• Cristiano Ronaldo and his Manchester United teammates celebrate with the Champions League trophy after defeating Chelsea in the final in 2008 in Moscow. They won in a penalty shootout after a 1-1 draw. Ronaldo made his way back to Old Trafford after leaving Juventus. Getty Images
    Cristiano Ronaldo and his Manchester United teammates celebrate with the Champions League trophy after defeating Chelsea in the final in 2008 in Moscow. They won in a penalty shootout after a 1-1 draw. Ronaldo made his way back to Old Trafford after leaving Juventus. Getty Images
  • Cristiano Ronaldo is crowned the European Footballer of the Year in 2008, flanked by previous winners and former Manchester United players Denis Law (L) and Bobby Charlton. Getty Images
    Cristiano Ronaldo is crowned the European Footballer of the Year in 2008, flanked by previous winners and former Manchester United players Denis Law (L) and Bobby Charlton. Getty Images
  • Cristiano Ronaldo lifts the FIFA Club World Cup in 2008 after Manchester United defeated Liga De Quito of Ecuador 1-0. Getty Images
    Cristiano Ronaldo lifts the FIFA Club World Cup in 2008 after Manchester United defeated Liga De Quito of Ecuador 1-0. Getty Images
  • Ronaldo savours the sweet taste of victory after Manchester United's 2008 Champions League win. Getty Images
    Ronaldo savours the sweet taste of victory after Manchester United's 2008 Champions League win. Getty Images
  • Ronaldo soared above the Chelsea defence to net before Frank Lampard equalised shortly before half-time. Getty Images
    Ronaldo soared above the Chelsea defence to net before Frank Lampard equalised shortly before half-time. Getty Images
  • Ronaldo celebrates after scoring the opening goal of the 2008 UEFA Champions League Final. Getty Images
    Ronaldo celebrates after scoring the opening goal of the 2008 UEFA Champions League Final. Getty Images
  • Cristiano Ronaldo lifts the Premier League trophy with his Manchester United teammates in 2008. Getty Images
    Cristiano Ronaldo lifts the Premier League trophy with his Manchester United teammates in 2008. Getty Images
  • Ex-Man United manager Sir Alex Ferguson and Cristiano Ronaldo compare skills during a training session in 2008. But will the Portuguese return to Old Trafford? Getty Images
    Ex-Man United manager Sir Alex Ferguson and Cristiano Ronaldo compare skills during a training session in 2008. But will the Portuguese return to Old Trafford? Getty Images
  • Ronaldo holds off the challenge of Lionel Messi during the Champions League semi-final against Barcelona in 2008. Getty Images
    Ronaldo holds off the challenge of Lionel Messi during the Champions League semi-final against Barcelona in 2008. Getty Images
  • (L-R) Louis Saha, Wayne Rooney and Cristiano Ronaldo pose with the League Cup trophy after defeating Wigan Athletic in 2006. Getty Images
    (L-R) Louis Saha, Wayne Rooney and Cristiano Ronaldo pose with the League Cup trophy after defeating Wigan Athletic in 2006. Getty Images
  • Rio Ferdinand congratulates goal scorer Cristiano Ronaldo during a Premier League match in 2005. Getty Images
    Rio Ferdinand congratulates goal scorer Cristiano Ronaldo during a Premier League match in 2005. Getty Images
  • Cristiano Ronaldo makes his debut for Manchester United in August 2003. Getty Images
    Cristiano Ronaldo makes his debut for Manchester United in August 2003. Getty Images
  • A Manchester United fan wears the shirt of new signing Cristiano Ronaldo outside Old Trafford in 2003. Getty Images
    A Manchester United fan wears the shirt of new signing Cristiano Ronaldo outside Old Trafford in 2003. Getty Images
  • Sir Alex Ferguson poses with new signings Kleberson and Cristiano Ronaldo at Old Trafford in 2003. Getty Images
    Sir Alex Ferguson poses with new signings Kleberson and Cristiano Ronaldo at Old Trafford in 2003. Getty Images

Ronaldo, Kean and Lukaku find way back home in summer of transfer coups


Ian Hawkey
  • English
  • Arabic

“Homecoming,” beamed the official announcement from Juventus. It was, said the Italian club, “the perfect way of describing” the signing of a young Italy international centre-forward.

He is Moise Kean, who set records for preciousness when he made his debut for Juventus at 16. With just hours remaining in the summer transfer window he rejoined them, aged 21, having packed in quite a tour - spells at Everton and Paris Saint-Germain - in his two years away.

