The UAE’s chances of playing at the Asia Cup look increasingly remote after they succumbed to Nepal’s bowlers in the ACC Premier Cup final in Kathmandu on Monday.
Heavy rainfall in Nepal’s capital brought a halt to the game shortly before noon, and has meant it will spill over into its reserve day on Tuesday.
UAE will restart with just one wicket remaining having capitulated to 106 for nine in 27.3 overs.
The game will remain 50 overs per side. If there is no play possible on Tuesday, and the match is declared a no result, the first tie-breaker is a Super Over.
If that is also washed out, Nepal would qualify for the Asia Cup on account of being the higher seeded of the two sides ahead of the competition.
If Nepal do succeed, it will be their first appearance at an Asia Cup. They will be pitched into a group with India and Pakistan at the main event in September, assuming the competition does go ahead as scheduled.
Reports emerged on Monday that India are now against the idea of a hybrid hosting model for the competition.
Pakistan have hosting rights for the Asia Cup, but India have stated they will not tour there.
The Pakistan Cricket Board proposed the idea of India matches being staged elsewhere, potentially in Dubai. It remains to be seen as to how the competition will be arranged.
Defeat against Nepal would extend UAE’s absence from the Asia Cup. The national team last played at the T20 Asia Cup in Bangladesh in 2016, while they have not appeared in the 50-over version since 2008 in Pakistan.
UAE have been regular tourists to Nepal the recent past. This is their third tour to Kathmandu since November, and the sides also faced each other in two matches in Dubai in March.
Back then, the national team’s form was desperate. Nepal have beaten them in five of their past six one-day internationals, which included a 177-run humbling at Tribhuvan University six weeks ago.
Although UAE’s performances have improved markedly in the time since, their batting fallibilities were shown up again by Nepal on a cloudy morning in Kathmandu.
Muhammad Waseem, the UAE captain, hit Sompal Kami’s first ball out of the ground for a huge six, only to fall to the first ball of the Nepal seamer’s second over.
It was the start of a faltering performance from UAE’s top order. Karan KC dismissed Aryan Lakra and Vriitya Aravind, and Lalit Rajbanshi took three for five with his left-arm spin.
Sandeep Lamichhane, who had become the fastest bowler to reach 100 ODI wickets earlier in this competition, took two – yet neither would rank on his personal highlights reel.
First, Rohan Mustafa scooped a slow, looping full toss to Kushal Malla behind square on the leg-side. Later, Aayan Khan found the same fielder on the boundary rope off a rank long hop by the leg-spinner.
After Zahoor Khan became Rajbanshi's third victim, the sides were forced from the field by rain. The showers did not let up for the rest of the afternoon.
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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Killing of Qassem Suleimani
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Wu-Tang Clan
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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
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United States
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China
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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