• Chelsea manager Thomas Tuchel clashes with Tottenham's Antonio Conte after the 2-2 Premier League draw at Stamford Bridge on August 14. Action Images
    Chelsea manager Thomas Tuchel clashes with Tottenham's Antonio Conte after the 2-2 Premier League draw at Stamford Bridge on August 14. Action Images
  • Referee Anthony Taylor shows a red card to Chelsea coach Thomas Tuchel. AP
    Referee Anthony Taylor shows a red card to Chelsea coach Thomas Tuchel. AP
  • Thomas Tuchel argues with Antonio Conte. AP
    Thomas Tuchel argues with Antonio Conte. AP
  • Tottenham manager Antonio Conte is restrained by security after clashing with Chelsea manager Thomas Tuchel after the match. Action Images
    Tottenham manager Antonio Conte is restrained by security after clashing with Chelsea manager Thomas Tuchel after the match. Action Images
  • Thomas Tuchel clashes with Antonio Conte after the match. Action Images
    Thomas Tuchel clashes with Antonio Conte after the match. Action Images
  • Tottenham manager Antonio Conte is shown a red card by referee Anthony Taylor. Reuters
    Tottenham manager Antonio Conte is shown a red card by referee Anthony Taylor. Reuters
  • Chelsea defender Kalidou Koulibaly celebrates with Reece James after scoring the opening goal. AFP
    Chelsea defender Kalidou Koulibaly celebrates with Reece James after scoring the opening goal. AFP
  • Koulibaly celebrates with teammates after scoring. AP
    Koulibaly celebrates with teammates after scoring. AP
  • Marc Cucurella in action against Dejan Kulusevski of Tottenham. EPA
    Marc Cucurella in action against Dejan Kulusevski of Tottenham. EPA
  • Chelsea coach Thomas Tuchel gestures on the touchline. AFP
    Chelsea coach Thomas Tuchel gestures on the touchline. AFP
  • Tottenham coach Antonio Conte makes his point. AFP
    Tottenham coach Antonio Conte makes his point. AFP
  • Tottenham's Pierre-Emile Hojbjerg celebrates after levelling at 1-1. Getty
    Tottenham's Pierre-Emile Hojbjerg celebrates after levelling at 1-1. Getty
  • Chelsea's Kai Havertz remonstrates with referee Anthony Taylor after Tottenham Hotspur's Pierre-Emile Hojbjerg levels. Reuters
    Chelsea's Kai Havertz remonstrates with referee Anthony Taylor after Tottenham Hotspur's Pierre-Emile Hojbjerg levels. Reuters
  • Hojbjerg scores the equaliser. Getty
    Hojbjerg scores the equaliser. Getty
  • Reece James celebrates with teammates after scoring the second for Chelsea. EPA
    Reece James celebrates with teammates after scoring the second for Chelsea. EPA
  • Tottenham manager Antonio Conte reacts after clashing with Thomas Tuchel. Reuters
    Tottenham manager Antonio Conte reacts after clashing with Thomas Tuchel. Reuters
  • Tottenham's Dejan Kulusevski in action with Chelsea's Marc Cucurella and Kalidou Koulibaly. Reuters
    Tottenham's Dejan Kulusevski in action with Chelsea's Marc Cucurella and Kalidou Koulibaly. Reuters
  • Reece James celebrates scoring Chelsea's second goal. Reuters
    Reece James celebrates scoring Chelsea's second goal. Reuters
  • Tottenham's Harry Kane leaps to head home and make it 2-2. Action Images
    Tottenham's Harry Kane leaps to head home and make it 2-2. Action Images
  • Harry Kane celebrates scoring Tottenham's second goal. Action Images
    Harry Kane celebrates scoring Tottenham's second goal. Action Images

Thomas Tuchel insists 'no hard feelings' towards Antonio Conte after fiery clash


Steve Luckings
  • English
  • Arabic

Chelsea manager Thomas Tuchel insisted there were "no hard feelings" towards Tottenham counterpart Antonio Conte after both were shown red cards for clashing twice during Sunday's heated 2-2 Premier League draw on Sunday.