This was the transfer window when one homecoming led to another. Juventus needed a striker urgently on Tuesday because the final details of Cristiano Ronaldo’s departure from Italy were being put to paper, and what some at Manchester United were calling 'the great homecoming' was being confirmed.

Ronaldo is not a Manchester native, but his return is a sort of migration to where his world-class status was first endorsed, as a precocious starlet and then a Ballon d’Or holder by the time he left United for Real Madrid.

Ronaldo certainly made Old Trafford sound like a cherished home when he surveyed the mantelpiece of trophies he gathered with United between 2003 and 2009: “My first domestic league, first Cup, first Champions League, my first Golden Boot, my first Ballon d’Or were all born from this special connection. History has been written in the past and history will be written again,” he promised.

In an ordinary year, 36-year-old Ronaldo’s move from Juve to United would have been the headline transfer of the summer window. Lionel Messi trumps it for wow-factor, partly because when he returned from holiday and from leading Argentina to success at the Copa America in August, he was expecting an emotional homecoming to the club of his lifetime, Barcelona. He found the doors suddenly locked, and no money available there to honour the reduced-salary contract extension he had agreed.

Hence his joining Paris Saint-Germain, where Kean, on loan at PSG from Everton last season, had already seen there was little room for a striker like him, young and bidding for a more regular starting place.

Kean is still an Everton loanee, principally for accounting purposes, and is being lent to Juventus for €7m to cover the next two years. But there is an obligation to buy him for at least €28m in 2023 if he reaches certain targets.

Good business for Juve? They sold the then teenaged Kean to Everton for an initial €27.5m in 2019, so this homecoming comes with a small mark-up for a footballer who has hinted at a dazzling career ahead, but not yet consistently achieved it.

  • PSG's Lionel Messi waves during players presentations before the French League One match between Paris Saint Germain and Strasbourg, at the Parc des Princes stadium in Paris.
    PSG's Lionel Messi waves during players presentations before the French League One match between Paris Saint Germain and Strasbourg, at the Parc des Princes stadium in Paris.
  • Paris Saint-Germain's Argentinian forward Lionel Messi enters the pitch during a presentation ceremony prior to the French L1 football match between Paris Saint-Germain and Racing Club Strasbourg at the Parc des Princes stadium in Paris.
    Paris Saint-Germain's Argentinian forward Lionel Messi enters the pitch during a presentation ceremony prior to the French L1 football match between Paris Saint-Germain and Racing Club Strasbourg at the Parc des Princes stadium in Paris.
  • PSG's Lionel Messi runs during players presentations before the French League One soccer match between Paris Saint Germain and Strasbourg, at the Parc des Princes stadium in Paris.
    PSG's Lionel Messi runs during players presentations before the French League One soccer match between Paris Saint Germain and Strasbourg, at the Parc des Princes stadium in Paris.
  • Lionel Messi of Paris Saint-Germain acknowledges the fans as he is introduced to the fans prior to the Ligue 1 Uber Eats match between Paris Saint Germain and Strasbourg at Parc des Princes in Paris, France.
    Lionel Messi of Paris Saint-Germain acknowledges the fans as he is introduced to the fans prior to the Ligue 1 Uber Eats match between Paris Saint Germain and Strasbourg at Parc des Princes in Paris, France.
  • Paris Saint-Germain's new recruits Lionel Messi (R), Gianluigi Donnarumma (C), Achraf Hakimi (L), Sergio Ramos (2R), Georginio Wijnaldum (2L) greet their fans during their presentation at the half-time of the French Ligue 1 soccer match between Paris Saint Germain and Strasbourg at the Parc des Princes stadium in Paris, France.
    Paris Saint-Germain's new recruits Lionel Messi (R), Gianluigi Donnarumma (C), Achraf Hakimi (L), Sergio Ramos (2R), Georginio Wijnaldum (2L) greet their fans during their presentation at the half-time of the French Ligue 1 soccer match between Paris Saint Germain and Strasbourg at the Parc des Princes stadium in Paris, France.
  • PSG's Lionel Messi during players presentation before the French League One soccer match between Paris Saint Germain and Strasbourg, at the Parc des Princes stadium in Paris.
    PSG's Lionel Messi during players presentation before the French League One soccer match between Paris Saint Germain and Strasbourg, at the Parc des Princes stadium in Paris.
  • Paris Saint-Germain's Argentinian forward Lionel Messi waves hands to the supporters during a presentation ceremony prior to the French L1 football match between Paris Saint-Germain and Racing Club Strasbourg at the Parc des Princes stadium in Paris.
    Paris Saint-Germain's Argentinian forward Lionel Messi waves hands to the supporters during a presentation ceremony prior to the French L1 football match between Paris Saint-Germain and Racing Club Strasbourg at the Parc des Princes stadium in Paris.
  • Paris Saint-Germain's new recruits Lionel Messi and Sergio Ramos greet their fans during their presentation at the half-time of the French Ligue 1 soccer match between Paris Saint Germain and Strasbourg at the Parc des Princes stadium in Paris, France.
    Paris Saint-Germain's new recruits Lionel Messi and Sergio Ramos greet their fans during their presentation at the half-time of the French Ligue 1 soccer match between Paris Saint Germain and Strasbourg at the Parc des Princes stadium in Paris, France.
  • (From L) Paris Saint-Germain's Moroccan defender Achraf Hakimi, Paris Saint-Germain's Dutch midfielder Georginio Wijnaldum, Paris Saint-Germain's Italian goalkeeper Gianluigi Donnarumma, Paris Saint-Germain's Spanish defender Sergio Ramos and Paris Saint-Germain's Argentinian forward Lionel Messi pose during a presentation ceremony prior to the French L1 football match between Paris Saint-Germain and Racing Club Strasbourg at the Parc des Princes stadium in Paris.
    (From L) Paris Saint-Germain's Moroccan defender Achraf Hakimi, Paris Saint-Germain's Dutch midfielder Georginio Wijnaldum, Paris Saint-Germain's Italian goalkeeper Gianluigi Donnarumma, Paris Saint-Germain's Spanish defender Sergio Ramos and Paris Saint-Germain's Argentinian forward Lionel Messi pose during a presentation ceremony prior to the French L1 football match between Paris Saint-Germain and Racing Club Strasbourg at the Parc des Princes stadium in Paris.

