Kjell Madland, managing director of Norway Chess, invites Rouda Essa Alserkal, the UAE’s first woman grandmaster, to participate in the Norway Chess Open. Photo: Norway Chess
Kjell Madland, managing director of Norway Chess, invites Rouda Essa Alserkal, the UAE’s first woman grandmaster, to participate in the Norway Chess Open. Photo: Norway Chess
Kjell Madland, managing director of Norway Chess, invites Rouda Essa Alserkal, the UAE’s first woman grandmaster, to participate in the Norway Chess Open. Photo: Norway Chess
Kjell Madland, managing director of Norway Chess, invites Rouda Essa Alserkal, the UAE’s first woman grandmaster, to participate in the Norway Chess Open. Photo: Norway Chess

Sport

UAE’s first woman chess grandmaster Rouda Essa Alserkal to rub shoulders with world's best in Norway

Teenager to represent nation in competition that will see some of the best chess players from 31 countries

The National

April 10, 2025

  • English
  • Arabic

Emirati teenager Rouda Essa Alserkal, the UAE's first woman chess grandmaster, has received an invitation to participate in the Norway Chess Open - one of the most prestigious tournaments in the calendar.

Rouda, 15, will represent the UAE in the competition which will see participation from 31 countries.

The Norway Chess Open will be held from May 26 to June 1 at the IMI Forum in Stavanger, attracting both grandmasters and up-and-coming chess players.

Speaking about the invitation to Rouda, Kjell Madland, managing director of Norway Chess, said: "I congratulate Rouda on the remarkable feat of becoming the first woman chess grandmaster from the UAE and she stands tall as an inspiration for women in this region to achieve.

"The Norway Chess Open provides a great opportunity for grandmasters and chess players to hone their skills and gain competitive exposure. We hope to find and encourage many future chess stars from the Middle East to play in the Norway Chess Open."

Madland highlighted the importance of growing chess as a competitive sport in the Middle East and expressed interest in making more inroads in the UAE. "We are exploring the possibility of hosting Norway Chess tournament in the Middle East and potential partners are welcome to connect with us. We are also working to broadcast Norway Chess live to the fans in the Middle East," he said.

Expressing her excitement after receiving the invitation, Rouda said: "I am looking forward to the competition as I know Norway Chess is the strongest grooming ground for future chess superstars. When I first heard that I am getting invited for the Norway Chess Open, I could not believe it and I was so thrilled, I told my coach immediately - that I need to start preparing. This is the most prestigious tournament in the world and I am sure this experience will help me improve my game further.

"I am also greatly looking forward to meet Magnus Carlsen and Hikaru Nakamura, also some of the Indian players like the new world champion Gukesh who will be participating."

The Norway Chess Open will feature double rounds on May 29-30. The grandmaster group, which Rouda has been invited to, will have nine rounds, opportunity for title norms and a prize fund of €13,000.

The Norway Chess Open will be held simultaneously along with the marquee Norway Chess 2025, which will see a star-studded line-up featuring world No 1 Carlsen (Norway), Nakamura (USA), Gukesh D (India), Fabiano Caruana (USA), Arjun Erigaisi (India), and Wei Yi (China) among the men. The Norway Chess Women will feature Ju Wenjun (China), Lei Tingjie (China), Humpy Koneru (India), Anna Muzychuk (Ukraine), Vaishali Rameshbabu (India), and Sarasadat Khademalsharieh (Spain).

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

While you're here

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.”

'Ghostbusters: From Beyond'

Director: Jason Reitman

Starring: Paul Rudd, Carrie Coon, Finn Wolfhard, Mckenna Grace

Rating: 2/5

While you're here
2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, Leon.

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

Updated: April 10, 2025, 6:07 AM
UAEWomen's sports