The pair first clashed after a coming together as Conte celebrated Spurs' first equaliser on 68 minutes.

Tuchel then responded by running down the touchline in celebration when Chelsea retook the lead through Reece James 13 minutes from time.

But Harry Kane's 96th minute equaliser meant Conte had the last laugh.

As the pair shook hands at the final whistle, Chelsea boss Tuchel appeared upset at the Italian for not making eye contact, which sparked another melee between both sets of coaches and players.

Both managers were shown red cards by referee Anthony Taylor, with Tuchel suggesting the match official should no longer take charge of Chelsea matches.

"It was hot from the temperature and hot between the benches and hot on the field and hot between the spectators," said Tuchel with temperatures soaring above 30 degrees Celsius in the English capital.

"There's no hard feelings. I feel like it was a fair tackle from him and a fair tackle from me.

"We did not insult each other, we did not hit each other, we were fighting for our teams and from my side there's absolutely no hard feelings. I'm surprised that we both got a red card for that."

Spurs boss Conte echoed Tuchel’s words in attempting to downplay the coaches’ spats.

“Honestly the referee showed me a red card but he didn’t understand the dynamic of what happened,” said Conte.

“It’s OK, I have to accept it but this is not a big problem.

“If there is a problem the problem is between me and the other coach.

“I think that what happened, we did enjoy.

“Next time I will pay more attention, just shake the hand and solve the problem. I’ll stay on my bench, he’ll stay on his bench.

“And no problem about this. It would be a pity if for this situation we miss the next game.”

