Yas Marina Circuit chief executive Richard Cregan
Yas Marina Circuit chief executive Richard Cregan
Yas Marina Circuit chief executive Richard Cregan
Yas Marina Circuit chief executive Richard Cregan

Yas Circuit chief Richard Cregan has unfinished business in Abu Dhabi


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Russia, Mexico, Argentina, Greece, Thailand, South Africa. With more nations expressing an interest in playing host to

and, increasingly, more racing tracks on the hunt for a successful chief executive, it could be presumed

, the chief executive at

who next month begins his fifth year in the UAE, is keeping his ear to the asphalt.

Yet the Irishman insists that planning his next move is not something he has given serious thought; the prospect of leaving Abu Dhabi has never figured on his desert-lined horizon.

Taking a moment to relax and appreciate the calm before the storm - this weekend's fourth annual Abu Dhabi Grand Prix is without doubt the busiest weekend of his year - Cregan, power-dressed in a crisp white shirt, explains to The National that, of course, he considers the future.

Cregan recently became a grandfather and if that did not make him think about the years ahead then little will. Yet such is his positive outlook, in regards to racing in the UAE capital, that not many - if any - opportunities could currently tempt him away.

"You always look at new races coming up and wonder how they will approach things and, of course, it would be a new, fresh challenge, so it's only normal to consider these things," he said. "But we still have a lot to do here; I see a lot of unfinished business.

"Certainly, in a couple of years, once that is all done, I would look to see where we are in terms of Yas Marina Circuit because that is the priority and will remain so until something better comes along. And that's the biggest challenge because finding something better than here is pretty difficult!"

It is not an exaggeration to say Cregan, as the primary public face of Formula One's most ambitious project, has arguably one of the grandest jobs in the sport. Ecclestone once called the Yas boat quay "better-looking than Monte Carlo"; Cregan could practically call it his backyard. When asked what motivates him to rise each morning, his answer, then, is perhaps predictable.

"This," he said, casting his arms out to indicate his surroundings. "Yas Marina Circuit. I still believe this is the best circuit in the world and still believe I have one of the best jobs in the world in that I am still being motivated and driven by the passion to run this circuit. It's a real challenge."

It is certainly an altogether different challenge to that which he faced in his previous role in Formula One when he was employed as the team manager of Toyota Racing, attending every race from Thursday through Sunday, discussing strategy and trying to help his drivers maximise their potential.

Naturally, for a man who has been involved in professional motorsport for more than three decades, stepping away from the paddock was never going to be easy.

This season he has attended three grands prix in a professional capacity, but he has a far more personal reason that has seen him also travel independently to seven other race weekends: son Robert competes in the GP3 Series.

"It's interesting because when I go to a race now, obviously, with Robert racing, I am quite happy to get out of the circuit at around midday on the Sunday, before the melee starts," Cregan said. "I'm content to watch the race in an Etihad lounge somewhere or other."

So, does he not miss the day-to-day life of being involved with an F1 team?

"Not really," he said. "The two things I do miss is the qualifying - that was always a big thing for me - and obviously the race itself, but there are lots of other bits that I don't miss. I've moved on."

This year has seen further progress made at Yas with more integrated scheduling of the various on-track activities available, but also with the opening of Yas Central, an entertainment area featuring viewing areas and a fast-food restaurant, as well as the debut of the Yas Motor Racing Club, which is targeted at increasing local participation in the sport.

"It takes time," said Cregan, who remembers the day he was first given a glimpse of a barren island back in 2008. "This is not a job that can be done in a day. And there is so much still to be achieved; there is a lot more we can do."

One of Yas Marina's most arduous challenges is to help put an Emirati into Formula One by the year 2020. Such an achievement would be sensational, completely altering the way the country regards motorsport, but it appears a distant dream, so far.

No Emiratis, at present, are competing in any of the recognised feeder series that lead to F1.

Cregan, however, says he already has noticed changes in the way the UAE is approaching motorsport, citing the presence now an obvious route into professional motor racing courtesy of the circuit's KartZone and the Yas Driving School.

"There is a natural progression and a major contributor to that is the involvement of the ATCUAE [Automobile and Touring Club of the UAE]," Cregan said. "They have got the FIA on board in terms of this region and we are there to facilitate, to help prepare people for motorsport, whether that be karting or drag racing or touring cards or whatever."

Whether Cregan is still here in 2020 remains to be seen, but he is not ruling it out.

"You look at the places like Spa and Monza or Suzuka and they are incredible circuits that have an amazing heritage and have been at it for more than 20 years," he said.

