ILT20: Akif Raja looks to make UAE and his mother proud after stellar start

The DP World International League T20 is a mere 40 overs old, but it has already delivered its first feel-good story for UAE cricket.

Akif Rafa might have been forgiven for feeling a little starry-eyed while sharing a viewing area with teammates like Joe Root, Rovman Powell and Robin Uthappa during Friday’s lavish opening ceremony.

After all, this was by far the most high-profile cricket he has tasted in the six years since he left his native Lahore to take up a job as a storekeeper in Abu Dhabi.

As recently as last month, the 30-year-old Pakistani had been a net bowler for England when they were training in Dubai.

He has had a modest international career of his own so far, including five ODIs, three T20Is, plus around 18 months’ worth of carrying the drinks for his UAE national teammates.

So, when he was tossed the ball as his Dubai Capitals side went about defending 188 against Abu Dhabi Knights Riders, with thousands in the stands and potentially millions watching on TV, the nerves were tangible.

“This is a big league for us,” Raja said after his side had completed a comfortable debut win at Dubai International Stadium.

Capitals' Akif Raja after taking the wicket of Knight Riders' Brandon King. Chris Whiteoak / The National

“We are Associate players, and not famous in the world. But I felt famous when I delivered the first ball.

“I was very excited. My first match, and I got my debut wicket. I just tried to bowl at the stumps and focus on the right length.”

With just his second delivery, he induced an edge from Brandon King, the Jamaican batter, which was easily taken at the wicket by Uthappa, the Indian Premier League veteran.

Raja was clearly ready for this, seeing as he already had a choreographed celebration routine. He stood with one arm in the air, and the other covering his mouth.

“I was playing in the D10 [a UAE domestic 10-over competition], and I had a little fight with a guy,” Raja explained.

“He is my good friend now, but after it, the umpires called me and said I should not do that – even though it was not my fault.

“After that, I called my mum. She said, ‘Please, Akif, don’t do that. Just keep your mouth quiet and focus on your cricket. Give your answers with your bat and ball'.

“That is why I did that celebration. It means: silence is not empty, it is full of answers.”

Raja has always followed the counsel of his mother, Nasreen Akhtar. After all, it is the main reason he is a cricketer.

His father, Raja Arif Ullah Khan, had been against the idea of his son pursuing such a precarious career.

“Before, he did not like cricket,” Raja said. “He said, ‘We don’t have a lot of money, cricket is not for you’. I just said, ‘Dad, please, give me a chance, I want to play cricket’.

“He told me not to play, but my mum always supported me. She just said, ‘No worries, you keep going. Keep playing cricket and don’t focus on what your dad says. Let him say what he says’.”

After playing one match of first-class cricket in Pakistan’s Qaid-e-Azam Trophy, Raja decided on a new, more financially secure life in the UAE six years ago.

He took a job with New Medical Centre in the UAE capital. He moved to Sharjah after being handed a new job with MGM on the strength of his cricket.

Soon after, he was attracting the attention of the national team. He made a match-defining impact on his UAE debut against Ireland in a T20I in 2022, but his chances have been limited since.

“I was injured, and I missed the T20 World Cup [in Australia in October],” he said.

“It was my dream to play in the World Cup, but it is a part of life. Alhamdulillah I am very happy to be part of ILT20 with Dubai Capitals. They arranged trials in Dubai, I bowled very well, and they picked me.”

Maybe a few tips from the famous friends he made while training with James Anderson, Jofra Archer, and the England Lions during their training camp at The Sevens, Dubai at the end of last year helped.

“Jofra Archer guided me a lot,” Raja said. “He told me I was good enough. He just suggested I focus on my line, try to bowl wicket to wicket, and hit the stumps.”

Sadly, Raja’s emergence in ILT20 has come too late to impress his father. Raja Arif died from Covid while his son was in Dubai playing cricket.

“I was playing in D10 when I found out the news my father had died,” he said. “I could not go to Pakistan after his death. I am very sad about it.”

After his uplifting performance on Friday night, Raja’s thoughts immediately returned to home.

“Before the start of the match I spoke with my mum,” he said.

“She gave me a lot of confidence. She is very happy that I am part of the ILT20. To be honest, when I am not playing in the starting XI, she is always very upset.

“Sometimes she is crying a lot. She doesn’t know a lot about cricket, she just wants to see me in front of the cameras.

“After tonight, I know she will be crying. When I call her on the video call, there will be tears. It was her dream for me to play for Pakistan.

“I didn’t get the chance there, but Alhamdulillah, I have got my chance in the UAE. She was very excited I was in the Abu Dhabi T10, and now she is excited I am in the ILT20.”

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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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What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

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
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Disruption Lab and Research Centre for developing entrepreneurial skills

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