Chelsea v Spurs ratings

  • CHELSEA RATINGS: Edouard Mendy – 7: Was not called into action too often. Did the basics well and could not do a lot for Spurs’ equaliser. Made a viral save late on to tip Davies’ header over. Reuters
    CHELSEA RATINGS: Edouard Mendy – 7: Was not called into action too often. Did the basics well and could not do a lot for Spurs’ equaliser. Made a viral save late on to tip Davies’ header over. Reuters
  • Reece James – 8: Did his defensive duties well and was not afraid to get forward. Put in the perfect cross for Havertz with 15 minutes left, but the German somehow missed. Fired Chelsea back ahead with a composed finish. Was unfortunate to have Kane’s late header cannon off him. AFP
    Reece James – 8: Did his defensive duties well and was not afraid to get forward. Put in the perfect cross for Havertz with 15 minutes left, but the German somehow missed. Fired Chelsea back ahead with a composed finish. Was unfortunate to have Kane’s late header cannon off him. AFP
  • Thiago Silva -6.5: Was solid enough at the back, but had a couple of sloppy passes intercepted. AFP
    Thiago Silva -6.5: Was solid enough at the back, but had a couple of sloppy passes intercepted. AFP
  • Kalidou Koulibaly – 9: Somehow found himself unmarked in the box from a corner and managed to fire home a thumping volley to put Chelsea ahead. Dominant at the back and won a number of challenges to set the hosts on the counter-attack. Very impressive. AFP
    Kalidou Koulibaly – 9: Somehow found himself unmarked in the box from a corner and managed to fire home a thumping volley to put Chelsea ahead. Dominant at the back and won a number of challenges to set the hosts on the counter-attack. Very impressive. AFP
  • Ruben Loftus-Cheek – 6.5: Proved to be a useful outlet in the first-half, but wanted far too many touches when presented with a chance to shoot. Getty
    Ruben Loftus-Cheek – 6.5: Proved to be a useful outlet in the first-half, but wanted far too many touches when presented with a chance to shoot. Getty
  • N’Golo Kante – 8: Controlled the midfield as usual, and was constantly dragging the hosts forward. To do his midfield duties as well as he did in the heat was very impressive. AFP
    N’Golo Kante – 8: Controlled the midfield as usual, and was constantly dragging the hosts forward. To do his midfield duties as well as he did in the heat was very impressive. AFP
  • Jorginho - 7.5: Dominant in midfield for the most part, however, his ill-timed drag-back in his own box gifted Spurs possession which resulted in the equaliser. Subbed off after the equaliser. AFP
    Jorginho - 7.5: Dominant in midfield for the most part, however, his ill-timed drag-back in his own box gifted Spurs possession which resulted in the equaliser. Subbed off after the equaliser. AFP
  • Marc Cucurella – 6: The debutant saw his accurate corner fired home by Koulibaly after 20 minutes. Good first-half, but looked poor in the second – especially going forward. EPA
    Marc Cucurella – 6: The debutant saw his accurate corner fired home by Koulibaly after 20 minutes. Good first-half, but looked poor in the second – especially going forward. EPA
  • Mason Mount – 6: If he kept his composure, the Englishman could have put his side 2-0 up, but he could only fire over from a promising position. Lacked any real threat. AFP
    Mason Mount – 6: If he kept his composure, the Englishman could have put his side 2-0 up, but he could only fire over from a promising position. Lacked any real threat. AFP
  • Kai Havertz – 5: Went close to breaking the deadlock after 18 minutes, but a fantastic save from Lloris kept the German at bay. Missed a sitter to put the hosts back ahead as he could only shoot wide from a Reece James cross. AFP
    Kai Havertz – 5: Went close to breaking the deadlock after 18 minutes, but a fantastic save from Lloris kept the German at bay. Missed a sitter to put the hosts back ahead as he could only shoot wide from a Reece James cross. AFP
  • Raheem Sterling – 8: Should have marked his home debut with a goal but fired over from close range. Kept his composure to tee up James to put Chelsea 2-1 up, and looked a constant threat. AP
    Raheem Sterling – 8: Should have marked his home debut with a goal but fired over from close range. Kept his composure to tee up James to put Chelsea 2-1 up, and looked a constant threat. AP
  • SUBS: Cesar Azpilicueta - 6: Was solid enough in his 20-minute cameo, but will be gutted to see his side concede so late on. Getty Images
    SUBS: Cesar Azpilicueta - 6: Was solid enough in his 20-minute cameo, but will be gutted to see his side concede so late on. Getty Images
  • Conor Gallagher -N/A: Came on too late to influence the game, but did have a couple of chances to get a shot away to secure the points for Chelsea. Reuters
    Conor Gallagher -N/A: Came on too late to influence the game, but did have a couple of chances to get a shot away to secure the points for Chelsea. Reuters
  • Christian Pulisic – N/A: Only had five minutes to influence the game as Chelsea looked to close out the game. AFP
    Christian Pulisic – N/A: Only had five minutes to influence the game as Chelsea looked to close out the game. AFP
  • Armando Broja – N/A: Came on in the 90th minute as Chelsea tried, but failed, to hold on to their lead. PA
