• Manchester United's Raphael Varane celebrates at the end of the English Premier League soccer match between Manchester United and Manchester City at Old Trafford in Manchester, England, Saturday, Jan. 14, 2023. (AP Photo / Dave Thompson)
    Manchester United's Raphael Varane celebrates at the end of the English Premier League soccer match between Manchester United and Manchester City at Old Trafford in Manchester, England, Saturday, Jan. 14, 2023. (AP Photo / Dave Thompson)
  • Manchester United's Raphael Varane celebrates with the Old Trafford crowd after the final whistle. PA
    Manchester United's Raphael Varane celebrates with the Old Trafford crowd after the final whistle. PA
  • Raphael Varane celebrates with Manchester United teammate Casemiro. Getty
    Raphael Varane celebrates with Manchester United teammate Casemiro. Getty
  • Raphael Varane celebrates the win over Manchester City with the fans. Getty
    Raphael Varane celebrates the win over Manchester City with the fans. Getty
  • Raphael Varane celebrates with Manchester United teammates at the end of the game. Getty
    Raphael Varane celebrates with Manchester United teammates at the end of the game. Getty
  • Raphael Varane celebrates the victory. Getty
    Raphael Varane celebrates the victory. Getty
  • Manchester United's Raphael Varane battles with Manchester City's Erling Haaland in the derby. PA
    Manchester United's Raphael Varane battles with Manchester City's Erling Haaland in the derby. PA
  • Manchester United's Raphael Varane in action during the derby. Reuters
    Manchester United's Raphael Varane in action during the derby. Reuters
  • Manchester United's Raphael Varane in action against Manchester City's Phil Foden. EPA
    Manchester United's Raphael Varane in action against Manchester City's Phil Foden. EPA

Raphael Varane on how Man United pulled off their stunning derby victory over City


Andy Mitten
  • English
  • Arabic

Raphael’s work was complete. He’d played another peerless game in Manchester United’s defence – though he had to overcome the surprise of United conceding a first league goal at home since September 4, when Arsenal were defeated 3-1.

The comeback against Manchester City was a high point of a season that started badly but is now bringing many for United fans. Erik ten Hag’s side have won their last nine matches and moved up to third in the Premier League, just one point behind City. It was after that win against Pep Guardiola’s side that Varane walked towards J-Stand and began to salute the fans in that section, his clenched fists rising three times to huge cheers.

The National spoke to the French international defender after the game and he explained: “At the end I felt a connection with the fans. We really want to win and to do that against a big rival, in our home. We live stronger with this. It was beautiful. It’s a special stadium with a magnificent atmosphere. It’s amazing.”

How was that today?

Very good. I’m really happy. It was a good game. We prepared so well tactically for this game with the Mister (the manager). We spoke a lot with him. We knew exactly what we wanted to do. In this game we played better in the first half but we didn’t score. In the second part we played a little poor. It was difficult, City played well. Then we became efficient. It was a special game, a comeback and in our own home.

We’re now much better than the last game [against City]. We know better now what the manager wants and how he wants to do it. We’ve seen the evolution in this team. It was a complete game at a high level. We’re very happy.

You mentioned tactical preparations, describe them please

We know that City play very well. They press, they have a lot of the ball. So we chose when to press and where to close the spaces. We knew where to hurt them and we have players who are very fast up front. We had to use our fast players.

And the comeback, describe the mentality of the players to come back?

After the first goal, we didn’t let our heads drop, even though we conceded a goal in our home. But we also knew that we had the energy of the fans. We continued to follow our plan. Then we scored and that changed the whole game.

Was that your best moment so far in this club?

One of them, for sure. I’ve not seen the league table yet but it was beautiful.

The league table is looking very good. Is a title challenge possible?

Everything is possible. We’ll just take it game by game. It’s a long way to go and it’s very difficult. The intensity of every game is incredible, the physical effort. It’s like the same intensity of a big Champions [League] game every game. The rhythm is very high. The players are very well prepared physically. We know how difficult it is. But we’re solid, we’re strong. We just need to use the quality players with the ball.

Can we talk about some of those players – the defenders?

