Pep Guardiola has said Manchester City will go to the Bernabeu to win the Champions League semi-final second leg after earning a slender advantage with a thrilling 4-3 victory at the Etihad on Tuesday.
Early goals from Kevin de Bruyne and Gabriel Jesus gave City a comfortable lead, before Karim Benzema pulled one back in the first half. Phil Foden restored City's two-goal advantage after the break, only for Vinicius Jr to keep Real Madrid in touching distance.
City again pulled clear through a stunning Bernardo Silva strike but the Premier League leaders will protect a one-goal lead after Benzema scored his second with a superb Panenka-style penalty.
With the second leg taking place at the Bernabeu next Wednesday, Guardiola insisted City will not be cagey in Spain in an attempt to protect their lead but will look to take the game to Real Madrid as they attempt to reach their second successive Champions League final.
"It was a fantastic game for both sides. We did many good things. Unfortunately we conceded goals and we could not score more. But two games and we have another one in one week," Guardiola told BT Sport.
"We played a fantastic game against an incredible team. The moments where they rise and come back into the game in the first half I think we gave them as our build-up was so nervous. Normally we are so safe and so good. Also they press really good and strong. All around the world and for Manchester City, we are so proud. But it is about reaching the final and sometimes football happens. We go to Madrid to try to win the game."
The win over Real Madrid keeps City firmly in the hunt for a Champions League and Premier League double. City lead the league table by one point and next face Leeds United on Saturday, and Guardiola insisted all the focus will be on the visit to Elland Road before next week's return fixture at the Bernabeu.
"I say to the players to rest. Leeds now is the most important thing and we go to Madrid to win," Guardiola said. "Both teams want to attack and have the quality to play. Football is a fantastic spectacle. Congratulations to Carlo and his team as they are so good. At the same time, we saw ourselves that we can be there."
Man City v Real Madrid player ratings
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MANCHESTER CITY RATINGS: Ederson - 6: A couple of poor passes from the back in first half that could have been punished on another day. No chance with goals and outwitted by cheeky Benzema penalty. Reuters -

John Stones - 6: Playing out of comfort zone at right-back and had been solid enough up against the dangerous Vinicius Junior before limping off injured late in first half. Looked devastated as he headed off down tunnel. AP -

Aymeric Laporte - 5: Should have closed down Vinicius Junior before Brazilian's goal. Found himself in centre-forward’s position after 68 minutes but hit shot straight at Ederson. Blatant handball to give away penalty and allow Benzema to score from spot to make it 4-3. Reuters -

Ruben Dias - 6: Deflected Vinicius shot wide in opening 20 minutes but was relieved to see linesman flag go up when he deflected pass from same player onto own post. Important header with Benzema primed to finish just before hour. Twice nearly got on end of crosses that would have made it 5-3. AP -

Oleksandr Zinchenko - 7: Drilled shot wide of target in first half but beaten to ball by Benzema for Real’s opener soon after. Set up chance for Laporte that centre-half couldn’t finish. Did really well against pace of Rodrygo. PA -

Rodri - 8: The anchorman at the base of City’s slick midfield and bossed middle of park despite being up against Kroos and Modric. Couldn’t get track back quick enough to prevent Vinicius Junor scoring. Reuters -

Bernardo Silva - 8: Not as much impact as City’s wide players in first half but still a key part of City’s superb pace and movement going forward. Cracking finish into top corner to make it 4-2. PA -

Kevin De Bruyne - 9: Brilliant diving header inside two minutes to give City perfect start, then provided cross into box for Jesus’ goal. Was simply unplayable at times and his distribution another level to everyone on pitch, which is saying something considering the attacking talent on show. PA -

Riyad Mahrez - 8: Driving run and cracking ball into box to set-up De Bruyne’s opener but left manager Pep Guardiola going ballistic on touchline when he shot into side netting with teammates waiting for pass in middle. Hit post with glorious chance just after break and clipped another shot across face goal after mazy run. PA -

Phil Foden - 8: Caused chaos in the Real defence with his attacking runs down left. First touch let him down ahead of shot he pulled wide that would have made it 3-0. Should have scored just after half-time but saw Carvajal block his effort on line, but did make it 3-1 minutes later with simple header. PA -

Gabriel Jesus - 7: Four goals against Watford at weekend and continued his scoring streak with calm finish to make it 2-0 in blistering start from City. EPA -