    Armando Broja – N/A: Came on in the 90th minute as Chelsea tried, but failed, to hold on to their lead. PA
  • TOTTENHAM RATINGS: Hugo Lloris – 6: Made a brilliant stop moments before the opener as he managed to keep out Havertz’s low strike. Did not stand a chance with either goal. AFP
    TOTTENHAM RATINGS: Hugo Lloris – 6: Made a brilliant stop moments before the opener as he managed to keep out Havertz’s low strike. Did not stand a chance with either goal. AFP
  • Cristian Romero – 3: Just looked so vulnerable every time Chelsea got at him. The weak-link in the Spurs defence at Stamford Bridge. Action Images
    Cristian Romero – 3: Just looked so vulnerable every time Chelsea got at him. The weak-link in the Spurs defence at Stamford Bridge. Action Images
  • Eric Dier – 4: Was forced to go long too often in the first-half. Did not help Davies for the second, with Dier’s poor positioning leaving the Welshman in a two-on-one situation. AFP
    Eric Dier – 4: Was forced to go long too often in the first-half. Did not help Davies for the second, with Dier’s poor positioning leaving the Welshman in a two-on-one situation. AFP
  • Ben Davies – 4: Got dragged in for Chelsea’s second which left Reece James open. Was not his best showing as he struggled to offer much-needed composure to an under-pressure back-line. AFP
    Ben Davies – 4: Got dragged in for Chelsea’s second which left Reece James open. Was not his best showing as he struggled to offer much-needed composure to an under-pressure back-line. AFP
  • Emerson Royal – 3: Did not track Koulibaly for the opener and was punished as a result. Like Sessegnon, struggled to get involved in any attacks as Chelsea nullified the wing-backs threat. Reuters
    Emerson Royal – 3: Did not track Koulibaly for the opener and was punished as a result. Like Sessegnon, struggled to get involved in any attacks as Chelsea nullified the wing-backs threat. Reuters
  • Pierre-Emile Hojbjerg – 7: Looked shaky in midfield in the first-half as he gave away possession on several occasions but dragged Spurs level with a fantastic finish from the edge of the box. EPA
    Pierre-Emile Hojbjerg – 7: Looked shaky in midfield in the first-half as he gave away possession on several occasions but dragged Spurs level with a fantastic finish from the edge of the box. EPA
  • Rodrigo Bentancur – 3: Really was not in the game. Non-existent in midfield as Chelsea by-passed him with ease. EPA
    Rodrigo Bentancur – 3: Really was not in the game. Non-existent in midfield as Chelsea by-passed him with ease. EPA
  • Ryan Sessegnon: 4 – Struggled to get involved in the game. Had a couple of bursts forward but did not threaten enough down the left for the visitors. Replaced by Richarlison just before the hour-mark. Getty
    Ryan Sessegnon: 4 – Struggled to get involved in the game. Had a couple of bursts forward but did not threaten enough down the left for the visitors. Replaced by Richarlison just before the hour-mark. Getty
  • Dejan Kulusevski – 5: Looked threatening at times, but lost the ball on too many occasions out wide. Showed flashes of brilliance. Reuters
    Dejan Kulusevski – 5: Looked threatening at times, but lost the ball on too many occasions out wide. Showed flashes of brilliance. Reuters
  • Harry Kane – 5: Missed a golden chance to bring his side level, as he dragged his effort wide. However, despite not being at the races, as so often, showed up when it mattered to steal a point at the death with a header. AP
    Harry Kane – 5: Missed a golden chance to bring his side level, as he dragged his effort wide. However, despite not being at the races, as so often, showed up when it mattered to steal a point at the death with a header. AP
  • Son Heung-min – 3: Not his best showing. Son struggled to get involved and was very ineffective on the odd occasion he could venture forward. AFP
    Son Heung-min – 3: Not his best showing. Son struggled to get involved and was very ineffective on the odd occasion he could venture forward. AFP
  • SUBS: Richarlison – 8: Came on with Spurs desperate for a spell of dominance. His substitution proved to be a smart move by Conte with the Brazilian giving the visitors a much-needed threat going forward. Reuters
    SUBS: Richarlison – 8: Came on with Spurs desperate for a spell of dominance. His substitution proved to be a smart move by Conte with the Brazilian giving the visitors a much-needed threat going forward. Reuters
  • Yves Bissouma – 6: Replaced Bentancur. Did not do too much in his cameo with the lack of time to influence the game. Reuters
    Yves Bissouma – 6: Replaced Bentancur. Did not do too much in his cameo with the lack of time to influence the game. Reuters
  • Ivan Perisic –6: Replaced Son with 10 minutes left. A fantastic player, but did not have enough time to showcase his talent. AFP
    Ivan Perisic –6: Replaced Son with 10 minutes left. A fantastic player, but did not have enough time to showcase his talent. AFP
  • Lucas Moura – N/A: Came on with five minutes left and will have been delighted to have been on the pitch to see Kane’s late equaliser. EPA
    Lucas Moura – N/A: Came on with five minutes left and will have been delighted to have been on the pitch to see Kane’s late equaliser. EPA

