, for one, has lived recent months under the demanding reign of the Azzam keel system, at times even dreaming while asleep about the keel system, which probably does beat dreaming about snakes or sharks.
He has met daily with Danks about the keel system, then taken on the task of fine-tuning.
"All that hard work and all those endless days and nights," said Sellars, who has followed the race since he was a 10-year-old Sydneysider and is now in its midst. "This is it. It's really paying off … It does take over your life, but that's part of it. It's a lifetime experience."
He noted that during the past three months, Azzam has logged about 6,000 miles in testing, which lends some reassurance.
For this unsure nascence, though, those left behind hope the phone stays hushed. As Sellars said of the sailors: "We taught them a lot, and they'll assess the problems themselves." And as they do, the commendable shore team will turn around and, said Sellars, as "We have to pack up the base."
ROUGH SEAS AHEAD
The first Volvo Ocean Race weather briefing brimmed with savagery.
Race meteorologist Gonzalo Infante used terminology such as “a harsh first night”, “brutal”, “lots of energy-sapping tacks”, “really unpleasant steep waves” and “the priority will be to ensure they don’t break the boats”.
The culprit: a “secondary weather front spawned by a 1,500-mile-wide low-pressure system” hovering in the Spanish northwest. Upshots included 30-knot headwinds around the Strait of Gibraltar exiting the Mediterranean Sea.
“It’s really going to be a pretty tough first 24 hours,” the Puma skipper Ken Read said. “I guarantee there’s not going to be a whole lot of sleep on these six boats. I think this is what we signed up for. This is what we do. We take what Mother Nature can throw at us.”
THE SCHEDULE
October 29 In-port race at Alicante, Spain (winner: Azzam)
Saturday, November 5 Alicante to Cape Town, South Africa
December 11 Cape Town to Abu Dhabi
January 14, 2012 Abu Dhabi to Sanya, China
February 19 Sanya to Auckland, New Zealand
March 18 Auckland to Itajai, Brazil
April 22 Itajai to Miami, United States
May 20 Miami to Lisbon, Portugal
June 10 Lisbon to Lorient, France
July 1 Lorient to Galway, Ireland
cculpepper@thenational.ae
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3C%2Fstrong%3E%3A%20ASI%20(formerly%20DigestAI)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Quddus%20Pativada%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Artificial%20intelligence%2C%20education%20technology%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%243%20million-plus%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20GSV%20Ventures%2C%20Character%2C%20Mark%20Cuban%3C%2Fp%3E%0A
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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The BIO
Favourite piece of music: Verdi’s Requiem. It’s awe-inspiring.
Biggest inspiration: My father, as I grew up in a house where music was constantly played on a wind-up gramophone. I had amazing music teachers in primary and secondary school who inspired me to take my music further. They encouraged me to take up music as a profession and I follow in their footsteps, encouraging others to do the same.
Favourite book: Ian McEwan’s Atonement – the ending alone knocked me for six.
Favourite holiday destination: Italy - music and opera is so much part of the life there. I love it.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Central%20Bank's%20push%20for%20a%20robust%20financial%20infrastructure
%3Cul%3E%0A%3Cli%3ECBDC%20real-value%20pilot%20held%20with%20three%20partner%20institutions%26nbsp%3B%3C%2Fli%3E%0A%3Cli%3EPreparing%20buy%20now%2C%20pay%20later%20regulations%26nbsp%3B%3C%2Fli%3E%0A%3Cli%3EPreparing%20for%20the%202023%20launch%20of%20the%20domestic%20card%20initiative%26nbsp%3B%3C%2Fli%3E%0A%3Cli%3EPhase%20one%20of%20the%20Financial%20Infrastructure%20Transformation%20(FiT)%20completed%3C%2Fli%3E%0A%3C%2Ful%3E%0A
AGL AWARDS
Golden Ball - best Emirati player: Khalfan Mubarak (Al Jazira)
Golden Ball - best foreign player: Igor Coronado (Sharjah)
Golden Glove - best goalkeeper: Adel Al Hosani (Sharjah)
Best Coach - the leader: Abdulaziz Al Anbari (Sharjah)
Fans' Player of the Year: Driss Fetouhi (Dibba)
Golden Boy - best young player: Ali Saleh (Al Wasl)
Best Fans of the Year: Sharjah
Goal of the Year: Michael Ortega (Baniyas)
Top investing tips for UAE residents in 2021
Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.
Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.
Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.
Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.
Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.
Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.
Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”
Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI.
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
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
AL%20BOOM
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Company profile
Company: Rent Your Wardrobe
Date started: May 2021
Founder: Mamta Arora
Based: Dubai
Sector: Clothes rental subscription
Stage: Bootstrapped, self-funded
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
World Cricket League Division 2
In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.
UAE fixtures
Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5