• Barcelona's Robert Lewandowski reacts during the 2-0 Champions League defeat against his former club Bayern Munich on September 13, 2022. AFP
    Barcelona's Robert Lewandowski reacts during the 2-0 Champions League defeat against his former club Bayern Munich on September 13, 2022. AFP
  • Robert Lewandowski reacts. AFP
    Robert Lewandowski reacts. AFP
  • Robert Lewandowski had a frustrating night. AFP
    Robert Lewandowski had a frustrating night. AFP
  • Robert Lewandowski on the pitch. AFP
    Robert Lewandowski on the pitch. AFP
  • Bayern Munich's Lucas Hernandez celebrates scoring the first goal at Allianz Arena. Getty
    Bayern Munich's Lucas Hernandez celebrates scoring the first goal at Allianz Arena. Getty
  • Lucas Hernandez scores past Marc-Andre ter Stegen. Getty
    Lucas Hernandez scores past Marc-Andre ter Stegen. Getty
  • Bayern coach Julian Nagelsmann reacts. EPA
    Bayern coach Julian Nagelsmann reacts. EPA
  • Leroy Sane scores Bayern's second goal. Getty
    Leroy Sane scores Bayern's second goal. Getty
  • MUNICH, GERMANY - SEPTEMBER 13: Leroy Sane of Bayern Munich celebrates scoring their side's second goal during the UEFA Champions League group C match between FC Bayern München and FC Barcelona at Allianz Arena on September 13, 2022 in Munich, Germany. (Photo by Alex Grimm / Getty Images)
    MUNICH, GERMANY - SEPTEMBER 13: Leroy Sane of Bayern Munich celebrates scoring their side's second goal during the UEFA Champions League group C match between FC Bayern München and FC Barcelona at Allianz Arena on September 13, 2022 in Munich, Germany. (Photo by Alex Grimm / Getty Images)
  • Leroy Sane celebrates the second goal. AFP
    Leroy Sane celebrates the second goal. AFP
  • Barcelona coach Xavi Hernandez is frustrated on the sidelines. EPA
    Barcelona coach Xavi Hernandez is frustrated on the sidelines. EPA
  • Barcelona's Franck Kessie reacts. Reuters
    Barcelona's Franck Kessie reacts. Reuters
  • Barcelona's Robert Lewandowski fires in a free kick. AP
    Barcelona's Robert Lewandowski fires in a free kick. AP
  • Robert Lewandowski in action against his former club. Reuters
    Robert Lewandowski in action against his former club. Reuters
  • Robert Lewandowski in action with Bayern Munich's Lucas Hernandez. Reuters
    Robert Lewandowski in action with Bayern Munich's Lucas Hernandez. Reuters

Xavi 'angry' after Barcelona 'dominate' but lose to Bayern Munich


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Barcelona manager Xavi said he was "angry" after his side lost 2-0 to Bayern Munich in the Champions League on Tuesday night in a game he believed they "dominated".

After a frenetic but ultimately goalless first half at the Allianz Arena, Bayern scored twice in four minutes after the break through Lucas Hernandez and Leroy Sane. The victory moves the German champions top of Group C, three points above second-placed Barca.

Barcelona had more possession than Bayern and outshot the hosts 18-13.

"I am angry. I do not like to lose. We have not deserved it," said Xavi, who oversaw a defeat to Bayern last season in his sixth game in charge that sent the Catalans crashing out in the group stage.

"Last year I was angry because they were far superior to us. Today I think we played better than Bayern. We dominated them, we subdued them.

"We created many clear chances to score and it would have changed the match. In Champions League matches, it's always about details.

"At this level everything is very even and you pay for these mistakes and today it is a hard learning, but it is like that."

Xavi said his team need to minimise their mistakes if they are to be successful.

"There was an error at a corner, there was an error in a transition that we did not stop and they have stopped transitions many times," he said.

"And then what we have failed, we have failed a lot, there has been a lack of effectiveness that we have normally had ... So the way to play was very good, positive for this part, but negative for the result."

Barcelona manager Xavi Hernandez was not pleased with his team's performance. EPA
Barcelona manager Xavi Hernandez was not pleased with his team's performance. EPA

It was a forgettable return to Munich for Robert Lewandowski, who left the Bavarians for Barcelona this summer. The Polish striker has enjoyed a prolific start to life in Spain with nine goals in his first six games but was unable to add to that tally in his seventh appearance, despite several good chances.

