Morocco's players celebrate after winning their World Cup quarter-final against Portugal in Qatar in December 2022. AP
Morocco's players celebrate after winning their World Cup quarter-final against Portugal in Qatar in December 2022. AP
Morocco's players celebrate after winning their World Cup quarter-final against Portugal in Qatar in December 2022. AP
Morocco's players celebrate after winning their World Cup quarter-final against Portugal in Qatar in December 2022. AP

Morocco dreaming of glory on home turf at Afcon 2025 and World Cup 2030


Ian Hawkey
  • English
  • Arabic

In the mind’s eye, the road map ahead has clarified fast. It can look dazzling, viewed from Morocco.

February 2025: The Atlas Lions triumph at the Africa Cup of Nations in front of 70,000 fans, perhaps more, in Rabat or Tangier and a rollercoaster that began two winters earlier, by reaching the semi-finals of the World Cup in Qatar, continues to soar.

June 2030: The legend grows. Before 90,000 fans in Casablanca, Morocco knock Brazil out of the World Cup.

If those scenarios have an element of random fantasy, the stage at least is now set. Wednesday’s announcement, hardly trailered at all by Fifa, that the hosting of the World Cup in seven years' time had been won by a joint bid submitted by Morocco, Spain and Portugal follows close on the heels of last week’s Confederation of African Football decision to stage the 2025 Afcon in Morocco.

Morocco-Spain-Portugal had been favourite for 2030, its proposals considered more robust than a submission from South America to share the tournament across four nations: Argentina, Uruguay, Paraguay and Chile. Discreetly, Fifa had been talking to both rivals about a possible compromise ahead of the scheduled announcement of the successful bid early next year. Agreement was reached ahead of deadline.

The compromise is that one game each from the opening round of matches will be played in Montevideo, Uruguay, in Buenos Aires, Argentina, and in Asuncion, Paraguay, before the tournament as a whole settles on North Africa and the Iberian Peninsula.

It’s a novel idea, and environmental campaigners have criticised it as a bad idea. By the time the draw for the event, assigning qualified teams to groups and fixtures, is made in 2029, there will be various groups of supporters complaining about the distances they must travel if they want to support their countries on site.

Gianni Infantino, the Fifa president, argues the vast spread of venues is both respectful to World Cup history and generously inclusive. Three continents; six countries. The one absolute certainty is that Montevideo, the Uruguayan capital, will stage the opening game of the vast, 48-team tournament, a gesture towards the past.

The year 2030 marks the centenary of the first men’s football World Cup, held in Uruguay and won by the hosts, whose players back then may have lacked the careful attention to fitness and stamina of their modern equivalents but certainly had their energies sapped less by travel. At the 1930 World Cup, which had 13 teams involved, the longest distance between match venues was three and a half kilometres.

One hundred years later, Uruguay, and whichever of the other 47 World Cup finalists they play on opening night must immediately prepare for a transatlantic journey, as must Argentina and Paraguay, and whoever are their match-day one opponents. They must voyage across four or five hours of time-zone difference for their next game. They’ll be changing season, too, from a southern hemisphere winter to a Mediterranean June.

Infantino celebrated the Europe-Africa-South America World Cup for having a unique “global footprint”. The South American preamble gives it a heavy carbon footprint.

But in an era when World Cups must accommodate 48 teams and 104 matches, the capacity for a single nation to host alone is restricted, and, if there is no co-hosting, limited to only the biggest or wealthiest states. The Morocco-Spain-Portugal map, around which 101 of the 2030 games will be played is certainly kinder to travellers than the so-called "United" World Cup of 2026, which will be the first to feature the expanded 48-country format and will be staged in the US, Canada and Mexico.

There, a supporter wanting to be at matches in Mexico City and Vancouver must prepare themselves for a 5,000-kilometre hike. By contrast, Agadir, the southernmost site among the possible venues in Morocco, to a northern Spanish venue, is less than 2,000km. There will be journeys from, say, Tangier to Seville, where a portion of the trip is most practical by ferry.

The task for the principal organisers of the 2030 tournament is now to nominate stadiums, and for Morocco – where there are plans for a super stadium in Casablanca and where arenas in Rabat, Tangier, Agadir, Fez and Marrakesh are candidate sites – and Portugal to lobby firmly for their share of the action. Spain is the dominant partner in terms of its stadium facilities. The final is widely expected to take place at Real Madrid’s Santiago Bernabeu, currently in the final stages of redevelopment.

For the Mena region, Wednesday’s Fifa announcement came with a further boost, a strong signal about the hosting of 2034 World Cup. Football’s governing body invited bids only from the Asia and Oceania Confederations for that event, on the principle that continental rotation of World Cup hosts – North America in 2026; Africa, Europe and South America all included in 2030 – means it will be their turn in 11 years time.

Saudi Arabia, whose proposed joint bid with Egypt and Greece for 2030 was withdrawn earlier this year, immediately declared its interest in 2034 and has widespread support from across Asia and within Fifa.

  • Sofiane Boufal of Morocco with his mother after the World Cup 2022 quarter-final win over Portugal. EPA
    Sofiane Boufal of Morocco with his mother after the World Cup 2022 quarter-final win over Portugal. EPA
  • Head coach Walid Regragui is mobbed by the crowd as he embraces his mother Fatima after the famous win. EPA
    Head coach Walid Regragui is mobbed by the crowd as he embraces his mother Fatima after the famous win. EPA
  • Moroccan defender Achraf Hakimi, left, with Romain Saiss and his son. AFP
    Moroccan defender Achraf Hakimi, left, with Romain Saiss and his son. AFP
  • Goalkeeper Yassine Bounou's son wears his dad's gloves. Getty
    Goalkeeper Yassine Bounou's son wears his dad's gloves. Getty
  • Hakimi, right, is kissed by his mother after the group game against Belgium. AFP
    Hakimi, right, is kissed by his mother after the group game against Belgium. AFP
  • Boufal with his mother. Morocco's next game is against France in the World Cup semi-finals. EPA
    Boufal with his mother. Morocco's next game is against France in the World Cup semi-finals. EPA

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 drill

Recharge as needed, says Mat Dryden: “We try to make it a rule that every two to three months, even if it’s for four days, we get away, get some time together, recharge, refresh.” The couple take an hour a day to check into their businesses and that’s it.

