Zdenek Zeman. AFP file
Zdenek Zeman. AFP file
Zdenek Zeman. AFP file
Zdenek Zeman. AFP file

Around Europe: Well-travelled Pescara manager has a reputation for creativity


Ian Hawkey
  • English
  • Arabic

Zemanlandia. It sounds an exotic place, the kind you can imagine featuring in the make-believe world of JRR Tolkien or perhaps JK Rowling.

It is a magical football kingdom, one that moves from one Italian city to another. And usually thrills, at least for a little while.

The phrase “Zemanlandia” first came into Italy’s sports pages dictionary almost 30 years ago when a maverick, plain-speaking, chain-smoking manager propelled low-budget club Foggia up two divisions and into the top half of the Serie A.

He had an exotic name, Zdenek Zeman, and some original ideas about how the sport should be played. He was a bold ambassador of flair in a land whose standards were held in high regard but where the stereotype was of iron defences and careful tactics.

Zeman will turn 70 in early May, by which time the empire of Zemanlandia may have established another new territory.

When Pescara, bottom of Serie A, called Zeman to take over from dismissed Massimo Oddo this month, they could offer him not much more than sentiment laced with wild optimism.

He had worked with the coastal club before, guiding them to promotion from Serie B in 2012. Pescara won the division with a spectacular goalscoring record, 90 goals in their 42 fixtures.

The Pescara who reached out to him five years later could hardly look less dynamic. They were not just at the foot of the table but apparently anchored, on nine points from 24 games. They had not won a single game and had a goal difference of minus 33.

Yet it took the Czech-born wizard two days on the training pitch and five minutes on the pitch to turn the wasteland of Pescara’s 2016/17 season into a fertile, lush Zemanlandia.

They were a goal up last weekend against Genoa five minutes into the first game of the 23rd coaching appointment of his long career. From there, they hardly looked back. Three-nil by half time, the utter transformation was completed by a 5-0 scoreline come the final whistle.

His key instruction to his players reportedly had been: “Go out and enjoy yourselves.”

Zeman explained the obvious elan of the performance, albeit against a team on a dreadful run of form, with a phrase straight out of Zemanlandia’s manifesto. “Enjoyment is also an important part of the game,” he said.

Though he has a reputation for martial fitness regimes, Zeman has almost always prioritised football with flair and lined up attacking formations.

“If you promise entertainment, there is nobody better,” former Roma sporting director Franco Baldini once said.

His jobs in Rome – twice with Roma and once with Lazio – brought Zeman closest to commanding the sorts of squads that could aspire to major prizes. Titles, though, eluded him.

For all the goals his swashbuckling teams scored, they tended to leak too many at the other end. But he will always have a unique place in Italian folklore, not just as the ringmaster of dazzling shows but for standing up to the establishment.

It was Zeman’s words, in a magazine interview in the late 1990s, that helped launched an investigation into Juventus’s extensive use of prescription medicines as aids to endurance. “Italian football needs to get out the pharmacy,” he said.

Since then, Juventus fans have felt antipathetic towards him, and there will be some shrill chanting from the away fans when the Italian champions come to Pescara in mid-April.

If the dream of survival in the top flight is still alive at that stage of the season, the wily old fox will have worked miracles. At the moment, though, he has set Pescara’s targets more modestly.

“You can do down, and you can go down with dignity,” Zeman said ahead of tomorrow’s trip to mid-table Chievo. “There is a difference.”

• Player to watch – Presnel Kimpembe: He will for a long time be remembered as the man who stopped Lionel Messi. And he did it on his Champions League debut. Barely 11 days on from leaping to obscurity to ovations, Presnel Kimpembe prepares for a part in his first French classique, Marseille against his Paris Saint-Germain.

• Deep-end debut: It was a matter of hours before PSG hosted Barcelona in the last-16 of the Champions League that head coach Unai Emery learned his captain Thiago Silva would not be fit enough to play. He called up 21-year-old Kimpembe – 'PK' to his pals – who had never played a minute of Champions League football.

• When 'PK' outshone Piqué: As a Barca defence marshalled by the acclaimed Gerard Pique conceded four goals, PK's impeccable work kept PSG with clean sheet. Messi, remarkably, was allowed not a single shot on target, his moves anticipated skilfully by the novice defender.

• Homegrown hope: The plaudits for Kimpembe from around Europe last month were appreciated particularly by PSG's backroom staff, delighted to see a footballer who has emerged from their academy thriving. Big-budget PSG, backed by their Qatari owners, have gained their recent successes with largely imported players. Kimpembe may usher in a new trend.

• Academy advances: Indeed, L'Equipe, the French sports paper, heralded the routing of Barcelona with the headline: 'PSG speak with a French accent', because, by the end of the game, five Frenchmen were on the pitch in the Ligue 1 champions' colours, three of them nurtured by the club.

• Russia on the horizon: Last October, despite his few outings for PSG's first team, he was called up to the senior France national squad. Although Kimpembe has yet to take the field for Les Bleus, he has talked about his desire to play in a World Cup, perhaps in Russia next year. Two years ago, he nursed that dream with DR Congo, for who he qualifies through his parents. He played for Congo's under-20s, but then accepted the invitation to represent for his native France.

• Cool and composed: Kimpembe, who at 1,83m is no skyscraper of a centre-back, likes to play the ball out from defence, and has been encouraged in that by his former PSG colleague, David Luiz, and by Thiago Silva. "He is a complete player," said Pierre Mankowski, his coach with the France under-21s. "He's quick, intelligent, works hard on his anticipation, and he's technically very good."

• Soaring value: PSG are determined those assets should remain theirs. Aware of growing interest in him from Premier League clubs since the summer, they gave him a new contract at the end of the year. His shift from junior pay-scale to senior apparently raised his salary more than 2,000 per cent.

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UK's plans to cut net migration

Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.

Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.

But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.

Language requirements will be increased for all immigration routes to ensure a higher level of English.

Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.

The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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

Company profile

Company: Rent Your Wardrobe 

Date started: May 2021 

Founder: Mamta Arora 

Based: Dubai 

Sector: Clothes rental subscription 

Stage: Bootstrapped, self-funded 

MATCH INFO

Newcastle United 1 (Carroll 82')

Leicester City 2 (Maddison 55', Tielemans 72')

Man of the match James Maddison (Leicester)

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Virtuzone GCC Sixes

Date and venue Friday and Saturday, ICC Academy, Dubai Sports City

Time Matches start at 9am

Groups

A Blighty Ducks, Darjeeling Colts, Darjeeling Social, Dubai Wombats; B Darjeeling Veterans, Kuwait Casuals, Loose Cannons, Savannah Lions; Awali Taverners, Darjeeling, Dromedary, Darjeeling Good Eggs

What is a robo-adviser?

Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.

These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.

Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.

Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.

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.”

Tips for taking the metro

- set out well ahead of time

- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines

- enter the right cabin. The train may be too busy to move between carriages once you're on

- don't carry too much luggage and tuck it under a seat to make room for fellow passengers

'Operation Mincemeat' 

Director: John Madden 

 

Cast: Colin Firth, Matthew Macfayden, Kelly Macdonald and Penelope Wilton

 

Rating: 4/5