Dubai will host a jet suit race in February. Guests at Thursday's press conference got a sneak preview. Dubai Media Office
Dubai will host a jet suit race in February. Guests at Thursday's press conference got a sneak preview. Dubai Media Office
Dubai will host a jet suit race in February. Guests at Thursday's press conference got a sneak preview. Dubai Media Office
Dubai will host a jet suit race in February. Guests at Thursday's press conference got a sneak preview. Dubai Media Office

Jet suit race to take off in Dubai next month


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It was not that long ago that jet packs sounded like the stuff of science fiction movies or far-fetched cartoons.

But a race has been announced in Dubai next month in which participants will take to the skies wearing suits propelled by jet engines.

The eight racers will include Ahmed Al Shehhi from the UAE.

“This race signals the beginning of a new era of exciting aerial sporting action globally and it is a true reflection of Dubai’s soaring spirit of enterprise as well as the human capacity to overcome challenges," said Sheikh Mansoor bin Mohammed, chairman of Dubai Sports Council.

"The event also goes to highlight Dubai’s uniqueness and boundless energy in presenting to the world novel ideas that combine innovation, adventure and ambition that push the boundaries of human imagination and open the way for still greater achievements and innovations across the world.”

Jet racers deliver a live demonstration of what to expect in next month's event. EPA
Jet racers deliver a live demonstration of what to expect in next month's event. EPA

The date for the event was announced as February 28, with Mr Al Shehhi said to be in the UK undergoing specialist training to be ready to take part. The race will be part of the Dubai International Boat Show.

Those in attendance at Thursday's press conference to launch the event were treated to a live demonstration featuring three competitors in jet suits who went whizzing across the Dubai Fountain, next to Burj Park.

"We are pleased to host this first-of-its-kind tournament in Dubai Harbour, the region’s most unique lifestyle destination," said race director Samer Al Shammari. "Winning requires high skill in flying using a jet suit, to provide the best performance while flying on the path specified by the organisation committee, which includes various challenges.

"Our commitment extends beyond organising the event, but to also attract more people to this sport, ensuring its continued growth."

From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

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Company profile

Name: Back to Games and Boardgame Space

Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)

Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)

Based: Dubai and Abu Dhabi 

Industry: Back to Games (retail); Boardgame Space (wholesale and distribution) 

Funding: Back to Games: self-funded by Mr Azzam with Dh1.3 million; Mr Azzam invested Dh250,000 in Boardgame Space  

Growth: Back to Games: from 300 products in 2015 to 7,000 in 2019; Boardgame Space: from 34 games in 2017 to 3,500 in 2019

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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

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

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Who was Alfred Nobel?

The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.

  • In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
  • Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
  • Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Updated: January 26, 2024, 5:58 AM