• Al Hilal players and staff arrive in Riyadh after finishing runners-up at the Fifa Club World Cup. Reuters
    Al Hilal players and staff arrive in Riyadh after finishing runners-up at the Fifa Club World Cup. Reuters
  • Al Hilal's Salem Al Dawsari on stage after arriving in Riyadh. Reuters
    Al Hilal's Salem Al Dawsari on stage after arriving in Riyadh. Reuters
  • Al Hilal fans cheers on the team after their return to Riyadh. Reuters
    Al Hilal fans cheers on the team after their return to Riyadh. Reuters
  • Al Hilal's Andre Carrillo speaks on stage after arriving in Riyadh. Reuters
    Al Hilal's Andre Carrillo speaks on stage after arriving in Riyadh. Reuters
  • Al Hilal fans cheer on the team on their return. Reuters
    Al Hilal fans cheer on the team on their return. Reuters
  • Al Hilal's Moussa Marega and Nasser Aldawsari on stage after arriving in Riyadh. Reuters
    Al Hilal's Moussa Marega and Nasser Aldawsari on stage after arriving in Riyadh. Reuters
  • Al Hilal's Jang Hyun-soo speaks on stage after arriving in Riyadh. Reuters
    Al Hilal's Jang Hyun-soo speaks on stage after arriving in Riyadh. Reuters
  • Al Hilal's Luciano Vietto speaks on stage after arriving in Riyadh. Reuters
    Al Hilal's Luciano Vietto speaks on stage after arriving in Riyadh. Reuters
  • Al Hilal coach Ramon Diaz speaks on stage after arriving in Riyadh. Reuters
    Al Hilal coach Ramon Diaz speaks on stage after arriving in Riyadh. Reuters
  • Al Hilal players on stage after arriving back in Riyadh from the Fifa Club World Cup. Photo: Al Hilal
    Al Hilal players on stage after arriving back in Riyadh from the Fifa Club World Cup. Photo: Al Hilal
  • Al Hilal players and staff step off the plane in Riyadh after returning from the Fifa Club World Cup. Photo: Al Hilal
    Al Hilal players and staff step off the plane in Riyadh after returning from the Fifa Club World Cup. Photo: Al Hilal
  • Andre Carrillo and Luciano Vietto walk from the plane after returning to Riyadh. Photo: Al Hilal
    Andre Carrillo and Luciano Vietto walk from the plane after returning to Riyadh. Photo: Al Hilal
  • A fireworks display in Riyadh to celebrate Al Hilal's runner-up finish at the Fifa Club World Cup. Photo: Al Hilal
    A fireworks display in Riyadh to celebrate Al Hilal's runner-up finish at the Fifa Club World Cup. Photo: Al Hilal
  • Al Hilal players on stage after returning to Riyadh from the Fifa Club World Cup. Photo: Al Hilal
    Al Hilal players on stage after returning to Riyadh from the Fifa Club World Cup. Photo: Al Hilal
  • Prince Alwaleed Bin Talal and Prince Abdulaziz bin Turki Al-Faisal, Minister of Sport, welcomes Al Hilal back to Riyadh. Photo: Al Hilal
    Prince Alwaleed Bin Talal and Prince Abdulaziz bin Turki Al-Faisal, Minister of Sport, welcomes Al Hilal back to Riyadh. Photo: Al Hilal
  • Al Hilal players on stage in Riyadh. Photo: Al Hilal
    Al Hilal players on stage in Riyadh. Photo: Al Hilal
  • Al Hilal supporters cheer the players after their return to Riyadh. Photo: Al Hilal
    Al Hilal supporters cheer the players after their return to Riyadh. Photo: Al Hilal

Saudi Arabia chosen to host next Club World Cup


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Saudi Arabia has been chosen to host the Club World Cup in December.

The Fifa Council, made up of representatives from all the continental confederations, unanimously selected the Middle East country as hosts for the seven-team event, which is scheduled to run from December 12 to 22.

Saudi Arabian side Al Hilal, the current Asian champions, were beaten 5-3 by European counterparts Real Madrid in Saturday’s final in Morocco.

Earlier this month, Saudi Arabia was selected by the Asian Football Confederation to host the 2027 Asian Cup.

The country has previously hosted sporting events including this year's Spanish Super Cup, 2022's world title fight between Oleksandr Usyk and Anthony Joshua and the Riyadh Grand Prix.

Saudi Arabia has also been reported to be bidding to co-host the 2030 World Cup with Egypt and Greece, alongside rival confirmed bids from Spain, Portugal and Ukraine and one from four South American nations.

The Council confirmed the Fifa Congress would make a decision on who would host those finals in the third quarter of next year.