"This is only our fourth grand prix, so while they all have a great status in the business, what we have achieved here in four years is quite amazing.

"That's what drives me more than anything to get up in the morning: Looking at what we have achieved as a team. So long as we keep achieving and so long as I feel that passion, I will continue to do the job."

sports@thenational.ae

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Don't miss the National's 44-page Abu Dhabi Grand Prix magazine, only in Thursday's paper.

Citizenship-by-investment programmes

United Kingdom

The UK offers three programmes for residency. The UK Overseas Business Representative Visa lets you open an overseas branch office of your existing company in the country at no extra investment. For the UK Tier 1 Innovator Visa, you are required to invest £50,000 (Dh238,000) into a business. You can also get a UK Tier 1 Investor Visa if you invest £2 million, £5m or £10m (the higher the investment, the sooner you obtain your permanent residency).

All UK residency visas get approved in 90 to 120 days and are valid for 3 years. After 3 years, the applicant can apply for extension of another 2 years. Once they have lived in the UK for a minimum of 6 months every year, they are eligible to apply for permanent residency (called Indefinite Leave to Remain). After one year of ILR, the applicant can apply for UK passport.

The Caribbean

Depending on the country, the investment amount starts from $100,000 (Dh367,250) and can go up to $400,000 in real estate. From the date of purchase, it will take between four to five months to receive a passport. 

Portugal

The investment amount ranges from €350,000 to €500,000 (Dh1.5m to Dh2.16m) in real estate. From the date of purchase, it will take a maximum of six months to receive a Golden Visa. Applicants can apply for permanent residency after five years and Portuguese citizenship after six years.

“Among European countries with residency programmes, Portugal has been the most popular because it offers the most cost-effective programme to eventually acquire citizenship of the European Union without ever residing in Portugal,” states Veronica Cotdemiey of Citizenship Invest.

Greece

The real estate investment threshold to acquire residency for Greece is €250,000, making it the cheapest real estate residency visa scheme in Europe. You can apply for residency in four months and citizenship after seven years.

Spain

The real estate investment threshold to acquire residency for Spain is €500,000. You can apply for permanent residency after five years and citizenship after 10 years. It is not necessary to live in Spain to retain and renew the residency visa permit.

Cyprus

Cyprus offers the quickest route to citizenship of a European country in only six months. An investment of €2m in real estate is required, making it the highest priced programme in Europe.

Malta

The Malta citizenship by investment programme is lengthy and investors are required to contribute sums as donations to the Maltese government. The applicant must either contribute at least €650,000 to the National Development & Social Fund. Spouses and children are required to contribute €25,000; unmarried children between 18 and 25 and dependent parents must contribute €50,000 each.

The second step is to make an investment in property of at least €350,000 or enter a property rental contract for at least €16,000 per annum for five years. The third step is to invest at least €150,000 in bonds or shares approved by the Maltese government to be kept for at least five years.

Candidates must commit to a minimum physical presence in Malta before citizenship is granted. While you get residency in two months, you can apply for citizenship after a year.

Egypt 

A one-year residency permit can be bought if you purchase property in Egypt worth $100,000. A three-year residency is available for those who invest $200,000 in property, and five years for those who purchase property worth $400,000.

Source: Citizenship Invest and Aqua Properties

Key findings of Jenkins report
  • Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
  • Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
  • Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
  • Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
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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PROFILE BOX

Company name: Overwrite.ai

Founder: Ayman Alashkar

Started: Established in 2020

Based: Dubai International Financial Centre, Dubai

Sector: PropTech

Initial investment: Self-funded by founder

Funding stage: Seed funding, in talks with angel investors

Results:

5pm: Conditions (PA) Dh80,000 1,400m | Winner: AF Tahoonah, Richard Mullen (jockey), Ernst Oertel (trainer)

5.30pm: Handicap (TB) Dh90,000 1,400m | Winner: Ajwad, Gerald Avranche, Rashed Bouresly

6pm: Maiden (PA) Dh80,000 1,600m | Winner: RB Lam Tara, Fabrice Veron, Eric Lemartinel

6.30pm: Handicap (PA) Dh80,000 1,600m | Winner: Duc De Faust, Szczepan Mazur, Younis Al Kalbani

7pm: Wathba Stallions Cup (PA) Dh70,000 2,200m | Winner: Shareef KB, Fabrice Veron, Ernst Oertel

7.30pm: Handicap (PA) Dh90,000 1,500m | Winner: Bainoona, Pat Cosgrave, Eric Lemartinel