French sensation Victor Wembanyama looks likely to join the San Antonio Spurs after they were awarded the top pick in next month's NBA draft.
San Antonio, who finished the regular season bottom of the Western Conference with a 22-60 record, were drawn first in the NBA's lottery to determine who gets the coveted top pick in New York on June 22.
Barring a monumental surprise, the 19-year-old Wembanyama will be the No 1 selection in the draft, which sees the cream of basketball's rookie talent up for grabs.
The 7ft 2in (2.21m) Metropolitans 92 player is seen by many as a transformational talent, a once-in-a-generation player regarded as the most sought-after No 1 draft pick since LeBron James entered the league in 2003.
Wembanyama is now set to follow in the footsteps of French basketball legend Tony Parker, who won four NBA championships with San Antonio between 2003 and 2014.
Tuesday's lottery results also mean Wembanyama is set to begin his NBA career under the tutelage of revered coach Gregg Popovich, a giant of the NBA who has guided San Antonio to five NBA titles.
"I can't really describe it, my heart's beating," Wembanyama told ESPN in an interview from Paris on Tuesday shortly after learning the likely identity of his new team.
"I've got everyone I love around me, it's a really special moment that I'm going to remember for the rest of my life."
Wembanyama added that he intends to make a fast start to his NBA career -- telling ESPN he wants to vie for championships.
"I'm a team player, I'm going to make everything to win as many games as I can. I'm trying to win a (championship) ring asap, so be ready," Wembanyama said.
Peter J Holt, chairman of Spurs Sports and Entertainment, reacted with delight after learning of the team's lottery win.
"I might faint," Holt said. "I'm so excited. The city of San Antonio, our fans, man we have so many people who love the Spurs. We're pumped."
NBA great James has been among Wembanyama's legion of admirers, describing him as less a "unicorn" and "more like an alien."
"No one has ever seen someone as tall as he is and as fluid and as graceful as he is on the floor," James said. "He's for sure a generational talent."
Spurs general manager Brian Wright told ESPN on Tuesday that the lottery results – and Wembanyama's likely arrival in Texas – marked an "incredible day" for the franchise.
"People talk about generational talent, and they only think on-court skill, but it's bigger than that," Wright said.
"His ability to be a great teammate, his ability to think the game, unique challenges, you see him doing things that you wouldn't even have guessed someone could do. His approach, his professionalism.
"When you use the word 'generational' talent, it extends beyond your ability to put the ball in the basket. And he's unique in so many ways."
Under the NBA's lottery format, the 14 teams that failed to reach this season's playoffs were entered in Tuesday's lottery with a chance to land the top pick.
Up until four years ago, the team with the worst regular-season record had the strongest probability of being granted the No 1 draft selection.
However, the lottery rules were tweaked in 2019 to even the odds in an effort to deter teams from deliberately losing or "tanking" to gain the top pick.
In Tuesday's lottery, San Antonio, the Houston Rockets and Detroit Pistons went into the draw with the same elevated 14 per cent chance of winning what the US media dubbed the "Wembanyama sweepstakes."
However, the Rockets were shunted down to fourth place, while the Detroit Pistons were bumped into fifth.
The Portland Trail Blazers will receive the third pick in the draft, while the Charlotte Hornets have the second pick.
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Iron Man
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Hulk
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THE BIO
Favourite author - Paulo Coelho
Favourite holiday destination - Cuba
New York Times or Jordan Times? NYT is a school and JT was my practice field
Role model - My Grandfather
Dream interviewee - Che Guevara
About Takalam
Date started: early 2020
Founders: Khawla Hammad and Inas Abu Shashieh
Based: Abu Dhabi
Sector: HealthTech and wellness
Number of staff: 4
Funding to date: Bootstrapped
Leading all-time NBA scorers
Kareem Abdul-Jabbar 38,387
Karl Malone 36,928
Kobe Bryant 33,643
Michael Jordan 32,292
LeBron James 31,425
Wilt Chamberlain 31,419
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The National selections
Al Ain
5pm: Bolereau
5.30pm: Rich And Famous
6pm: Duc De Faust
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7pm: AF Arrab
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Jebel Ali
1.45pm: AF Kal Noor
2.15pm: Galaxy Road
2.45pm: Dark Thunder
3.15pm: Inverleigh
3.45pm: Bawaasil
4.15pm: Initial
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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.”
How to help
Call the hotline on 0502955999 or send "thenational" to the following numbers:
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Anghami
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Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
UAE-based players
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PROFILE OF INVYGO
Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
Based: Dubai
Sector: Transport
Size: 9 employees
Investment: $1,275,000
Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri
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Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
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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
Manikarnika: The Queen of Jhansi
Director: Kangana Ranaut, Krish Jagarlamudi
Producer: Zee Studios, Kamal Jain
Cast: Kangana Ranaut, Ankita Lokhande, Danny Denzongpa, Atul Kulkarni
Rating: 2.5/5
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
