Areem's National Day Cup victory is all-Emirati

ABU DHABI // A piece of history was created when Areem, trained by an Emirati, ridden by an Emirati and owned by an Emirati, won the National Day Cup for the Purebred Arabians.

Ahmed Ajtebi made every yard of the running on the Mahabb colt to win the Group 1 race over the mile distance in the silks of Sheikh Mansour bin Zayed tonight at the Abu Dhabi Equestrian Club.

"Areem is still a baby and with more race experience he will get better. He's not an easy horse to train but I am sure will get better with a few more races under his belt," said Majed Al Jahouri, the trainer.

"He's won his two races this season and looking beyond the President's Cup in Abu Dhabi, the Maktoum Challenge and the Dubai Kahayla Classic would be the objectives for him."

Ajtebi was onboard when he ran a similar race to win the Sheikh Zayed Cup over the course and distance in the opening race of the season in Abu Dhabi on November 11.

His second run was even better as he won by six lengths from Nieshan, a multiple Group 1 winner and the highest rated (122) in the 14-runner field.

"He settled down much better in this race than he did when I last rode him," Ajtebi said.

"He almost knocked me down in the gates last time. He came out nicely this time to settle in front. He likes to kick off as soon as the gates open. I tried to hold him up for the first four furlongs and then let him go."

Al Jahouri was completing a double on the night after Laahaq under Carlos Sanchez took the second race.

Derbaas was a convincing winner of the thoroughbred equivalent and will return for the President of the UAE Cup in two weeks.

"I don't see any reason why we wouldn't run him in Abu Dhabi again after two excellent runs," Ali Rashid Al Raihe, the UAE champion trainer, said.

"He is versatile and the plan is to run him in the Dubai World Cup Carnival after the President's Cup. He looks a much improved horse than he was last season.

"He was impressive when he won the Prep race of the Cup three weeks ago and was even better for his second run."

Dane O'Neill settled the son of Seeking The Gold in fourth before getting to work approaching the final bend and then spread eagling the field to win by four-and-a-quarter lengths from Jaasoos, the winner of this race in 2009 and 2010, and now twice the runner up.

"The age is catching up with him but nevertheless he ran a good race and was beaten only by a better horse on the night," Dhruba Selvaratnam, said of the eight-year-old gelded son of Noverre, who will return to defend the President of the UAE Cup on December 23.

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Uefa Nations League A Group 4

England 2 (Lingard 78', Kane 85')
Croatia 1 (Kramaric 57')

Man of the match: Harry Kane (England)

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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Liverpool 2 (Mane 50', 54')

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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.”