Jonathan Milan sprints to Giro d'Italia stage win as Tadej Pogacar stays in overall lead

Lidl-Trek's Italian rider Jonathan Milan went one better than his second-place finish on Monday by sprinting to victory on Stage 4 of the Giro d'Italia in front of ecstatic fans on his home turf.

Milan surged to the front close to the line and, despite the best efforts of Australia's Kaden Groves (Alpecin-Deceuninck), he held on to make up for missing out on winning Stage 3 when he was outsprinted by Tim Merlier.

Germany's Phil Bauhaus of Bahrain Victorious came in third on the 190km ride from Acqui Terme to Andora, which had seen a breakaway almost from the start, before the peloton brought them back to set up the expected sprint finish.

Race favourite and UAE Team Emirates rider Tadej Pogacar kept tight hold of the overall leader's pink jersey and remains 46 seconds ahead of Geraint Thomas of Ineos Grenadiers, with Colombia's Daniel Martinez (Bora-Hansgrohe) a further second back in third.

“I have so many emotions now,” said Milan, who secured his fourth win of this season and ninth of his career. “I said from the beginning we came here with one goal for everyone. So today the guys did an amazing job. It is such an amazing sensation to win again here in the Giro d'Italia.

“I really have to say thanks always to my teammates – they first believe in this day and then also it's pretty special because my parents they were here, so I'm really happy about it. It's just an amazing sensation.

“We saw Filippo Ganna going full gas in the last climb, we caught him with 900 metres to go. Yeah, he also helped us in a way, let's say. And then Simone Consonni did just a fantastic lead-out. And yeah, I just had to play my cards then.”

Eritrea's Biniam Girmay of Intermarche-Wanty, who finished third in Stage 3 created history as the first black African to win a Grand Tour stage in the 2022 Giro, crashed on slippery roads and is out of the race.

Stage Five on Wednesday is an undulating 178km route from Genova to Lucca.

Meanwhile, Jonas Vingegaard has completed his first outing on a bicycle a month after a horrific crash and insisted he was hopeful of bidding for a third straight Tour de France crown in the June 29 to July 21 race.

“Of course I hope to be there at the start of the Tour de France,” the Danish Visma-Lease a Bike rider said in a video posted on X, formerly Twitter. “We don't know exactly how my shape and recovery will go but I will do everything I can to get there.”

The 27-year-old was hospitalised after suffering rib and collarbone fractures and sustaining lung damage in a mass crash on the Tour of the Basque Country on April 4.

“This is the first time back on the bike for me, riding outside and it's really nice to be finally able to ride like normal again and finally to be able to ride on the road is really amazing,” Vingegaard added.

Stage 4 Result

1) Jonathan Milan (Lidl-Trek) 4 hrs 16 mins 03 secs

2) Kaden Groves (Alpecin – Deceuninck) same time

3) Phil Bauhaus (Bahrain Victorious)

4) Olav Kooij (Visma – Lease a Bike)

5) Tim Merlier (Soudal-Quick-Step)

General classification

1) Tadej Pogacar (UAE Team Emirates) 15 hrs 19 mins 05 secs

2) Geraint Thomas (Ineos Grenadiers) +46secs

3) Daniel Martinez (Bora-Hansgrohe) +47secs

4) Cian Uijtdebroeks (Team Visma-Lease a Bike) +55secs

5) Einer Rubio (Movistar) +56secs

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.”

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Explainer: Tanween Design Programme

Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.

The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.

It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.

The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.

Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”