Oleksandr Usyk punches Tyson Fury during the IBF, WBA, WBC, WBO and Undisputed Heavyweight titles' fight. Getty
Oleksandr Usyk punches Tyson Fury during the IBF, WBA, WBC, WBO and Undisputed Heavyweight titles' fight. Getty
Oleksandr Usyk punches Tyson Fury during the IBF, WBA, WBC, WBO and Undisputed Heavyweight titles' fight. Getty
Oleksandr Usyk punches Tyson Fury during the IBF, WBA, WBC, WBO and Undisputed Heavyweight titles' fight. Getty

Oleksandr Usyk beats Tyson Fury to be undisputed world heavyweight champion in Riyadh


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Oleksandr Usyk created boxing history as he defeated Tyson Fury in an enthralling bout at the Kingdom Arena in Riyadh to be crowned the undisputed world heavyweight champion.

In what was the first undisputed heavyweight world title fight of the four-belt era, they fought all 12 rounds and only the judges could separate them.

Fury and Usyk hugged at the end as they waited for the judges’ decision and victory for Usyk. Usyk won 115-112 and 114-113 on two cards while Fury took the other 114-113. Boxing fans had waited a long time for the highly anticipated contest as it was postponed earlier in the year when the British fighter suffered a serious cut during training.

Fury was the early aggressor but Usyk gradually took charge. Fury was saved by the bell in the ninth round before slumping to his first career defeat.

Usyk landed left hands to the body and head in the seventh and the round ended with him taking control of the fight.

The Ukrainian took his revival into the eighth as he continued to land with hard shots, including one right on the nose to leave Fury touching his nose and right eye.

Fury was no longer moving with ease and after taking a right hook he was in serious trouble, Usyk unloading freely but somehow his opponent stayed on his feet.

By the final round, Fury needed something special but it did not come.

Oleksandr Usyk undisputed heavyweight world champion. Reuters
Oleksandr Usyk undisputed heavyweight world champion. Reuters

The stakes were very high for the biggest boxing bout of this century. Englishman Fury entered the contest holding the WBC title, yet to taste defeat in his 35-fight professional career, while his Ukrainian challenger Usyk held the other three belts – WBA, WBO and IBF – and also arrived with an impeccable record of 21-0 with 14 KOs.

The last time boxing's top division had an undisputed champion was in 1999 when Lennox Lewis won all three world titles. Since then, the WBO was elevated to full world title status and Saturday was the first occasion when two heavyweight champions fought for all four belts.

Anticipation for bout had been building up for a long time, with the narrative shifting after Fury struggled against MMA fighter Francis Ngannou in October.

Fury feels the Ukrainian's punch. Reuters
Fury feels the Ukrainian's punch. Reuters

Usyk, moving up from cruiserweight, was taking on a much bigger opponent but had triumphed against bigger opponents, beating the towering Anthony Joshua twice.

Promoter Frank Warren had called the contest the “most important fight of the 21st century”. And it surely lived up to that billing.

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The Saga Continues

Wu-Tang Clan

(36 Chambers / Entertainment One)

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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.”

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

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

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Updated: May 19, 2024, 1:07 AM