We take a look at the Emirates speech in the US, Reem Mall, buy-to-let property, Dubai Land Department speaking out and what business leaders are reading.
In for the long haul
If you think Emirates' intercontinental flights are long, you should see its intercontinental policy battles. The carrier has been warring with the US airlines Delta, United and American - in a fight the Americans started - since January. On Tuesday, Tim Clark, the Emirates president, travelled to Washington with a 400-page report in hand that attempted to finally shred the Americans' allegations that Arabian Gulf carriers receive unfair subsidies. Emirates said the allegations are bunk and that rather than being subsidised by the government of Dubai, in fact it is the airline that is subsidising the government - with US$3.363 billion in dividends from the airline easily offsetting $218 million in capital injections from the government. Emirates attributes its success to its high standards and its nurturing of Dubai as a hub for long-haul flights - the longest of which, to San Francisco, lasts about 15 hours and 45 minutes. Rob McKenzie
First glimpse of Reem Mall
We gave readers a first in-depth look at the capital's latest shopping project - the 2 million sq ft, 485-shop Reem Mall. For Reem Islanders who happen to work on the island, there may soon be no need to ever cross the bridge back over to the city with all of the new amenities and outlets that are planned. But with the Galleria now open on Al Maryah Island, and Al Maryah Central scheduled to open in 2018, plus Abu Dhabi Mall just over the water and Al Wahda Mall a five minute drive away, the question of how many malls does one city need will no doubt come to the fore again. This is a city growing at a rapid rate, however, with the workforce up by 10 per cent last year according to the Ministry of Labour. The Reem Island master plan revealed a few weeks ago envisioned up to 210,000 islanders in years to come, and if that's how the future pans out we might then be wondering why we ever questioned the number of malls. Ian Oxborrow
Does buy-to-let add up?
The returns on buy-to-let property investment no longer stack up. Those were the wise words of our investment expert Peter Cooper in the Money section this week. He believes rental yields are now generally too low for the large amount of capital at risk. And his advice was not only reserved for UAE property. Mr Cooper believes the writing is on the wall for property investment across the globe and urged readers to sell their holdings immediately. While Peter's words were not welcomed by all - after all who wants to hear their property portfolio is in danger - he had some valuable points. He says the global regime of low interest rates forced upon us by central banks has distorted investment returns. It meant investors were willing to pay more for lower returns and with rents barely shifting and the costs associated with property ownership on the rise, the picture gets murkier. Once interest rates start to rise and house prices start to drop - that property investment could quickly become a liability. Alice Haine
DLD dismisses property rumours
It is quite out of character for Dubai Land Department to immediately address media and consumer concerns. But not this week. The DLD was quick to dismiss rumours about an imminent increase in property registration fees from 4 per cent to 8 per cent after June 30. "This is a baseless rumour and only serves to encourage the return of speculation. It confuses buyers and needlessly compels them to speed up their purchasing decisions," said Sultan Butti Bin Mejren, the director general of Dubai Land Department. Besides, the deadline to register property has been extended until October 31. The emirate had previously doubled these fees from 2 per cent to 4 per cent in September 2013 to cool down runaway property prices and curb the practice of "flipping". It was the bursting of the property bubble in 2009 that led to real estate prices falling by more than 50 per cent. Meanwhile, data from the DLD show that overall property transactions in the first quarter stood at Dh64 billion. However, comparative figures for the previous period were not available. Srinivasan Iyer
Rest, relaxation and reading
Where are you going on holiday this summer? We asked 16 business leaders from across the Middle East about their vacation plans, and the answers ranged from Brazil to Japan to nowhere in particular (some people are just too busy to up and leave for a few weeks). We also asked our informal panel for their summer reading lists. Their picks, again, spanned a wide range, with not a single title appearing twice. Their choices included The China Model; Science, Society and the Environment; and even a special edition of War and Peace. What was also noticeable was that there was very little fiction being read by our leaders, many of whom preferred theoretical works which could aid them in the workplace. Rob McKenzie
business@thenational.ae
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MATCH INFO
Uefa Champions League quarter-final second leg:
Juventus 1 Ajax 2
Ajax advance 3-2 on aggregate
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Know your Camel lingo
The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home
Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless
Asayel camels - sleek, short-haired hound-like racers
Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s
Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival
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THE%20FLASH
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TEAMS
US Team
Dustin Johnson, Jordan Spieth
Justin Thomas, Daniel Berger
Brooks Koepka, Rickie Fowler
Kevin Kisner, Patrick Reed
Matt Kuchar, Kevin Chappell
Charley Hoffman*, Phil Mickelson*
International Team
Hideki Matsuyama, Jason Day
Adam Scott, Louis Oosthuizen
Marc Leishman, Charl Schwartzel
Branden Grace, Si Woo Kim
Jhonattan Vegas, Adam Hadwin
Emiliano Grillo*, Anirban Lahiri*
* denotes captain's picks
Company%20profile
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Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
KILLING OF QASSEM SULEIMANI
The biog
Profession: Senior sports presenter and producer
Marital status: Single
Favourite book: Al Nabi by Jibran Khalil Jibran
Favourite food: Italian and Lebanese food
Favourite football player: Cristiano Ronaldo
Languages: Arabic, French, English, Portuguese and some Spanish
Website: www.liliane-tannoury.com
MEFCC information
Tickets range from Dh110 for an advance single-day pass to Dh300 for a weekend pass at the door. VIP tickets have sold out. Visit www.mefcc.com to purchase tickets in advance.
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
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
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
Men’s singles
Group A: Son Wan-ho (Kor), Lee Chong Wei (Mas), Ng Long Angus (HK), Chen Long (Chn)
Group B: Kidambi Srikanth (Ind), Shi Yugi (Chn), Chou Tien Chen (Tpe), Viktor Axelsen (Den)
Women’s Singles
Group A: Akane Yamaguchi (Jpn), Pusarla Sindhu (Ind), Sayaka Sato (Jpn), He Bingjiao (Chn)
Group B: Tai Tzu Ying (Tpe), Sung Hi-hyun (Kor), Ratchanok Intanon (Tha), Chen Yufei (Chn)
