• Morocco players celebrate the 2-0 Group F win against Belgium at Al Thumama Stadium on November 27, 2022 in Doha. Getty
    Morocco players celebrate the 2-0 Group F win against Belgium at Al Thumama Stadium on November 27, 2022 in Doha. Getty
  • Achraf Hakimi and Hakim Ziyech celebrate. Getty
    Achraf Hakimi and Hakim Ziyech celebrate. Getty
  • Morocco fans celebrate after the 2-0 win. Getty
    Morocco fans celebrate after the 2-0 win. Getty
  • Toby Alderweireld and Dries Mertens of Belgium look dejected. Getty
    Toby Alderweireld and Dries Mertens of Belgium look dejected. Getty
  • Morocco players after their incredible win. Getty
    Morocco players after their incredible win. Getty
  • Morocco players celebrate after Abdelhamid Sabiri scored in the Group F match against Belgium at the Al-Thumama Stadium in Doha on November 27, 2022. AFP
    Morocco players celebrate after Abdelhamid Sabiri scored in the Group F match against Belgium at the Al-Thumama Stadium in Doha on November 27, 2022. AFP
  • Abdelhamid Sabiri (bottom R) of Morocco celebrates with teammates after scoring. EPA
    Abdelhamid Sabiri (bottom R) of Morocco celebrates with teammates after scoring. EPA
  • Abdelhamid Sabiri celebrates after scoring. Getty
    Abdelhamid Sabiri celebrates after scoring. Getty
  • Thibaut Courtois of Belgium dives in vain as Abdelhamid Sabiri scores for Morocco. Getty
    Thibaut Courtois of Belgium dives in vain as Abdelhamid Sabiri scores for Morocco. Getty
  • Abdelhamid Sabiri celebrates with Yahya Attiat-Allah. Getty
    Abdelhamid Sabiri celebrates with Yahya Attiat-Allah. Getty
  • Morocco's Munir El Kajoui celebrates after Abdelhamid Sabiri scores. Reuters
    Morocco's Munir El Kajoui celebrates after Abdelhamid Sabiri scores. Reuters
  • Belgium's Kevin De Bruyne in action. Reuters
    Belgium's Kevin De Bruyne in action. Reuters
  • Morocco midfielder Selim Amallah controls the ball past Belgium's midfielder Kevin De Bruyne. AFP
    Morocco midfielder Selim Amallah controls the ball past Belgium's midfielder Kevin De Bruyne. AFP
  • Morocco's Youssef En-Nesyri and Belgium defender Jan Vertonghen fight for the ball. AFP
    Morocco's Youssef En-Nesyri and Belgium defender Jan Vertonghen fight for the ball. AFP
  • Belgium's Leandro Trossard tries to get past Morocco's Noussair Mazraoui. PA
    Belgium's Leandro Trossard tries to get past Morocco's Noussair Mazraoui. PA
  • Morocco's Abdelhamid Sabiri celebrates scoring the opening goal. PA
    Morocco's Abdelhamid Sabiri celebrates scoring the opening goal. PA
  • Morocco take the lead against Belgium. PA
    Morocco take the lead against Belgium. PA
  • Abdelhamid Sabiri of Morocco celebrates. Getty
    Abdelhamid Sabiri of Morocco celebrates. Getty

Morocco coach Walid Regragui: We can do anything after Belgium World Cup win


  • English
  • Arabic

Morocco coach Walid Regragui said his team can improve on their 2-0 win over Belgium and that they "can do anything" at the World Cup.

A point in their final Group F assignment against already-eliminated Canada on Thursday will see Morocco reach the knockout round of a World Cup for the first time since 1986.

Goals from Romain Saiss and Zakaria Aboukhlal at Al Thumama Stadium secured Morocco their first World Cup win in 24 years on Sunday as the energetic North Africans made Belgium, ranked second in the world by Fifa, look pedestrian.

"We know if you don't give 100 percent it's impossible to win," Regragui told a press conference. "But with these fans, with these players and this spirit we can do anything.

"The competition is not over, we have to recover quickly for the game against Canada. Hopefully we can get a good result for the qualification."

