An amble around Al Ain's Sheikh Khalifa International Stadium conjures memories of heady days gone by. On the walls of its corridors, past players embrace in celebration, festivities fostered by the fusion of talent and trophies; a princely period of purple reign, indeed.
Of course, Al Ain have long been a club steeped in success, those still-vivid images illustrating how they once ruled not only within this country's borders, but on the continent, too.
It was 2004, the Garden City green with Asian Champions League success and a ninth league title. Five had been collected in a seven-year span.
The 10th, though, was not added until late last April, when Al Ain finally banished years of underachievement with three games to spare. No 11 has followed rather more swiftly, achieved last night with four Pro League rounds remaining.
And so Al Ain are undoubted top dogs again. The question now is not whether they can once more dominate UAE football, but for how long?
The statistics, the most obvious point of reference, paint a positive prognosis. In their 22 matches last season, Al Ain won 17, drew four and were defeated only once. Predictably, they led the league in goals scored and boasted the measliest defence, figures sitting at 52 and 16, respectively.
After the same amount of fixtures this year, they have proved even more clinical: 19 victories, one draw and two defeats, three points better off. Again, the defence and attack are the division's most efficient, although it is up front where Al Ain have developed fastest.
Yesterday's 3-0 triumph against Dubai takes the goal tally to 70, significantly superior to Al Ahli, their closest rivals.
In Asamoah Gyan, Alex Brosque and Jires Kembo-Ekoko, coach Cosmin Olaroiu has an unrivalled front line in terms of prolificacy. Only last summer, each committed themselves to the club - Gyan making permanent an initial loan deal by signing for four years, Kembo-Ekoko penning a contract to 2016 and Brosque until the end of next season - which suggests a sustained boom.
Two other personalities could dictate the dominance, though. Omar Abdulrahman, the prodigious playmaker, is Al Ain's pulse; the conductor to the harmony around him.
Should he, as is expected, agree to a move away - the club board are this month hosting delegates from interested parties in Europe - then the future suddenly seems less optimistic. Replacing perhaps the most gifted UAE national in history would prove difficult.
"I'd happily play for Al Ain for years and years," the 21 year old said this week. "But my dream is to become a professional player in another country."
If Abdulrahman was to realise his dream, then Olaroiu's continued presence acquires greater importance. It is rumoured that the Romanian, as shrewd in the transfer market as he is on the touchline, has been approached by Saudi Arabia's Al Ittihad, yet on Sunday he dismissed the speculation as exactly that.
"I am here at Al Ain and I want to win more trophies and championships with this team," he said.
However, it is believed much depends on the club's prolonged participation in this season's Champions League. It may just prove decisive.
But there is plenty to keep him at Al Ain. The squad is robust, with Fares Juma, Ismail Ahmed and Mohaned Salem excellent in central defence, while Mohammed Ahmed is arguably the country's most accomplished right-back. All four are UAE internationals.
Further forward, Ali Al Wehaibi, Mirel Radoi and the indefatigable Helal Saeed provide experience and big-game expertise. At 35, though, Saeed cannot go on forever.
Yet Al Ain have plenty in reserve, as evidenced by last month's Etisalat Cup victory at Al Shaab.
There they deployed what was effectively an Under 19 side against a Pro League XI, with Yousef Ahmad, the 18-year-old striker, burnishing an already worthy reputation. Recent cameos in the league have further elevated his status.
Granted, creating a dynasty in these most capricious of environs - the UAE has endured seven different champions since Al Ain last secured successive titles - is no certainty and its existence hinges on who begins 2013/14 at the club.
However, football consensus states that defending a championship is always harder than winning one, and Al Ain have cruised through unscathed.
As Olaroiu stated at this season's inception: "I told the players, 'Now we have started winning trophies, we have to continue'."
His charges have done just that. They appear sturdy enough to recapture those heady days of the not-too-distant past.
jmcauley@thenational.ae
Fixtures
Wednesday
4.15pm: Japan v Spain (Group A)
5.30pm: UAE v Italy (Group A)
6.45pm: Russia v Mexico (Group B)
8pm: Iran v Egypt (Group B)
if you go
The flights
Fly direct to Kutaisi with Flydubai from Dh925 return, including taxes. The flight takes 3.5 hours. From there, Svaneti is a four-hour drive. The driving time from Tbilisi is eight hours.
The trip
The cost of the Svaneti trip is US$2,000 (Dh7,345) for 10 days, including food, guiding, accommodation and transfers from and to Tbilisi or Kutaisi. This summer the TCT is also offering a 5-day hike in Armenia for $1,200 (Dh4,407) per person. For further information, visit www.transcaucasiantrail.org/en/hike/
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Essentials
The flights
Whether you trek after mountain gorillas in Rwanda, Uganda or the Congo, the most convenient international airport is in Rwanda’s capital city, Kigali. There are direct flights from Dubai a couple of days a week with RwandAir. Otherwise, an indirect route is available via Nairobi with Kenya Airways. Flydubai flies to Kinshasa in the Democratic Republic of Congo, via Entebbe in Uganda. Expect to pay from US$350 (Dh1,286) return, including taxes.
The tours
Superb ape-watching tours that take in all three gorilla countries mentioned above are run by Natural World Safaris. In September, the company will be operating a unique Ugandan ape safari guided by well-known primatologist Ben Garrod.
In the Democratic Republic of Congo, local operator Kivu Travel can organise pretty much any kind of safari throughout the Virunga National Park and elsewhere in eastern Congo.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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Results
2pm: Maiden (TB) Dh60,000 (Dirt) 1,200m, Winner: Mouheeb, Tom Marquand (jockey), Nicholas Bachalard (trainer)
2.30pm: Handicap (TB) Dh68,000 (D) 1,200m, Winner: Honourable Justice, Royston Ffrench, Salem bin Ghadayer
3pm: Handicap (TB) Dh84,000 (D) 1,200m, Winner: Dahawi, Antonio Fresu, Musabah Al Muhairi
3.30pm: Conditions (TB) Dh100,000 (D) 1,200m, Winner: Dark Silver, Fernando Jara, Ahmad bin Harmash
4pm: Maiden (TB) Dh60,000 (D) 1,600m, Winner: Dark Of Night. Antonio Fresu, Al Muhairi.
4.30pm: Handicap (TB) Dh68,000 (D) 1,600m, Winner: Habah, Pat Dobbs, Doug Watson
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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Mohammed bin Zayed Majlis
Arctic Monkeys
Tranquillity Base Hotel Casino (Domino)
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What is tokenisation?
Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets.
Ovo's tips to find extra heat
- Open your curtains when it’s sunny
- Keep your oven open after cooking
- Have a cuddle with pets and loved ones to help stay cosy
- Eat ginger but avoid chilli as it makes you sweat
- Put on extra layers
- Do a few star jumps
- Avoid alcohol