Tuchel's ire was instead directed towards the officials as both Tottenham's goals could have been disallowed.

Pierre-Emile Hojbjerg's strike was allowed to stand despite a potential foul on Kai Havertz in the build-up and Richarlison standing in an offside position when the Dane's shot was hit.

Before the corner leading to Kane's equaliser, Spurs defender Cristian Romero also escaped a red card for dragging Marc Cucurella to the ground by his hair.

"It was a clear foul on Kai Havertz. OK, the situation goes on and on and on, then it is a clear offside," added Tuchel.

"Since when can you pull hair on the football field? It's ridiculous.

"That's the only frustration. I'm the happiest coach on earth because we played a fantastic match."

Asked if he thinks Taylor should not referee Chelsea again, Tuchel replied: “Maybe it would be better, maybe it would be better.

“But honestly we also have VAR, to help make the right decisions. Since when can players have their hair pulled, since when is that?

“And if he does not see it, I don’t blame him – I didn’t see it.

“But we have people at VAR who check this, and then you see it. And then what?

“And how can this not be a free-kick, and then a red card? How?

“This does not even have to do with the referee in this case.

“If he does not see something that’s why we have people to check if this is a decisive error or not.”

Conte admitted a gap between the sides remains despite Spurs' improvement.

Chelsea won all four meetings between the sides last season, three of them after Conte took charge in November.

"In my opinion it is better to talk about the game," said Conte. "Chelsea showed to be a really good team, but compared to last season we did a bit better.

"The difference is clear. This team won the Champions League two years ago, last year won the Club World Cup, got to the final of the FA Cup and Carabao (League) Cup.

"There is a difference between Chelsea and Tottenham but we are here to reduce this gap. Last season we lost three times, this time we drew so it's a little step forward."

The drill

Recharge as needed, says Mat Dryden: “We try to make it a rule that every two to three months, even if it’s for four days, we get away, get some time together, recharge, refresh.” The couple take an hour a day to check into their businesses and that’s it.

Stick to the schedule, says Mike Addo: “We have an entire wall known as ‘The Lab,’ covered with colour-coded Post-it notes dedicated to our joint weekly planner, content board, marketing strategy, trends, ideas and upcoming meetings.”

Be a team, suggests Addo: “When training together, you have to trust in each other’s abilities. Otherwise working out together very quickly becomes one person training the other.”

Pull your weight, says Thuymi Do: “To do what we do, there definitely can be no lazy member of the team.” 

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

Small%20Things%20Like%20These
%3Cp%3EDirector%3A%20Tim%20Mielants%3Cbr%3ECast%3A%20Cillian%20Murphy%2C%20Emily%20Watson%2C%20Eileen%20Walsh%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A
The specs
Engine: 2.4-litre 4-cylinder

Transmission: CVT auto

Power: 181bhp

Torque: 244Nm

Price: Dh122,900 

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

Price: From Dh450,000, Autograph model from Dh510,000

Available: Now

SPECS
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FIGHT CARD

 

1.           Featherweight 66kg

Ben Lucas (AUS) v Ibrahim Kendil (EGY)

2.           Lightweight 70kg

Mohammed Kareem Aljnan (SYR) v Alphonse Besala (CMR)

3.           Welterweight 77kg

Marcos Costa (BRA) v Abdelhakim Wahid (MAR)

4.           Lightweight 70kg

Omar Ramadan (EGY) v Abdimitalipov Atabek (KGZ)

5.           Featherweight 66kg

Ahmed Al Darmaki (UAE) v Kagimu Kigga (UGA)

6.           Catchweight 85kg

Ibrahim El Sawi (EGY) v Iuri Fraga (BRA)

7.           Featherweight 66kg

Yousef Al Husani (UAE) v Mohamed Allam (EGY)