Riots broke out in several Belgian and Dutch cities after Morocco’s upset win as Belgian police detained about a dozen people after they deployed water cannons and fire tear gas to disperse crowds in Brussels and eight more in the Northern city of Antwerp, the Associated Press reported.

Two police officials were injured in the Dutch port city of Rotterdam. By late evening Sunday, an uneasy calm had returned to most of the cities involved.

All five African teams were dumped out in the group stage in Russia four years ago but Morocco joined continental Senegal in winning their second match in Qatar.

The Atlas Lions sit top of the group on four points, having also held 2018 runners-up Croatia to a goalless draw.

Player ratings

  • BELGIUM RATINGS: Thibaut Courtois 4 – Was twice undone by free-kicks, firstly from Ziyech and an effort that was later ruled out for offside, then again for the decisive goal at his near post. Could do little about the second. Reuters
    BELGIUM RATINGS: Thibaut Courtois 4 – Was twice undone by free-kicks, firstly from Ziyech and an effort that was later ruled out for offside, then again for the decisive goal at his near post. Could do little about the second. Reuters
  • Thomas Meunier 4 – Overlapped well on the right but his final delivery always let him down. Was also guilty of giving needless free-kicks away in his own half. AFP
    Thomas Meunier 4 – Overlapped well on the right but his final delivery always let him down. Was also guilty of giving needless free-kicks away in his own half. AFP
  • Toby Alderweireld 4 – Belgium’s tempo was too slow and that started from the back, with Alderweireld and others taking too many touches and allowing Morocco to recover their shape. He did, though, make a key interception towards the end with Morocco threatening. Getty
    Toby Alderweireld 4 – Belgium’s tempo was too slow and that started from the back, with Alderweireld and others taking too many touches and allowing Morocco to recover their shape. He did, though, make a key interception towards the end with Morocco threatening. Getty
  • Jan Vertonghen 5 – Won a lot in the air but like Alderweireld, his passing was usually sideways, and slowed things down. He came close with a header in the final ten minutes. Getty
    Jan Vertonghen 5 – Won a lot in the air but like Alderweireld, his passing was usually sideways, and slowed things down. He came close with a header in the final ten minutes. Getty
  • Timothy Castagne 5 – Looked to get forward when he could, but had his hands full with Ziyech. Getty
    Timothy Castagne 5 – Looked to get forward when he could, but had his hands full with Ziyech. Getty
  • Andre Onana 5 – Had a half chance from a Belgium corner. He beat Munir to the ball but could only head over. Soon after, he picked up a senseless yellow card that will see him miss the game against Croatia. Overall, he didn’t do enough. EPA
    Andre Onana 5 – Had a half chance from a Belgium corner. He beat Munir to the ball but could only head over. Soon after, he picked up a senseless yellow card that will see him miss the game against Croatia. Overall, he didn’t do enough. EPA
  • Axel Witsel 5 – Ineffective going forward from the middle, and was guilty of slowing the play down. Did his defensive duties well. Getty
    Axel Witsel 5 – Ineffective going forward from the middle, and was guilty of slowing the play down. Did his defensive duties well. Getty
  • Thorgan Hazard 6 – His creativity led to the first chance of the game, his angled through ball releasing Batshuayi, who tested Munir. Lively throughout, though unable to really penetrate the opposition. EPA
    Thorgan Hazard 6 – His creativity led to the first chance of the game, his angled through ball releasing Batshuayi, who tested Munir. Lively throughout, though unable to really penetrate the opposition. EPA
  • Kevin De Bruyne 5 – Yet to hit his stride at this World Cup, he cut a frustrated figure throughout. He came closest with a free-kick in the first half from a tight angle, but his effort landed on the roof of the net. AFP
    Kevin De Bruyne 5 – Yet to hit his stride at this World Cup, he cut a frustrated figure throughout. He came closest with a free-kick in the first half from a tight angle, but his effort landed on the roof of the net. AFP
