When Rohan Mustafa, Ahmed Raza and Rameez Shahzad find their spaces in the dressing room at Wanderers Sports Club in Windhoek next week, it won’t just be the company that is familiar.
The three mates, who were Sharjah schoolboy peers a couple of decades ago, might plonk down their kit bags, then fix each other with a look, and say: “Here we go again.”
The trio have seen the very best and worst UAE cricket has to offer over the course of storied careers, which are all fully intertwined.
Now they are going back into the breach – Mustafa and Rameez as players, Raza now as the side’s assistant coach – to try to save cricket in the country one more time.
The six-team Cricket World Cup Play-off in Namibia carries with it two places for the final phase of qualifying for the main event in India later this year.
Because of the torrid run UAE have been on, they will also be playing to retain one-day international status. That is vital for a number of reasons.
Aside from the fact ODI privileges guarantee high-quality competitive cricket over the next four years, there is a significant tranche of ICC funding that goes with. It was that money which helped UAE start to offer professional central contracts in the first place, in 2016.
UAE are also, as of this week, without a permanent head coach. The Emirates Cricket Board are on the lookout for a replacement for Robin Singh, whose ill-fated reign was brought to an end after a run of 20 losses in 27 games.
The package they can offer a prospective new coach will be far more attractive if it includes ODI cricket.
So the burden on the players at the Play-off is a significant one. Fortunately, a number of them have been here before.
Back in February 2018, UAE played at the World Cricket League Division 2 in Windhoek with exactly the same things at stake. They got through it, but only after the most nerve-shredding finish imaginable.
Dougie Brown, the UAE coach at the time, said the experience had been the most draining of his long career in professional cricket, pointing out they had been playing for their livelihoods, in fact their “very existence”.
The inauguration of the DP World International League T20 earlier this year means the ECB are not quite so reliant on ICC funding as they once were, but securing ODI status is still crucial.
They need to finish in the top two out of four teams – the others being Papua New Guinea, Canada and Jersey – to make that happen.
Yes, their form has been dire of late. But it does feel as though morale will have lifted at a stroke after Singh was not retained following the end of last week’s tour to Kathmandu.
To say the side had been underperforming on the former India all-rounder’s watch is a gross understatement. The UAE side is choc-full with talent.
When on song, captain Muhammad Waseem, is one of the most destructive batters in the world – Associate cricket or otherwise. He is heading to Namibia fresh from his two finest knocks yet in ODI cricket.
His opening partner Aryan Lakra’s emergence was one of the few reasons for cheer over the past month or so. Vriitya Aravind is the prince of UAE batting.
Aravind will be joined in the middle-order by Rameez, its returning king. It is nearly five years since he last played ODI cricket, so it might be harsh to expect great things from Rameez straight away. But he does have an average of 53 and a century against West Indies on his CV.
Nobody suffered more than Mustafa under the Singh regime. Presumably few will have been more pleased to see him go, so maybe Mustafa’s returns with the bat will improve relative to his mood.
Next in the order is Asif Khan, a player whose middling international career to date went into hyper-drive last time out, when he hit the fourth fastest ODI ton of all time.
That is the sort of batting line up that should be breaching 300 regularly, not scratching around making scores of 71 and 97, as they did in the death throes of the Singh era.
There is no guarantee returns are going improve all of sudden. But it does feel as though the gloom has lifted, and UAE cricket can look forward to a bright future – all of which depends on the next two weeks.
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.”
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
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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
TOP 5 DRIVERS 2019
1 Lewis Hamilton, Mercedes, 10 wins 387 points
2 Valtteri Bottas, Mercedes, 4 wins, 314 points
3 Max Verstappen, Red Bull, 3 wins, 260 points
4 Charles Leclerc, Ferrari, 2 wins, 249 points
5 Sebastian Vettel, Ferrari, 1 win, 230 points
