Kylian Mbappe fired Real Madrid to a 1-1 draw against city rivals Atletico to keep Los Blancos top of La Liga.
Julian Alvarez dinked home a controversial first half penalty for Atletico on Saturday, but Mbappe was in the right place at the right time to bundle home in his first appearance in the tense derby clash.
Reigning champions Real Madrid lead second-place Atletico by a single point with El Classico rivals Barcelona in third.
Atletico shaded a tight first half but were left holding on in the second period as the hosts stepped up a gear at the Santiago Bernabeu. Jude Bellingham came close to sealing a comeback win as he twice went close with headed chances.
"The team is disappointed because they think they deserved more... but we're happy because we're still leaders," Real Madrid coach Carlo Ancelotti said afterwards. "In the second half we had total control, we had a lot of chances."
Ancelotti opted to deploy his four key attackers in Mbappe, Vinicius Junior, Bellingham and Rodrygo. The star names got stuck in, not always a given in a defensive sense, and the first half was a hard-fought, intense battle with few clear openings for either side.
Atletico were upset when Real Madrid midfielder Dani Ceballos was only booked for an ugly challenge on Pablo Barrios, but it was the hosts who were left raging when referee Cesar Soto Grado pointed to the penalty spot.
Aurelien Tchouameni, covering at centre-back for Madrid with Antonio Rudiger and Eder Militao out, clumsily trod on Samuel Lino's foot in the box.
After a VAR review Soto Grado awarded a controversial penalty, much to Madrid's frustration, with the incident happening after the ball had run past the duo.
Los Blancos attacked Spanish refereeing earlier in the week after they were upset by a decision in a shock defeat last weekend, bringing heavy scrutiny on the officials ahead of the derby. Alvarez took the penalty, the first given against Madrid in La Liga this season, and cheekily executed a Panenka down the middle.
"I can't say I wasn't a bit nervous (with the penalty), but I was sure, I knew what I would do, and it was a great goal for the team," Alvarez said.
"Corruption in the federation," chanted Real Madrid fans in response to falling behind, buying into their club's stance.
Ancelotti refused to talk about the refereeing but appeared exasperated on the sideline as Soto Grado pointed to the spot.
Madrid pulled level early in the second half when Rodrygo broke loose on the right of the box and crossed for Bellingham.
The England international's shot was blocked but Mbappe was on hand to turn home the rebound and score on his first Madrid derby appearance.
Bellingham twice came close to putting Madrid ahead, nodding against the crossbar from Vinicius' cross and then heading straight at Atletico goalkeeper Jan Oblak from a similar position, kicking the post in frustration.
Madrid played with far more fluidity in the second half and pegged Atletico back.
Oblak made a smart save to deny Vinicius after the Brazilian winger burst through the gap between two Atletico defenders and pulled the trigger from a tight angle.
The Slovenian goalkeeper also made fine saves from Rodrygo and Mbappe to ensure the two sides ended with a point apiece.
"We had a good first half, but we weren't relaxed enough in front of goal to (score) more," said Simeone.
"In the end it was a draw in which both teams think they could have taken more from it."
Real Madrid face another big challenge on Tuesday when they travel to face Pep Guardiola's Manchester City in the Champions League play-off round first leg.
Earlier Athletic Bilbao, fourth, beat Girona 3-0 with an Oihan Sancet hat-trick to maintain their Champions League charge.
Antony, on loan from Manchester United, netted his first goal for Real Betis in a 3-2 defeat by Celta Vigo.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
WandaVision
Starring: Elizabeth Olsen, Paul Bettany
Directed by: Matt Shakman
Rating: Four stars
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
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
Killing of Qassem Suleimani
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Director: Jared Hess
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Rating: 3/5
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.”
UAE v IRELAND
All matches start at 10am, and will be played in Abu Dhabi
1st ODI, Friday, January 8
2nd ODI, Sunday, January 10
3rd ODI, Tuesday, January 12
4th ODI, Thursday, January 14