Stick to the schedule, says Mike Addo: “We have an entire wall known as ‘The Lab,’ covered with colour-coded Post-it notes dedicated to our joint weekly planner, content board, marketing strategy, trends, ideas and upcoming meetings.”

Be a team, suggests Addo: “When training together, you have to trust in each other’s abilities. Otherwise working out together very quickly becomes one person training the other.”

Pull your weight, says Thuymi Do: “To do what we do, there definitely can be no lazy member of the team.” 

Top financial tips for graduates

Araminta Robertson, of the Financially Mint blog, shares her financial advice for university leavers:

1. Build digital or technical skills: After graduation, people can find it extremely hard to find jobs. From programming to digital marketing, your early twenties are for building skills. Future employers will want people with tech skills.

2. Side hustle: At 16, I lived in a village and started teaching online, as well as doing work as a virtual assistant and marketer. There are six skills you can use online: translation; teaching; programming; digital marketing; design and writing. If you master two, you’ll always be able to make money.

3. Networking: Knowing how to make connections is extremely useful. Use LinkedIn to find people who have the job you want, connect and ask to meet for coffee. Ask how they did it and if they know anyone who can help you. I secured quite a few clients this way.

4. Pay yourself first: The minute you receive any income, put about 15 per cent aside into a savings account you won’t touch, to go towards your emergency fund or to start investing. I do 20 per cent. It helped me start saving immediately.

COMPANY PROFILE

Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed 

The specs

Engine: 5.2-litre twin-turbo V12

Transmission: eight-speed automatic

Power: 715bhp

Torque: 900Nm

Price: Dh1,289,376

On sale: now

THE SPECS

Engine: 3.5-litre V6
Transmission: six-speed manual
Power: 325bhp
Torque: 370Nm
Speed: 0-100km/h 3.9 seconds
Price: Dh230,000
On sale: 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

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The specs

Engine: 1.5-litre 4-cylinder petrol

Power: 154bhp

Torque: 250Nm

Transmission: 7-speed automatic with 8-speed sports option 

Price: From Dh79,600

On sale: Now

Britain's travel restrictions
  • A negative test 2 days before flying
  • Complete passenger locator form
  • Book a post-arrival PCR test
  • Double-vaccinated must self-isolate
  • 11 countries on red list quarantine

     
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What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

How to watch Ireland v Pakistan in UAE

When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.

2.0

Director: S Shankar

Producer: Lyca Productions; presented by Dharma Films

Cast: Rajnikanth, Akshay Kumar, Amy Jackson, Sudhanshu Pandey

Rating: 3.5/5 stars

Types of policy

Term life insurance: this is the cheapest and most-popular form of life cover. You pay a regular monthly premium for a pre-agreed period, typically anything between five and 25 years, or possibly longer. If you die within that time, the policy will pay a cash lump sum, which is typically tax-free even outside the UAE. If you die after the policy ends, you do not get anything in return. There is no cash-in value at any time. Once you stop paying premiums, cover stops.

Whole-of-life insurance: as its name suggests, this type of life cover is designed to run for the rest of your life. You pay regular monthly premiums and in return, get a guaranteed cash lump sum whenever you die. As a result, premiums are typically much higher than one term life insurance, although they do not usually increase with age. In some cases, you have to keep up premiums for as long as you live, although there may be a cut-off period, say, at age 80 but it can go as high as 95. There are penalties if you don’t last the course and you may get a lot less than you paid in.

Critical illness cover: this pays a cash lump sum if you suffer from a serious illness such as cancer, heart disease or stroke. Some policies cover as many as 50 different illnesses, although cancer triggers by far the most claims. The payout is designed to cover major financial responsibilities such as a mortgage or children’s education fees if you fall ill and are unable to work. It is cost effective to combine it with life insurance, with the policy paying out once if you either die or suffer a serious illness.

Income protection: this pays a replacement income if you fall ill and are unable to continue working. On the best policies, this will continue either until you recover, or reach retirement age. Unlike critical illness cover, policies will typically pay out for stress and musculoskeletal problems such as back trouble.

Company Profile

Founders: Tamara Hachem and Yazid Erman
Based: Dubai
Launched: September 2019
Sector: health technology
Stage: seed
Investors: Oman Technology Fund, angel investor and grants from Sharjah's Sheraa and Ma'an Abu Dhabi

Who is Tim-Berners Lee?

Sir Tim Berners-Lee was born in London in a household of mathematicians and computer scientists. Both his mother, Mary Lee, and father, Conway, were early computer scientists who worked on the Ferranti 1 - the world's first commercially-available, general purpose digital computer. Sir Tim studied Physics at the University of Oxford and held a series of roles developing code and building software before moving to Switzerland to work for Cern, the European Particle Physics laboratory. He developed the worldwide web code as a side project in 1989 as a global information-sharing system. After releasing the first web code in 1991, Cern made it open and free for all to use. Sir Tim now campaigns for initiatives to make sure the web remains open and accessible to all.

COMPANY%20PROFILE
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The%20specs
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Updated: October 06, 2023, 2:42 AM