Cristiano Ronaldo has scored four goals in nine games for Real Madrid this season. Javier Lizon / EPA
Cristiano Ronaldo has scored four goals in nine games for Real Madrid this season. Javier Lizon / EPA
Cristiano Ronaldo has scored four goals in nine games for Real Madrid this season. Javier Lizon / EPA
Cristiano Ronaldo has scored four goals in nine games for Real Madrid this season. Javier Lizon / EPA

Sport

Cristiano Ronaldo struggling, but Zinedine Zidane backs Real Madrid star to win Ballon d’Or

Ronaldo won both the Uefa Champions League with Madrid and Portugal’s first ever major tournament at Euro 2016 to make him the favourite to land the award for the world’s best player on January 9 next year.

Agence France Presse

October 28, 2016

  • English
  • Arabic

MADRID // Real Madrid manager Zinedine Zidane backed Cristiano Ronaldo’s case for a fourth Ballon d’Or on Friday despite the Portuguese superstar’s current struggles in front of goal.

Ronaldo won both the Uefa Champions League with Madrid and Portugal’s first ever major tournament at Euro 2016 to make him the favourite to land the award for the world’s best player on January 9 next year.

“He clearly deserves the Ballon d’Or,” Zidane said ahead of Saturday’s trip to Alaves in the Primera Liga. “Not just at an individual level, but above all on a collective level. He knows everything he is achieving is thanks to his hard work and the work of those around him.”

• Diego Forlan column: Unfair of Real Madrid fans to boo Cristiano Ronaldo – he will prove the doubters wrong

Ronaldo is expected to face competition from five-time winner Lionel Messi, Madrid teammate Gareth Bale and Atletico Madrid and France forward Antoine Griezmann for the award.

However, his form has slumped since his return from a two-month injury lay-off after suffering knee ligament damage in the Euro 2016 final.

“What Cristiano has done is raise the bar so high that every time he doesn’t score it is a problem,” Zidane added.

Ronaldo has netted just four times in nine appearances for Madrid so far this season, by a distance his worst return at this stage of the campaign in seven seasons with the European champions.

“He is angry [about not scoring], but there is no bigger worry than that,” Zidane continued. “Every time he doesn’t score there is a furore, but he has to live with these things. He is a phenom.”

Ronaldo is expected to be partnered by Bale and Karim Benzema once more in the Madrid front line despite the fine form of Alvaro Morata.

The Spanish international came off the bench to score the winner against Athletic Bilbao last weekend and bagged a double in a 7-1 rout of Cultural Leonesa in the Copa del Rey on Wednesday.

However, captain Sergio Ramos, Luka Modric and Casemiro remain out injured.

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Winner Al Suhooj, Saif Al Balushi (jockey), Khalifa Al Neyadi (trainer)

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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. 

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If you go

The flights Etihad (www.etihad.com) and Spice Jet (www.spicejet.com) fly direct from Abu Dhabi and Dubai to Pune respectively from Dh1,000 return including taxes. Pune airport is 90 minutes away by road. 

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How much do leading UAE’s UK curriculum schools charge for Year 6?
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Emergency phone numbers in the UAE

Estijaba – 8001717 –  number to call to request coronavirus testing

Ministry of Health and Prevention – 80011111

Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre

Emirates airline – 600555555

Etihad Airways – 600555666

Ambulance – 998

Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries

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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.”

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Key developments in maritime dispute

2000: Israel withdraws from Lebanon after nearly 30 years without an officially demarcated border. The UN establishes the Blue Line to act as the frontier. 

2007: Lebanon and Cyprus define their respective exclusive economic zones to facilitate oil and gas exploration. Israel uses this to define its EEZ with Cyprus

2011: Lebanon disputes Israeli-proposed line and submits documents to UN showing different EEZ. Cyprus offers to mediate without much progress.

2018: Lebanon signs first offshore oil and gas licencing deal with consortium of France’s Total, Italy’s Eni and Russia’s Novatek.

2018-2019: US seeks to mediate between Israel and Lebanon to prevent clashes over oil and gas resources.

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Cristiano RonaldoReal Madrid