• Manchester City manager Pep Guardiola during the 1-1 draw with Everton at the Etihad Stadium on December 31, 2022. EPA
    Manchester City manager Pep Guardiola during the 1-1 draw with Everton at the Etihad Stadium on December 31, 2022. EPA
  • Erling Haaland celebrates with Jack Grealish after scoring. AFP
    Erling Haaland celebrates with Jack Grealish after scoring. AFP
  • Everton striker Demarai Gray celebrates after levelling the scores. AFP
    Everton striker Demarai Gray celebrates after levelling the scores. AFP
  • Demarai Gray scores for Everton. AFP
    Demarai Gray scores for Everton. AFP
  • Erling Haaland scores for Manchester City. AP
    Erling Haaland scores for Manchester City. AP
  • Demarai Gray celebrates scoring. Action Images
    Demarai Gray celebrates scoring. Action Images
  • Manchester City striker Erling Haaland celebrates with teammates after scoring the opening goal. AFP
    Manchester City striker Erling Haaland celebrates with teammates after scoring the opening goal. AFP
  • Erling Haaland celebrates scoring the opening goal. Reuters
    Erling Haaland celebrates scoring the opening goal. Reuters
  • Everton manager Frank Lampard. Reuters
    Everton manager Frank Lampard. Reuters
  • Erling Haaland scores for Manchester City against Everton. Getty
    Erling Haaland scores for Manchester City against Everton. Getty

Pep Guardiola admits Manchester City 'will not catch' high-flying Arsenal on current form


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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