Really good today. Concentrated. Aggressive, well-positioned. We spoke a lot during the game about where to close down the spaces and where to cover for each other. We spoke a lot about this before the game too. You cannot leave a single second to chance against a team like City.

And with Casemiro in front of you?

There are no words. Ok, he covers so much ground. He runs so much. He’s aggressive when he wants the ball, yet calm when he has the ball. He was incredible one more time.”

  • MANCHESTER UNITED RATINGS: David De Gea - 7, City had more possession but fewer chances in the first half – just one shot to United’s four. A couple of poor balls out and couldn’t do much for City’s goal. Getty
    MANCHESTER UNITED RATINGS: David De Gea - 7, City had more possession but fewer chances in the first half – just one shot to United’s four. A couple of poor balls out and couldn’t do much for City’s goal. Getty
  • Tyrell Malacia - 9, His best United game. Made a fine run on a 32nd minute counter attack but the pass from Fernandes didn’t come to him. Excellent cutting out a 54th minute De Bruyne ball. Targeted in the last derby, a 3-6 defeat. Much better in this one, though a 75th minute cross was a poor one. PA
    Tyrell Malacia - 9, His best United game. Made a fine run on a 32nd minute counter attack but the pass from Fernandes didn’t come to him. Excellent cutting out a 54th minute De Bruyne ball. Targeted in the last derby, a 3-6 defeat. Much better in this one, though a 75th minute cross was a poor one. PA
  • Luke Shaw - 9, Surprise starter and busy as City put a lot of balls into the United box. Took the ball off Bernardo to break up a 54th minute City attack. Roared on after a 94th minute interception which stopped a City attack. And again in the 95th minute. AFP
    Luke Shaw - 9, Surprise starter and busy as City put a lot of balls into the United box. Took the ball off Bernardo to break up a 54th minute City attack. Roared on after a 94th minute interception which stopped a City attack. And again in the 95th minute. AFP
  • Raphael Varane - 9, He’s brilliant. Followed Haaland closely and bested him throughout. Rapid when clearing up loose ball, snuffing attacks out. Went towards J Stand at the end and bellowed in celebration with the fans. This is why he joined United. Magnificent performance. Reuters
    Raphael Varane - 9, He’s brilliant. Followed Haaland closely and bested him throughout. Rapid when clearing up loose ball, snuffing attacks out. Went towards J Stand at the end and bellowed in celebration with the fans. This is why he joined United. Magnificent performance. Reuters
  • Aaron Wan-Bissaka - 8, Big test for the man – and he was up to it. Grew stronger in the second half, battled, won tackles and even had a shot on goal. AFP
    Aaron Wan-Bissaka - 8, Big test for the man – and he was up to it. Grew stronger in the second half, battled, won tackles and even had a shot on goal. AFP
  • Fred - 8, Man-marked De Bruyne. Two super tackles on him after 18, to huge cheers. Energy to the end. Like a rat up a drainpipe. Magnificent. EPA
    Fred - 8, Man-marked De Bruyne. Two super tackles on him after 18, to huge cheers. Energy to the end. Like a rat up a drainpipe. Magnificent. EPA
  • Casemiro - 8, Headed corners away. Blocked Haaland’s shot on 24. Couldn’t get close enough to De Bruyne as he set up City’s opener. Ball towards Rashford set up the equaliser – though Fernandes converted it. Helped United be so good out of possession. PA
    Casemiro - 8, Headed corners away. Blocked Haaland’s shot on 24. Couldn’t get close enough to De Bruyne as he set up City’s opener. Ball towards Rashford set up the equaliser – though Fernandes converted it. Helped United be so good out of possession. PA
  • Christian Eriksen - 6, Played in the No 10 role and put Fernandes in for an early shot. Combined well with Rashford in a 37th minute attack. Booked for a second foul on Grealish and brought off soon after. PA
