Al Hilal manager Ramon Diaz thanked his players for their “champion personality and huge effort” despite the heartbreak of losing the Asian Champions League final on Saturday.
The holders, bidding to secure the trophy for a record-extending fifth time, were beaten 1-0 in the second leg against Urawa Red Diamonds, with the Japanese club taking the title 2-1 on aggregate.
Midfielder Andre Carillo’s own goal at Saitama Stadium decided the tie – last week’s first leg in Riyadh finished 1-1 - with Hilal runners-up in the tournament for the fourth time in nine years.
Seeking a third Champions League crown in the past four editions, the Saudi Arabian side had the majority of the chances on Saturday, but were ultimately left to rue Carillo’s decisive touch four minutes into the second half.
“The team played very well, represented Al Hilal with a very, very high performance,” Diaz told reporters afterwards. “They showed their champion personality, but we created a lot of chances and couldn’t translate any into a goal.
“That’s why I wanted to thank the players for the huge effort they did up until here.”
Diaz, Hilal manager when they were beaten by Urawa in the 2017 final, attributed the defeat in part to last week’s draw in the first leg in the Saudi capital.
Then, Hilal squandered a 1-0 lead, while they also lost captain Salman Al Faraj to injury and goalscorer Salem Al Dawsari to a late red card. The Saudi winger was thus suspended for the return fixture.
In Saitama, Hilal striker Odion Ighalo had a shot cleared off the line early on, with Urawa goalkeeper Shusaku Nishikawa making numerous saves – most notably from Ighalo in the final minute.
Saudi champions Hilal, fourth in the domestic league with four rounds remaining and runners-up in February’s Fifa Club World Cup, must rebound quickly. On May 12, they contest the King’s Cup final against Al Wehda.
“The game was tough as everybody has seen,” Diaz said. “We played very well, much better than the first leg in Riyadh. The mistake we made for the goal we received there affected the total result.
“I want to thank the players for the enormous efforts they made to reach this point. I want to thank the administration and the president of the club - they did a great job - and all the fans of this great club that supported us along the way.
“We played much better here, but we were unlucky. We feel sorry but we still have a final that we will be dealing with next week.
“And I’m sure, just as the Al Hilal team showed high category and high class in this game, they are going to come back to their personality again.”
Asked if the travel and recent arduous schedule - nine matches in five weeks - played its part in Hilal’s defeat to Urawa, Diaz replied: “This normal when you play for Al Hilal.
“This is the only club in Saudi Arabia that competes in all the competitions. We have many players represented in the national team, who played also in the [2022] World Cup.
“We played a semi-final of the King’s Cup [six days] before playing the Champions League final [first leg] - it was a tough game. We played many tough games in a short time. But this is our destiny, we can’t do anything about it.”
Meanwhile, Urawa avenged defeat in the 2019 final to Hilal to make it three Champions League titles – and first in six years.
The 2007 and 2017 champions are unbeaten in 13 matches.
Urawa manager Maciej Skorza, appointed in November, said: "Today we are very happy that, after a few months working hard, thinking about this game, we are winning this trophy for the fantastic supporters at this huge club.
"This is a big honour for me and it's just amazing. It's difficult to find a way to describe this win. I feel the spirit of the support and it's something special. What I can say, today was not easy for us on the pitch. Very often we were struggling but we were playing with one more player."
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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Killing of Qassem Suleimani
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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
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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