Xavi insisted that the entire team needs to be more ruthless in front of goal after a match where Bayern's clinical finishing proved the difference.

“The difference between us and Bayern is that they don’t forgive in front of goal,” he said. “The result is not a reflection of the entire match. But this is the Champions League. If you miss chances, you will end up paying that. We messed up. This defeat is a step backwards."

Barcelona return to La Liga action on Saturday with a home match against Elche. Bayern, who ended a run of three straight draws by beating Barca, travel to Augsburg in the Bundesliga also on Saturday.

Bayern Munich v Barcelona player ratings

  • BAYERN MUNICH RATINGS: Manuel Neuer 6 – Made some good saves but had a moment of fear after gifting the ball to Lewandowski after 13 minutes. Getty Images
    BAYERN MUNICH RATINGS: Manuel Neuer 6 – Made some good saves but had a moment of fear after gifting the ball to Lewandowski after 13 minutes. Getty Images
  • Dayot Upamecano 8 – An impressive performance from the young centre-back who stood up well in a physical battle against Lewandowski. Getty Images
    Dayot Upamecano 8 – An impressive performance from the young centre-back who stood up well in a physical battle against Lewandowski. Getty Images
  • Lucas Hernandez 7 – Lost Alonso to head home past Ter Stegen for the opening goal. Reuters
    Lucas Hernandez 7 – Lost Alonso to head home past Ter Stegen for the opening goal. Reuters
  • Benjamin Pavard 5 – Forced off with a thigh injury after 21 minutes following a collision with Alonso in the opening stages. AFP
    Benjamin Pavard 5 – Forced off with a thigh injury after 21 minutes following a collision with Alonso in the opening stages. AFP
  • Alphonso Davies 8 – An all-round performance from the flying full-back, who showed blistering pace to propel his side forward and get back and deny the Barcelona counterattack. EPA
    Alphonso Davies 8 – An all-round performance from the flying full-back, who showed blistering pace to propel his side forward and get back and deny the Barcelona counterattack. EPA
  • Joshua Kimmich 8 – Superb delivery from the corner for Hernandez’s opener and ensured his former teammate Lewandowski would not get a goal in the final minute with a vital intervention. AFP
    Joshua Kimmich 8 – Superb delivery from the corner for Hernandez’s opener and ensured his former teammate Lewandowski would not get a goal in the final minute with a vital intervention. AFP
  • Marcel Sabitzer 6 – Came close with an effort that crept wide at the half-hour mark. The Austrian was unlucky to be booked after a 50-50 with Busquets in the first half. AP Photo
    Marcel Sabitzer 6 – Came close with an effort that crept wide at the half-hour mark. The Austrian was unlucky to be booked after a 50-50 with Busquets in the first half. AP Photo
  • Leroy Sane 7 – Rolled the ball past Ter Stegen after 53 minutes to score the second goal of the night. The German was unhappy to be substituted after 80 minutes, despite his team’s performance. AFP
    Leroy Sane 7 – Rolled the ball past Ter Stegen after 53 minutes to score the second goal of the night. The German was unhappy to be substituted after 80 minutes, despite his team’s performance. AFP
  • Jamal Musiala 7 – The 19-year-old was at ease in the second half and produced a perfectly weighted pass to assist Sane for the second goal. The young midfielder could have shown more composure with his finishing. AFP
    Jamal Musiala 7 – The 19-year-old was at ease in the second half and produced a perfectly weighted pass to assist Sane for the second goal. The young midfielder could have shown more composure with his finishing. AFP
  • Sadio Mane 5 – A subdued performance from the Senegal international, with few chances falling his way and he was replaced by Gnabry after 70 minutes. EPA
    Sadio Mane 5 – A subdued performance from the Senegal international, with few chances falling his way and he was replaced by Gnabry after 70 minutes. EPA
  • Thomas Muller 6 – Had a good game in midfield, but arguably a quiet night by the German’s standards. Reuters
    Thomas Muller 6 – Had a good game in midfield, but arguably a quiet night by the German’s standards. Reuters
  • SUBS: Noussair Mazraoui (Pavard, 21) – A strong cameo after coming on to replace the injured Pavard. Had a decent effort from outside the box saved at the half-hour mark. AFP
    SUBS: Noussair Mazraoui (Pavard, 21) – A strong cameo after coming on to replace the injured Pavard. Had a decent effort from outside the box saved at the half-hour mark. AFP
  • Leon Goretzka (Sabitzer, 46) 7 – A much-needed dominating presence in the middle of the park following his introduction at half time, and a strike on the edge of the area was matched by Ter Stegen. AP Photo
    Leon Goretzka (Sabitzer, 46) 7 – A much-needed dominating presence in the middle of the park following his introduction at half time, and a strike on the edge of the area was matched by Ter Stegen. AP Photo
  • Serge Gnabry (Mane, 70) N/A. AFP
    Serge Gnabry (Mane, 70) N/A. AFP
  • Ryan Gravenberch (Musiala, 80) N/A. AFP
    Ryan Gravenberch (Musiala, 80) N/A. AFP
  • Mathys Tel (Sane, 80) N/A. Getty Images
    Mathys Tel (Sane, 80) N/A. Getty Images
  • BARCELONA RATINGS: Marc-Andre ter Stegen 6 - Back home in Germany against a side who’ve drawn their last three Bundesliga games. Easy save from a 26th minute effort from Mazraoui. Dived to his right to save from Muller on 49, but then beaten twice in three minutes, which meant he was on the losing side for the first time this season. AFP
