Derek Jeter is looking for a deal worth US$ 23 million (Dh84.4m) a season from the New York Yankees.
Derek Jeter is looking for a deal worth US$ 23 million (Dh84.4m) a season from the New York Yankees.
Derek Jeter is looking for a deal worth US$ 23 million (Dh84.4m) a season from the New York Yankees.
Derek Jeter is looking for a deal worth US$ 23 million (Dh84.4m) a season from the New York Yankees.

Derek Jeter: bidding for one last pay day


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On America's Independence Day 71 years ago, Lou Gehrig of the New York Yankees, who knew he was dying of an incurable disease, leaned into a microphone and intoned: "Today, I consider myself the luckiest man on the face of the Earth."

Today, your typical American male might consider a now-generation Yankee, Derek Jeter, as the planet's luckiest fellow.

Through 16 seasons he has played the game at such a lofty level that any Hall of Fame voter who does not submit Jeter's name as a first-ballot inductee should have his privileges revoked. He has carried himself with the utmost dignity, never appearing on a police blotter or on the bad side of Yanks management and teammates.

Still not eager to trade places with Jeter? Try this: the Yankees, up until last season, had enriched him by US$205 million (Dh753m), according to the website baseball-reference.com.

The mythical Greek figure King Midas - he of the Midas touch - might be envious of Jeter, whose every move in his professional and personal life seems to turn to gold.

Now comes the first chink in Jeter's armour, an outrageous contract request that almost - but not quite - invokes sympathy for the mighty Yankees.

Jeter, through his agent, is seeking a contract of about $23m annually for the next five seasons, maybe six. The Yanks have countered with an offer of three years at an average of $15m, down from $21m last season.

Each offer is a starting point and, thus, an exaggeration of the chasm between the parties. It does not reflect poorly on Jeter's character, given that all is fair in love, war and contract talks.

But the club's sales pitch is more than fair to a 37-year-old shortstop with declining skills that can be documented, beginning with a career-low .270 batting average last season. Give your bosses a break.

(About that Gold Glove voted to him last month by managers and coaches: the most perplexing honour since the infamous German lip-synchers Milli Vanilli absconded with a Grammy Award in 1990. Jeter led American League shortstops in fielding percentage, but only because his range has shrunk so dramatically that he cannot get leather on any ball not hit directly at him. Only students of statistics know exactly how the "Player Standard Fielding rankings" are compiled, but anyone who rates last of 59 is certainly not the best fielder at his position.)

The Steinbrenner boys who run the Yankees have pledged to close Daddy George's open-chequebook ways and operate the team like a business. Their vow may be disproven without a show of restraint in the bid-a-thon for the free-agent Cliff Lee, the left-handed pitcher; but holding the line with Jeter (and Lee) could benefit baseball by curbing the crazy spending spree that has hit the sport.

Though neutrals suggest that both sides will come off their opening proposals, a stare-down might last a while because of this unique factor: Jeter wants to be regarded as the face of the franchise, a walking billboard who contributes more than runs and putouts.

The Yankees, however, view Jeter (at least at the negotiating table) as simply a declining player who should be grateful for any significant offer.

Jeter's case is based partly on his belief that next season's countdown to the historical threshold of 3,000 career hits will draw attention and dollars to the team.

While the Yankees cannot shrug off such claims, they are inclined to erase the board and regard Jeter largely as just another sub-.300 hitter who can no longer reach ground balls in the hole. But the guy on the field stationed to Jeter's right is a burr in both camps' saddle.

Of all Yankees past and present, only third baseman Alex Rodriguez has been more monetarily blessed - $264m, according to baseball-reference.com, though much of that was the Texas Rangers' money. In 2007, New York stuck a 10-year extension on a silver platter for Rodriguez, with annual salaries peaking at $32m, leaving them fiscally hamstrung.

To which Jeter would say: "Not my problem." Of all Yankees past and present, his icy relationship with "A-Rod" is the exception to the rule that he gets along with everyone.

Maybe we expect too much of this worthy successor to the Yankees lineage (16 jersey numbers retired) of Gehrig, Ruth, DiMaggio, Berra, Reggie, Munson and Maris. It is just that, unlike any other contemporary athlete, he belongs forever on the team with which he started.

After all, Jeter insists of being introduced before each at-bat by the disembodied voice of Bob Sheppard, the late PA announcer whose distinct tones provided the narration for the club's modern era.

If you wanted to trade places with someone, Jeter might be your guy.

If you did, here is hoping you would accept a reasonable deal, grace New York with three more seasons and, if the time is right, bow out as the greatest on-and-off-the-field Yankee of them all.

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

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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Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, Leon.

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

Company Fact Box

Company name/date started: Abwaab Technologies / September 2019

Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO

Based: Amman, Jordan

Sector: Education Technology

Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed

Stage: early-stage startup 

Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.

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