  • Eden Hazard 4 – Dropped deeper and deeper to receive the ball and so didn’t operate in dangerous positions. When he did manage to fashion a shooting opportunity, in the second half, he forced Munir into a save to his left. Ultimately, he was ineffective, and was substituted. PA
    Eden Hazard 4 – Dropped deeper and deeper to receive the ball and so didn’t operate in dangerous positions. When he did manage to fashion a shooting opportunity, in the second half, he forced Munir into a save to his left. Ultimately, he was ineffective, and was substituted. PA
  • Michy Batshuayi 4 – Had a good early chance and, after timing his run to perfection, forced Munir into a save following good work from Thorgan Hazard. For a target man, though, he didn’t keep the ball enough, and strayed offside too many times. AFP
    Michy Batshuayi 4 – Had a good early chance and, after timing his run to perfection, forced Munir into a save following good work from Thorgan Hazard. For a target man, though, he didn’t keep the ball enough, and strayed offside too many times. AFP
  • SUBS: Youri Tielemans (Onana, 60) 5 – Made a crunching tackle with his first touch to win the ball back in a dangerous area, then anonymous thereafter. AFP
    SUBS: Youri Tielemans (Onana, 60) 5 – Made a crunching tackle with his first touch to win the ball back in a dangerous area, then anonymous thereafter. AFP
  • Dries Merterns (E Hazard, 60) 6 – Created a bit of magic within minutes of coming on; he created a shooting chance from the edge of the area and forced Munir into a save. AP
    Dries Merterns (E Hazard, 60) 6 – Created a bit of magic within minutes of coming on; he created a shooting chance from the edge of the area and forced Munir into a save. AP
  • Leandro Trossard (T Hazard, 75) N/A – Will no doubt have watched with frustration as both Hazard brothers flattered to deceive. Getty
    Leandro Trossard (T Hazard, 75) N/A – Will no doubt have watched with frustration as both Hazard brothers flattered to deceive. Getty
  • Charles de Ketelaere (Batshuayi, 75) N/A – Had little joy, like the player he replaced. AP
    Charles de Ketelaere (Batshuayi, 75) N/A – Had little joy, like the player he replaced. AP
  • Romelu Lukaku (Meunier, 81) N/A – It says much about Belgium’s performance that Roberto Martinez turned to Lukaku ahead of schedule. He won a corner with his first contribution. Getty
    Romelu Lukaku (Meunier, 81) N/A – It says much about Belgium’s performance that Roberto Martinez turned to Lukaku ahead of schedule. He won a corner with his first contribution. Getty
  • MOROCCO RATINGS: Munir 7 – A late addition at kick-off, was called into action early on to block smartly from Batshuayi. He looked confident when defending corners, often clearing with a solid punch. Saved well to his right to deny Hazard in the second half. Getty
    MOROCCO RATINGS: Munir 7 – A late addition at kick-off, was called into action early on to block smartly from Batshuayi. He looked confident when defending corners, often clearing with a solid punch. Saved well to his right to deny Hazard in the second half. Getty
  • Achraf Hakimi 6 – Made a good and dangerous run into the area just after the half hour mark. He looked across and, with few options, he blazed over with a wild effort. Was carrying a knock and looked a little bit off his usual pace. AP
    Achraf Hakimi 6 – Made a good and dangerous run into the area just after the half hour mark. He looked across and, with few options, he blazed over with a wild effort. Was carrying a knock and looked a little bit off his usual pace. AP
  • Nayef Aguerd 7 – Impressive throughout. He was aggressive in his tackling, but also accurate with both his long and short passing. Getty
    Nayef Aguerd 7 – Impressive throughout. He was aggressive in his tackling, but also accurate with both his long and short passing. Getty
  • Romain Saiss 7 – Strayed offside during Ziyech’s goal-bound free-kick, which obscured Courtois’s view, and led to VAR ruling out the goal. He then did exactly the same when breaking the deadlock, but stayed onside. Kept Batshuayi quiet throughout. Getty
    Romain Saiss 7 – Strayed offside during Ziyech’s goal-bound free-kick, which obscured Courtois’s view, and led to VAR ruling out the goal. He then did exactly the same when breaking the deadlock, but stayed onside. Kept Batshuayi quiet throughout. Getty
  • Noussair Mazraoui 7 – Solid performance from Mazraoui who moved to right-back following Hakimi’s substitution. AFP