SUBS: Fernandinho – (On for Stones 37’) 6: Fantastic run down right and ball into box for Foden’s goal but got done by Vinicius Junior in run-up to Real’s second goal minutes later. Younger legs than veteran midfielder’s have found Vinicius Junior’s pace a problem, in defence of veteran. Getty -

Raheem Sterling – (On for Jesus 83’) N/A. Getty -

REAL MADRID RATINGS: Thibaut Courtois - 6: Helpless as defence went missing far too regularly and nothing he could do about first three goals – but caught flat-footed for fourth when Silva fired into top corner of his near post. EPA -

Dani Carvajal - 7: Allowed De Bruyne to ghost in front of him for City’s early goal. Vital clearance just before break from Mahrez cross across six-yard box and even more important block on line just after half-time from Foden after Mahrez hit post. Good ball into box that Militao failed to finish. EPA -

Eder Militao - 5: Struggled to deal with City’s movement and looked shaky at back throughout. Turned inside out by Jesus late in first half and then easily beaten by Mahrez early in second when Algerian hit post. Headed chance straight at keeper that would have made it 3-3. AP -

David Alaba - 5: Austrian defender was injury doubt before match and badly caught out for Jesus’ goal. Flicked header just wide of target on half-hour mark. Didn’t make it out for second half as gamble to play failed to pay off. AFP -

Ferland Mendy - 6: Supplied ball into box for Benzema’s goal but couldn’t handle Mahrez’s runs down his flank and endured a tough night defensively. Reuters -

Luka Modric - 7: Croatian mdifelder seemed to be missing midfield partner in crime Casemiro as Real couldn’t get ball off City for first 20 minutes. Played his way into game and hit shot just wide of target from edge of box in last 15 minutes. Reuters -

Toni Kroos - 6: Gave away clumsy foul on edge of Real box just before break and was relieved to see De Bruyne crack shot straight at wall. A lot expected of Real’s midfield before game but German struggled. EPA -

Federico Valverde - 7: Tireless workrate as always and in right place to divert cross away after Militao had been skinned by Jesus. Getty -

Rodrygo - 6: Powered shot straight at Ederson as Real started to battle back into game after disastrous start. Kept relatively under control by Zinchenko and his last contribution before being taken off was a poor pass out for goal-kick to waste good opportunity for Real. Getty -

Karim Benzema – 9: Great ball into box that Alaba headed wide in first half. Pulled Real back into game with excellent first-time finish after 33 minutes for 40th goal of season. Ice-cold nerves with Panenka finish from the spot and make it 3-3 from the most in-form striker on the planet. EPA -

Vinicius Junior - 7: Saw shot deflected wide after 18 minutes when Benzema was crying out for pass. Some Brazilian magic to make it 3-2 with a sensational dummy past Fernandinho, surging down left flank before finishing well. Getty -

SUBS: Nacho – (On for 46 Alaba’) 6: Real would have been hoping Spaniard would help shore up a leaky defensive showing but found dealing with City’s attackers as problematic as his teammates. AFP -

Eduardo Camavinga – (On for Rodrygo 70’) 6: No chance for highly-rated midfielder to make his mark. Reuters -

Dani Ceballos – (On for Rodrygo 79’) N/A. Reuters Marco Asensio – (On for Vinicius Junior 88’) N/A.
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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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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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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Company profile
Name: Back to Games and Boardgame Space
Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)
Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)
Based: Dubai and Abu Dhabi
Industry: Back to Games (retail); Boardgame Space (wholesale and distribution)
Funding: Back to Games: self-funded by Mr Azzam with Dh1.3 million; Mr Azzam invested Dh250,000 in Boardgame Space
Growth: Back to Games: from 300 products in 2015 to 7,000 in 2019; Boardgame Space: from 34 games in 2017 to 3,500 in 2019
PROFILE OF STARZPLAY
Date started: 2014
Founders: Maaz Sheikh, Danny Bates
Based: Dubai, UAE
Sector: Entertainment/Streaming Video On Demand
Number of employees: 125
Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners
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Engine 2.0-litre 4cyl turbo, AWD
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Gearbox Nine-speed auto
Fuel economy, combined 7.9L/100km
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Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
Top investing tips for UAE residents in 2021
Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.
Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.
Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.
Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.
Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.
Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.
Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”
Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI.
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