This summer’s highest bill for a homecoming was paid by Chelsea, who, a decade ago invested an initial €12m on a centre-forward who had broken into senior football as precociously as Kean did. That was the teenage Romelu Lukaku.

Ten years on, via West Bromwich Albion, Everton (where he was more of a hit than Kean would be), Manchester United (far less of a hit than Ronaldo) and Inter Milan, where he spearheaded a Serie A triumph, he signed for Chelsea again, for €115m.

This time, they are not gambling on his potential, but assuming he will be the finest goalscorer at a club that regularly sets the ball rolling in transfer windows. Kai Havertz was the sport’s biggest single spend 12 months ago, at around €90m from Bayer Leverkusen to Chelsea.

The English Premier League continues to behave like the most-recession proof league in the times of Covid-19. Manchester City, bringing in Jack Grealish, and Chelsea have both exceeded €100m on an individual, while United paid a combined €140m in fees on Jadon Sancho, Raphael Varane and Ronaldo.

Juventus, who used to regard themselves as the shrewdest dealers in free arrivals - stars who have run down their previous contracts - have meanwhile lost that status to PSG, who, apart from Messi, gained a goalkeeper with a long-term future, Gigio Donnarumma; a defender with a uniquely decorated past, Sergio Ramos; and an all-round expert midfielder, Gini Wijnaldum - all on free transfers.

The best ‘free’ capture, apart from Messi? Perhaps David Alaba, only 29 and now at Real Madrid, his contract having run down at Bayern Munich. Barcelona hope, post-Messi, that Memphis Depay, free from Lyon, will soon be considered the snatch of the summer.

Or that Sergio Aguero makes his case once he has stomached the disappointment of having departed Manchester City to join Messi and to then be told Messi was leaving Camp Nou, where, in a lower-key homecoming, Eric Garcia has also returned.

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

Results

5pm: Wadi Nagab – Maiden (PA) Dh80,000 (Turf) 1,200m; Winner: Al Falaq, Antonio Fresu (jockey), Ahmed Al Shemaili (trainer)

5.30pm: Wadi Sidr – Handicap (PA) Dh80,000 (T) 1,200m; Winner: AF Majalis, Tadhg O’Shea, Ernst Oertel

6pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m; Winner: AF Fakhama, Fernando Jara, Mohamed Daggash

6.30pm: Wadi Shees – Handicap (PA) Dh80,000 (T) 2,200m; Winner: Mutaqadim, Antonio Fresu, Ibrahim Al Hadhrami

7pm: Arabian Triple Crown Round-1 – Listed (PA) Dh230,000 (T) 1,600m; Winner: Bahar Muscat, Antonio Fresu, Ibrahim Al Hadhrami

7.30pm: Wadi Tayyibah – Maiden (TB) Dh80,000 (T) 1,600m; Winner: Poster Paint, Patrick Cosgrave, Bhupat Seemar

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Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

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

Updated: September 01, 2021, 5:04 AM