Rafa Benitez knew the answer to the question he was posing. “What is the feeling of the last years for any Everton fan: success or frustration?” he asked. “They know the problems are not ones we can fix in just five months.”
Yet as he returns to the previous Premier League club where his past at Liverpool made him a controversial appointment, in Chelsea, Benitez’s talk of the long term, both past and future, comes in the context of the short term.
A Champions League winner faces the reigning European champions on Thursday with Everton favourites for an eighth defeat in 10 games during two months of troubles. The success of a wonderful comeback against Arsenal has been surrounded by frustration.
“I have been in all the situations you can think of,” said Benitez, argues the breadth of his experience equips him well. But, while his time at Anfield was expected to be the issue, he believes Everton’s recent history is more pertinent. His inheritance from Carlo Ancelotti consisted of a squad with a dubious fitness record.
Now last season’s top scorers and talismen, Dominic Calvert-Lewin and Richarlison, are both sidelined. The Englishman has not featured since August. The Brazilian played in both the Copa America and the Olympics in the summer but his body then broke down at Brentford on Sunday.
Benitez said the job was not bigger than he had expected but countered: “I will say more difficult.” He elaborated: “Last year the squad was around 16 [fit] players during the whole season. That means you have a lot of players that are not available and a lot of them were injury-prone, they were losing 30-40 per cent [of players] because they were injured.
"Dominic was playing 85 per cent [of games] last season and now he is playing 18 per cent. Now Richarlison is injured because maybe he has been overloaded. If you have Dominic Calvert-Lewin for three or four months fit, I am sure the team would be higher in the table and the fans would be happier.”
Instead, they displayed dissent when Richarlison was taken off at Brentford, little realising the severity of his calf problem. “We wanted to protect him,” said Benitez, but that that aim failed. He harked back to Everton’s encouraging start to the season. “Then we lost [Abdoulaye] Doucoure when he was playing really well,” he added.
Crystal Palace 3 Everton 1: player ratings
Everton’s results can be traced to the injury bulletin. They have won 67 per cent of league games with Calvert-Lewin, 23 without. They have won 42 per cent when Doucoure plays, zero per cent when he doesn’t. A lack of depth exacerbates the reliance on a small core.
“We will try to improve in January in terms of positions and names,” Benitez pledged. But it will a budget overhaul in a rebuilding project planned for several transfer windows “A lot of players are improving but some of the problems are the same problems,” he added. “You cannot solve them all just by signing three players and two keepers and spending £1.7 million.”
The midfield may be bolstered on Thursday. Allan – “a warrior, a fighter,” according to Benitez – has declared himself fit for an evening of adversity. “Nobody can expect we will go there and have 70 per cent of possession, it will be impossible,” the Spaniard said.
The exiled Lucas Digne was in the starting 11 in training on Tuesday but reported ill yesterday and is out, while the captain Seamus Coleman is a doubt. “The senior players think we are going in a right direction but you have to win games,” said Benitez. “We have to have a plan to get the best of our players and take advantage of the weaknesses of Chelsea. There are not so many.”
UAE currency: the story behind the money in your pockets
SEMI-FINAL
Monterrey 1
Funes Mori (14)
Liverpool 2
Keita (11), Firmino (90 1)
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
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.”
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
DIVINE%20INTERVENTOIN
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Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
'Manmarziyaan' (Colour Yellow Productions, Phantom Films)
Director: Anurag Kashyap
Cast: Abhishek Bachchan, Taapsee Pannu, Vicky Kaushal
Rating: 3.5/5
'The Last Days of Ptolemy Grey'
Rating: 3/5
Directors: Ramin Bahrani, Debbie Allen, Hanelle Culpepper, Guillermo Navarro
Writers: Walter Mosley
Stars: Samuel L Jackson, Dominique Fishback, Walton Goggins
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
Abaya trends
The utilitarian robe held dear by Arab women is undergoing a change that reveals it as an elegant and graceful garment available in a range of colours and fabrics, while retaining its traditional appeal.
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
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