    Noussair Mazraoui 7 – Solid performance from Mazraoui who moved to right-back following Hakimi’s substitution. AFP
  • Azzedine Ounahi 7 – A raw performance from the youngster, who worked tirelessly throughout and gave everything to the cause while looking stylish with the ball at his feet. AFP
    Azzedine Ounahi 7 – A raw performance from the youngster, who worked tirelessly throughout and gave everything to the cause while looking stylish with the ball at his feet. AFP
  • Nordin Amrabat 8 – Worked tirelessly at both ends, winning the ball back and then attempting to drive his team forward. Was central to Morocco’s play throughout. EPA
    Nordin Amrabat 8 – Worked tirelessly at both ends, winning the ball back and then attempting to drive his team forward. Was central to Morocco’s play throughout. EPA
  • Selim Amallah 7 – One of four Moroccan players born and raised in Belgium, Amallah worked hard. He had a shooting opportunity in the first half, albeit a difficult one, and hit it high and wide. Was more involved in this match than he was against Croatia, getting a number of successful passes in. EPA
    Selim Amallah 7 – One of four Moroccan players born and raised in Belgium, Amallah worked hard. He had a shooting opportunity in the first half, albeit a difficult one, and hit it high and wide. Was more involved in this match than he was against Croatia, getting a number of successful passes in. EPA
  • Hakim Ziyech, 9 – Always looked one of the more dangerous players, and he thought he’d given his side the lead when he converted from a free-kick. However, after a VAR check, Saiss was adjudged to have been offside. Came close again from distance following a progressive move from Morocco, but his effort drifted over the bar. Cut the ball back for Aboukhal to put the game beyond doubt. EPA
    Hakim Ziyech, 9 – Always looked one of the more dangerous players, and he thought he’d given his side the lead when he converted from a free-kick. However, after a VAR check, Saiss was adjudged to have been offside. Came close again from distance following a progressive move from Morocco, but his effort drifted over the bar. Cut the ball back for Aboukhal to put the game beyond doubt. EPA
  • Youssef En-Nesyri 6 – Arguably the weak link in Morocco’s attack, and who didn’t offer as much as a threat as those playing behind him. AFP
    Youssef En-Nesyri 6 – Arguably the weak link in Morocco’s attack, and who didn’t offer as much as a threat as those playing behind him. AFP
  • Sofiane Boufal 7 – While a lot of Morocco’s play came from the other side of the pitch, Boufal had one of the best chances of the game when, after dropping his shoulder, he lost Meunier and sent a low effort just wide of Courtois’s post. Always a threat. EPA
    Sofiane Boufal 7 – While a lot of Morocco’s play came from the other side of the pitch, Boufal had one of the best chances of the game when, after dropping his shoulder, he lost Meunier and sent a low effort just wide of Courtois’s post. Always a threat. EPA
  • SUBS: Yahya Attiat-Allah (Amallah, 68) 7 – Made an instant impact, winning the free-kick that led to the opening goal. Getty
    SUBS: Yahya Attiat-Allah (Amallah, 68) 7 – Made an instant impact, winning the free-kick that led to the opening goal. Getty
  • Abdelhamid Sabiri (Hakimi, 68) 8 – A stunning free-kick, a wicked delivery that caught out Courtois at his near post, put Morocco ahead. Reuters
    Abdelhamid Sabiri (Hakimi, 68) 8 – A stunning free-kick, a wicked delivery that caught out Courtois at his near post, put Morocco ahead. Reuters
  • Zakaria Aboukhlal (Boufal, 73) N/A – Scored the decisive second following a neat cut back from Ziyech, an unstoppable finish into the top corner. Getty
    Zakaria Aboukhlal (Boufal, 73) N/A – Scored the decisive second following a neat cut back from Ziyech, an unstoppable finish into the top corner. Getty
  • Abderazak Hamdallah (En-Nesyri, 73) N/A – Made a dangerous break in the closing stages and held the ball up well before forcing a corner. Getty
    Abderazak Hamdallah (En-Nesyri, 73) N/A – Made a dangerous break in the closing stages and held the ball up well before forcing a corner. Getty
  • Jawad El Yamiq (Ounahi, 78) N/A – Made his World Cup debut and did little wrong in his 15-minute cameo. AP
    Jawad El Yamiq (Ounahi, 78) N/A – Made his World Cup debut and did little wrong in his 15-minute cameo. AP