  • NOTTINGHAM FOREST RATINGS: Dean Henderson - 6, Was completely rooted for the opener. Wasn’t given too much else to do. AP
    NOTTINGHAM FOREST RATINGS: Dean Henderson - 6, Was completely rooted for the opener. Wasn’t given too much else to do. AP
  • Serge Aurier - 8, While he struggled in one-on-ones against Christian Pulisic at times, Aurier refused to back down. Clinically scored Forest’s equaliser, then put Pierre-Emerick Aubameyang under pressure as the striker missed his header. Getty
    Serge Aurier - 8, While he struggled in one-on-ones against Christian Pulisic at times, Aurier refused to back down. Clinically scored Forest’s equaliser, then put Pierre-Emerick Aubameyang under pressure as the striker missed his header. Getty
  • Joe Worrall - 7, Having been beaten by Pulisic in the build-up to the opener, he made a host of defensive interventions including heading a cross away ahead of Kalidou Koulibaly and stopping another cross from reaching Kai Havertz. PA
    Joe Worrall - 7, Having been beaten by Pulisic in the build-up to the opener, he made a host of defensive interventions including heading a cross away ahead of Kalidou Koulibaly and stopping another cross from reaching Kai Havertz. PA
  • Willy Boly - 7, Unconvincingly flicked Pulisic’s cross onto his own crossbar, but then showed a willingness to defend on the front foot as he dispossessed Raheem Sterling high up the pitch. Headed the ball to Aurier for the equaliser. AP
    Willy Boly - 7, Unconvincingly flicked Pulisic’s cross onto his own crossbar, but then showed a willingness to defend on the front foot as he dispossessed Raheem Sterling high up the pitch. Headed the ball to Aurier for the equaliser. AP
  • Renan Lodi - 6, Stood and watched the ball for the opener, which meant he lost Sterling, although he went on to improve defensively and also made some dangerous forays forward. Booked for an overzealous challenge on Hakim Ziyech. Getty Images
    Renan Lodi - 6, Stood and watched the ball for the opener, which meant he lost Sterling, although he went on to improve defensively and also made some dangerous forays forward. Booked for an overzealous challenge on Hakim Ziyech. Getty Images
  • Remo Freuler - 7, Was another combative member of Forest’s midfield, also showing intelligence to halt Sterling on the edge of the box. Also played a nice pass for Awoniyi. Reuters
    Remo Freuler - 7, Was another combative member of Forest’s midfield, also showing intelligence to halt Sterling on the edge of the box. Also played a nice pass for Awoniyi. Reuters
  • Orel Mangala - 6, Did well to clean up a loose ball after Boly had cut out an attempted Chelsea pass, and he continued to break up the Blues’ play well. PA
    Orel Mangala - 6, Did well to clean up a loose ball after Boly had cut out an attempted Chelsea pass, and he continued to break up the Blues’ play well. PA
  • Ryan Yates - 7, Needed to play the ball to Johnson earlier as Forest broke, but he hassled Chelsea’s midfielders throughout, even after getting booked for taking things too far as he grabbed hold of Denis Zakaria. Played a great pass to find Morgan Gibbs-White for his chance. PA
    Ryan Yates - 7, Needed to play the ball to Johnson earlier as Forest broke, but he hassled Chelsea’s midfielders throughout, even after getting booked for taking things too far as he grabbed hold of Denis Zakaria. Played a great pass to find Morgan Gibbs-White for his chance. PA
  • Morgan Gibbs-White - 7, Overhit his early pass after doing well to get away from Koulibaly. Was desperately unlucky to see his shot stay out after hitting the crossbar. Reuters
    Morgan Gibbs-White - 7, Overhit his early pass after doing well to get away from Koulibaly. Was desperately unlucky to see his shot stay out after hitting the crossbar. Reuters
  • Taiwo Awoniyi - 7, Was almost unstoppable at times, with Koulibaly finding it especially difficult to deal with the forward once he got going. Did have a fairly tame shot saved in the second half. Reuters
    Taiwo Awoniyi - 7, Was almost unstoppable at times, with Koulibaly finding it especially difficult to deal with the forward once he got going. Did have a fairly tame shot saved in the second half. Reuters
  • Brennan Johnson - 6, Raced away brilliantly but couldn’t beat Kepa Arrizabalaga with two attempts, then in the second half he had a shot saved from a tight angle and another blocked. Had periods where he looked really bright. Getty
    Brennan Johnson - 6, Raced away brilliantly but couldn’t beat Kepa Arrizabalaga with two attempts, then in the second half he had a shot saved from a tight angle and another blocked. Had periods where he looked really bright. Getty
  • SUBS: Jack Colback (Mangala, 77’) – N/R, Showed plenty of energy in the middle to ensure Forest at least earned a point. AP
    SUBS: Jack Colback (Mangala, 77’) – N/R, Showed plenty of energy in the middle to ensure Forest at least earned a point. AP
  • Sam Surridge (Johnson, 82’) – N/R, Battled to win the ball from Hakim Ziyech and forced Conor Gallagher into the foul that got the midfielder booked. AFP
    Sam Surridge (Johnson, 82’) – N/R, Battled to win the ball from Hakim Ziyech and forced Conor Gallagher into the foul that got the midfielder booked. AFP
  • Neco Williams (Awoniyi, 88’) – N/R, Cleaned up the danger after Aubameyang’s wayward pass went behind Havertz. Getty
    Neco Williams (Awoniyi, 88’) – N/R, Cleaned up the danger after Aubameyang’s wayward pass went behind Havertz. Getty
  • CHELSEA RATINGS: Kepa Arrizabalaga - 7, Made various good saves, especially the ones that denied Johnson, although he was given no chance by Aurier’s strike. Reuters
    CHELSEA RATINGS: Kepa Arrizabalaga - 7, Made various good saves, especially the ones that denied Johnson, although he was given no chance by Aurier’s strike. Reuters
  • Cesar Azpilicueta - 5, Put in a good block to deny Gibbs-White in the first half, but often struggled in the second as he couldn’t keep up with Johnson as he ran behind then got booked for a foul on Lodi. Couldn’t get close enough to Aurier for the equaliser. Getty
    Cesar Azpilicueta - 5, Put in a good block to deny Gibbs-White in the first half, but often struggled in the second as he couldn’t keep up with Johnson as he ran behind then got booked for a foul on Lodi. Couldn’t get close enough to Aurier for the equaliser. Getty
  • Thiago Silva - 7, Showed his experience to deal with awkward situations, as he won a foul from Johnson, cut out Awoniyi’s cross and halted Gibbs-White’s burst forward. Some of his passes also made things awkward for Forest’s defence. Getty
    Thiago Silva - 7, Showed his experience to deal with awkward situations, as he won a foul from Johnson, cut out Awoniyi’s cross and halted Gibbs-White’s burst forward. Some of his passes also made things awkward for Forest’s defence. Getty
  • Kalidou Koulibaly - 4, While he passed the ball nicely in the first half, Koulibaly really struggled whenever Awoniyi ran at him, especially whenever he was pulled out into wider positions. Getty
    Kalidou Koulibaly - 4, While he passed the ball nicely in the first half, Koulibaly really struggled whenever Awoniyi ran at him, especially whenever he was pulled out into wider positions. Getty
  • Marc Cucurella - 6, Did well to keep Johnson going wide to make his opportunity in the first half more difficult in a fairly solid defensive display. Getty
    Marc Cucurella - 6, Did well to keep Johnson going wide to make his opportunity in the first half more difficult in a fairly solid defensive display. Getty
  • Jorginho - 6, Played some nice passes, including one to Sterling in the build-up to a chance for Mount. However, there were times where he was too easily taken out of the game. PA
    Jorginho - 6, Played some nice passes, including one to Sterling in the build-up to a chance for Mount. However, there were times where he was too easily taken out of the game. PA
  • Mason Mount - 7, Engaged in the combative side of the game and also showed quality at times, notably playing the ball through for Pulisic in the build-up to the opener. Made a great block to deny Morgan Gibbs-White. Getty
    Mason Mount - 7, Engaged in the combative side of the game and also showed quality at times, notably playing the ball through for Pulisic in the build-up to the opener. Made a great block to deny Morgan Gibbs-White. Getty
  • Denis Zakaria - 6, Put in a fairly dominant performance in midfield during the first half despite Yates making things difficult for him, although the Switzerland international faded in the second period. AP
    Denis Zakaria - 6, Put in a fairly dominant performance in midfield during the first half despite Yates making things difficult for him, although the Switzerland international faded in the second period. AP
  • Kai Havertz - 5, Linked play nicely at times but his touch was wasteful on two occasions where he could have had an opening. His unconvincing header was the first action in a poor defensive showing from Chelsea in Forest’s equaliser. AFP
    Kai Havertz - 5, Linked play nicely at times but his touch was wasteful on two occasions where he could have had an opening. His unconvincing header was the first action in a poor defensive showing from Chelsea in Forest’s equaliser. AFP
  • Christian Pulisic - 6, Looked threatening in one-on-one situations and delivered the cross that resulted in Sterling’s goal. However, he hit a weak shot from a promising position and was outjumped by Boly for the equaliser. Getty
    Christian Pulisic - 6, Looked threatening in one-on-one situations and delivered the cross that resulted in Sterling’s goal. However, he hit a weak shot from a promising position and was outjumped by Boly for the equaliser. Getty
  • Raheem Sterling - 7, Having already played a nice pass to pick out Mount for an opportunity, he clinically finished to open the scoring. He never really built on that and faded out of the match before being taken off. Reuters
    Raheem Sterling - 7, Having already played a nice pass to pick out Mount for an opportunity, he clinically finished to open the scoring. He never really built on that and faded out of the match before being taken off. Reuters
  • SUBS: Mateo Kovacic (Zakaria, 61’) – 5, Came on two minutes before Forest scored the equaliser and didn’t do much for the Blues' response. EPA
    SUBS: Mateo Kovacic (Zakaria, 61’) – 5, Came on two minutes before Forest scored the equaliser and didn’t do much for the Blues' response. EPA
  • Pierre-Emerick Aubameyang (Mount, 73’) – N/R, Tried to make things happen but missed the target with his header, then played a pass behind Havertz in the box. Reuters
    Pierre-Emerick Aubameyang (Mount, 73’) – N/R, Tried to make things happen but missed the target with his header, then played a pass behind Havertz in the box. Reuters
  • Hakim Ziyech (Jorginho, 73’) – N/R, Always looked to make things happen and delivered a superb cross that Aubameyang headed wide. AFP
    Hakim Ziyech (Jorginho, 73’) – N/R, Always looked to make things happen and delivered a superb cross that Aubameyang headed wide. AFP
  • Conor Gallagher (Sterling, 73’) – N/R, Was always looking to get on the ball and played some nice passes forward, although he got booked for cynically bringing down Surridge. Getty
    Conor Gallagher (Sterling, 73’) – N/R, Was always looking to get on the ball and played some nice passes forward, although he got booked for cynically bringing down Surridge. Getty
  • Carney Chukwuemeka (Pulisic, 87’) – N/R, Getting his first minutes since October, he wasn’t able to do enough to carve out a Chelsea winner. Getty
    Carney Chukwuemeka (Pulisic, 87’) – N/R, Getting his first minutes since October, he wasn’t able to do enough to carve out a Chelsea winner. Getty

