• NEWCASTLE RATINGS: Only survivor from team that stuck eight past Sheffield United and blocked low Alvarez strike in opening 20 minutes with right boot. Would have been pleasantly surprised to have had such a quiet night with City having only two shots on target. PA
    Nick Pope 7/10
    NEWCASTLE RATINGS: Only survivor from team that stuck eight past Sheffield United and blocked low Alvarez strike in opening 20 minutes with right boot. Would have been pleasantly surprised to have had such a quiet night with City having only two shots on target. PA
    NEWCASTLE RATINGS: Only survivor from team that stuck eight past Sheffield United and blocked low Alvarez strike in opening 20 minutes with right boot. Would have been pleasantly surprised to have had
  • Summer signing from Southampton making his first start and did superb job up against Grealish with the England attacker not allowed to make any impact on game. Excellent covering tackle on Nunes after Lascelles had been caught out for pace in second half. Reuters
    Tino Livramento 8/10
    Summer signing from Southampton making his first start and did superb job up against Grealish with the England attacker not allowed to make any impact on game. Excellent covering tackle on Nunes after Lascelles had been caught out for pace in second half. Reuters
    Summer signing from Southampton making his first start and did superb job up against Grealish with the England attacker not allowed to make any impact on game. Excellent covering tackle on Nunes after
  • Club captain rarely plays nowadays due to usual centre-half partnership of Schar and Botman but should be pleased with his night’s work and was key figure in defensive keeping clean sheet - which against this City team is not to be sniffed at. Getty
    Jamaal Lascelles 7/10
    Club captain rarely plays nowadays due to usual centre-half partnership of Schar and Botman but should be pleased with his night’s work and was key figure in defensive keeping clean sheet - which against this City team is not to be sniffed at. Getty
    Club captain rarely plays nowadays due to usual centre-half partnership of Schar and Botman but should be pleased with his night’s work and was key figure in defensive keeping clean sheet - which agai
  • Long-serving defender produced one superb sliding tackle to prevent Grealish getting through on goal in first half, soon followed by another important block on Gvardiol header. Strong challenge to win back possession in injury-time earned one of biggest cheers of night. Getty
    Paul Dummett 8/10
    Long-serving defender produced one superb sliding tackle to prevent Grealish getting through on goal in first half, soon followed by another important block on Gvardiol header. Strong challenge to win back possession in injury-time earned one of biggest cheers of night. Getty
    Long-serving defender produced one superb sliding tackle to prevent Grealish getting through on goal in first half, soon followed by another important block on Gvardiol header. Strong challenge to win
  • Another making rare start but the former Aston Villa left-back produced a fine performance. Facing a tricky young player in Rico Lewis but helped keep him relatively quiet, especially after half-time. Getty
    Matt Targett 7/10
    Another making rare start but the former Aston Villa left-back produced a fine performance. Facing a tricky young player in Rico Lewis but helped keep him relatively quiet, especially after half-time. Getty
    Another making rare start but the former Aston Villa left-back produced a fine performance. Facing a tricky young player in Rico Lewis but helped keep him relatively quiet, especially after half-time.
  • Highly-rated summer arrival from Chelsea, started in a left-midfield role but never made any impact and looked physically out of his depth at times. One of two teenagers taken off at half-time by Eddie Howe. Reuters
    Lewis Hall 5/10
    Highly-rated summer arrival from Chelsea, started in a left-midfield role but never made any impact and looked physically out of his depth at times. One of two teenagers taken off at half-time by Eddie Howe. Reuters
    Highly-rated summer arrival from Chelsea, started in a left-midfield role but never made any impact and looked physically out of his depth at times. One of two teenagers taken off at half-time by Eddi
  • First start for 17-year-old midfielder fresh from Newcastle’s academy but spent 45 minutes desperately chasing City’s shadows and was hooked at half-time. A tough introduction to top-level football.
    Lewis Miley 5/10
    First start for 17-year-old midfielder fresh from Newcastle’s academy but spent 45 minutes desperately chasing City’s shadows and was hooked at half-time. A tough introduction to top-level football.
    First start for 17-year-old midfielder fresh from Newcastle’s academy but spent 45 minutes desperately chasing City’s shadows and was hooked at half-time. A tough introduction to top-level football.
  • Disappointing first half from Italian when Newcastle needed his experience against a dominant City. Yet to hit highs of his debut performance against Aston Villa on opening game of season. Improved after break although picked up needless booking for kicking ball away. Reuters
    Sandro Tonali 6/10
    Disappointing first half from Italian when Newcastle needed his experience against a dominant City. Yet to hit highs of his debut performance against Aston Villa on opening game of season. Improved after break although picked up needless booking for kicking ball away. Reuters
    Disappointing first half from Italian when Newcastle needed his experience against a dominant City. Yet to hit highs of his debut performance against Aston Villa on opening game of season. Improved af
  • Had Newcastle’s first chance of game five minutes before break and should have scored when through on goal but saw shot deflected out for corner by keeper. Involved in move for Isak’s goal, though. PA
    Jacob Murphy 6/10
