India captain Virat Kohli will lead his side into battle against New Zealand in the World Test Championship final at the Rose Bowl in Southampton. AP
India captain Virat Kohli will lead his side into battle against New Zealand in the World Test Championship final at the Rose Bowl in Southampton. AP
India captain Virat Kohli will lead his side into battle against New Zealand in the World Test Championship final at the Rose Bowl in Southampton. AP
India captain Virat Kohli will lead his side into battle against New Zealand in the World Test Championship final at the Rose Bowl in Southampton. AP

Cricket

Rose Bowl to host World Test Championship final between India and New Zealand

Hampshire venue has been selected due its onsite hotel after consideration over potential impact of Covid-19 on fixture

Paul Radley
Paul Radley
Dubai

March 10, 2021

  • English
  • Arabic

The ICC have confirmed the Rose Bowl in Southampton in the UK will stage the first World Test Championship final between India and New Zealand, with the possibility fans will be permitted to attend.

The decision was taken after consideration over the potential impact of Covid-19 on the fixture.

Sourav Ganguly, the head of the Indian board, was quoted on Tuesday as saying the ground had been selected due to its onsite hotel.

Much of the return to international cricket last summer was staged at the Rose Bowl, and the ICC said it had drawn on “ECB’s experience of delivering a full summer of bio-safe international cricket in 2020”.

“The venue provides world-class playing and training facilities, giving both teams the best possible environment in which to prepare,” the ICC statement read.

“Whilst the on-site accommodation will significantly reduce the risk around Covid-19 transmission and better protect the health and safety of everyone involved in delivering the final.

“Should the UK government’s phased easing of Covid-19 lockdown measures proceed as planned, it is anticipated that a limited number of fans will be allowed into the Hampshire Bowl to watch the final.”

Lord’s had initially been mooted as the likely venue for the final of the inaugural WTC.

“The ICC World Test Championship final is the pinnacle event in the Test calendar and is intended to be a week-long celebration of the oldest form of the game,” Geoff Allardice, the ICC’s general manager of cricket, said.

_____________________________________________________________

India complete series win against England

  • India's captain Virat Kohli, centre, congratulates Ravichandran Ashwin, right, after dismissing England's Zak Crawley during the third day of fourth Test at the Narendra Modi Stadium in Ahmedabad on Saturday, March 6, 2021. India won the Test by by an innings and 25 runs and the series 3-1. AP
    India's captain Virat Kohli, centre, congratulates Ravichandran Ashwin, right, after dismissing England's Zak Crawley during the third day of fourth Test at the Narendra Modi Stadium in Ahmedabad on Saturday, March 6, 2021. India won the Test by by an innings and 25 runs and the series 3-1. AP
  • Ravichandran Ashwin picked up five wickets in England's second innings in the fourth Test in Ahmedabad. Getty
    Ravichandran Ashwin picked up five wickets in England's second innings in the fourth Test in Ahmedabad. Getty
  • India's Axar Patel, right, celebrates with captain Virat Kohli after the dismissal of England's Ben Stokes. AP
    India's Axar Patel, right, celebrates with captain Virat Kohli after the dismissal of England's Ben Stokes. AP
  • India's Axar Patel picked up five wickets in the second innings of the Ahmedabad Test against England. AFP
    India's Axar Patel picked up five wickets in the second innings of the Ahmedabad Test against England. AFP
  • England's Dan Lawrence put up a brave fight, scoring a fifty in the second innings on Saturday. AFP
    England's Dan Lawrence put up a brave fight, scoring a fifty in the second innings on Saturday. AFP
  • India's Washington Sundar raises his bat as he walks off the field after remaining unbeaten on 96 during the third day of fourth Test. AP
    India's Washington Sundar raises his bat as he walks off the field after remaining unbeaten on 96 during the third day of fourth Test. AP
  • Washington Sundar, right, and Axar Patel added 106 runs. AP
    Washington Sundar, right, and Axar Patel added 106 runs. AP
  • India's Washington Sundar missed out on a deserved century. Reuters
    India's Washington Sundar missed out on a deserved century. Reuters
  • Axar Patel scored 43 batting at number nine. Getty
    Axar Patel scored 43 batting at number nine. Getty
  • Team physiotherapist checks out India's Mohammed Siraj, left, after he got hurt while fielding on Saturday. AP
    Team physiotherapist checks out India's Mohammed Siraj, left, after he got hurt while fielding on Saturday. AP
  • England's Ben Stokes was rewarded for his hard work as he finished with four wickets. Reuters
    England's Ben Stokes was rewarded for his hard work as he finished with four wickets. Reuters

