The pressure will well and truly be on England when they host India in the third Test which begins at Headingley on Wednesday after yet another front-line bowler picked up an injury.
England came within touching distance of victory on Day 5 of the second Test at Lord's snaring eight second innings wickets with India's lead under 200. But fast bowlers Mohammed Shami and Jasprit Bumrah starred in an 89-run stand to turn the tables and from there, it was India all the way.
Virat Kohli's pace quartet, which also included Ishant Sharma and Mohammed Siraj, ran through England's batting in less than 52 overs to seal a 151-run win to take a 1-0 lead.
To make matters worse, England pacer Mark Wood injured his shoulder while fielding on Day 4, and continued to bowl on the final day. As expected, he was declared unfit for the third Test, further depleting England's pool of available fast bowlers.
Joe Root's team were already without Jofra Archer and Chris Woakes, while all-rounder Ben Stokes is on an indefinite break from cricket. Then seasoned seamer Stuart Broad picked up a calf injury that ruled him out of the series and now Wood is also missing.
James Anderson will now have to carry the bowling attack on his shoulders, with Ollie Robinson, Sam Curran and, possibly, Saqib Mahmood providing support.
Their batting has been problematic as well, with Root's two tons and a fifty compensating for the lack of runs from others. The hosts dropped Dom Sibley following the opener's dismal run of low scores that has seen him average 19.77 in 10 Tests this year. They are likely to promote Haseeb Hameed, who is himself struggling for form, from three to partner Rory Burns at the top of the order.
Root said he will try to make sure the team does not get distracted from the task at hand. There were some altercations between players from both sides during the second Test, which probably resulted in the lack of discipline in England's bowling when India were eight down on the final day.
“We’ve got to make sure that we play the game how we want to play and we look after that as best as we can, and not get too distracted or drawn into anything that’s not honest,” Root said.
“We’ve got to be genuine to ourselves, genuine to how we are as individuals and how we are collectively and be as good as we can, the way that we go. Virat’s team will play how they play, I just want us to go out and be the best version of ourselves.”
The Indian camp, however, is in a much better position. Their pacers hunted as a pack with Siraj landing the final blow to secure victory at the 'home of cricket'.
Openers Rohit Sharma and KL Rahul enjoyed a century stand in the first innings at Lord's and have looked in command this tour. Their lower middle order of Rishabh Pant and Ravindra Jadeja have made sizeable contributions.
They will still have some concerns about their middle order, though. Captain Virat Kohli has not scored a Test ton since November 2019 and while Ajinkya Rahane and Cheteshwar Pujara came good in the second outing at Lord's with a century stand, that came after a number of low scores; Rahane has two fifties in his last 15 outings, while Pujara's 45 in the second innings at Lord's was his best score in 11 innings. Whether all three have put their indifferent form behind them remains to be seen.
Kohli said that he didn't want to break up a winning combination but admitted he was tempted by the look of the Headingley pitch to play off-spinner Ravichandran Ashwin.
“As far as Ashwin's playing is concerned, we're quite surprised to see the pitch,” Kohli said on Tuesday. “I thought there'll be more grass on the pitch and it'll be more spicy and lively, but it wasn't the case. So, yeah, anything is possible.
“We always name our 12 and then on the day, we have a look at the pitch and what it could become on day three, day four and accordingly we will go in with the right combination.”
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
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.”
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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