    Had Newcastle’s first chance of game five minutes before break and should have scored when through on goal but saw shot deflected out for corner by keeper. Involved in move for Isak’s goal, though. PA
    Had Newcastle’s first chance of game five minutes before break and should have scored when through on goal but saw shot deflected out for corner by keeper. Involved in move for Isak’s goal, though. PA
  • Back in team after injury and a physical presence throughout for Newcastle. Brazilian provided surging run and low cross across six-yard box to set-up Isak’s winner. Drilled shot too close to Ortega in injury-time. Reuters
    Joelinton 7/10
    Back in team after injury and a physical presence throughout for Newcastle. Brazilian provided surging run and low cross across six-yard box to set-up Isak’s winner. Drilled shot too close to Ortega in injury-time. Reuters
    Back in team after injury and a physical presence throughout for Newcastle. Brazilian provided surging run and low cross across six-yard box to set-up Isak’s winner. Drilled shot too close to Ortega i
  • A few glimpses of the attacker’s quick feet in first half and slipped ball through for Murphy when teammate could have scored just before break. Calm finish from close-range to open scoring but then seemed to pick up injury and came off soon after. Getty
    Alexander Isak 7/10
    A few glimpses of the attacker’s quick feet in first half and slipped ball through for Murphy when teammate could have scored just before break. Calm finish from close-range to open scoring but then seemed to pick up injury and came off soon after. Getty
    A few glimpses of the attacker’s quick feet in first half and slipped ball through for Murphy when teammate could have scored just before break. Calm finish from close-range to open scoring but then s
  • SUBS: (On for Hall 46’) Instantly provided some urgency and energy to Newcastle’s side, just like he did against Sheffield United on Sunday, pressing and hassling City when out of possession. One surging run ended with shot from narrowest of angles that Ortega saved comfortably. PA
    Anthony Gordon 8/10
    SUBS: (On for Hall 46’) Instantly provided some urgency and energy to Newcastle’s side, just like he did against Sheffield United on Sunday, pressing and hassling City when out of possession. One surging run ended with shot from narrowest of angles that Ortega saved comfortably. PA
    SUBS: (On for Hall 46’) Instantly provided some urgency and energy to Newcastle’s side, just like he did against Sheffield United on Sunday, pressing and hassling City when out of possession. One surg
  • (On for Miley 46’) Brought on to provide some much needed experience to midfield that had been over-run in first half. Booked for fouling City sub Nunes and seemed to be limping around pitch after one tackle which could be concern for Newcastle. PA
    Bruno Guimaraes 7/10
    (On for Miley 46’) Brought on to provide some much needed experience to midfield that had been over-run in first half. Booked for fouling City sub Nunes and seemed to be limping around pitch after one tackle which could be concern for Newcastle. PA
    (On for Miley 46’) Brought on to provide some much needed experience to midfield that had been over-run in first half. Booked for fouling City sub Nunes and seemed to be limping around pitch after one
  • (On for Isak 62’) Another substitute whose energy was needed and produced his usual tracking back to help defensively, including snatching the ball off the toes of Doku to stop one City attack. Getty
    Miguel Almiron 7/10
    (On for Isak 62’) Another substitute whose energy was needed and produced his usual tracking back to help defensively, including snatching the ball off the toes of Doku to stop one City attack. Getty
    (On for Isak 62’) Another substitute whose energy was needed and produced his usual tracking back to help defensively, including snatching the ball off the toes of Doku to stop one City attack. Getty
  • (On for Tonali 90’) Getty
    Elliot Anderson N/A
    (On for Tonali 90’) Getty
    (On for Tonali 90’) Getty
  • (On for Dummett 90+6’) Getty
    Fabian Schar N/A
    (On for Dummett 90+6’) Getty
    (On for Dummett 90+6’) Getty
  • MAN CITY RATINGS: A total spectator until 40th minute then needed to block Murphy shot with his leg to prevent goal completely against run of play. A few other regulation saves from Gordon and Joelinton.
    Stefan Ortega 7/10
    MAN CITY RATINGS: A total spectator until 40th minute then needed to block Murphy shot with his leg to prevent goal completely against run of play. A few other regulation saves from Gordon and Joelinton.
    MAN CITY RATINGS: A total spectator until 40th minute then needed to block Murphy shot with his leg to prevent goal completely against run of play. A few other regulation saves from Gordon and Joelint
  • Spanish wingback found it tough when Newcastle stepped up their pressing game in second half. Getty
    Sergio Gomez 6/10
    Spanish wingback found it tough when Newcastle stepped up their pressing game in second half. Getty
    Spanish wingback found it tough when Newcastle stepped up their pressing game in second half. Getty
  • Strolled through first half without any problems but seemed to get agitated after break. Picked up booking for dissent after he was judged to have fouled Guimaraes and showed his displeasure at teammates at one point for not giving him passing options out from defence. PA
    Manuel Akanji 7/10
    Strolled through first half without any problems but seemed to get agitated after break. Picked up booking for dissent after he was judged to have fouled Guimaraes and showed his displeasure at teammates at one point for not giving him passing options out from defence. PA
    Strolled through first half without any problems but seemed to get agitated after break. Picked up booking for dissent after he was judged to have fouled Guimaraes and showed his displeasure at teamma
  • Dutch defender was solid at back and not afraid to join City attacks in first half. Sacrificed as City went hunting for equaliser in second.
