Perhaps it’s more than a little apt that with the driver and constructors' world championships decided, Formula One arrives in Mexico just ahead of the Day of the Dead.
For Mexicans it is more than just an Aztec halloween. With skeletal costumes and faces painted as lurid hollow skulls it is when the dead come to life and party with the living. Or so it goes.
Talking of which, we come to Sergio Perez.
Max Verstappen and Red Bull have their championships but what of him? Could his compensation come in the way of being the first Mexican since F1 came to town in 1963 to win his home race?
It was fairly lawless city when I was first there in the 1980s. There was a camel standing on a traffic island advertising cigarettes, I witnessed an armed robbery, was extorted of £50 by a motorcycle cop and narrowly escaped death when an F1 car crashed close to where I was standing on the pit wall.
It’s different now but will things be civilised enough for the new double champion to lend Perez a helping hand into history?
He is owed a favour having done his bit in holding up Verstappen’s bitter rival heroically here in Abu Dhabi as the Dutchman took his first world title.
Red Bull, too, know even in their best years they have never had 1-2 in the drivers' championship but now have a golden opportunity.
Verstappen’s willingness to play his part may be coloured by the desire to land a 14th victory which would make this the most dominant season in F1 history.
But then there is Brazil and Abu Dhabi to come.
Red Bull have every reason to make hay while the sun shines, given their cost cap punishment is due any day now. Many believe that if it does anything other than leave them as walking dead in next year’s title race, the financial regulations will have been a failure.
For that reason, perhaps, as well as others that offer hope of a real title tilt next year the seven-time champion refuses to accept the Age of Hamilton is over and the Verstappen Era under way.
“It’s too early to say. If we get into next year and they’re dominating again then yes,” Hamilton admitted.
Under the new sliding scale Mercedes, if third, will have 14 per cent more tunnel time than Red Bull in 2023.
Add a cost cap penalty and they have every reason to believe they will be key contenders with Ferrari.
Maranello’s alarming fall off in form since the summer break is proof enough they have long since turned their attention to the future.
Ed Sheeran, Brad Pitt and other celebrities at US Grand Prix - in pictures
Verstappen notched up just eight more laps in the lead than Charles Leclerc in the first half of the year (298/290) although his win ratio was eight to three.
Since August, though, he has won five out of the six GPs and led for nine times the distance (190/20).
The demise of Maranello as a real front-runner since the break has been so extreme even Hamilton, labouring in a hated car, has more lead laps (23/20).
Renewed optimism flows through Mercedes after almost winning on Sunday with their updated car but they have admitted its fundamental "architecture" will change for 2023.
And last weekend demonstrated the scale of the mountain faced by one and all.
It looked as though Hamilton was finally in with a chance when he closed within 0.6s of leader Verstappen on lap 21. In fact, the Dutchman was sandbagging.
Whether the team didn’t want to show their ultimate speed for political reasons (impending fine) or it was Verstappen’s own tactic remains unknown.
But when his pit stop went wrong, the world champion had to show his hand and reveal the real pace he was concealing if he wanted to win.
And it was considerable even allowing for different tyres.
Verstappen had to make up nine seconds lost in the stop, overtake Leclerc and then haul in six seconds to a seven-time champion with the bit between his teeth and desperate not to end a season winless for the first time in his career.
He did it easily, going from 6.4s behind on lap 36 to five seconds ahead when the flag fell 20 laps later.
That Hamilton and Verstappen now share the record for most 1-2s (32) is cold comfort to the Briton on days like this.
The Red Bull wasn’t just in another league to the rest it was in another country.
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.”
ETFs explained
Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.
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
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
Bundesliga fixtures
Saturday, May 16 (kick-offs UAE time)
Borussia Dortmund v Schalke (4.30pm)
RB Leipzig v Freiburg (4.30pm)
Hoffenheim v Hertha Berlin (4.30pm)
Fortuna Dusseldorf v Paderborn (4.30pm)
Augsburg v Wolfsburg (4.30pm)
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)
Sunday, May 17
Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)
Monday, May 18
Werder Bremen v Bayer Leverkusen (9.30pm)
Arabian Gulf Cup FINAL
Al Nasr 2
(Negredo 1, Tozo 50)
Shabab Al Ahli 1
(Jaber 13)
Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
Pathaan
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COMPANY%20PROFILE
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