So a new, short-format cricket tournament is set to launch in Dubai. One that welcomes the world beyond cricket’s established borders.
One that will see the leading players in the game share the dressing room, the new ball, and stories with players from as far afield as Botswana, Papua New Guinea, Rwanda and Bhutan.
We were supposed to have been here before. But where the UAE T20x, a competition designed along similar lines to champion the game’s have-nots alongside its rich and famous, foundered before the stage of even selecting players, the FairBreak Invitational is all set for launch.
On Wednesday night, two sets of players who have only recently met each other will be pitted against each other at the Dubai International Stadium.
The six-team tournament will reach its conclusion at the same ground on May 15. The fare on offer is guaranteed to be something never-before-seen on these shores.
New T20 franchise competitions around the world always say they are going to be unique. They say their one will be different, and jazzy, and exciting.
Then the hired hands are the same guys you saw in a similar tournament in a different venue, in a different country, a month or so earlier. And a month or so before that. Different team names, perhaps. But all packaged in broadly the same way and presented by broadly the same people.
FairBreak, though, has a fair to claim to being unique.
“Within my team, I was chatting to the Nepal captain this morning about captaincy.” So said Heather Knight, whose most recent assignment in cricket was overseeing England’s ultimately doomed attempt to topple the mighty Australia in the World Cup final last month.
Now, she is in Dubai, playing for a team bearing the name of the supporters club more readily associated with the England men’s side. She has been trading notes about leadership with Rubina Chhetry, the Nepal captain who is also part of the Barmy Army side, but who has had a totally different journey in the game to get to this point.
Players to watch
Also in their side they have players from Vanuatu, Hong Kong, Bangladesh, and a Brazilian who can’t speak English – but will be able to communicate thanks to the presence of another teammate from her home national team who can.
“There is probably nothing like it in men’s or women’s cricket – Associate players playing alongside Full member nations,” Knight said.
“There are so many countries represented, it has been so interesting for me to find out about what cricket is like in their country and the different challenges they have.
“The tournament is not completely just about the cricket. It is about bringing different people from women’s cricket together.
“Certainly women’s cricket doesn’t have the most equal spread around the world in terms of funding. The funding is based on the men’s game, which makes it a bit of a challenge for some countries.”
For the majority of the 90 players in the competition, the concept of being paid to play cricket – as they will be for this event - is entirely new, too.
Most are just grateful for the opportunity to play matches in their home countries, in between studies or working.
The fact this tournament is being played in Dubai is a quirk of circumstances brought about – much like the Indian Premier League and T20 World Cup earlier this season – by the Covid pandemic.
It had been due to be staged in Hong Kong, but a 21-day quarantine process there at the height of the pandemic led to the organisers to seek a temporary new home. It will likely head to Hong Kong in the future.
For now, though, its organisers cannot wait to get started.
“We have taken a long time putting together teams with players from all over the world,” said Geoff Lawson, the former Australia fast bowler who is part of the league’s management team.
“It has been a massive undertaking. To research all the players we have found has been tough work.
“The leading international players have had a few weeks off after a tough World Cup. They spent a lot of emotion and physical energy at the World Cup.
“They have got here, got to meet the Associate players. From what I have seen, we have teams who will gel and compete.
"From a pure cricket point of view, it is such an exciting place to be.”
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
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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.”
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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Company profile: buybackbazaar.com
Name: buybackbazaar.com
Started: January 2018
Founder(s): Pishu Ganglani and Ricky Husaini
Based: Dubai
Sector: FinTech, micro finance
Initial investment: $1 million
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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