Cristiano Ronaldo and Lionel Messi each got on the scoresheet in Riyadh on Thursday night, as the latter’s Paris Saint-Germain edged the former’s Allstar XI 5-4 in their exhibition match at King Fahd Stadium.
Ronaldo, who late last month signed a two-and-a-half-year contract with Saudi Arabia’s Al Nassr, captained a composite side comprising players from his new club and cross-city rivals Al Hilal.
The match, entitled the Riyadh Season Cup, appeared to be close to a sell-out, with Paris Saint-Germain fielding a near full-strength line-up. Their starting XI included recent World Cup winner Messi, Qatar 2022 runner-up and top scorer Kylian Mbappe, and Brazil star Neymar.
Messi opened the scoring on the night on two minutes, the Argentina captain finishing expertly under Mohammed Al Owais after he was played in by Neymar. Moments later, Ronaldo tested Navas when he raced through, before Luiz Gustavo forced a fine save from the PSG goalkeeper.
Not to be outdone, Al Owais in the opposite goal denied Neymar, while Mbappe had a goal correctly ruled out for offside – Messi supplying the pass to send him clear.
Then, just after the half hour, Ronaldo won a penalty. The former Real Madrid forward contested an in-swinging free-kick with Navas, only for his ex-teammate to inadvertently catch Ronaldo in the face as he attempted to punch clear the ball.
Ronaldo picked himself up and brilliantly dispatched the spot-kick, much to the crowd’s delight. His trademark “Siuuuu” celebration chant rang around the stadium.
Not long after, Juan Bernat was given a straight red card for hacking down Salem Al Dawsari close to the halfway line.
Yet, almost immediately, PSG restored their lead. Three minutes from half-time, Mbappe curled a sublime cross into the Allstar penalty area, and centre-back Marquinhos supplied a superbly deft finish.
From there, a frenetic conclusion to the first half played out; Al Owais saved a weak penalty from Neymar after the Brazilian had been felled in the box by Ali Al Bulaihi – VAR was required – and, as half-time beckoned, Ronaldo pulled his team level.
He needed two bites at the cherry, though, his header deep into injury-time coming back off the post before he smashed home the rebound.
The second half began with nearly as much action. Navas produced a fantastic reaction save from Gonzalo Martinez, while teammate Anderson Talisca smashed a fierce left-footed drive inches beyond the PSG top corner.
But the Lique 1 champions edged out in front. On 53 minutes, Mbappe twisted full-back Saul Abdulhamid one way and the other, leaving Sergio Ramos – another former Ronaldo teammate - to stab his low centre into the Allstar goal.
It prompted another frantic spell. Three minutes later, Hilal defender Hyeon Soo-jang flicked a corner past Navas and, as the Allstar XI were presumably still delighting in drawing level, PSG won another penalty – Al Bulaihi blocked Messi’s goal-bound shot with his arm – and Mbappe took responsibility. The Frenchman sent Al Owais the wrong way to make it 4-3.
Both managers made a raft of substitutions shortly after the hour, with Messi, Mbappe and Ronaldo among those withdrawn.
With 12 minutes remaining, PSG extended their lead through substitute Hugo Ekitike’s powerful strike, although there was still time for Talisca to pull one back right at the death. It proved not to be enough – in the end, PSG triumphed by a solitary goal on a wholly entertaining night in Riyadh.
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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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
