• Real Madrid forward Vinicius Junior reacts to a missed chance during the match between against Real Sociedad at the Santiago Bernabeu in Madrid on January 29, 2023. AFP
    Real Madrid forward Vinicius Junior reacts to a missed chance during the match between against Real Sociedad at the Santiago Bernabeu in Madrid on January 29, 2023. AFP
  • Real Madrid forward Rodrygo reacts as Real Sociedad midfielder Igor Zubeldia lies on the pitch. AFP
    Real Madrid forward Rodrygo reacts as Real Sociedad midfielder Igor Zubeldia lies on the pitch. AFP
  • Real Sociedad forward Takefusa Kubo challenges for the ball with Vinicius Junior. AFP
    Real Sociedad forward Takefusa Kubo challenges for the ball with Vinicius Junior. AFP
  • Real Madrid forward Karim Benzema reacts during the match against Real Sociedad. AFP
    Real Madrid forward Karim Benzema reacts during the match against Real Sociedad. AFP
  • Karim Benzema cuts a frustrated figure during the match between Real Madrid and Real Sociedad. AFP
    Karim Benzema cuts a frustrated figure during the match between Real Madrid and Real Sociedad. AFP
  • Real Sociedad defender Diego Rico challenges for a header against Vinicius Junior. AFP
    Real Sociedad defender Diego Rico challenges for a header against Vinicius Junior. AFP
  • Vinicius Junior chases the ball against Pablo Marin of Real Sociedad. Getty
    Vinicius Junior chases the ball against Pablo Marin of Real Sociedad. Getty
  • Takefusa Kubo is challenged by Real Madrid midfielder Toni Kroos. Getty
    Takefusa Kubo is challenged by Real Madrid midfielder Toni Kroos. Getty
  • Real Madrid midfielder Luka Modric takes a shot on goal. AP
    Real Madrid midfielder Luka Modric takes a shot on goal. AP
  • Takefusa Kubo and Real Madrid goalkeeper Thibaut Courtois collide while competing for the ball. AFP
    Takefusa Kubo and Real Madrid goalkeeper Thibaut Courtois collide while competing for the ball. AFP

Sport

Football

Ancelotti rues lack of 'luck' as Real Madrid lose ground to Barcelona in title race

Italian hails goalless draw with Real Sociedad as 'one of our best performances of the season'

Jon Turner

January 30, 2023

  • English
  • Arabic

Carlo Ancelotti insisted Real Madrid's performance against Real Sociedad on Sunday was "one of our best this season" despite being held to a goalless draw which saw the champions lose ground to La Liga leaders Barcelona.

Sociedad goalkeeper Alex Remiro was primarily responsible for frustrating Madrid at the Bernabeu, making a string of fine saves to deny the hosts victory and leave Barca five points clear at the top of La Liga.

After the Catalans beat Girona on Saturday, Madrid needed to win to stay three points behind their rivals in the title race, but Remiro ensured otherwise, keeping third-place Sociedad on the champions' tail.

Vinicius Junior had three good chances repelled by Remiro as Ancelotti's side sparkled but failed to find the goal their performance deserved.

"It was one of our best performances this season," Real Madrid manager Ancelotti said. "It was difficult to make substitutions because everyone was playing so well and I made them in order to bring fresh legs on. We played well from start to finish.

"The way we pressed from the start, didn't allow Real Sociedad to play the way they wanted to play. We pressed high and with intensity. We played well with the ball and we worked hard without it. We created a lot of chances to get the goal, but luck wasn't on our side. That can happen."

The draw continued a mixed start to 2023 for Real Madrid, slipping further behind Barca in the league and losing against their rivals in the Spanish Super Cup final, but reaching the Copa del Rey semis on Thursday with an extra-time win over Atletico Madrid.

While the inconsistent start to 2023, which also includes a league defeat to Villarreal and a win over Athletic Bilbao, falls short of the rampaging form that saw Real Madrid win La Liga and the Champions League last season, Ancelotti said there is no need to panic and he expects a strong second half of the season from his team. Madrid next face Valencia at home in La Liga on Thursday night.

"If we get a win on Thursday, we will have picked up more points than we did [this time] last year," the Italian said. "Barcelona are doing very well, but it's a long season. It's been a tough January, but the team has improved a lot in all areas: in attack, defence, the physical side. The team is improving and we've got some injured players coming back this week. We're confident about the coming months."

With two days left of the January transfer window, Ancelotti confirmed there will be no activity at Real Madrid, adding: “It’s closed in every respect, both in terms of exits and players coming in."

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

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

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.”

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

While you're here
SPEC%20SHEET%3A%20APPLE%20IPAD%20PRO%20(12.9%22%2C%202022)
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BUNDESLIGA FIXTURES

Friday (UAE kick-off times)

Cologne v Hoffenheim (11.30pm)

Saturday

Hertha Berlin v RB Leipzig (6.30pm)

Schalke v Fortuna Dusseldof (6.30pm)

Mainz v Union Berlin (6.30pm)

Paderborn v Augsburg (6.30pm)

Bayern Munich v Borussia Dortmund (9.30pm)

Sunday

Borussia Monchengladbach v Werder Bremen (4.30pm)

Wolfsburg v Bayer Leverkusen (6.30pm)

SC Freiburg v Eintracht Frankfurt (9on)

Electric scooters: some rules to remember
  • Riders must be 14-years-old or over
  • Wear a protective helmet
  • Park the electric scooter in designated parking lots (if any)
  • Do not leave electric scooter in locations that obstruct traffic or pedestrians
  • Solo riders only, no passengers allowed
  • Do not drive outside designated lanes

The Baghdad Clock

Shahad Al Rawi, Oneworld

Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30 

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.

Four-day collections of TOH

Day             Indian Rs (Dh)        

Thursday    500.75 million (25.23m)

Friday         280.25m (14.12m)

Saturday     220.75m (11.21m)

Sunday       170.25m (8.58m)

Total            1.19bn (59.15m)

(Figures in millions, approximate)

Email sent to Uber team from chief executive Dara Khosrowshahi

From: Dara

To: Team@

Date: March 25, 2019 at 11:45pm PT

Subj: Accelerating in the Middle East

Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.

Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.

I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.

This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.

It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.

Uber on,

Dara

Zodi%20%26%20Tehu%3A%20Princes%20Of%20The%20Desert
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Profile of Foodics

Founders: Ahmad AlZaini and Mosab AlOthmani

Based: Riyadh

Sector: Software

Employees: 150

Amount raised: $8m through seed and Series A - Series B raise ongoing

Funders: Raed Advanced Investment Co, Al-Riyadh Al Walid Investment Co, 500 Falcons, SWM Investment, AlShoaibah SPV, Faith Capital, Technology Investments Co, Savour Holding, Future Resources, Derayah Custody Co.

MATCH INFO

Uefa Champions League semi-final, second leg result:

Ajax 2-3 Tottenham

Tottenham advance on away goals rule after tie ends 3-3 on aggregate

Final: June 1, Madrid

RIVER%20SPIRIT
%3Cp%3E%3Cstrong%3EAuthor%3A%20%3C%2Fstrong%3ELeila%20Aboulela%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Saqi%20Books%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPages%3A%3C%2Fstrong%3E%20320%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAvailable%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
While you're here
'The Batman'

Stars:Robert Pattinson

Director:Matt Reeves

Rating: 5/5

Updated: January 30, 2023, 5:48 AM
Real MadridLa Liga