    Christian Eriksen - 6, Played in the No 10 role and put Fernandes in for an early shot. Combined well with Rashford in a 37th minute attack. Booked for a second foul on Grealish and brought off soon after. PA
  • Bruno Fernandes - 8, Played on the right, defended well, pressed well. Manager’s man of the match. Shot wide after 11 following an Eriksen assist. Poor ball towards Malacia on 32 as United countered. Lofted a clever ball forward. Then he equalised – what a (controversial) moment. Getty
    Bruno Fernandes - 8, Played on the right, defended well, pressed well. Manager’s man of the match. Shot wide after 11 following an Eriksen assist. Poor ball towards Malacia on 32 as United countered. Lofted a clever ball forward. Then he equalised – what a (controversial) moment. Getty
  • Anthony Martial - 5, Surprise start given his manager said he was injured. Effective when coming back early in the game and linking up on the attacks, but he didn’t press as he should – and did against City in previous derbies. Off at half time. Getty
    Anthony Martial - 5, Surprise start given his manager said he was injured. Effective when coming back early in the game and linking up on the attacks, but he didn’t press as he should – and did against City in previous derbies. Off at half time. Getty
  • Marcus Rashford - 8, Linked with those around him. Broke on 33 and shot but it was easily cleared. Burned Rodri off on 37 but ran out of space as Ederson came out and made a top save. Pulled up soon after and it looked like he’d have to leave the field at half time. He didn’t and stayed on to get the 82nd minute winner, the ninth consecutive game he’s scored in. AFP
    Marcus Rashford - 8, Linked with those around him. Broke on 33 and shot but it was easily cleared. Burned Rodri off on 37 but ran out of space as Ederson came out and made a top save. Pulled up soon after and it looked like he’d have to leave the field at half time. He didn’t and stayed on to get the 82nd minute winner, the ninth consecutive game he’s scored in. AFP
  • SUBS: Antony - 5, On for Martial at half time. Didn’t do much. Reuters
    SUBS: Antony - 5, On for Martial at half time. Didn’t do much. Reuters
  • Alejandro Garnacho - 7, On for Eriksen after 71. Energetic and ran down left. Tried to cross, the ball hit Ake’s face and came back to him. He turned, then hit a left footed cross towards Rashford for the winner. EPA
    Alejandro Garnacho - 7, On for Eriksen after 71. Energetic and ran down left. Tried to cross, the ball hit Ake’s face and came back to him. He turned, then hit a left footed cross towards Rashford for the winner. EPA
  • Harry Maguire N/A. Lisandro Martinez N/A. Scott McTominay N/A. Reuters
    Harry Maguire N/A. Lisandro Martinez N/A. Scott McTominay N/A. Reuters
  • MANCHESTER CITY RATINGS: Ederson - 5, Looked shaky at times, notably rushing out and being beaten to the ball by Rashford, but did well to smother the United forward later in the first half. Little he could have done about the goals. PA
    MANCHESTER CITY RATINGS: Ederson - 5, Looked shaky at times, notably rushing out and being beaten to the ball by Rashford, but did well to smother the United forward later in the first half. Little he could have done about the goals. PA
  • Kyle Walker - 6, Was solid for large periods, notably stepping out to stop Fernandes’ pass to Malacia, and got forward well with one ambitious shot fizzing agonisingly wide before half time. Was beaten by Fernandes for the equaliser. PA
    Kyle Walker - 6, Was solid for large periods, notably stepping out to stop Fernandes’ pass to Malacia, and got forward well with one ambitious shot fizzing agonisingly wide before half time. Was beaten by Fernandes for the equaliser. PA
  • Manuel Akanji - 6, Cleared Rashford’s shot off the line then stopped Martial getting off a convincing header. Did superbly to stop Malacia’s ball through, then halted Garnacho’s run but was involved as Fernandes equalised then completely lost Rashford as United went ahead. AFP
