Al Wasl celebrate during an Arabian Gulf League match against Al Dhafra at Al Wasl Stadium. Ashraf Umrah / Al Ittihad
Al Wasl celebrate during an Arabian Gulf League match against Al Dhafra at Al Wasl Stadium. Ashraf Umrah / Al Ittihad
Al Wasl celebrate during an Arabian Gulf League match against Al Dhafra at Al Wasl Stadium. Ashraf Umrah / Al Ittihad
Al Wasl celebrate during an Arabian Gulf League match against Al Dhafra at Al Wasl Stadium. Ashraf Umrah / Al Ittihad

Al Wasl have South American lined up to succeed Banide


John McAuley
  • English
  • Arabic

DUBAI // Al Wasl have agreed a deal for a successor to Laurent Banide, which they expect to announce next week.

The Dubai club, who released Banide last month following a run of results that yielded nine points from as many matches, had identified two candidates for the role — one a rising coach from Europe and another with a considerable CV, hailing from South America.

They have opted for the latter, on a two-year contract, and could have him in place for Wasl’s League Cup clash at Ajman on November 13.

“The negotiations are done; the coach just has to sign the contract when he arrives in Dubai,” said Sultan Hareb, a member of the Wasl board. “We believe he’s one of the top coaches in the industry. He’s managed some big clubs in Europe, particularly in Spain and Italy, and with success. He’s very well-known.”

Wasl have tasked the incoming coach with getting the best from the resources already at his disposal. They plan to only slightly augment the squad when the transfer window reopens in January.

They may seek to add two Emiratis, at most, to the team; their foreign ensemble of Mariano Donda, Milan Susak, Andre Senghor and Abdelfattah Boukhriss will remain. Kaio, the Brazilian striker purchased this summer, is recovering from injury and should soon be available again for selection.

The emphasis will therefore be on the new coach improving the side both technically and tactically — Wasl are fifth in the Arabian Gulf League — while he will have a significant input in youth-team development. The objective is to promote players from within the club to the first team.

Saleem Abdelrahman, the caretaker coach and assistant to Banide, will again act as a No 2, although Wasl envisage him to have a more prominent role than before.

“Saleem has done an excellent job in instilling a strong team spirit, and he will help the coach understand the players better and more quickly,” Hareb said. “Our goal is to be comfortable in the league, to improve in the next few games and then we’ll be in a much better position after January.

“But what is more important is that the coach has enough time to understand the players and to take care of them. We’re not planning to win any trophies this year, but what we have set out to do is to build the team.

“We have the team; we just need to improve it, to make it stronger. From now, we expect the foreign players to have more influence on our attacking play and in the next matches we’ll see a big improvement from them. That’s a promise from the new coach and the players.”

jmcauley@thenational.ae

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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

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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.”

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Carly Lewis (captain), Emily Fensome, Kelly Loy, Isabel Affley, Jessica Cronin, Jemma Eley, Jenna Guy, Kate Lewis, Megan Polley, Charlie Preston, Becki Quigley and Sophie Siffre. Deb Jones and Lucia Sdao – coach and assistant coach.

 
The Sheikh Zayed Future Energy Prize

This year’s winners of the US$4 million Sheikh Zayed Future Energy Prize will be recognised and rewarded in Abu Dhabi on January 15 as part of Abu Dhabi Sustainable Week, which runs in the capital from January 13 to 20.

From solutions to life-changing technologies, the aim is to discover innovative breakthroughs to create a new and sustainable energy future.

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
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