Despite leaving behind a cushy position, Ahmed Raza has no regrets whatsoever in taking a major pay cut to follow his passion.
The former UAE captain left his job at Nakheel, a leading real estate developer, in 2018 to play full time cricket and when he retired from the game last year, took up a coaching job with the Emirates Cricket Board (ECB).
Born to Pakistani parents in Sharjah, he has the unique feat of becoming the first UAE-born player, captain and coach, as he leads the national team in the current Women’s T20 World Cup Qualifier in Abu Dhabi.
After two defeats, the UAE came good with a brilliant 10-wicket triumph over the Netherlands on Monday to keep their hopes alive for a semi-final spot in the 10-team competition.
Ireland top Group B on four points with the Netherlands, UAE, Zimbabwe and Vanuatu tied on two points apiece with a game each to play.
UAE will have to defeat newcomers Vanuatu on Friday. They need to win big and hope the results of the other games fall in their favour to finish in the top two in the group to earn a semi-final spot. Should they achieve that, the UAE would be one win away from a place at the T20 World Cup in September as both finalists will qualify for the tournament in Bangladesh.
“Honestly, it’s a blessing where I'm standing here right now and coaching the UAE women’s national team,” Raza told The National of his coaching role with the ECB.
“It was only a dream to be coach of a national team and it's a great transition for me as a former player.
“I’m so grateful to the ECB for providing this opportunity and to stay involved in UAE cricket after the number of years I've played for the UAE and to still be able to serve the country in a different capacity.”
Raza, 35, made his international debut at age 17 in the EurAsia Cricket Series in 2006 against an India A side that included the likes of Rohit Sharma and Ravindra Jadeja.
He made his ICC tournament debut the following year against Scotland in the four-day Intercontinental Cup and went on to represent UAE in 108 games across the ODI and T20I formats.
He’s also the UAE's most successful captain in the shortest format, with the team winning 18 of its 27 T20Is, and booked their passage to the 2022 T20 World Cup under his leadership.
“I was fortunate to lead the men’s team to a World Cup finals and to achieve that feat as a coach of the national women’s team would be my ultimate dream,” the former left-arm spinner said.
Raza has no regrets about taking the tough decision to leave a “comfortable” job at Nakheel to stay in cricket, a move that later led to the offer of a multi-functional coaching role within the ECB. In addition to his primary duties as the UAE women's coach, Raza is assistant to men's coach Lalchand Rajput and is involved with UAE age-group cricket.
I was fortunate to lead the men’s team to a World Cup finals and to achieve that feat as a coach of the national women’s team would be my ultimate dream
Ahmed Raza,
UAE Women's cricket coach
“It probably was the hardest decision at that point because I had a comfortable job with a pretty decent salary in looking after the Nakheel properties,” he said. “At that point, people started questioning me about why I was leaving a comfortable job, especially my late father.
“I had to explain to everyone close to me that if I don't follow my dream now, I won't have any regrets when I'm older by thinking what my life could have been if I didn’t take this decision.
“So, I took that leap of faith and took a major pay cut and started doing what I always felt I have been destined to do. When the ECB offered me the job, I had no doubts about it at all. I was just very excited about where I can take this team forward.”
The women’s game in the UAE is still developing and doesn’t have a domestic league at the moment. The national team compete in the ECB’s U16 National Academy League, while the UAE's cricket governing body recently formed a women’s age group competition.
“The women’s game is progressing with more and more girls participating in cricket,” Raza said. “I would love to see the cricket councils of each emirate getting involved in the promotion of women’s cricket because that just gives players an identity when they represent their state teams.
“That’s a big step-up for the budding cricketers to play with different teammates, build camaraderie, and obviously it raises their game as well.
“This is something which we've been working on with the development manager Andy Russell, and Chaya Mughal (the former UAE women’s captain), who has moved into the development side of the sport after her retirement from the game.
“We have a lot of under-15 players and the future really looks good. Now it’s how we nourish that talent. Hopefully, we can introduce an inter-emirate tournament like in the established men’s and men’s age group formats. I believe it’s a matter of time to see cricket flourish among the girls.”
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
RedCrow Intelligence Company Profile
Started: 2016
Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel
Based: Ramallah, Palestine
Sector: Technology, Security
# of staff: 13
Investment: $745,000
Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors
Uefa Nations League
League A:
Germany, Portugal, Belgium, Spain, France, England, Switzerland, Italy, Poland, Iceland, Croatia, Netherlands
League B:
Austria, Wales, Russia, Slovakia, Sweden, Ukraine, Republic of Ireland, Bosnia-Herzegovina, Northern Ireland, Denmark, Czech Republic, Turkey
League C:
Hungary, Romania, Scotland, Slovenia, Greece, Serbia, Albania, Norway, Montenegro, Israel, Bulgaria, Finland, Cyprus, Estonia, Lithuania
League D:
Azerbaijan, Macedonia, Belarus, Georgia, Armenia, Latvia, Faroe Islands, Luxembourg, Kazakhstan, Moldova, Liechtenstein, Malta, Andorra, Kosovo, San Marino, Gibraltar
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.”
Racecard
6pm: Mina Hamriya – Handicap (TB) $75,000 (Dirt) 1,400m
6.35pm: Al Wasl Stakes – Conditions (TB) $60,000 (Turf) 1,200m
7.10pm: UAE Oaks – Group 3 (TB) $150,000 (D) 1,900m
7.45pm: Blue Point Sprint – Group 2 (TB) $180,000 (T) 1,000m
8.20pm: Nad Al Sheba Trophy – Group 3 (TB) $200,000 (T) 2,810m
8.55pm: Mina Rashid – Handicap (TB) $80,000 (T) 1,600m
The%20specs
%3Cp%3E%3Cstrong%3EPowertrain%3A%20%3C%2Fstrong%3ESingle%20electric%20motor%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E201hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E310Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20auto%0D%3Cbr%3E%3Cstrong%3EBattery%3A%20%3C%2Fstrong%3E53kWh%20lithium-ion%20battery%20pack%20(GS%20base%20model)%3B%2070kWh%20battery%20pack%20(GF)%0D%3Cbr%3E%3Cstrong%3ETouring%20range%3A%20%3C%2Fstrong%3E350km%20(GS)%3B%20480km%20(GF)%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh129%2C900%20(GS)%3B%20Dh149%2C000%20(GF)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
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