    Manuel Akanji - 6, Cleared Rashford’s shot off the line then stopped Martial getting off a convincing header. Did superbly to stop Malacia’s ball through, then halted Garnacho’s run but was involved as Fernandes equalised then completely lost Rashford as United went ahead. AFP
  • Nathan Ake - 6, Wasn’t afraid to step out and make an impact, whether that was on the ball or winning it back. However, he was turned by Garnacho before the substitute set up the winner. AP
    Nathan Ake - 6, Wasn’t afraid to step out and make an impact, whether that was on the ball or winning it back. However, he was turned by Garnacho before the substitute set up the winner. AP
  • Joao Cancelo - 7, Showed early intent with a burst forward while also defending well, notably reaching Martial’s pass ahead of Rashford and heading away Shaw’s cross. AFP
    Joao Cancelo - 7, Showed early intent with a burst forward while also defending well, notably reaching Martial’s pass ahead of Rashford and heading away Shaw’s cross. AFP
  • Kevin De Bruyne - 8, Was frustrated by Fred early on but his influence grew as the game progressed with the Belgian’s delightful dink setting up Grealish’s opener. Couldn’t quite unlock United’s defence as City chased the equaliser. EPA
    Kevin De Bruyne - 8, Was frustrated by Fred early on but his influence grew as the game progressed with the Belgian’s delightful dink setting up Grealish’s opener. Couldn’t quite unlock United’s defence as City chased the equaliser. EPA
  • Rodrigo - 7, Put in a lot of strong defensive work, winning the ball back when United threatened to break forward and doing well to keep Rashford under pressure when he was bearing down on goal. PA
    Rodrigo - 7, Put in a lot of strong defensive work, winning the ball back when United threatened to break forward and doing well to keep Rashford under pressure when he was bearing down on goal. PA
  • Bernardo Silva - 5, Dropped deep to get the ball in the first half but played a poor pass that resulted in a chance for Fernandes. Couldn’t quite play Haaland through, then tried to head the ball back when there was the chance to go for goal. AFP
    Bernardo Silva - 5, Dropped deep to get the ball in the first half but played a poor pass that resulted in a chance for Fernandes. Couldn’t quite play Haaland through, then tried to head the ball back when there was the chance to go for goal. AFP
  • Riyad Mahrez - 6, Was frustrated by the amount of times Malacia fouled him in the first half and had a poor pass cut out in a promising position. Played a lovely flick to help a De Bruyne burst forward. Getty
    Riyad Mahrez - 6, Was frustrated by the amount of times Malacia fouled him in the first half and had a poor pass cut out in a promising position. Played a lovely flick to help a De Bruyne burst forward. Getty
  • Erling Haaland - 5, Tried to come deep to get on the ball and saw his one real shot blocked by Casemiro. Made a strong defensive header from a United corner but was unable to get a shot off before Casemiro tackled him. AFP
    Erling Haaland - 5, Tried to come deep to get on the ball and saw his one real shot blocked by Casemiro. Made a strong defensive header from a United corner but was unable to get a shot off before Casemiro tackled him. AFP
  • Phil Foden - 4, Was very quiet and was caught offside a few times. Couldn’t get a convincing header on De Bruyne’s cross and played a poor pass in a promising position. Hooked after 57 minutes. EPA
    Phil Foden - 4, Was very quiet and was caught offside a few times. Couldn’t get a convincing header on De Bruyne’s cross and played a poor pass in a promising position. Hooked after 57 minutes. EPA
  • SUB: Jack Grealish (Foden, 57’) - 8, Made an instant impact as he headed home De Bruyne’s cross, then continued to get on the ball. His late cross required a superb defensive header from Shaw. AFP
    SUB: Jack Grealish (Foden, 57’) - 8, Made an instant impact as he headed home De Bruyne’s cross, then continued to get on the ball. His late cross required a superb defensive header from Shaw. AFP
Sunday's games

