Thomas Muller is rarely short of words. That makes Bayern Munich’s dressing-room chatterbox a useful asset when there are awkward media duties to negotiate. Jobs like explaining his club’s worst Pokal Cup exit in 20 years.
Bayern had just lost on penalties at second-division Holstein Kiel. Snow was blowing across the pitch, the head coach was gloomily contemplating the broken dream of repeating last season’s historic treble, and, shivering against the cold, Muller was filling air-time for the broadcaster ARD. He described a “ping-pong” match, in which Bayern had twice thrown away a lead in the 90 minutes. He highlighted “bad luck”.
And then he paused, fixing his interviewer, Valeska Homburg, with a steely gaze, and said: “You’re laughing now.”
Homburg started to explain she was not smirking at the misfortune of Bayern, the reigning European champions. “Of course you’re laughing,” insisted Muller. He has been around long enough to know that even if Homburg was not amused, many viewers would be at an underdog shock that had floored the all-conquering, swaggering super-heavyweights of German club football.
The suspense, the possibility of an unlikely giant-killing, had been building through a riveting two-and-a-half hours. Kiel had twice equalised in normal time, and scored their second goal in the 95th minute. They held out at 2-2 through extra-time. The penalty roulette then went into sudden death until Bayern substitute Marc Roca, taking the 12th spot-kick of the shoot-out, saw his effort saved. Kiel’s Fin Bartels, scorer of the first equaliser during normal time, converted his penalty to complete the upstart club’s perfect record in the shoot-out, six out of six, against Manuel Neuer.
Neuer was one of five World Cup winners on show for Bayern through the evening. Head coach Hansi Flick had chosen to rest only a few of his strongest XI and, although Robert Lewandowski started on the bench, Bayern’s leading scorer was called into action for extra-time, a frustrating, goalless half-hour for the serial Bundesliga champions.
It has been a frustrating week. Last Friday, Bayern conceded another lead, from 2-0 up at Borussia Monchengladbach, and it cost them three points, Monchengladbach responding with the 22nd, 23rd and 24th goals Neuer has conceded so far in the Bundesliga this season.
That’s in 15 matches. The champions are currently owners of the ninth-best defensive record in Germany’s top division.
“There’s a pattern at the moment,” Flick noted. “We are seeing far too many goals scored against us. We have spoken about it a lot. We have to make the centre of the defence and the middle of the pitch more secure.”
In that area, there are distractions, not least the continuing uncertainty of David Alaba's future. The Austrian, whose masterly conversion from left-back to centre-back was key to Bayern's high pressing and slick build-up from the back during last season's march to the treble of Champions League, Bundesliga and Cup, has stalled on a new contract. Alaba's representatives are actively exploring possible moves from the 28-year-old once his current deal expires in June.
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Potential David Alaba destinations
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His form has faltered, but Alaba is not alone for that. The central defensive pairing that Flick watched allowing Bartels to chase a long ball and score Kiel's first equaliser were Niklas Sule, the Germany international, and Lucas Hernandez, the French world champion. The verdict on both from Germany's leading newspaper was brutal. Bild-Zeiting gave Sule a mark of 6. That's on a scale that runs from 1 (outstanding) to 5 (very poor indeed). Hernandez? He escaped with a mark of 5.
No Bayern player will have enjoyed reading Bild, or being a part of history. The last time the club failed to make it to the last 32 of the German Cup was in the 2000/01 season; the last time they were knocked out by lower-division opposition was back in 2004.
“You can imagine what the mood is like,” said Muller, having made his peace with the reporter from ARD, and turning his mind to the Bundesliga confrontation with in-form Freiburg - they have five wins on the trot - on Sunday, by which time RB Leizpig could have leapfrogged Bayern to top place in a division picking up the scent of a genuine title race. Leipzig trail the champions by two points, Bayer Leverkusen by four, and Dortmund, in fourth, are five points shy of Bayern.
Flick finds himself in uncharted territory. He guided Bayern through a run of 32 matches unbeaten in the stunning, treble-winning season of his appointment, and the last time he lost two on the trot was just after he had started. Bayern’s rivals are curious to see how he responds to his worst week yet.
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
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The specs: 2019 Audi A7 Sportback
Price, base: Dh315,000
Engine: 3.0-litre V6
Transmission: Seven-speed automatic
Power: 335hp @ 5,000rpm
Torque: 500Nm @ 1,370rpm
Fuel economy 5.9L / 100km
The specs
Engine: 3.0-litre twin-turbo flat-six
Power: 480hp at 6,500rpm
Torque: 570Nm from 2,300-5,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 10.4L/100km
Price: from Dh547,600
On sale: now
WHAT IS GRAPHENE?
It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were experimenting with sticky tape and graphite, the material used as lead in pencils.
Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But when they repeated the process many times, the flakes got thinner.
By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment led to graphene being isolated for the very first time.
In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics.
How The Debt Panel's advice helped readers in 2019
December 11: 'My husband died, so what happens to the Dh240,000 he owes in the UAE?'
JL, a housewife from India, wrote to us about her husband, who died earlier this month. He left behind an outstanding loan of Dh240,000 and she was hoping to pay it off with an insurance policy he had taken out. She also wanted to recover some of her husband’s end-of-service liabilities to help support her and her son.
“I have no words to thank you for helping me out,” she wrote to The Debt Panel after receiving the panellists' comments. “The advice has given me an idea of the present status of the loan and how to take it up further. I will draft a letter and send it to the email ID on the bank’s website along with the death certificate. I hope and pray to find a way out of this.”
November 26: ‘I owe Dh100,000 because my employer has not paid me for a year’
SL, a financial services employee from India, left the UAE in June after quitting his job because his employer had not paid him since November 2018. He owes Dh103,800 on four debts and was told by the panellists he may be able to use the insolvency law to solve his issue.
SL thanked the panellists for their efforts. "Indeed, I have some clarity on the consequence of the case and the next steps to take regarding my situation," he says. "Hopefully, I will be able to provide a positive testimony soon."
October 15: 'I lost my job and left the UAE owing Dh71,000. Can I return?'
MS, an energy sector employee from South Africa, left the UAE in August after losing his Dh12,000 job. He was struggling to meet the repayments while securing a new position in the UAE and feared he would be detained if he returned. He has now secured a new job and will return to the Emirates this month.
“The insolvency law is indeed a relief to hear,” he says. "I will not apply for insolvency at this stage. I have been able to pay something towards my loan and credit card. As it stands, I only have a one-month deficit, which I will be able to recover by the end of December."
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
Tips for taking the metro
- set out well ahead of time
- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines
- enter the right cabin. The train may be too busy to move between carriages once you're on
- don't carry too much luggage and tuck it under a seat to make room for fellow passengers
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.”
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
