Thinking back to the start line in Venaria Reale on Saturday, May 4, the rumblings and whispers amongst the peloton, echoed by the voices of the cycling world, were focused solely on one topic and one man: if not Tadej Pogacar, then who? If Pogacar, by how much?
The expectation on the shoulders of the greatest cyclist of our generation, and arguably ever, heading into the first Grand Tour of the season couldn’t have been greater. The Slovenian sensation arrived on the start line in imperious form, blowing his competitors away in the Volta Catalunya, Liege-Baston-Liege, and Strade Bianche. Would we see a further extension of his greatness in the mountains of Italy? You bet.
Stage 1 set the tone for the entire Giro D’Italia. Pogacar attacking in a way only he can, lighting up the peloton and leaving the chasing group scrambling. He was bravely followed by Jhonatan Narvaez and Maximilian Schachmann and ultimately beaten to the stage on the line by the more powerful Ecuadorean, but it was an early warning to the rest of the peloton and a sign of things to come.
The UAE Team Emirates talisman is adored by the world of cycling for his insatiable appetite for winning, so losing on the line in Stage 1 merely poked the bear and further increased his desire to remind everyone why he is the very best. The podium isn’t enough for him. He belongs on the top step, and this was his focus heading into Stage 2. Never pull a tiger’s tail. Finishing on the podium well and truly tugged his tail.
Stage 2 went how everyone expected – a hungry Pogacar asserting himself over the rest of the field and putting 0.27 seconds into his closest competitor, Dani Martinez. Pogacar’s dominance put a marker down that he wasn’t just here to win the Giro D’Italia, he was here to dominate in a manner never seen before in La Corsa Rosa history. The race then transitioned into the first section of flatter stages, with the sprinters coming to the fore and Jonathan Milan dominating the early battles to the line.
Stage 7 showcased another string to the bow of Pogacar’s unmatched cycling immortality. The first individual time-trial of the race in Foligno looked favourable for the Italian powerhouse Filippo Ganna, but in true Pogacar fashion, he tore up every cycling norm and produced one of the all-time time-trial performances.
He’s no stranger to time-trial glory, winning his first Tour de France title in memorable fashion – producing a mesmeric effort against fellow countryman Primoz Roglic to steal the Yellow Jersey and overall victory. This time in Italy, he put in a stunning ride, rocketing up the category 4 climb at the end of the 40.6km course from Foligno to Perugia to snatch the stage victory, ultimately strengthening his grip on the Maglia Rosa.
Stage 8 saw Pogacar go back-to-back, producing a mammoth effort after some incredible work by his team in controlling the peloton, dictating the pace, and ensuring the 14-man breakaway never gained an advantage that couldn’t be made up heading into the final climb. Pogacar’s victory meant he took a monstrous advantage over his rivals heading into the first rest day, and this was just the beginning.
The next stage that cemented Pogacar’s seat on cycling’s Mount Rushmore was the Queen Stage (Stage 15), where he produced one of the greatest individual rides ever seen in Grand Tour racing. The Slovenian superstar produced a dazzling attack with 14km to go and showed he truly is a class apart from his competitors.
One-by-one he rapidly picked off riders who had attacked from the bunch, finally passing Nairo Quintana who rode valiantly, before ascending up the steepest slopes of Livigno to secure a quite remarkable victory. The brutal manner of this triumph will live long in the memory, extending his seismic advantage in the General Classification and all but securing his first ever Maglia Rosa.
After a well-earned rest day, the race was thrown into chaos with some torrential weather giving the race organisers an enormous headache as to how to navigate the stage to ensure fans were treated to the spectacle they were promised whilst ensuring rider safety wasn’t compromised.
In true Pogacar style, he didn’t disappoint. In some horrendous conditions, he prevailed victorious atop of Santa Cristina Valgardena, securing his second back-to-back stage victory of the Giro to merely thrust the dagger deeper into the hearts of his GC rivals.
The final act of the Pogacar masterclass came on the penultimate stage – Stage 20, whereby he stuck true to his word of wanting to put on one final show for his Slovenian fans by lighting up the double passage on the Monte Grappa.
After some quite brilliant work by his selfless band of brothers who again emptied themselves to put the Maglia Rosa in a position to secure an incredible sixth stage victory, the Slovenian went solo to the top of the climb after he immediately distanced the other top GC contenders and bridged the gap from his closest rival, Giulio Pellizzari.
As the No 1 cyclist in the world rolled into the Eternal City of Rome, shoulder-to-shoulder with his teammates, there was an overwhelming feeling from those watching on that we’ve all just had the privilege of witnessing cycling mastery from the standout rider not only of this season, but certainly of our generation, and arguably in the history of the sport.
And next in his sights? The Tour de France…
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Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Brief scoreline:
Manchester United 2
Rashford 28', Martial 72'
Watford 1
Doucoure 90'
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
Schedule for Asia Cup
Sept 15: Bangladesh v Sri Lanka (Dubai)
Sept 16: Pakistan v Qualifier (Dubai)
Sept 17: Sri Lanka v Afghanistan (Abu Dhabi)
Sept 18: India v Qualifier (Dubai)
Sept 19: India v Pakistan (Dubai)
Sept 20: Bangladesh v Afghanistan (Abu Dhabi) Super Four
Sept 21: Group A Winner v Group B Runner-up (Dubai)
Sept 21: Group B Winner v Group A Runner-up (Abu Dhabi)
Sept 23: Group A Winner v Group A Runner-up (Dubai)
Sept 23: Group B Winner v Group B Runner-up (Abu Dhabi)
Sept 25: Group A Winner v Group B Winner (Dubai)
Sept 26: Group A Runner-up v Group B Runner-up (Abu Dhabi)
Sept 28: Final (Dubai)
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If you go
The flights
There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.
The trip
Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.
The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.
Conservative MPs who have publicly revealed sending letters of no confidence
- Steve Baker
- Peter Bone
- Ben Bradley
- Andrew Bridgen
- Maria Caulfield
- Simon Clarke
- Philip Davies
- Nadine Dorries
- James Duddridge
- Mark Francois
- Chris Green
- Adam Holloway
- Andrea Jenkyns
- Anne-Marie Morris
- Sheryll Murray
- Jacob Rees-Mogg
- Laurence Robertson
- Lee Rowley
- Henry Smith
- Martin Vickers
- John Whittingdale
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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.”
