Sir Alex Ferguson has managed superior Manchester United teams in the past, notably in 1994, 1999 and 2008. But the current squad could still carve their nice if they can end the season with 93 points. Clive Mason / Getty Images
Sir Alex Ferguson has managed superior Manchester United teams in the past, notably in 1994, 1999 and 2008. But the current squad could still carve their nice if they can end the season with 93 points. Clive Mason / Getty Images
Sir Alex Ferguson has managed superior Manchester United teams in the past, notably in 1994, 1999 and 2008. But the current squad could still carve their nice if they can end the season with 93 points. Clive Mason / Getty Images
Sir Alex Ferguson has managed superior Manchester United teams in the past, notably in 1994, 1999 and 2008. But the current squad could still carve their nice if they can end the season with 93 points

Manchester United steady rather than sensational


Richard Jolly
  • English
  • Arabic

Football, Tottenham Hotspur's record goalscorer Jimmy Greaves used to say with tedious regularity, is a funny old game.

Equally typically, Sir Alex Ferguson reacted with more anger than humour to the loss of two points at Spurs. The assistant referee Simon Beck joined the long list of scapegoats identified by the Manchester United manager.

Perhaps it was another example of Ferguson's age-old ability to deflect attention from the failings of his players; in the case David De Gea, whose inability to claim a late cross led to Clint Dempsey's injury-time equaliser.

And yet while it was the least Tottenham deserved, the funny - in the peculiar sense, rather than being laugh-out-loud amusing - thing was that one of the few times United have failed to win nevertheless produced one of their more laudable displays.

In adversity, theirs was a performance of mettle. Michael Carrick illustrated his powers of anticipation and ability to pass, Phil Jones and Danny Welbeck galloped furlong after furlong on the snowy turf and Rio Ferdinand, embarrassed by Tottenham in September, was defiant against them in the rematch.

Having said earlier in the week that United were no one-man team, Ferguson got proof, even as his outstanding individual, Robin van Persie, delivered yet another important goal.

Nor should the eventual result be dismissed. It leaves United having visited each of the three teams closest to them in the table and returned with seven points from a possible nine. It is a championship-winning return. It also brought memories of a previous 1-1 draw at White Hart Lane.

That, too, featured an added-time leveller, from Carlos Tevez five years ago, a goal that proved among the most crucial in a tight title race.

Yet if the main difference between 2008 and 2013 can appear that this time, unusually, United were the ones lamenting a late goal, a comparison between the two teams is instructive.

The boys of 2008 went on to become the Premier League and European champions. They also had a point fewer at this stage of the season than the current collective.

Yet were a combined 11 to be assembled, how many of Ferguson's modern-day charges would feature? Perhaps only two: Carrick, a finer player now than he was five years ago, and the magnificent Van Persie.

Elsewhere, Cristiano Ronaldo and Edwin van der Sar, neither properly replaced, are automatic choices. Tevez, terrific in 2007/08, edges out Wayne Rooney, whether the past or present version.

Ferdinand, Nemanja Vidic and Patrice Evra were all at or nearer their respective peaks five years ago; so, too, Ryan Giggs and Paul Scholes, neither of whom took the pitch on Sunday.

There are grounds to choose Rafael da Silva, an energetic and eager attacker, ahead of Wes Brown at right-back but the latter offered more defensive security in the finest campaign of his career.

That was a year where United only conceded 22 league goals in an entire season. Thirty have been sieved so far this time around. That United are in such a commanding position - Manchester City's first-team coach David Platt conceded the title is "theirs to lose" - is testament to the winning habit of accomplished escapologists.

The 24 points procured from losing positions offer a sign of an unyielding spirit.

In addition, they have a large and flexible squad and, unconventional as some of his selections can seem, Ferguson often identifies individuals who are suited to particular games. Welbeck is a case in point: his goals have dried up but his non-stop running has rendered him an effective, unselfish presence against Liverpool and Tottenham.

But statistical proof of the decline in defending is accompanied by more subjective assessments of a fall in standards such as the hybrid team from 2008 and 2013. Much as Ferguson has sprinkled superlatives after some undistinguished performances, United have become used to being damned with faint praise by outsiders.

They have only dropped 13 points all season. They also configure teams in attempts to halt opponents' strengths, whether Liverpool's passing or Tottenham's pace. To some, that is an admission of their own weaknesses. But they are mirrored elsewhere.

If the overall picture, whether with England's diminishing returns in the Champions League or Pep Guardiola's preference for the Bundesliga, Bayern Munich in particular, next season, points to a waning in the level of play in the Premier League, Ferguson's innate competitiveness means his most pressing concern is overcoming his immediate rivals.

It is something that, despite their lead in the division being trimmed to five points, United are doing. Indeed, they are threatening to manage it in record-breaking fashion. At their rate of progress, they are on course to end the season with 93 points, the most in the club's distinguished history. It would give the current side a claim to rank among the manager's greatest.

And yet a truer indication of their status comes by comparison: not with their principal opponents now, but with their garlanded predecessors.

Because, with the notable exception of Van Persie, how many of the current squad, at their recent level of play, would merit a place in the classes of 1994, 1999 and 2008?

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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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Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

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

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

While you're here
ACC 2019: The winners in full

Best Actress Maha Alemi, Sofia

Best Actor Mohamed Dhrif, Weldi  

Best Screenplay Meryem Benm’Barek, Sofia  

Best Documentary Of Fathers and Sons by Talal Derki

Best Film Yomeddine by Abu Bakr Shawky

Best Director Nadine Labaki, Capernaum
 

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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

PROFILE OF STARZPLAY

Date started: 2014

Founders: Maaz Sheikh, Danny Bates

Based: Dubai, UAE

Sector: Entertainment/Streaming Video On Demand

Number of employees: 125

Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners

Price, base / as tested From Dh173,775 (base model)
Engine 2.0-litre 4cyl turbo, AWD
Power 249hp at 5,500rpm
Torque 365Nm at 1,300-4,500rpm
Gearbox Nine-speed auto
Fuel economy, combined 7.9L/100km

Fixtures
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Dhadak

Director: Shashank Khaitan

Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana

Stars: 3

Top investing tips for UAE residents in 2021

Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.

Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.

Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.

Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.

Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.

Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.

Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”

Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI. 

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