    BARCELONA RATINGS: Marc-Andre ter Stegen 6 - Back home in Germany against a side who’ve drawn their last three Bundesliga games. Easy save from a 26th minute effort from Mazraoui. Dived to his right to save from Muller on 49, but then beaten twice in three minutes, which meant he was on the losing side for the first time this season. AFP
  • Marcos Alonso 7 – A surprise start ahead of Jordi Alba. Touched the ball more than any other player on the pitch but he didn’t track Hernandez, who put Bayern ahead from Kimmich a corner on 50 minutes. That set his team back and they never recovered. EPA
    Marcos Alonso 7 – A surprise start ahead of Jordi Alba. Touched the ball more than any other player on the pitch but he didn’t track Hernandez, who put Bayern ahead from Kimmich a corner on 50 minutes. That set his team back and they never recovered. EPA
  • Andreas Christensen 6 – Started ahead of Eric Garcia, who replaced him on 70 minutes as Xavi continued his rotations. There’s two thoughts on this: a top side should have a stable defence. And a top side needs to rotate players. The jury is out with Barcelona’s defence under Xavi. EPA
    Andreas Christensen 6 – Started ahead of Eric Garcia, who replaced him on 70 minutes as Xavi continued his rotations. There’s two thoughts on this: a top side should have a stable defence. And a top side needs to rotate players. The jury is out with Barcelona’s defence under Xavi. EPA
  • Ronald Araujo 6 - Fine in the first half, like his team, then Barça’s defence were undone twice and the attack stopped attacking in the second half after Bayern found their stride. AP Photo
    Ronald Araujo 6 - Fine in the first half, like his team, then Barça’s defence were undone twice and the attack stopped attacking in the second half after Bayern found their stride. AP Photo
  • Jules Kounde 6 - Couldn’t get near Sane, who burst between defenders, to score Bayern’s second. This Barcelona squad have some great players, but they’re still coming together as a team. AFP
    Jules Kounde 6 - Couldn’t get near Sane, who burst between defenders, to score Bayern’s second. This Barcelona squad have some great players, but they’re still coming together as a team. AFP
  • Sergio Busquets 6 - A knock on the mouth from Musiala but central to Barcelona’s best first half in Europe for a long time. Good battle between him and Musiala. Booked. AFP
    Sergio Busquets 6 - A knock on the mouth from Musiala but central to Barcelona’s best first half in Europe for a long time. Good battle between him and Musiala. Booked. AFP
  • Pedri 7 - Shot on target after 8 minutes was brilliant, but his moment came after 62 when he ran though the Bayern defence and received a ball which he clipped over Neuer and onto the post. Reuters
    Pedri 7 - Shot on target after 8 minutes was brilliant, but his moment came after 62 when he ran though the Bayern defence and received a ball which he clipped over Neuer and onto the post. Reuters
  • Gavi 6 - Set up Lewandowski on 18 minutes, tracked Mane throughout. Brought off just after Bayern made it 30 games unbeaten in Champions League group games. AFP
    Gavi 6 - Set up Lewandowski on 18 minutes, tracked Mane throughout. Brought off just after Bayern made it 30 games unbeaten in Champions League group games. AFP
  • Ousmane Dembele 7 - Lively for a side who made nine attempts on goal in the first 30 minutes. Brought down on the edge of the box on 43 minutes. Outrageous skill as he drifted past players on 67. AP Photo
    Ousmane Dembele 7 - Lively for a side who made nine attempts on goal in the first 30 minutes. Brought down on the edge of the box on 43 minutes. Outrageous skill as he drifted past players on 67. AP Photo
  • Robert Lewandowski 6 - Central to Barça’s first quality attack on eight minutes. The man with nine goals in his last five games should’ve scored having been set up by Gavi on 17 and again with a header on 18. You have to take your chances. In the stadium where he was loved for so long, he didn’t. Not his night. Getty Images
    Robert Lewandowski 6 - Central to Barça’s first quality attack on eight minutes. The man with nine goals in his last five games should’ve scored having been set up by Gavi on 17 and again with a header on 18. You have to take your chances. In the stadium where he was loved for so long, he didn’t. Not his night. Getty Images
  • Raphinha 7 - Wrapped his foot around the ball to make a low drive on 25 having been set up by Lewandowski. Made a similar shot immediately after half time, before being brought off. AFP
    Raphinha 7 - Wrapped his foot around the ball to make a low drive on 25 having been set up by Lewandowski. Made a similar shot immediately after half time, before being brought off. AFP
  • SUBS: Frenkie de Jong 6 - On for Gavi after 60 and set up Lewandowski with on 66. Moved well. EPA
    SUBS: Frenkie de Jong 6 - On for Gavi after 60 and set up Lewandowski with on 66. Moved well. EPA
  • Ferran Torres 7 - On for Raphinha after an hour. Linked up well with Lewandowski, but without any end result. Had a shot deflected wide on 86. AFP
    Ferran Torres 7 - On for Raphinha after an hour. Linked up well with Lewandowski, but without any end result. Had a shot deflected wide on 86. AFP
  • Ansu Fati N/A - On for Dembele on 80. Ran into a crowd of Bayern defenders and couldn’t get a shot off on 85. EPA
    Ansu Fati N/A - On for Dembele on 80. Ran into a crowd of Bayern defenders and couldn’t get a shot off on 85. EPA
  • Franck Kessie NA - On for Busquets after 80 to add energy to a tiring side. AFP
    Franck Kessie NA - On for Busquets after 80 to add energy to a tiring side. AFP
The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

