When Li Na beat Francesca Schiavone to win the French Open title, she did more than win a tennis match. She hit the jackpot.
The success of the tennis star, who is famous for her tattoos, has sparked a huge burst in popularity for the sport. It is also likely to give the already booming sponsorship business in China a further shot in the arm.
Before her success in Paris this month, the Chinese sports sponsorship market was worth about US$2 billion (Dh7.34bn) annually.
But that is set to climb much higher now the industry has found a Chinese star of her status, and gender, to sell products ranging from tennis balls to ballroom gowns.
So far, her name is used to sell Nike products, Rolex watches and Haagen-Dazs ice cream as well as more specifically sports-related items, but this is only the beginning.
About 116 million people watched her victory in the Roland Garros stadium, a record for a tennis match that is up there with the opening ceremony of the Beijing Olympic Games in 2008, while more than 2 million people are estimated to follow her exploits on Weibo, China's equivalent of the banned social network Twitter.
"This victory will have a massive impact of both the sports of tennis and Li Na's personal value. In effect, overnight she has become the China tennis equivalent of the Chinese basketball star Yao Ming," says Mark Thomas, who runs the sports marketing group S2M in Shanghai.
"I think it's safe to say she's already way bigger than Michael Chang [who won the 1989 French Open]. She is a true national hero," says Mr Thomas.
"For me every major victory on the international stage by a China athlete will have some positive impact on the sports marketing industry in China. I think, though, Li Na's victory will have a much more specific profound effect of the game of tennis here.
"This will be manifested in all aspects of the sport from grass roots participation through to increased television viewing figures and sponsorship revenue in the sport."
Crucially, there are Chinese sports stars emerging in areas that are highly lucrative in sponsorship terms, such as tennis or snooker or golf, rather than in the sports where the country traditionally thrives but which have a lower international profile, such as table tennis, diving or gymnastics.
"China needs sport stars, and companies here want to get into the international market through endorsing those sports stars with global influence," says a spokesman for a group called Competition Management Company of China Sports.
"The growth and expansion of sport sponsorship, especially in these new sports … in China, will be dramatic in future years, and it has already grown a lot," says the spokesman.
Chinese companies are already heavily involved. China Yingli Green Energy Holding announced this month it would become an official sponsor of the 2014 Fifa World Cup in Brazil.
The Anta sports product company has a deal with the Serbian tennis star Jelena Jankovic and is spending $65 million on a four-year sponsorship agreement with the Chinese Olympic Committee to provide equipment for 11 major events, including the 2012 Olympics in London.
But the undisputed champion of sports sponsorship in China has been Lenovo, which is the only Chinese company among the major sponsors of the Olympics, although the high point for the company was the 2008 Games in Beijing.
Since then, Lenovo has been replaced by the Acer computer group, which is based in Taiwan, as a major sponsor for the London Olympics.
As for the state-sponsored field, the main player is the Li Ning Company run by the former Olympic gymnast Li Ning, which had revenues of $1.47bn last year. The company sponsors China's national teams in table tennis, badminton, gymnastics, shooting and diving.
Li Ning is also looking abroad and has deals with the national basketball teams of Argentina and Spain, and the Primera Liga club Espanyol.
The growth of sports sponsorship will also boost the earnings power of the country's top stars.
Li Na, meanwhile, is estimated to be second only to Yao Ming in earnings.
Her success is generating a powerful retail buzz, but then the personal story of Li Na, who will be 30 in February, is also a major selling point.
She won the French Open after a career plagued with injuries and personal problems - among them firing her coach who is also her husband.
business@thenational.ae
Company profile
Company: Rent Your Wardrobe
Date started: May 2021
Founder: Mamta Arora
Based: Dubai
Sector: Clothes rental subscription
Stage: Bootstrapped, self-funded
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Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
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
Notable cricketers and political careers
- India: Kirti Azad, Navjot Sidhu and Gautam Gambhir (rumoured)
- Pakistan: Imran Khan and Shahid Afridi (rumoured)
- Sri Lanka: Arjuna Ranatunga, Sanath Jayasuriya, Tillakaratne Dilshan (rumoured)
- Bangladesh (Mashrafe Mortaza)
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General%20Classification
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End of free parking
- paid-for parking will be rolled across Abu Dhabi island on August 18
- drivers will have three working weeks leeway before fines are issued
- areas that are currently free to park - around Sheikh Zayed Bridge, Maqta Bridge, Mussaffah Bridge and the Corniche - will now require a ticket
- villa residents will need a permit to park outside their home. One vehicle is Dh800 and a second is Dh1,200.
- The penalty for failing to pay for a ticket after 10 minutes will be Dh200
- Parking on a patch of sand will incur a fine of Dh300
More from Neighbourhood Watch:
Fund-raising tips for start-ups
Develop an innovative business concept
Have the ability to differentiate yourself from competitors
Put in place a business continuity plan after Covid-19
Prepare for the worst-case scenario (further lockdowns, long wait for a vaccine, etc.)
Have enough cash to stay afloat for the next 12 to 18 months
Be creative and innovative to reduce expenses
Be prepared to use Covid-19 as an opportunity for your business
* Tips from Jassim Al Marzooqi and Walid Hanna
ADCC AFC Women’s Champions League Group A fixtures
October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA
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BUNDESLIGA FIXTURES
Saturday (UAE kick-off times)
Cologne v Union Berlin (5.30pm)
Fortuna Dusseldorf v Borussia Dortmund (5.30pm)
Hertha Berlin v Eintracht Frankfurt (5.30pm)
Paderborn v Werder Bremen (5.30pm)
Wolfsburg v Freiburg (5.30pm)
Bayern Munich v Borussia Monchengladbach (8.30pm)
Sunday
Mainz v Augsburg (5.30pm)
Schalke v Bayer Leverkusen (8pm)
COMPANY%20PROFILE%20
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Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
The%20specs
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ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5