Pep Guardiola has admitted his Manchester City team are facing a struggle to catch high-flying Arsenal at the top of the Premier League.
The Gunners are eight points clear of second-placed City, after Mikel Arteta's side drew 0-0 at home to Newcastle United on Tuesday.
Reigning champions City can close the gap back down to five if they defeat Chelsea at Stamford Bridge on Thursday night.
The Sky Blues were held to a frustrating draw of their own at the weekend when struggling Everton came away from the Etihad Stadium with a point – a result made all the more surprising considering the Merseysiders went on to lose 4-1 at home to Brighton on Tuesday.
“We have to reduce the gap by playing good and winning games, but they [Arsenal] get more than 100 points if they keep this average and we will not catch them,” Guardiola told a pre-match press conference on Wednesday.
“We have to be almost perfect and hope they drop their performance – yesterday they were excellent against Newcastle – and see what happens.”
Many would have expected Chelsea to be challenging for the title themselves, but Graham Potter's side are languishing 10th in the table have won just one of their last seven league games.
Guardiola, however, is expecting the usual battle against the Blues. “It's the Premier League, everyone is tough,” said the Spaniard. “That's why the predictions at the start of the season always my answer is I don't know. Nobody knows.
“We will see what happens, after the World Cup many things are going to happen. It doesn't matter the position you are when you travel [to Chelsea], it's always difficult.”
Aymeric Laporte will be given a fitness test ahead of the journey to London after missing the New Year's Eve game with Everton with a back problem but fellow centre-back Ruben Dias is still sidelined with a thigh injury.
Nottingham Forest 1 Chelsea 1: Player ratings
Potter, meanwhile, has refused to comment on Chelsea's reported targets this transfer window.
Chelsea – who drew 1-1 with Nottingham Forest on New Year's Day – have seen the likes of World Cup winner Enzo Fernandez, Andrey Santos, Benoit Badiashile, Joao Felix and Mykhailo Mudryk all linked as possible January signings.
Ivory Coast international David Datro Fofana is already through the door following his move from Molde.
Potter, though, would not be drawn into any speculation ahead of the City game. “It’s a good question but the problem is if I answer it and I’m specific in that answer, every single player in that area will be linked with Chelsea,” he said.
“So I have to dodge it – and I hope you can understand why I’m dodging it. I always answer that part of the question by saying that I’m the head coach and my responsibility is to the players that are here.
“We will try in every window to improve, but January is a complicated one because it’s the middle of the season.
“And in the meantime, we have to deal with all the noise of Chelsea getting linked with everybody and I don’t comment on any player that isn’t a Chelsea player.
“As always, and it’s a boring answer, but my job is to help the players that are here and support the club in terms of decisions they make in terms of how to improve.”
Chelsea will still be without right-back Reece James and goalkeeper Eduoard Mendy for Thursday's match.
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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
Russia's Muslim Heartlands
Dominic Rubin, Oxford
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5pm: Maiden (PA) Dh80,000 (Turf) 1,200m. Winner: Majd Al Megirat, Sam Hitchcott (jockey), Ahmed Al Shehhi (trainer)
5.30pm: Handicap (PA) Dh80,000 (T) 1,600m. Winner: Dassan Da, Patrick Cosgrave, Helal Al Alawi
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The bio
His favourite book - 1984 by George Orwell
His favourite quote - 'If you think education is expensive, try ignorance' by Derek Bok, Former President of Harvard
Favourite place to travel to - Peloponnese, Southern Greece
Favourite movie - The Last Emperor
Favourite personality from history - Alexander the Great
Role Model - My father, Yiannis Davos
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.”