Teammates at Man United, rivals at Afcon, Amrabat and Hannibal have silverware in sight

All things going to plan, February might be a very special month indeed for Sofyan Amrabat and Hannibal Mejbri. The target: two finals in 14 days. The aim: gold medals at the end of them, one for country, one for club. On the second aspiration, the pair have a common focus.

On Tuesday at Old Trafford, Amrabat made his first start for Manchester United, and by the time he was substituted, a 3-0 victory over Crystal Palace to begin United’s defence of the English League Cup secured, he could hear sustained, heartfelt applause for a performance of resourcefulness and authority.

Hannibal, meanwhile, was making his first home start for United. He distinguished the landmark occasion with trademark energy.

The 20-year-old has been part of United’s set-up, rising through the youth ranks, long enough to be recognised and admired for his high work-rate.

He knows that being in the line-up at the start of this senior League Cup campaign gives him a chance of still being there when it ends. If United make the final, that’s at Wembley on February 25.

Two weeks earlier in Abidjan, Ivory Coast, there’s the final of the Africa Cup of Nations, and for Morocco’s Amrabat, a star of the last World Cup, pursued by United keenly since then and finally transferred from Serie A’s Fiorentina on loan at the tail-end of August, the intention is to be at the Alassane Ouattara Stadium that evening.

In his mind's eye, he'll be commanding midfield and extending Morocco’s momentum from Qatar 2022, when they became the first African or Mena team to reach a World Cup semi-final.

Morocco are ranked the best men’s national side in Africa by Fifa; Hannibal’s Tunisia are two spots behind. Both countries are on the rise, with ambitions to win next year’s Afcon, their managers attentive to the impact their key midfielders make in this, a career-threshold season at a club with global resonance and a huge worldwide following.

So far, so promising. Amrabat and Hannibal look like the catalysts for what United manager Erik ten Hag believes is a turning point for United, after a rickety start to the current campaign, with four defeats in the first six competitive games and issues, offstage, that have left some younger players, such as Jadon Sancho and Antony, distanced from the first team.

Enter Hannibal, young and fearless, to galvanise midfield. At home to Brighton 12 days ago, he came off the bench to score a fabulous long-range goal, a happy memento from an otherwise deflating afternoon, a 3-1 defeat. His elevation to the starting XI then coincided with successive wins at Burnley and against Palace.

United's Hannibal Mejbri challenges Jairo Riedewald of Palace during the League Cup match on Tuesday. Reuters

Enter Amrabat, who made his United debut as a late substitute at Burnley and against Palace was asked to show sides to his game previously concealed to an expectant Old Trafford.

Short of fit left-backs, Ten Hag turned to Amrabat to cover the position. “I’m not a traditional left-back,” Amrabat, 27, gently reminded an English audience more acquainted with his mastery of central midfield during his excellent World Cup and similar contributions to Fiorentina’s run to last season’s Europa Conference League final.

But the United manager and the new signing know each other’s instincts and capabilities intimately. Ten Hag worked with Amrabat at Utrecht in the Netherlands when the Dutch-born Moroccan was in his early 20s.

Back then, he sometimes asked him to play at full-back, noting his comfort with either foot meant he could marshal the left flank as ably as the right, that his judicious tracking and timing of challenges would look after the defensive aspects of the role.

Man United player ratings against Palace

Some of the finest wide forwards in the game would testify to that. Up against Amrabat, Kylian Mbappe, playing for France, and Rafael Leao, playing for AC Milan against Fiorentina, have both in the last 12 months felt forcefully that Amrabat the tackler will always regard covering the full-back’s space as part of his main job, as midfield patroller.

His temporary return to left-back against Palace featured key interceptions and blocks, loudly cheered, and, in a confident Old Trafford debut, they dovetailed with precise long passing. As United took control of the cup tie, the new signing moved more and more into midfield.

“He brings quality, energy and dynamism,” beamed Ten Hag afterwards. “He’s a warrior, he will play where the team needs him.”

“If he needs me as goalkeeper I’ll play there,” joked Amrabat in a broadcast interview after a night he said he had been looking forward to for years, a fresh peak in a career that has climbed through the leagues of the Netherlands, Belgium and Italy. “United is a huge club, the pressure is high, but this is what we want. I’ve worked very hard for this.”

SM Town Live is on Friday, April 6 at Autism Rocks Arena, Dubai. Tickets are Dh375 at www.platinumlist.net

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

The Details

Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5

Ticket prices

General admission Dh295 (under-three free)

Buy a four-person Family & Friends ticket and pay for only three tickets, so the fourth family member is free

Buy tickets at: wbworldabudhabi.com/en/tickets

Scoreline

Syria 1-1 Australia

Syria Al Somah 85'

Australia Kruse 40'

Like a Fading Shadow

Antonio Muñoz Molina

Translated from the Spanish by Camilo A. Ramirez

Tuskar Rock Press (pp. 310)

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.”

What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

The Voice of Hind Rajab

Starring: Saja Kilani, Clara Khoury, Motaz Malhees

Director: Kaouther Ben Hania

Rating: 4/5

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