As he casually reclines on a couch, on the top floor of a multi-sensory cube designed to demonstrate the future of paying for stuff, Wasim Akram seems well placed to compare the differences between old and new.
The all-time fast-bowling great is at Expo 2020 Dubai as an ambassador for Mastercard, who are the “official payment technology partner” for the world expo.
Inside the cube, guests are given a glimpse of what it will be like to attend a sports event in future, using augmented reality to pay for match tickets and even snacks.
It feels a long way from 1990s Sharjah Cricket Stadium, when Wasim was in his pomp. To be honest, it all feels a long way from 2021 Sharjah, even.
At the T20 World Cup just gone, for example, spectators were still able to buy samosas or popcorn from the concessions outlets using cash money. Crazy, hey?
It is a tribute to Wasim’s lasting greatness as a cricketer that he is still considered suited to such a role, 18 years after he retired from playing.
He appreciates evolution, too. If he ever intimates anything was better in his day, he will be able to reason out precisely why.
And he loves the current vintage of the Pakistan team, too, terming them “humble” and “just good kids in general, down-to-earth guys”.
The side’s performances at the T20 World Cup in the UAE were thrilling. Not for the first time, they were the most captivating team for neutrals to watch, even if they did fall short of winning the trophy.
The way Shaheen Afridi and Haris Rauf, in particular, thrilled the baying masses in Sharjah and Dubai with their searing pace bowling brought to mind the way Wasim did the same in years gone by.
So, in the spirit of comparing old and new, it begs a question. The Wasim and Waqar Younis partnership of his era, or the Haris and Shaheen combination of 2021: which one was faster?
“Waqar was definitely quicker. He was friggin’ express,” Wasim says.
“The speedgun only really came in around 2000 or 2001, maybe. I was 136kph then. Waqar was around the same pace, 136-138. In our heydays, on our day we were regularly 150s.”
Although the difference in their respective speeds is debatable, the level of achievements cannot be compared as yet.
Waqar and Wasim took over 1,700 wickets for Pakistan between them. Shaheen and Haris, by contrast, are just starting out.
Wasim does have one word of advice, though. “I think Haris needs to play first-class cricket,” he says.
“What I don’t want is for Haris to get into the mindset of just playing T20. T20 cricket is easy: four overs, then go and stand at short fine leg. And that’s over in an hour and 10.
“Test cricket is the ultimate. For any top cricketer, it is the ultimate. T20 is great for entertainment, but you can’t judge the quality of a player by T20.
“Haris is still young. At his age he should be wanting to represent Pakistan in Test cricket.”
The fact Shaheen is due to have a length stint in county cricket with Middlesex next summer is something Wasim appreciates. He sets great store on the 10 years he had playing for Lancashire in the county game, and says the same worked for Waqar in his spells with Surrey then Glamorgan.
As a left-arm pace bowler of great dexterity, who is capable of show-stopping spells, the similarities between Shaheen and Wasim are obvious.
Wasim has not had any direct consultations with the younger man as yet. If he could recommend one thing to him, it would be to develop a slower ball which moves away from left-handed batsmen, he says.
He believes that might have helped guard against the sort of hitting by Matthew Wade which ended Pakistan’s World Cup campaign in a flurry of sixes – although Wasim does suggest that experience will make Shaheen stronger.
“Sometimes it can be a blessing in disguise to go through this as a bowler,” Wasim says.
“It takes something like that for Shaheen to understand he needs that slower ball [Wasim mimes a leg-cutter action] not just the one that comes into the left-hander.
“If this slower ball goes across, there is a chance it will go up in the air.
“Also, Shaheen’s field placing, especially in that over against Wade, was wrong.
“Whenever you do a team meeting, you say: ‘OK, Matthew Wade, his go-to shot is this one, so we need fine leg back’. He might hit you for six there as well, but he will be in two minds’.
“Shaheen had fine leg and third man both up in the circle. With experience, he will learn.”
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MATCH INFO
Uefa Champions League, Group C
Liverpool v Red Star Belgrade
Anfield, Liverpool
Wednesday, 11pm (UAE)
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Directed by Sam Mendes
Starring Dean-Charles Chapman, George MacKay, Daniel Mays
4.5/5
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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%3Cp%3EAuthor%3A%20S%20Frederick%20Starr%3Cbr%3EPublisher%3A%20Oxford%20University%20Press%3Cbr%3EPages%3A%20290%3Cbr%3EAvailable%3A%20January%2024%3C%2Fp%3E%0A
'Nightmare Alley'
Director:Guillermo del Toro
Stars:Bradley Cooper, Cate Blanchett, Rooney Mara
Rating: 3/5
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
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
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.”
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
