We are consumed by the idea that these times are wildly unpredictable to the point of danger, and talk a lot about the frenetic pace of the modern world.
Common wisdom dictates that large companies need to act small, we need to disrupt or die and that radical business transformation is essential to not only survival, but untold riches. It is no surprise then, that about $2 trillion has been spent globally on digital transformation and the pursuit of innovation.
This would be great news except we see virtually no evidence of any real transformation in our daily lives anywhere.
Indeed, change has followed perfectly clear linear trend lines going back 20 years. Think about it: we buy stuff from the internet, watch TV via the internet and work via meetings hosted on the internet. Who could have possibly seen this coming?
Have airlines transformed their business for the modern age or have they just made a nicer looking app? Have retailers rethought what they manufacture to cater to the new behaviours of e-commerce? Or have they just slowly shifted to letting you buy things online?
Hotels may let you use a phone to operate an elevator, but won’t let you reply directly to their marketing emails. One is more helpful.
The big question right now, after decades of calm, is why so few companies have actually unleashed new thinking. We are fond of talking about innovation and the power of new technology, yet companies are spending more on share buy-backs than ever before. The glut in the capital markets for so-called tech firms has shrouded how little profound change or imagination exists in today’s business models.
The American food delivery service DoorDash lost $149 million in the best nine months that will ever exist for a meal delivery app and is worth $50 billion. Airbnb is worth more than the five largest hotel chains in the world put together, despite never having two profitable quarters in a row. These two recent examples illustrate that money is desperate to find ideas to believe in and can’t.
Meanwhile, the pandemic has shown us that Dyson can make ventilators, Moderna can "design" a Covid-19 vaccine and China can build a vast hospital – all in a matter of days. Even British Airways found a fast way for its customers to contact-lessly order food in lounges, despite failing over 10 years to make a decent way to check in to flights.
The learning here is that it is easier for companies to make new things than it is to change, it is easier to do things on the edge not the core.
For me, three pervasive lies are to blame for our fundamental misunderstanding of the 21st century.
We’ve become obsessed that these times are faster changing than ever before, despite little evidence of this. Barbed wire changed the fortunes of America, the elevator allowed skyscrapers to thrust across the world, the car reimagined cities. We are accustomed to fast, radical change sweeping the world – yet in the last two decades we’ve seen remarkably little new happen.
We've become scared that these times are more complex than ever. That new companies and new technologies are combining together in ever more ways. That new combinations, permutations and insurgent mutations result. But it's just not that true. OK, 5G is a faster internet, and the Internet of Things, 3D printing and blockchain are complex in their construction but not necessarily in their meaning. Artificial intelligence is a marketing team for smarter computers, not a paradigm shift in how life works.
We have been convinced we live in more uncertain, more ambiguous, more volatile times. But there is little evidence for this.
We have a path in life that is rather easy to predict but the global pandemic of 2020 has not changed its direction, only its speed. We now face the almost inevitable world of 2025, a few years earlier.
I fear despite living and thriving in some of the most calm business and geopolitical times in history, companies have used the paranoia of change to react superficially. Businesses are generally oriented around climate not weather: the regular fundamentals of life, not the vicissitudes of storms or even freak rain, are what matter more to the bottom line.
We’ve been whipped up into a continual frenzy that’s ensured we’ve lost sight of what matters. We’ve used technology defensively, as a way to avoid the awkward questions from market analysts and large stakeholders – but not because we fell in love with what it made possible. Realistically, most chief executives don’t have the time or will or risk tolerance to really change things.
They need the appearance of change, they need plausible deniability and they spend billions on management consultants as insurance agents. Meanwhile, consultants make money from monthly retainers, and from delivering simple projects, over long periods of time. The incentives lie in always finding new problems to solve and never solving existing problems, merely keeping businesses in a perpetual state of behind-but-alive.
What we need now is both calmness and urgency. We need to love what technology can do, and embrace the incredible power it has to unleash incredible value for the world, for people and for the bottom line. We need to be imaginative and empathetic, future-focused and audacious.
This is not time to return to a new normal. It’s a pause to consider the future we wanted to build. The time to do that is now.