    Nathan Ake 7/10
    Dutch defender was solid at back and not afraid to join City attacks in first half. Sacrificed as City went hunting for equaliser in second.
    Dutch defender was solid at back and not afraid to join City attacks in first half. Sacrificed as City went hunting for equaliser in second.
  • Very well-timed challenge to prevent Isak getting shot away early in game and generally helped keep Swede under control, until the Newcastle attacker found himself free in the box to score the winner. Getty
    Josep Gvardiol 7/10
    Very well-timed challenge to prevent Isak getting shot away early in game and generally helped keep Swede under control, until the Newcastle attacker found himself free in the box to score the winner. Getty
    Very well-timed challenge to prevent Isak getting shot away early in game and generally helped keep Swede under control, until the Newcastle attacker found himself free in the box to score the winner.
  • Big game for the midfielder who should be given run in team with Rodri suspended. Did OK without dominating middle of park, especially in second half as team struggled. Booked for catching Murphy on ankle with follow through on tackle. PA
    Kalvin Phillips 6/10
    Big game for the midfielder who should be given run in team with Rodri suspended. Did OK without dominating middle of park, especially in second half as team struggled. Booked for catching Murphy on ankle with follow through on tackle. PA
    Big game for the midfielder who should be given run in team with Rodri suspended. Did OK without dominating middle of park, especially in second half as team struggled. Booked for catching Murphy on a
  • Summer signing from Chelsea was commanding figure in midfield first half, but, like rest of team, far less comfortable after break as Newcastle came out firing. Getty
    Mateo Kovacic 6/10
    Summer signing from Chelsea was commanding figure in midfield first half, but, like rest of team, far less comfortable after break as Newcastle came out firing. Getty
    Summer signing from Chelsea was commanding figure in midfield first half, but, like rest of team, far less comfortable after break as Newcastle came out firing. Getty
  • Started in midfield role and helped City dominate possession in opening 45 minutes. Should have done better with Joelinton’s low cross ahead of Isak goal. Scuffed shot wide of target from edge of area with time running out for City. Getty
    Rico Lewis 6/10
    Started in midfield role and helped City dominate possession in opening 45 minutes. Should have done better with Joelinton’s low cross ahead of Isak goal. Scuffed shot wide of target from edge of area with time running out for City. Getty
    Started in midfield role and helped City dominate possession in opening 45 minutes. Should have done better with Joelinton’s low cross ahead of Isak goal. Scuffed shot wide of target from edge of area
  • Another product of the City academy talent machine, the 20-year-old midfielder set-up Alvarez for Argentine’s early opportunity to score and was probably City’s best player in first half with the visitors in complete control. Much quieter after break. Reuters
    Oscar Bobb 7/10
    Another product of the City academy talent machine, the 20-year-old midfielder set-up Alvarez for Argentine’s early opportunity to score and was probably City’s best player in first half with the visitors in complete control. Much quieter after break. Reuters
    Another product of the City academy talent machine, the 20-year-old midfielder set-up Alvarez for Argentine’s early opportunity to score and was probably City’s best player in first half with the visi
  • Barely made any impact on Newcastle goal until curling shot straight at Pope with 15 minutes to go. Very disappointing performance and was marked very well by Livramento. Reuters
    Jack Grealish 5/10
    Barely made any impact on Newcastle goal until curling shot straight at Pope with 15 minutes to go. Very disappointing performance and was marked very well by Livramento. Reuters
    Barely made any impact on Newcastle goal until curling shot straight at Pope with 15 minutes to go. Very disappointing performance and was marked very well by Livramento. Reuters
  • Had shot from tight angle saved by Pope in game’s first real chance in 18th minute. Flashed another shot across face of goal just before half-hour mark but they were to be his only chances - and best City would see all game. Getty
    Julian Alvarez 6/10
    Had shot from tight angle saved by Pope in game’s first real chance in 18th minute. Flashed another shot across face of goal just before half-hour mark but they were to be his only chances - and best City would see all game. Getty
    Had shot from tight angle saved by Pope in game’s first real chance in 18th minute. Flashed another shot across face of goal just before half-hour mark but they were to be his only chances - and best
  • SUBS: (On for Ake 68’) Could not provide spark City needed. Reuters
    Matheus Nunes 6/10
    SUBS: (On for Ake 68’) Could not provide spark City needed. Reuters
    SUBS: (On for Ake 68’) Could not provide spark City needed. Reuters
  • Jeremy Doku: 6/10 (On for Kovacic 68’) Looked a handful against Forest at weekend and made a few dangerous runs here without creating anything of major note. Reuters
    Carabao Cup - Third Round - Newcastle United v Manchester City
    Jeremy Doku: 6/10 (On for Kovacic 68’) Looked a handful against Forest at weekend and made a few dangerous runs here without creating anything of major note. Reuters
    Jeremy Doku: 6/10 (On for Kovacic 68’) Looked a handful against Forest at weekend and made a few dangerous runs here without creating anything of major note. Reuters
  • (On for Alvarez 73’) Big-hitter brought off bench but failed to land blow on Magpies. Reuters
    Phil Foden 5/10
    (On for Alvarez 73’) Big-hitter brought off bench but failed to land blow on Magpies. Reuters
    (On for Alvarez 73’) Big-hitter brought off bench but failed to land blow on Magpies. Reuters