"We can still be better," said Regragui, who only took over as coach from the sacked Vahid Halilhodzic in August. "I'm not happy with four points, I want more than that. I want to qualify.

"Of course it will be tougher if we get to the knockout stage but that's the level I want to get to. We've matched two of the best teams in the world."

The game started in bizarre fashion for Morocco, with goalkeeper Yassine Bounou asking to be withdrawn from the team after the national anthems.

Regragui said the Sevilla stopper had suffered an injury towards the end of Croatia game and felt something in the warm-up.

Munir El Kajoui took his place and made some crucial saves to keep a clean sheet.

"Munir did a great job. I have great players. They listen to the instructions and they fight with all of their heart," added Regragui. "Keep focused, keep positive and we will get great results."

Morocco's Romain Saiss, right, reacts after scoring to make it 1-0 against Belgium. AP Photo
Morocco's Romain Saiss, right, reacts after scoring to make it 1-0 against Belgium. AP Photo

Belgium coach Roberto Martinez was at a loss to explain why his side have been so poor in their opening two matches of the World Cup, but put Sunday’s surprise loss to Morocco down to a fear of losing and not enough quality in their attack.

Belgium stumbled past Canada 1-0 in their Group F opener and were below par again as they slipped to defeat against a spirited Moroccan side roared on by the majority of the 43,000 fans.

The setback leaves Belgium needing to beat group leaders Croatia in their final match to guarantee a place in the last-16

"We haven't been the best Belgium at this World Cup yet," he admitted. "Today I thought we played with the fear of losing. Without the ball we still work for each other but when we have the ball, we don't stand out, we are not ourselves. We have to work on that.

"We have to stay together now and become stronger. I know this group, we will be ready for Croatia."

The first goal scored by Saiss slipped in at goalkeeper Thibaut Courtois’s near post, a collective error in defending a set-piece, but Martinez said that did not point to a lack of organisation.

"We didn't take advantage of our good moments in the first half and that first goal from Morocco determined the rest of the game," he said.

"We have been defending those standard situations in the same way for six years [since he has been in charge]. If the ball is kicked well, those are very difficult balls for a keeper.

"After the goal, the game changed radically and we were not careful enough with the ball to hurt Morocco."

UAE currency: the story behind the money in your pockets
Company profile

Company: Eighty6 

Date started: October 2021 

Founders: Abdul Kader Saadi and Anwar Nusseibeh 

Based: Dubai, UAE 

Sector: Hospitality 

Size: 25 employees 

Funding stage: Pre-series A 

Investment: $1 million 

Investors: Seed funding, angel investors  

About Housecall

Date started: July 2020

Founders: Omar and Humaid Alzaabi

Based: Abu Dhabi

Sector: HealthTech

# of staff: 10

Funding to date: Self-funded

COMPANY PROFILE

Name: Lamsa

Founder: Badr Ward

Launched: 2014

Employees: 60

Based: Abu Dhabi

Sector: EdTech

Funding to date: $15 million

UAE central contracts

Full time contracts

Rohan Mustafa, Ahmed Raza, Mohammed Usman, Chirag Suri, Mohammed Boota, Sultan Ahmed, Zahoor Khan, Junaid Siddique, Waheed Ahmed, Zawar Farid

Part time contracts

Aryan Lakra, Ansh Tandon, Karthik Meiyappan, Rahul Bhatia, Alishan Sharafu, CP Rizwaan, Basil Hameed, Matiullah, Fahad Nawaz, Sanchit Sharma