Tom Goodwin is founder of the consultancy All We Have Is Now and the author of Digital Darwinism
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
Company profile
Name: Infinite8
Based: Dubai
Launch year: 2017
Number of employees: 90
Sector: Online gaming industry
Funding: $1.2m from a UAE angel investor
SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%20Dual%20electric%20motors%20with%20102kW%20battery%20pack%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E570hp%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20890Nm%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERange%3A%3C%2Fstrong%3E%20Up%20to%20428km%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh1%2C700%2C000%3C%2Fp%3E%0A
WORLD'S%2010%20HIGHEST%20MOUNTAINS
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
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
UAE Team Emirates
Valerio Conti (ITA)
Alessandro Covi (ITA)
Joe Dombrowski (USA)
Davide Formolo (ITA)
Fernando Gaviria (COL)
Sebastian Molano (COL)
Maximiliano Richeze (ARG)
Diego Ulissi (ITAS)
The specs
Engine: 2.0-litre 4-cyl, 48V hybrid
Transmission: eight-speed automatic
Power: 325bhp
Torque: 450Nm
Price: Dh289,000
Britain's travel restrictions
- A negative test 2 days before flying
- Complete passenger locator form
- Book a post-arrival PCR test
- Double-vaccinated must self-isolate
- 11 countries on red list quarantine
The specs
Engine: 2.0-litre 4-cylinder turbo hybrid
Transmission: eight-speed automatic
Power: 390bhp
Torque: 400Nm
Price: Dh340,000 ($92,579
Engine: 80 kWh four-wheel-drive
Transmission: eight-speed automatic
Power: 402bhp
Torque: 760Nm
Price: From Dh280,000
CHELSEA SQUAD
Arrizabalaga, Bettinelli, Rudiger, Christensen, Silva, Chalobah, Sarr, Azpilicueta, James, Kenedy, Alonso, Jorginho, Kante, Kovacic, Saul, Barkley, Ziyech, Pulisic, Mount, Hudson-Odoi, Werner, Havertz, Lukaku.
MATCH INFO
Confederations Cup Group B
Germany v Chile
Kick-off: Thursday, 10pm (UAE)
Where: Kazan Arena, Kazan
Watch live: Abu Dhabi Sports HD
Roll of honour: Who won what in 2018/19?
West Asia Premiership: Winners – Bahrain; Runners-up – Dubai Exiles
UAE Premiership: Winners – Abu Dhabi Harlequins; Runners-up – Jebel Ali Dragons
Dubai Rugby Sevens: Winners – Dubai Hurricanes; Runners-up – Abu Dhabi Harlequins
UAE Conference: Winners – Dubai Tigers; Runners-up – Al Ain Amblers
ARM%20IPO%20DETAILS
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Results
%3Cp%3E%3Cstrong%3EStage%206%3A%3C%2Fstrong%3E%3Cbr%3E1.%20Tim%20Merlier%20(BEL)%20Soudal%20Quick-Step%20%E2%80%93%203hrs%2041min%2012sec.%3Cbr%3E2.%20Sam%20Bennett%20(GBR)%20Bora%20%E2%80%93%20Hansgrohe%20%E2%80%93%20ST%3Cbr%3E3.%20Dylan%20Groenewegen%20(NED)%20Team%20Jayco%20Alula%20%E2%80%93%20ST%3Cbr%3E%3Cstrong%3EGeneral%20classification%3A%3C%2Fstrong%3E%3Cbr%3E1.%20Remco%20Evenepoel%20(BEL)%20Soudal%20Quick-Step%3Cbr%3E2.%20Lucas%20Plapp%20(AUS)%20Ineos%20Grenaders%20%E2%80%93%209sec%3Cbr%3E3.%20Pello%20Bilbao%20(ESP)%20Bahrain%20Victorious%20%E2%80%93%2013sec%3C%2Fp%3E%0A
The Freedom Artist
By Ben Okri (Head of Zeus)
MATCH INFO
Day 1 at Mount Maunganui
England 241-4
Denly 74, Stokes 67 not out, De Grandhomme 2-28
New Zealand
Yet to bat
MATCH INFO
Liverpool 0
Stoke City 0
Man of the Match: Erik Pieters (Stoke)
Indoor cricket in a nutshell
Indoor Cricket World Cup – Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
What's in the deal?
Agreement aims to boost trade by £25.5bn a year in the long run, compared with a total of £42.6bn in 2024
India will slash levies on medical devices, machinery, cosmetics, soft drinks and lamb.
India will also cut automotive tariffs to 10% under a quota from over 100% currently.
Indian employees in the UK will receive three years exemption from social security payments
India expects 99% of exports to benefit from zero duty, raising opportunities for textiles, marine products, footwear and jewellery
India squad
Virat Kohli (captain), Rohit Sharma, Mayank Agarwal, K.L. Rahul, Shreyas Iyer, Manish Pandey, Rishabh Pant, Shivam Dube, Kedar Jadhav, Ravindra Jadeja, Yuzvendra Chahal, Kuldeep Yadav, Deepak Chahar, Mohammed Shami, Shardul Thakur.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