All times UAE:

Tottenham Hotspur v Crystal Palace, 4pm

Manchester City v Arsenal, 6.15pm

Everton v Watford, 8.30pm

Chelsea v Manchester United, 8.30pm

What is an ETF?

An exchange traded fund is a type of investment fund that can be traded quickly and easily, just like stocks and shares. They come with no upfront costs aside from your brokerage's dealing charges and annual fees, which are far lower than on traditional mutual investment funds. Charges are as low as 0.03 per cent on one of the very cheapest (and most popular), Vanguard S&P 500 ETF, with the maximum around 0.75 per cent.

There is no fund manager deciding which stocks and other assets to invest in, instead they passively track their chosen index, country, region or commodity, regardless of whether it goes up or down.

The first ETF was launched as recently as 1993, but the sector boasted $5.78 billion in assets under management at the end of September as inflows hit record highs, according to the latest figures from ETFGI, a leading independent research and consultancy firm.

There are thousands to choose from, with the five largest providers BlackRock’s iShares, Vanguard, State Street Global Advisers, Deutsche Bank X-trackers and Invesco PowerShares.

While the best-known track major indices such as MSCI World, the S&P 500 and FTSE 100, you can also invest in specific countries or regions, large, medium or small companies, government bonds, gold, crude oil, cocoa, water, carbon, cattle, corn futures, currency shifts or even a stock market crash. 

The Byblos iftar in numbers

29 or 30 days – the number of iftar services held during the holy month

50 staff members required to prepare an iftar

200 to 350 the number of people served iftar nightly

160 litres of the traditional Ramadan drink, jalab, is served in total

500 litres of soup is served during the holy month

200 kilograms of meat is used for various dishes

350 kilograms of onion is used in dishes

5 minutes – the average time that staff have to eat
 

The specs: Lamborghini Aventador SVJ

Price, base: Dh1,731,672

Engine: 6.5-litre V12

Gearbox: Seven-speed automatic

Power: 770hp @ 8,500rpm

Torque: 720Nm @ 6,750rpm

Fuel economy: 19.6L / 100km

UAE currency: the story behind the money in your pockets
RESULTS

Bantamweight: Victor Nunes (BRA) beat Azizbek Satibaldiev (KYG). Round 1 KO

Featherweight: Izzeddin Farhan (JOR) beat Ozodbek Azimov (UZB). Round 1 rear naked choke

Middleweight: Zaakir Badat (RSA) beat Ercin Sirin (TUR). Round 1 triangle choke

Featherweight: Ali Alqaisi (JOR) beat Furkatbek Yokubov (UZB). Round 1 TKO

Featherweight: Abu Muslim Alikhanov (RUS) beat Atabek Abdimitalipov (KYG). Unanimous decision

Catchweight 74kg: Mirafzal Akhtamov (UZB) beat Marcos Costa (BRA). Split decision

Welterweight: Andre Fialho (POR) beat Sang Hoon-yu (KOR). Round 1 TKO

Lightweight: John Mitchell (IRE) beat Arbi Emiev (RUS). Round 2 RSC (deep cuts)

Middleweight: Gianni Melillo (ITA) beat Mohammed Karaki (LEB)

Welterweight: Handesson Ferreira (BRA) beat Amiran Gogoladze (GEO). Unanimous decision

Flyweight (Female): Carolina Jimenez (VEN) beat Lucrezia Ria (ITA), Round 1 rear naked choke

Welterweight: Daniel Skibinski (POL) beat Acoidan Duque (ESP). Round 3 TKO

Lightweight: Martun Mezhlumyan (ARM) beat Attila Korkmaz (TUR). Unanimous decision

Bantamweight: Ray Borg (USA) beat Jesse Arnett (CAN). Unanimous decision

Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

TV: World Cup Qualifier 2018 matches will be aired on on OSN Sports HD Cricket channel

WITHIN%20SAND
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RESULTS

6pm: Mazrat Al Ruwayah – Group 2 (PA) $40,000 (Dirt) 1,600m
Winner: AF Alajaj, Tadhg O’Shea (jockey), Ernst Oertel (trainer)

6.35pm: Race of Future – Handicap (TB) $80,000 (Turf) 2,410m
Winner: Global Storm, William Buick, Charlie Appleby

7.10pm: UAE 2000 Guineas – Group 3 (TB) $150,000 (D) 1,600m
Winner: Azure Coast, Antonio Fresu, Pavel Vashchenko

7.45pm: Business Bay Challenge – Listed (TB) $100,000 (T) 1,400m
Winner: Storm Damage, Patrick Cosgrave, Saeed bin Suroor

20.20pm: Curlin Stakes – Listed (TB) $100,000 (D) 2,000m
Winner: Appreciated, Fernando Jara, Doug O’Neill

8.55pm: Singspiel Stakes – Group 2 (TB) $180,000 (T) 1,800m
Winner: Lord Glitters, Daniel Tudhope, David O'Meara

9.30pm: Al Shindagha Sprint – Group 3 (TB) $150,000 (D) 1,200m
Winner: Meraas, Antonio Fresu, Musabah Al Muhairi