Newcastle United v Man City player ratings: Livramento 8, Isak 7; Grealish 5, Alvarez 6


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A second-half goal from Alexander Isak earned Newcastle United victory over Manchester City in the League Cup third-round tie at St James' Park on Wednesday.

Pep Guardiola's side completely dominated the first half although, apart from two Julian Alvarez efforts, rarely threatened the Newcastle goal.

In fact it was the Magpies who missed the best chance of the opening 45 minutes when Jacob Murphy saw his shot saved by City goalkeeper Stefan Ortega when through on goal.

But it was a totally different Newcastle in the second half after manager Eddie Howe replaced teenage debutants Lewis Hall and Lewis Miley with Bruno Guimaraes and Anthony Gordon.

And the winner came courtesy of a fine run and low cross from Joelinton that left Isak with the simplest of finishes.

Even the introduction of Phil Foden, Matheus Nunes and Jeremy Doku could not inspire City to force the game into a penalty shoot-out with a typically well-drilled Newcastle refusing to buckle.

Newcastle were then drawn away to Manchester United in the next round in what is a repeat of last year's final that Erik ten Hag's side won 2-0.

“It was a game of two halves,” said Newcastle manager Howe. “First was tough and City played well. We didn't but defended well as we didn't have the ball. Probably had the one chance with Jacob Murphy.

“Second half we were excellent in most aspects, defensively and offensively. We attacked well and probably deserved to win in the end.”

Newcastle's place in the draw was reward for a dogged display by a team featuring 10 changes to the one which started Sunday's 8-0 Premier League victory Sheffield United, but one which was particularly hard-earned after they were given the runaround before the break.

Guardiola made eight changes, three of them to include Mateo Kovacic, Kalvin Phillips and Jack Grealish, and – while having indicated in advance that the competition was the least of his priorities – saw his side dominate for long periods but ultimately fail to turn the pressure they exerted into goals.

Player ratings from Wednesday's game can be seen in the picture gallery above. To view the next image, click on the arrows or swipe if on a mobile device.

Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EMaly%20Tech%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Mo%20Ibrahim%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%20International%20Financial%20Centre%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EFunds%20raised%3A%3C%2Fstrong%3E%20%241.6%20million%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2015%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%2C%20planning%20first%20seed%20round%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20GCC-based%20angel%20investors%3C%2Fp%3E%0A
Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal 

Rating: 2/5

The biog

From: Upper Egypt

Age: 78

Family: a daughter in Egypt; a son in Dubai and his wife, Nabila

Favourite Abu Dhabi activity: walking near to Emirates Palace

Favourite building in Abu Dhabi: Emirates Palace

BMW M5 specs

Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor

Power: 727hp

Torque: 1,000Nm

Transmission: 8-speed auto

Fuel consumption: 10.6L/100km

On sale: Now

Price: From Dh650,000

The specs: 2018 Volkswagen Teramont

Price, base / as tested Dh137,000 / Dh189,950

Engine 3.6-litre V6

Gearbox Eight-speed automatic

Power 280hp @ 6,200rpm

Torque 360Nm @ 2,750rpm

Fuel economy, combined 11.7L / 100km

HIJRA

Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy

Director: Shahad Ameen

Rating: 3/5

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%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%20Sucker%20Punch%20Productions%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Sony%20Computer%20Entertainment%3Cbr%3E%3Cstrong%3EConsole%3A%3C%2Fstrong%3E%20PlayStation%202%20to%205%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%205%2F5%3C%2Fp%3E%0A
Results:

5pm: Conditions (PA) Dh80,000 1,400m | Winner: AF Tahoonah, Richard Mullen (jockey), Ernst Oertel (trainer)

5.30pm: Handicap (TB) Dh90,000 1,400m | Winner: Ajwad, Gerald Avranche, Rashed Bouresly

6pm: Maiden (PA) Dh80,000 1,600m | Winner: RB Lam Tara, Fabrice Veron, Eric Lemartinel

6.30pm: Handicap (PA) Dh80,000 1,600m | Winner: Duc De Faust, Szczepan Mazur, Younis Al Kalbani

7pm: Wathba Stallions Cup (PA) Dh70,000 2,200m | Winner: Shareef KB, Fabrice Veron, Ernst Oertel

7.30pm: Handicap (PA) Dh90,000 1,500m | Winner: Bainoona, Pat Cosgrave, Eric Lemartinel

The biog

Name: Fareed Lafta

Age: 40

From: Baghdad, Iraq

Mission: Promote world peace

Favourite poet: Al Mutanabbi

Role models: His parents 

Engine: 3.5-litre V6

Transmission: eight-speed automatic

Power: 290hp

Torque: 340Nm

Price: Dh155,800

On sale: now

Match info

Huddersfield Town 0

Chelsea 3
Kante (34'), Jorginho (45' pen), Pedro (80')

UAE currency: the story behind the money in your pockets
'Champions'

Director: Manuel Calvo
Stars: Yassir Al Saggaf and Fatima Al Banawi
Rating: 2/5
 

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%3Cp%3E%3Cstrong%3EDirectors%3A%3C%2Fstrong%3E%20Amit%20Joshi%20and%20Aradhana%20Sah%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECast%3A%3C%2Fstrong%3E%20Shahid%20Kapoor%2C%20Kriti%20Sanon%2C%20Dharmendra%2C%20Dimple%20Kapadia%2C%20Rakesh%20Bedi%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
The Bio

Amal likes watching Japanese animation movies and Manga - her favourite is The Ancient Magus Bride

She is the eldest of 11 children, and has four brothers and six sisters.

Her dream is to meet with all of her friends online from around the world who supported her work throughout the years

Her favourite meal is pizza and stuffed vine leaves

She ams to improve her English and learn Japanese, which many animated programmes originate in

Skoda Superb Specs

Engine: 2-litre TSI petrol

Power: 190hp

Torque: 320Nm

Price: From Dh147,000

Available: Now

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

Dhadak 2

Director: Shazia Iqbal

Starring: Siddhant Chaturvedi, Triptii Dimri 

Rating: 1/5

Sri Lanka v England

First Test, at Galle
England won by 211

Second Test, at Kandy
England won by 57 runs

Third Test, at Colombo
From Nov 23-27

What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

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.”

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Company%20profile
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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.

Springsteen: Deliver Me from Nowhere

Director: Scott Cooper

Starring: Jeremy Allen White, Odessa Young, Jeremy Strong

Rating: 4/5

Key findings of Jenkins report
  • Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
  • Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
  • Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
  • Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."

Graduated from the American University of Sharjah

She is the eldest of three brothers and two sisters

Has helped solve 15 cases of electric shocks

Enjoys travelling, reading and horse riding

 

Updated: September 28, 2023, 4:40 AM