8.           Catchweight 73kg

Mostafa Radi (PAL) v Abdipatta Abdizhali (KGZ)

9.           Featherweight 66kg

Jaures Dea (CMR) v Andre Pinheiro (BRA)

10.         Catchweight 90kg

Tarek Suleiman (SYR) v Juscelino Ferreira (BRA)

Pad Man

Dir: R Balki

Starring: Akshay Kumar, Sonam Kapoor, Radhika Apte

Three-and-a-half stars

The UN General Assembly President in quotes:

YEMEN: “The developments we have seen are promising. We really hope that the parties are going to respect the agreed ceasefire. I think that the sense of really having the political will to have a peace process is vital. There is a little bit of hope and the role that the UN has played is very important.”

PALESTINE: “There is no easy fix. We need to find the political will and comply with the resolutions that we have agreed upon.”

OMAN: “It is a very important country in our system. They have a very important role to play in terms of the balance and peace process of that particular part of the world, in that their position is neutral. That is why it is very important to have a dialogue with the Omani authorities.”

REFORM OF THE SECURITY COUNCIL: “This is complicated and it requires time. It is dependent on the effort that members want to put into the process. It is a process that has been going on for 25 years. That process is slow but the issue is huge. I really hope we will see some progress during my tenure.”

COMPANY%20PROFILE
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New UK refugee system

 

  • A new “core protection” for refugees moving from permanent to a more basic, temporary protection
  • Shortened leave to remain - refugees will receive 30 months instead of five years
  • A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
  • To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
  • Under core protection there will be no automatic right to family reunion
  • Refugees will have a reduced right to public funds
COMPANY PROFILE
Company name: BorrowMe (BorrowMe.com)

Date started: August 2021

Founder: Nour Sabri

Based: Dubai, UAE

Sector: E-commerce / Marketplace

Size: Two employees

Funding stage: Seed investment

Initial investment: $200,000

Investors: Amr Manaa (director, PwC Middle East) 

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

RESULTS

Bantamweight:
Zia Mashwani (PAK) bt Chris Corton (PHI)

Super lightweight:
Flavio Serafin (BRA) bt Mohammad Al Khatib (JOR)

Super lightweight:
Dwight Brooks (USA) bt Alex Nacfur (BRA)

Bantamweight:
Tariq Ismail (CAN) bt Jalal Al Daaja (JOR)

Featherweight:
Abdullatip Magomedov (RUS) bt Sulaiman Al Modhyan (KUW)

Middleweight:
Mohammad Fakhreddine (LEB) bt Christofer Silva (BRA)

Middleweight:
Rustam Chsiev (RUS) bt Tarek Suleiman (SYR)

Welterweight:
Khamzat Chimaev (SWE) bt Mzwandile Hlongwa (RSA)

Lightweight:
Alex Martinez (CAN) bt Anas Siraj Mounir (MAR)

Welterweight:
Jarrah Al Selawi (JOR) bt Abdoul Abdouraguimov (FRA)

From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

The specS: 2018 Toyota Camry

Price: base / as tested: Dh91,000 / Dh114,000

Engine: 3.5-litre V6

Gearbox: Eight-speed automatic

Power: 298hp @ 6,600rpm

Torque: 356Nm @ 4,700rpm

Fuel economy, combined: 7.0L / 100km

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.”

Company profile

Company: Verity

Date started: May 2021

Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif

Based: Dubai

Sector: FinTech

Size: four team members

Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000

Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors

The biog

Year of birth: 1988

Place of birth: Baghdad

Education: PhD student and co-researcher at Greifswald University, Germany

Hobbies: Ping Pong, swimming, reading

 

 

Electric scooters: some rules to remember
  • Riders must be 14-years-old or over
  • Wear a protective helmet
  • Park the electric scooter in designated parking lots (if any)
  • Do not leave electric scooter in locations that obstruct traffic or pedestrians
  • Solo riders only, no passengers allowed
  • Do not drive outside designated lanes
Updated: August 15, 2022, 4:29 AM