Real Madrid beat Al Hilal in Club World Cup final

  • Karim Benzema kisses the trophy after Real Madrid beat Al Hilal to win the Fifa Club World Cup at Prince Moulay Abdellah Stadium in Rabat, Morocco on February 11, 2023. Reuters
    Karim Benzema kisses the trophy after Real Madrid beat Al Hilal to win the Fifa Club World Cup at Prince Moulay Abdellah Stadium in Rabat, Morocco on February 11, 2023. Reuters
  • Real Madrid players celebrate with the Fifa Club World Cup trophy. Reuters
    Real Madrid players celebrate with the Fifa Club World Cup trophy. Reuters
  • Al Hilal players pose with their second-place medals after the Fifa Club World Cup final. Reuters
    Al Hilal players pose with their second-place medals after the Fifa Club World Cup final. Reuters
  • Winners of Fifa Club World awards Federico Valverde, Vinicius Junior, and Luciano Vietto pose for a photo. EPA
    Winners of Fifa Club World awards Federico Valverde, Vinicius Junior, and Luciano Vietto pose for a photo. EPA
  • Al Hilal's Moussa Marega shoots at goal against Real Madrid. Reuters
    Al Hilal's Moussa Marega shoots at goal against Real Madrid. Reuters
  • Karim Benzema and Lucas Vazquez celebrate with the Club World Cup trophy. EPA
    Karim Benzema and Lucas Vazquez celebrate with the Club World Cup trophy. EPA
  • Karim Benzema and Antonio Rudiger celebrate with the Club World Cup trophy. EPA
    Karim Benzema and Antonio Rudiger celebrate with the Club World Cup trophy. EPA
  • Karim Benzema celebrates scoring Real Madrid's third goal against Al Hilal. Reuters
    Karim Benzema celebrates scoring Real Madrid's third goal against Al Hilal. Reuters
  • Karim Benzema runs with the ball during the Fifa Club World Cup final. AFP
    Karim Benzema runs with the ball during the Fifa Club World Cup final. AFP
  • Real Madrid forward Vinicius Junior on the ball during the Fifa Club World Cup final. EPA
    Real Madrid forward Vinicius Junior on the ball during the Fifa Club World Cup final. EPA
  • Vinicius Junior celebrates with teammate Daniel Ceballos after scoring Real Madrid's fifth goal. EPA
    Vinicius Junior celebrates with teammate Daniel Ceballos after scoring Real Madrid's fifth goal. EPA
  • Federico Valverde shoots to score Real Madrid's fourth goal. AFP
    Federico Valverde shoots to score Real Madrid's fourth goal. AFP
  • Al Hilal's Mohamed Kanno in action against Federico Valverde and Luka Modric. EPA
    Al Hilal's Mohamed Kanno in action against Federico Valverde and Luka Modric. EPA
  • Luciano Vietto reacts after scoring Al Hilal's third goal. EPA
    Luciano Vietto reacts after scoring Al Hilal's third goal. EPA
  • Luciano Vietto scores Al Hilal's third goal against Real Madrid. AP
    Luciano Vietto scores Al Hilal's third goal against Real Madrid. AP

A decision on the hosts for the 2027 Women’s World Cup will be taken by Fifa Congress in the second quarter of next year.

The Fifa Council also confirmed the new-look, 32-team Club World Cup starting in the summer of 2025 would feature 12 European teams. Fifa president Gianni Infantino first revealed plans for the new competition on the eve of last year’s World Cup final in Qatar.

The Council also confirmed that all three 2026 World Cup co-hosts – Canada, Mexico and the United States – would qualify automatically for the competition.

The Porpoise

By Mark Haddon 

(Penguin Random House)
 

THE SPECS

Engine: 4.0L twin-turbo V8

Gearbox: eight-speed automatic

Power: 571hp at 6,000rpm

Torque: 800Nm from 2,000-4,500rpm

Fuel economy, combined: 11.4L/100km

Price, base: from Dh571,000

On sale: this week

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

Our legal advisor

Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.

Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation. 

Education: Sagesse University, Beirut, Lebanon, in 2005.

The specs

Engine: 4.0-litre V8 twin-turbocharged and three electric motors

Power: Combined output 920hp

Torque: 730Nm at 4,000-7,000rpm

Transmission: 8-speed dual-clutch automatic

Fuel consumption: 11.2L/100km

On sale: Now, deliveries expected later in 2025

Price: expected to start at Dh1,432,000

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%3Cp%3E%3Cstrong%3EDirectors%3A%20%3C%2Fstrong%3EVarious%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Nicola%20Coughlan%2C%20Luke%20Newton%2C%20Jonathan%20Bailey%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Ovasave%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20November%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Majd%20Abu%20Zant%20and%20Torkia%20Mahloul%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Healthtech%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%20Three%20employees%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-seed%3Cbr%3E%3Cstrong%3EInvestment%3A%3C%2Fstrong%3E%20%24400%2C000%3C%2Fp%3E%0A
The specs

Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder

Power: 220 and 280 horsepower

Torque: 350 and 360Nm

Transmission: eight-speed automatic

Price: from Dh136,521 VAT and Dh166,464 VAT 

On sale: now

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

Updated: February 14, 2023, 7:14 PM