Al Qadsiah have completed the signing of Atalanta striker Mateo Retegui, last season's top scorer in Serie A, in a deal reported to be worth around €70 million.
In one of the most intriguing Saudi Pro League transfers of the summer so far, Retegui arrives in Khobar at the height of his powers, joining an ambitious, Aramco-backed project determined to disrupt the domestic hierarchy.
Retegui, 26, is a classic number nine who has just enjoyed a spectacular season in Italy, scoring 25 goals in 36 Serie A games, six clear of next-best Moise Kean at Fiorentina.
Retegui inherited a love of sport from his father, a hockey player who represnted Argentina at the Olympics, a sport Retegui showed promise in when he was younger until the lure of football became too strong.
He started his career in his native Argentina at Boca Juniors but would only make one appearance at the club over five years. He spent various spells on loan at Estudiantes, Talleres and Tigre.
It was at Tigre where Retegui found his scoring touch, notching 35 goals in 70 games over two seasons. But it was the Italian national team's desperate lack of strike power that would take Retegui's career in a new direction.
Despite Italy's triumph at Euro 2020, by early 2023 then head coach Roberto Mancini was growing disillusioned. “I don't know why there are so few strikers,” he lamented. “We are very limited going forward.”
In his desperate search for a reliable number nine, he reached out to an old friend Juan Sebastian Veron, the former Argentina midfielder and an ex-teammate of Mancini's during their time at Lazio, who pointed him towards a relatively unknown forward at Tigre: a certain Mateo Retegui.
Intrigued, Mancini dispatched his most trusted adviser, Mauro Sandreani, whose primary role with the national team was to scout and assess emerging talent. His detailed report noted a striker with an eye for goal and physical presence in the box.
There were limitations: some tactical rawness, a lack of finesse off the ball, but the potential was unmistakable. Italy needed a striker, especially one with scoring instincts, moving quickly to entice a player with family roots in Sicily and Genoa.
Retegui remembers his first encounter with Mancini well: “I arrived at midnight, and he was waiting for me. ‘Do you know why you’re here?’ he asked. ‘To play,’ I said. ‘To play, yes,’ he replied, ‘but above all – to score goals.’ ‘Perfect,’ I told him, ‘I live for that.’”
And on March 23, 2023, he did exactly that – scoring on his debut against England in Naples. For a player whose great-grandfather once left Sicily seeking a better life, it was footballing fate.
A move to Serie A followed, joining Genoa for €15 million in the summer of 2023. Under Alberto Gilardino, Retegui offered glimpses of his potential but remained a work in progress, still adjusting to a new league and learning the language of Italian football.
He would finish the first season with nine goals in 31 games across competitions, enough to earn him a €28m move to Atlanta. And it was in Bergamo, under Gian Piero Gasperini, that he really blossomed.
In Gasperini’s 3-4-2-1, a system built to amplify his strengths, Retegui would not only finish as Serie A's top scorer but also joint-fourth in the assists chart. Once known for his directness and physicality, Retegui had grown into a more complete forward.
“Retegui has had an extraordinary season,” said Gasperini. “He has scored with his right foot, his left, his head – thanks also to the contribution of the team. His goals have been decisive for our campaign.”
That form caught attention of clubs across the globe and as the spotlight widened, the striker grew restless. As he weighed up his next move, a new challenge emerged, not from one of Europe’s giants, but from a club looking to make waves in a rapidly improving league.
In Saudi Arabia, Al Qadsiah have undergone a transformation of their own, having been taken over by state oil giant Saudi Aramco in the summer of 2023.
It was a move that immediately breathed life – and an unprecedented financial muscle – into the second-tier club that had become known for yo-yoing between the top two divisions.
Former Liverpool and England striker Robbie Fowler was appointed as manager and tasked with leading a full-scale rebuild that saw sixteen new signings arrive.
It looked like Fowler was on track as Al Qadsiah started the 2023/24 season with six wins and two draws from eight league matches, leaving them one point off top spot, with his lone defeat coming in the King's Cup against top-flight Al Taawoun.
But just four months in, Spanish sporting director Carlos Anton decided to change tact, sacking Fowler and bringing in the experienced Michel, a countryman who had previously coached at clubs including Sevilla, Marseille and Olympiacos.
Al Qadsiah would go on to secure promotion as first division champions and return to SPL football for first time since 2021.
That momentum would continue back in the Saudi Pro League. Armed with Aramco’s resources, Al Qadsiah secured headline signings Nacho, the former Real Madrid captain and Spain defender, Uruguayan midfielder Nahitan Nandez from Cagliari, and veteran Gabon striker Pierre-Emerick Aubameyang from Marseille.
The team would finish the 2024/25 in fourth place, behind champions Al Ittihad, Al Hilal and Cristiano Ronaldo's Al Nassr. Al Qadsiah boasted the league's best defence, conceding 31 goals.
A run to the King’s Cup final – where they would lose 3-1 to Ittihad with Karim Benzema scoring twice – would help cement their arrival among Saudi Arabian football's elite.
With Aubameyang moving back to Marseille, Al Qadsiah turned their attentions to Retegui. And despite warnings that a move to the kingdom could jeopardise his role with the national team, Retegui has agreed to the move.
Atalanta drove a hard bargain and the deal is the club’s second-biggest sale, behind only Rasmus Hojlund’s move to Manchester United.
Predictably, the Italians aren’t happy, but even Gazzetta dello Sport acknowledged the growing appeal of Saudi Arabia, calling it “the opportunity of a lifetime”.
At Al Qadsiah, he finds a club that mirrors his own trajectory: once overlooked, now ambitious and unafraid to dream bigger. The SPL has acquired a player at the peak of his powers.
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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SQUADS
UAE
Mohammed Naveed (captain), Mohamed Usman (vice-captain), Ashfaq Ahmed, Chirag Suri, Shaiman Anwar, Mohammed Boota, Ghulam Shabber, Imran Haider, Tahir Mughal, Amir Hayat, Zahoor Khan, Qadeer Ahmed, Fahad Nawaz, Abdul Shakoor, Sultan Ahmed, CP Rizwan
Nepal
Paras Khadka (captain), Gyanendra Malla, Dipendra Singh Airee, Pradeep Airee, Binod Bhandari, Avinash Bohara, Sundeep Jora, Sompal Kami, Karan KC, Rohit Paudel, Sandeep Lamichhane, Lalit Rajbanshi, Basant Regmi, Pawan Sarraf, Bhim Sharki, Aarif Sheikh
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21 Lessons for the 21st Century
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Results
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Company%20profile
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World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
MATCH INFO
Uefa Champions League semi-final, first leg
Barcelona v Liverpool, Wednesday, 11pm (UAE).
Second leg
Liverpool v Barcelona, Tuesday, May 7, 11pm
Games on BeIN Sports
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Liverpool's all-time goalscorers
Ian Rush 346
Roger Hunt 285
Mohamed Salah 250
Gordon Hodgson 241
Billy Liddell 228
Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter
Retirement funds heavily invested in equities at a risky time
Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.
Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.
The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.
The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.
Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.
The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.
• Bloomberg