On his first weekend as Iraq’s manager, Graham Arnold took in the full size and impact of his vast new constituency. The most celebrated club fixture in football, Barcelona against Real Madrid, was being beamed live into Baghdad homes and cafes.
Arnold was struck by the sheer size of the audience, crowding around big screens and small ones, men, women and children all gripped. And that for a match in which spectators across Baghdad, passionate though they may have been, held no deep emotional stake.
A week later, Arnold was in a stadium, incognito so he thought, watching a top-tier Iraqi domestic fixture from a VIP box when 25,000 began to chant his name. Expectations, he realised, had been set very high on what the new boss might achieve for the national team.
Six months on from those heady introductions, Arnold, formerly the ground-breaking coach of his native Australia, arrives in Abu Dhabi still in awe of Iraqi enthusiasm and with momentum still rolling towards the big dream, a first appearance at a World Cup finals for 40 years.
Should the so-called Lions of Mesopotamia come out of Thursday’s AFC play-off first leg against UAE with a solid result, that passion, seen, heard and resonant around next week's return leg in Basra can play a key role, he believes.
He still notes the difference between holding responsibility for the dominant sporting ambition of a country of 48 million and conditions in the land of his birth.
No coach has taken the Socceroos further in a World Cup than Arnold did in Qatar in 2022. But his sport, Down Under, cherishes those moments as special, rare national celebrations, because 'soccer' is forever in a jostle to capture the attention of a population easily distracted by, say, cricket’s Ashes, or either rugby code, or the game Australians call football while using an oval ball and their hands as much as their feet.
Arnold signed a contract with the Iraq FA that lasts only to the end of November. Should his Lions progress to the next stage of qualifying, March’s intercontinental play-off matches, that may change. But for now the focus is the winner-takes-all knockout tie against Cosmin Olaroiu’s team. “Like a battlefield,” Arnold calls it.
In this type of battle, the one-off knockout, the Aussie can be regarded as an absolute specialist. His relationship with World Cup cliffhangers goes as far back as the memories of older Iraqis do of what it is like to be in grasping distance of a finals.
Arnold the player, a centre-forward, had just begun his career as a Socceroo when Australia lost a play-off to Scotland for the last spot at the 1986 World Cup. Eight years later he was among the Australians who finished second-best to Diego Maradona’s Argentina in a play-off for USA 94.
Ahead of the 1998 World Cup, Arnold was a heartbroken Socceroo yet again, when, in a two-legged contest against Iran, his team gave away a two-goal lead with quarter of an hour remaining of the tie, Iran progressing.
By 2001, he was on Australia’s coaching staff. Same old story: Uruguay beat them in a play-off for the last ticket to the Korea-Japan World Cup.
Had this habit stuck, Arnold might have felt jinxed but, as a senior member of the Socceroos management team, he played his part in finally guiding Australia through a play-off – against Uruguay – for a berth at the 2006 World Cup, where they would reach the last 16.
Four years ago, ominously, he was manager for the Socceroos’ narrow victory over the UAE that carried them, via another play-off against Peru, to the Qatar tournament.
He left the Australia job 14 months ago. The offer from Iraq came suddenly, a vacancy arising when Jesus Casas, a Spaniard who had spent two years establishing a fine reputation and considerable popularity as national manager fell sharply from favour.
A winless run of four games, three of them defeats, ended his tenure. Safe to report Casas felt wronged. “There’s a culture of immediacy there, only the last result counts,” he said on departing with the World Cup campaign still intact, albeit with the play-off route by then likelier than automatic qualification.
“There are big challenges, many of them,” one member of the current coaching staff acknowledged to The National.
Arnold’s first game in charge would be a loss, to South Korea, but since then Iraq are unbeaten in his three fixtures and have kept clean sheets in each of those, including in both matches of phase four of the elongated Asian qualifying process, where they finished behind Saudi Arabia but above Indonesia, thanks to a feisty 1-0 win last month, the decisive moment a stunning left-footed drive from Zidane Iqbal.
