• Tahiti Ligue 1 champions AS Pirae have arrived in the UAE ahead of Thursday’s Fifa Club World Cup opener against Al Jazira in Abu Dhabi.
    Tahiti Ligue 1 champions AS Pirae have arrived in the UAE ahead of Thursday’s Fifa Club World Cup opener against Al Jazira in Abu Dhabi.
  • The Tahitian side, selected to represent the Oceania Football Confederation in the February 3-12 event, touched down in Dubai on Sunday night.
    The Tahitian side, selected to represent the Oceania Football Confederation in the February 3-12 event, touched down in Dubai on Sunday night.
  • AS Pirae face reigning UAE champions Jazira at the Mohamed bin Zayed Stadium in Abu Dhabi on Thursday.
    AS Pirae face reigning UAE champions Jazira at the Mohamed bin Zayed Stadium in Abu Dhabi on Thursday.
  • Tahiti Ligue 1 champions AS Pirae have arrived in the UAE ahead of Thursday’s Fifa Club World Cup opener against Al Jazira in Abu Dhabi.
    Tahiti Ligue 1 champions AS Pirae have arrived in the UAE ahead of Thursday’s Fifa Club World Cup opener against Al Jazira in Abu Dhabi.

Romelu Lukaku arrives with point to prove: Five players to watch at Fifa Club World Cup


John McAuley
  • English
  • Arabic

The 2021 Fifa Club World Cup gets underway this week as football's continental champions descend on Abu Dhabi to crown the kings of world football.

Ahead of tournament kick-off, which begins with UAE champions Al Jazira taking on AS Pirae at the Mohammed Bin Zayed Stadium on Thursday, John McAuley picks out five players to watch.

Abdullah Ramadan (Al Jazira)

A product of the Jazira youth academy, the Emirati midfielder has become an integral component for both club and country. Ramadan was a pivotal part of the capital side’s UAE title-winning team last season, and shone throughout the UAE's late run to the final round of World Cup qualification.

An intelligent playmaker with an eye for a killer pass, Ramadan’s on-pitch relationship with striker Al Mabkhout represents one of Jazira’s most potent weapons.

Abdullah Ramadan, right, in action for the UAE against Qatar in the Arab Cup. Reuters
Abdullah Ramadan, right, in action for the UAE against Qatar in the Arab Cup. Reuters

Romelu Lukaku (Chelsea)

It’s been a strange first season back at Chelsea for the Belgian striker. Lukaku began brilliantly following his $129 million move from Inter Milan, scoring four goals in his opening four matches.

An injury soon curtailed his contribution, then a controversial interview professing his love for Inter threatened his relationship with the club. So Lukaku arrives in Abu Dhabi with a point to prove. A strong Club World Cup could reignite second spell at Chelsea.

Romelu Lukaku, right, in action for Chelsea against Tottenham in the English Premier League. EPA
Romelu Lukaku, right, in action for Chelsea against Tottenham in the English Premier League. EPA

Salem Al Dawsari (Al Hilal)

Undoubtedly one of the most talented players in Asia, the Saudi Arabia international will most probably hold the key to Hilal’s hopes of going far in Abu Dhabi.

Al Dawsari was often a standout last year in his club’s march to a record fourth Asian Champions League crown - he scored in every knockout round except the final - while he has captained his country in Salman Al Faraj’s injury-enforced absence.

Al Hilal midfielder Salem Al Dawsari, right, shoots in the AFC Champions League quarter-final against Persepolis. AFP
Al Hilal midfielder Salem Al Dawsari, right, shoots in the AFC Champions League quarter-final against Persepolis. AFP

Gustavo Scarpa (Palmeiras)

The attacking midfielder could well be considered his side’s main creative spark in Abu Dhabi after registering a league-high 13 assists in Brazil’s Serie A last season.

Scarpa has helped the Sao Paulo club to back-to-back Copa Libertadores crowns – the first time a team has retained the trophy in two decades – and should be vital to Palmeiras’ chances of becoming Brazil’s first Club World Cup champions since Corinthians in 2012.

Palmeiras' Gustavo Scarpa celebrates winning the Copa Libertadores against Flamengo. Reuters
Palmeiras' Gustavo Scarpa celebrates winning the Copa Libertadores against Flamengo. Reuters

Ali Maaloul (Al Ahly)

The Tunisian left back is a late addition to the squad following his national team’s quarter-final exit from the Africa Cup of Nations. His presence will therefore be crucial given Ahly enter the competition with a number of key absentees (many are currently competing for Egypt in Cameroon).

Maaloul can chip in with goals too: in six Egyptian league matches this season, he has found the net four times, albeit mostly from the penalty spot.

Al Ahly's Ali Maaloul celebrates scoring against Zamalek in the Egyptian Premier League. Reuters
Al Ahly's Ali Maaloul celebrates scoring against Zamalek in the Egyptian Premier League. Reuters

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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How to vote

Canadians living in the UAE can register to vote online and be added to the International Register of Electors.

They'll then be sent a special ballot voting kit by mail either to their address, the Consulate General of Canada to the UAE in Dubai or The Embassy of Canada in Abu Dhabi

Registered voters mark the ballot with their choice and must send it back by 6pm Eastern time on October 21 (2am next Friday) 

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

Skoda Superb Specs

Engine: 2-litre TSI petrol

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%3Cp%3EThere%20are%20regular%20flights%20from%20Dubai%20to%20Kathmandu.%20Fares%20with%20Air%20Arabia%20and%20flydubai%20start%20at%20Dh1%2C265.%3Cbr%3EIn%20Kathmandu%2C%20rooms%20at%20the%20Oasis%20Kathmandu%20Hotel%20start%20at%20Dh195%20and%20Dh120%20at%20Hotel%20Ganesh%20Himal.%3Cbr%3EThird%20Rock%20Adventures%20offers%20professionally%20run%20group%20and%20individual%20treks%20and%20tours%20using%20highly%20experienced%20guides%20throughout%20Nepal%2C%20Bhutan%20and%20other%20parts%20of%20the%20Himalayas.%3C%2Fp%3E%0A
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Nick Coleman
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Avatar: Fire and Ash

Director: James Cameron

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Rating: 4.5/5

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

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The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

German intelligence warnings
  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution

French business

France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.

New schools in Dubai
Checks continue

A High Court judge issued an interim order on Friday suspending a decision by Agriculture Minister Edwin Poots to direct a stop to Brexit agri-food checks at Northern Ireland ports.

Mr Justice Colton said he was making the temporary direction until a judicial review of the minister's unilateral action this week to order a halt to port checks that are required under the Northern Ireland Protocol.

Civil servants have yet to implement the instruction, pending legal clarity on their obligations, and checks are continuing.

Updated: February 03, 2022, 3:49 AM