ASCONA, SWITZERLAND // Marco Reus endured more injury heartache with Germany on Tuesday, his 27th birthday, as he was cut from their final Euro 2016 squad, two years after missing the World Cup.
A groin injury means Reus joins Julian Brandt, Sebastian Rudy and Karim Bellarabi to make up the four names cut as Germany announced their final 23-man squad while injured captain Bastian Schweinsteiger, who tore knee ligaments in March, is included.
Reus, Borussia Dortmund’s fleet-footed winger, missed out on Germany’s 2014 World Cup win after tearing ankle ligaments in a warm-up friendly international just before the squad flew to Brazil.
Now an injury on club duty has scuppered his bid to be fit for the finals in France and the chance to add to his 29 caps.
The timing was especially bitter for the Dortmund star who was flooded by birthday wishes in the morning, only for Germany manager Joachim Low to announce in the early afternoon that Reus’s Euro 2016 dream is over.
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“He has massive health problems and can only run straight at the moment,” said Low.
“The doctors were very, very sceptical that he could be fully fit in the next few weeks at a strenuous tournament.
“It’s bitterly disappointing for him and us, because a Marco Reus in very good shape, healthy and fit, would have been a tremendous asset for us to have had.”
However, Low has included both Borussia Dortmund’s Bayern Munich-bound centre-back Mats Hummels and Manchester United midfielder Schweinsteiger even though both are carrying injuries.
“The medical department have confirmed that Bastian Schweinsteiger and Mats Hummels will be fit to play at the tournament,” explained Low at Germany’s pre-Euro training camp in Ascona, Switzerland.
Reus’s former Dortmund teammate Mario Goetze, whose goal won the 2014 World Cup final against Argentina, had initially written to Reus: “Happy Birthday! I am looking forward to our next tournament together” on Twitter.
But after the news broke, Goetze quickly deleted the Tweet, replacing it with: “Happy Birthday, Marco, but we are all really sad. Unbelievable. That hurts me.”
Midfielder Sami Khedira said: “I am confident he will get his chance on the big stage”, but the news must hurt Reus.
After tearing ankle ligaments two year ago, he turned down an offer from the German FA to fly him to the 2014 World Cup final in Rio de Janeiro when the team carried a Germany shirt with his name and squad number on the back during the celebrations.
“I had already turned the television off at that point and gone to bed,” he later said blandly of the gesture.
Low has included two promising 20-year-old players in Dortmund defensive midfielder Julian Weigl and Schalke forward Leroy Sane, who both made their debuts in Sunday's 3-1 friendly defeat to Slovakia.
Bayer Leverkusen’s Brandt, 20, who also won his first cap against Slovakia, misses out, while his club colleague and fellow winger Bellarabi, who has won 10 caps, is ruled out with injury.
Hoffenheim midfielder Rudy completes the quartet to be left at home as Germany now turn their attentions to their final pre-tournament friendly on Saturday in Gelsenkirchen against Hungary.
The Germans open their Group C campaign against Ukraine in Lille on June 12 before also playing Poland and Northern Ireland.
Germany’s 23-man squad for Euro 2016:
Goalkeepers: Manuel Neuer (Bayern Munich), Bernd Leno (Bayer Leverkusen), Marc-Andre ter Stegen (Barcelona/ESP)
Defenders: Jerome Boateng (Bayern Munich), Emre Can (Liverpool/ENG), Jonas Hector (Cologne), Benedikt Hoewedes (Schalke 04), Mats Hummels (Borussia Dortmund), Shkodran Mustafi (Valencia/ESP), Antonio Ruediger (AS Roma/ITA)
Midfielders: Julian Draxler (Wolfsburg), Sami Khedira (Juventus/ITA), Joshua Kimmich (Bayern Munich), Toni Kroos (Real Madrid/ESP), Mesut Ozil (Arsenal/ENG), Leroy Sane (Schalke 04), Bastian Schweinsteiger (Manchester United/ENG), Julian Weigl (Borussia Dortmund)
Forwards: Mario Gomez (Besiktas/TUR - on loan from Fiorentina/ITA), Thomas Mueller (Bayern Munich), Lukas Podolski (Galatasaray/TUR), Mario Goetze (Bayern Munich), Andre Schuerrle (Wolfsburg)
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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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Bogleheads follow simple investing philosophies to build their wealth and live better lives. Just follow these steps.
• Spend less than you earn and save the rest. You can do this by earning more, or being frugal. Better still, do both.
• Invest early, invest often. It takes time to grow your wealth on the stock market. The sooner you begin, the better.
• Choose the right level of risk. Don't gamble by investing in get-rich-quick schemes or high-risk plays. Don't play it too safe, either, by leaving long-term savings in cash.
• Diversify. Do not keep all your eggs in one basket. Spread your money between different companies, sectors, markets and asset classes such as bonds and property.
• Keep charges low. The biggest drag on investment performance is all the charges you pay to advisers and active fund managers.
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• Forget timing the market. Nobody knows where share prices will go next, so don't try to second-guess them.
• Stick with it. Do not sell up in a market crash. Use the opportunity to invest more at the lower price.
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