_____________________________________________________________

“A format that is rooted in tradition and features the best that the game has to offer. I would also like to congratulate both India and New Zealand for becoming part of history by reaching the first final.

“We are confident that in selecting the Hampshire Bowl, we have given ourselves the best possible chance to successfully deliver the final whilst keeping everyone involved safe and healthy and giving fans the opportunity to watch the two best Test teams in the world go head-to-head for the right to call themselves the ICC World Test Champions.”

The Indo-Pacific

The Porpoise

By Mark Haddon 

(Penguin Random House)
 

THE SPECS

Engine: 4.0L twin-turbo V8

Gearbox: eight-speed automatic

Power: 571hp at 6,000rpm

Torque: 800Nm from 2,000-4,500rpm

Fuel economy, combined: 11.4L/100km

Price, base: from Dh571,000

On sale: this week

UAE currency
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

Our legal advisor

Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.

Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation. 

Education: Sagesse University, Beirut, Lebanon, in 2005.

The specs

Engine: 4.0-litre V8 twin-turbocharged and three electric motors

Power: Combined output 920hp

Torque: 730Nm at 4,000-7,000rpm

Transmission: 8-speed dual-clutch automatic

Fuel consumption: 11.2L/100km

On sale: Now, deliveries expected later in 2025

Price: expected to start at Dh1,432,000

E-cigarettes report
Bridgerton%20season%20three%20-%20part%20one
%3Cp%3E%3Cstrong%3EDirectors%3A%20%3C%2Fstrong%3EVarious%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Nicola%20Coughlan%2C%20Luke%20Newton%2C%20Jonathan%20Bailey%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Ovasave%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20November%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Majd%20Abu%20Zant%20and%20Torkia%20Mahloul%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Healthtech%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%20Three%20employees%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-seed%3Cbr%3E%3Cstrong%3EInvestment%3A%3C%2Fstrong%3E%20%24400%2C000%3C%2Fp%3E%0A
The specs

Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder

Power: 220 and 280 horsepower

Torque: 350 and 360Nm

Transmission: eight-speed automatic

Price: from Dh136,521 VAT and Dh166,464 VAT 

On sale: now

Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

How the bonus system works

The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.

The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.

There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).

All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.

While you're here...
La Mer lowdown

La Mer beach is open from 10am until midnight, daily, and is located in Jumeirah 1, well after Kite Beach. Some restaurants, like Cupagahwa, are open from 8am for breakfast; most others start at noon. At the time of writing, we noticed that signs for Vicolo, an Italian eatery, and Kaftan, a Turkish restaurant, indicated that these two restaurants will be open soon, most likely this month. Parking is available, as well as a Dh100 all-day valet option or a Dh50 valet service if you’re just stopping by for a few hours.
 

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.”

FIXTURES

Monday, January 28
Iran v Japan, Hazza bin Zayed Stadium (6pm)

Tuesday, January 29
UAEv Qatar, Mohamed Bin Zayed Stadium (6pm)

Friday, February 1
Final, Zayed Sports City Stadium (6pm)

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

Sukuk explained

Sukuk are Sharia-compliant financial certificates issued by governments, corporates and other entities. While as an asset class they resemble conventional bonds, there are some significant differences. As interest is prohibited under Sharia, sukuk must contain an underlying transaction, for example a leaseback agreement, and the income that is paid to investors is generated by the underlying asset. Investors must also be prepared to share in both the profits and losses of an enterprise. Nevertheless, sukuk are similar to conventional bonds in that they provide regular payments, and are considered less risky than equities. Most investors would not buy sukuk directly due to high minimum subscriptions, but invest via funds.

You might also like
Whiile you're here
Cricket