The specs

Engine: 2.0-litre 4-cylinder turbo

Power: 240hp at 5,500rpm

Torque: 390Nm at 3,000rpm

Transmission: eight-speed auto

Price: from Dh122,745

On sale: now

Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20WonderTree%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20April%202016%3Cbr%3E%3Cstrong%3ECo-founders%3A%3C%2Fstrong%3E%20Muhammad%20Waqas%20and%20Muhammad%20Usman%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Karachi%2C%20Pakistan%2C%20Abu%20Dhabi%2C%20UAE%2C%20and%20Delaware%2C%20US%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Special%20education%2C%20education%20technology%2C%20assistive%20technology%2C%20augmented%20reality%3Cbr%3EN%3Cstrong%3Eumber%20of%20staff%3A%20%3C%2Fstrong%3E16%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EGrowth%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Grants%20from%20the%20Lego%20Foundation%2C%20UAE's%20Anjal%20Z%2C%20Unicef%2C%20Pakistan's%20Ignite%20National%20Technology%20Fund%3C%2Fp%3E%0A
Who are the Sacklers?

The Sackler family is a transatlantic dynasty that owns Purdue Pharma, which manufactures and markets OxyContin, one of the drugs at the centre of America's opioids crisis. The family is well known for their generous philanthropy towards the world's top cultural institutions, including Guggenheim Museum, the National Portrait Gallery, Tate in Britain, Yale University and the Serpentine Gallery, to name a few. Two branches of the family control Purdue Pharma.

Isaac Sackler and Sophie Greenberg were Jewish immigrants who arrived in New York before the First World War. They had three sons. The first, Arthur, died before OxyContin was invented. The second, Mortimer, who died aged 93 in 2010, was a former chief executive of Purdue Pharma. The third, Raymond, died aged 97 in 2017 and was also a former chief executive of Purdue Pharma. 

It was Arthur, a psychiatrist and pharmaceutical marketeer, who started the family business dynasty. He and his brothers bought a small company called Purdue Frederick; among their first products were laxatives and prescription earwax remover.

Arthur's branch of the family has not been involved in Purdue for many years and his daughter, Elizabeth, has spoken out against it, saying the company's role in America's drugs crisis is "morally abhorrent".

The lawsuits that were brought by the attorneys general of New York and Massachussetts named eight Sacklers. This includes Kathe, Mortimer, Richard, Jonathan and Ilene Sackler Lefcourt, who are all the children of either Mortimer or Raymond. Then there's Theresa Sackler, who is Mortimer senior's widow; Beverly, Raymond's widow; and David Sackler, Raymond's grandson.

Members of the Sackler family are rarely seen in public.

The bio

Favourite vegetable: Broccoli

Favourite food: Seafood

Favourite thing to cook: Duck l'orange

Favourite book: Give and Take by Adam Grant, one of his professors at University of Pennsylvania

Favourite place to travel: Home in Kuwait.

Favourite place in the UAE: Al Qudra lakes

The Orwell Prize for Political Writing

Twelve books were longlisted for The Orwell Prize for Political Writing. The non-fiction works cover various themes from education, gender bias, and the environment to surveillance and political power. Some of the books that made it to the non-fiction longlist include: 

  • Appeasing Hitler: Chamberlain, Churchill and the Road to War by Tim Bouverie
  • Some Kids I Taught and What They Taught Me by Kate Clanchy
  • Invisible Women: Exposing Data Bias in a World Designed for Men by Caroline Criado Perez
  • Follow Me, Akhi: The Online World of British Muslims by Hussein Kesvani
  • Guest House for Young Widows: Among the Women of ISIS by Azadeh Moaveni
UAE currency: the story behind the money in your pockets
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)

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.”

Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

What is dialysis?

Dialysis is a way of cleaning your blood when your kidneys fail and can no longer do the job.

It gets rid of your body's wastes, extra salt and water, and helps to control your blood pressure. The main cause of kidney failure is diabetes and hypertension.

There are two kinds of dialysis — haemodialysis and peritoneal.

In haemodialysis, blood is pumped out of your body to an artificial kidney machine that filter your blood and returns it to your body by tubes.

In peritoneal dialysis, the inside lining of your own belly acts as a natural filter. Wastes are taken out by means of a cleansing fluid which is washed in and out of your belly in cycles.

It isn’t an option for everyone but if eligible, can be done at home by the patient or caregiver. This, as opposed to home haemodialysis, is covered by insurance in the UAE.

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Updated: November 28, 2022, 7:11 AM