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

In-demand jobs and monthly salaries
  • Technology expert in robotics and automation: Dh20,000 to Dh40,000 
  • Energy engineer: Dh25,000 to Dh30,000 
  • Production engineer: Dh30,000 to Dh40,000 
  • Data-driven supply chain management professional: Dh30,000 to Dh50,000 
  • HR leader: Dh40,000 to Dh60,000 
  • Engineering leader: Dh30,000 to Dh55,000 
  • Project manager: Dh55,000 to Dh65,000 
  • Senior reservoir engineer: Dh40,000 to Dh55,000 
  • Senior drilling engineer: Dh38,000 to Dh46,000 
  • Senior process engineer: Dh28,000 to Dh38,000 
  • Senior maintenance engineer: Dh22,000 to Dh34,000 
  • Field engineer: Dh6,500 to Dh7,500
  • Field supervisor: Dh9,000 to Dh12,000
  • Field operator: Dh5,000 to Dh7,000
Results

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

6pm: Abu Dhabi Fillies Classic Prestige (PA) Dh110,000 (T) 1,400m. Winner: Heba Al Wathba, Richard Mullen, Jean de Roualle

6.30pm: Abu Dhabi Colts Classic Prestige (PA) Dh110,000 (T) 1,400m. Winner: Hameem, Adrie de Vries, Abdallah Al Hammadi

7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 2,200m. Winner: Jawal Al Reef, Richard Mullen, Ahmed Al Mehairbi

Handicap (TB) Dh100,000 (T) 2,200m. Winner: Harbour Spirit, Adrie de Vries, Jaber Ramadhan.

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.”

Updated: January 04, 2023, 3:18 PM