The biog

Prefers vegetables and fish to meat and would choose salad over pizza

Walks daily as part of regular exercise routine 

France is her favourite country to visit

Has written books and manuals on women’s education, first aid and health for the family

Family: Husband, three sons and a daughter

Fathiya Nadhari's instructions to her children was to give back to the country

The children worked as young volunteers in social, education and health campaigns

Her motto is to never stop working for the country

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%3Cp%3E%3Cstrong%3EYoungest%20debutant%20for%20Barcelona%3A%3C%2Fstrong%3E%2015%20years%20and%20290%20days%20v%20Real%20Betis%3Cbr%3E%3Cstrong%3EYoungest%20La%20Liga%20starter%20in%20the%2021st%20century%3A%20%3C%2Fstrong%3E16%20years%20and%2038%20days%20v%20Cadiz%3Cbr%3E%3Cstrong%3EYoungest%20player%20to%20register%20an%20assist%20in%20La%20Liga%20in%20the%2021st%20century%3A%20%3C%2Fstrong%3E16%20years%20and%2045%20days%20v%20Villarreal%3Cbr%3E%3Cstrong%3EYoungest%20debutant%20for%20Spain%3A%3C%2Fstrong%3E%2016%20years%20and%2057%20days%20v%20Georgia%3Cbr%3E%3Cstrong%3EYoungest%20goalscorer%20for%20Spain%3A%3C%2Fstrong%3E%2016%20years%20and%2057%20days%3Cbr%3E%3Cstrong%3EYoungest%20player%20to%20score%20in%20a%20Euro%20qualifier%3A%3C%2Fstrong%3E%2016%20years%20and%2057%20days%3C%2Fp%3E%0A

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.”

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 14, 2022, 6:02 AM