Iqbal is among a number of dual nationals to have been persuaded to represent the country of their heritage. The 22-year-old was born in England and came up through the youth ranks of Manchester United, for whom he made his senior debut in the Uefa Champions League, ahead of joining Utrecht in the Netherlands.
His Iraq teammates include a scattering of players born or largely raised in northern Europe, sons of the large Iraqi diaspora, especially of the communities in Scandinavia. Several of the current squad have Sweden caps on their junior-level resumes.
But the deep well of precocious native talent is alive, too, in the party Arnold brings to the Emirates. That broad passion for the sport has produced some exceptional Iraq youth teams in the recent past, such as the Olympic semi-finalists who emerged from a country at war in 2004; and the under-20 World Cup semi-finalists of 2013.
Their successors are individuals such as Ali Jasim, whom Italy’s Como gave a Serie A debut aged 20 last season, and Mohanad Ali, ‘Mimi’, the striker whose mazy club career had taken him to the Qatar Stars League and the top divisions of Portugal and Greece by the time he turned 21.
At 25, he’s been scoring at a good rate for a struggling Dibba in the UAE and his speed on the counter-attack has been an important asset for Iraq.
They will be without Youssef Amyn, the Germany-born winger, whose club, Larnaca of Cyprus, report he still has some way to go in his recuperation from injury, and they'll miss the creativity of Ibrahim Bayesh, who also has fitness problems.
Forwards Ayman Hussein, preparing for his 90th cap, and Ali Al Hammadi, of England’s Luton Town, have returned after a period of absence.
“They can help us be more efficient in front of goal,” said Arnold, looking back over the 0-0 draw with Saudi Arabia and the narrow win over Indonesia that put Iraq into the play-off. “We’ve played at a high level defensively but we need to be more effective offensively. This is a historic opportunity and we must seize it.”
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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.”
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
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
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
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
ACC 2019: The winners in full
Best Actress Maha Alemi, Sofia
Best Actor Mohamed Dhrif, Weldi
Best Screenplay Meryem Benm’Barek, Sofia
Best Documentary Of Fathers and Sons by Talal Derki
Best Film Yomeddine by Abu Bakr Shawky
Best Director Nadine Labaki, Capernaum
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Company profile
Name: Back to Games and Boardgame Space
Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)
Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)
Based: Dubai and Abu Dhabi
Industry: Back to Games (retail); Boardgame Space (wholesale and distribution)
Funding: Back to Games: self-funded by Mr Azzam with Dh1.3 million; Mr Azzam invested Dh250,000 in Boardgame Space
Growth: Back to Games: from 300 products in 2015 to 7,000 in 2019; Boardgame Space: from 34 games in 2017 to 3,500 in 2019
PROFILE OF STARZPLAY
Date started: 2014
Founders: Maaz Sheikh, Danny Bates
Based: Dubai, UAE
Sector: Entertainment/Streaming Video On Demand
Number of employees: 125
Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners
Price, base / as tested From Dh173,775 (base model)
Engine 2.0-litre 4cyl turbo, AWD
Power 249hp at 5,500rpm
Torque 365Nm at 1,300-4,500rpm
Gearbox Nine-speed auto
Fuel economy, combined 7.9L/100km
Fixtures
%3Cp%3E%3Cstrong%3EWednesday%2C%20April%203%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EArsenal%20v%20Luton%20Town%2C%2010.30pm%20(UAE)%3C%2Fp%3E%0A%3Cp%3EManchester%20City%20v%20Aston%20Villa%2C%2011.15pm%20(UAE)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EThursday%2C%20April%204%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3ELiverpool%20v%20Sheffield%20United%2C%2010.30pm%20(UAE)%3C%2Fp%3E%0A
Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
Top investing tips for UAE residents in 2021
Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.
Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.
Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.
Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.
Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.
Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.
Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”
Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI.
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Killing of Qassem Suleimani
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