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

Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

UAE SQUAD FOR ASIAN JIU-JITSU CHAMPIONSHIP

Men’s squad: Faisal Al Ketbi, Omar Al Fadhli, Zayed Al Kathiri, Thiab Al Nuaimi, Khaled Al Shehhi, Mohamed Ali Al Suwaidi, Farraj Khaled Al Awlaqi, Muhammad Al Ameri, Mahdi Al Awlaqi, Saeed Al Qubaisi, Abdullah Al Qubaisi and Hazaa Farhan

Women's squad: Hamda Al Shekheili, Shouq Al Dhanhani, Balqis Abdullah, Sharifa Al Namani, Asma Al Hosani, Maitha Sultan, Bashayer Al Matrooshi, Maha Al Hanaei, Shamma Al Kalbani, Haya Al Jahuri, Mahra Mahfouz, Marwa Al Hosani, Tasneem Al Jahoori and Maryam Al Amri

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UAE currency: the story behind the money in your pockets
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Fasset%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2019%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Mohammad%20Raafi%20Hossain%2C%20Daniel%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20%242.45%20million%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2086%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-series%20B%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Investcorp%2C%20Liberty%20City%20Ventures%2C%20Fatima%20Gobi%20Ventures%2C%20Primal%20Capital%2C%20Wealthwell%20Ventures%2C%20FHS%20Capital%2C%20VN2%20Capital%2C%20local%20family%20offices%3C%2Fp%3E%0A
New schools in Dubai
Superliminal%20
%3Cp%3EDeveloper%3A%20Pillow%20Castle%20Games%0D%3Cbr%3EPublisher%3A%20Pillow%20Castle%20Games%0D%3Cbr%3EConsole%3A%20PlayStation%204%26amp%3B5%2C%20Xbox%20Series%20One%20%26amp%3B%20X%2FS%2C%20Nintendo%20Switch%2C%20PC%20and%20Mac%0D%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets

Day 1 results:

Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)

Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)

Explainer: Tanween Design Programme

Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.

The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.

It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.

The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.

Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”

The specs

Engine: 1.5-litre, 4-cylinder turbo

Transmission: CVT

Power: 170bhp

Torque: 220Nm

Price: Dh98,900

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

What can you do?

Document everything immediately; including dates, times, locations and witnesses

Seek professional advice from a legal expert

You can report an incident to HR or an immediate supervisor

You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline

In criminal cases, you can contact the police for additional support

The Melbourne Mercer Global Pension Index

The Melbourne Mercer Global Pension Index

Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.

The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.

“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.

“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”

Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.

Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.

“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.

Sui Dhaaga: Made in India

Director: Sharat Katariya

Starring: Varun Dhawan, Anushka Sharma, Raghubir Yadav

3.5/5

Titanium Escrow profile

Started: December 2016
Founder: Ibrahim Kamalmaz
Based: UAE
Sector: Finance / legal
Size: 3 employees, pre-revenue  
Stage: Early stage
Investors: Founder's friends and Family

French business

France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.

The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

UK%20-%20UAE%20Trade
%3Cp%3ETotal%20trade%20in%20goods%20and%20services%20(exports%20plus%20imports)%20between%20the%20UK%20and%20the%20UAE%20in%202022%20was%20%C2%A321.6%20billion%20(Dh98%20billion).%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3C%2Fp%3E%0A%3Cp%3EThis%20is%20an%20increase%20of%2063.0%20per%20cent%20or%20%C2%A38.3%20billion%20in%20current%20prices%20from%20the%20four%20quarters%20to%20the%20end%20of%202021.%3C%2Fp%3E%0A%3Cp%3E%C2%A0%3C%2Fp%3E%0A%3Cp%3EThe%20UAE%20was%20the%20UK%E2%80%99s%2019th%20largest%20trading%20partner%20in%20the%20four%20quarters%20to%20the%20end%20of%20Q4%202022%20accounting%20for%201.3%20per%20cent%20of%20total%20UK%20trade.%3C%2Fp%3E%0A
Business Insights
  • Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
  • The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
  • US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

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.”

Match info

Manchester United 1
Fred (18')

Wolves 1
Moutinho (53')

THREE
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Updated: January 15, 2023, 10:00 PM