• Mats Hummels during Germany's training session in Tirol, Austria, on Monday, May 31. Getty
    Mats Hummels during Germany's training session in Tirol, Austria, on Monday, May 31. Getty
  • Germany's Thomas Muller arriving at training in Austria. Getty
    Germany's Thomas Muller arriving at training in Austria. Getty
  • Germany players training in Austria. Reuters
    Germany players training in Austria. Reuters
  • Germany goalkeeper Manuel Neuer during training. Getty
    Germany goalkeeper Manuel Neuer during training. Getty
  • Left to right: Jonas Hofmann, Florian Neuhaus and Joshua Kimmich. Getty
    Left to right: Jonas Hofmann, Florian Neuhaus and Joshua Kimmich. Getty
  • Germany manager Joachim Low. Getty
    Germany manager Joachim Low. Getty
  • Leroy Sane and Emre Canduring training. Getty
    Leroy Sane and Emre Canduring training. Getty
  • Germany players training in Austria. Reuters
    Germany players training in Austria. Reuters
  • Germany's Thomas Mueller during training. Reuters
    Germany's Thomas Mueller during training. Reuters
  • Germany's Leroy Sane. Getty
    Germany's Leroy Sane. Getty
  • Germany manager Joachim Low. Getty
    Germany manager Joachim Low. Getty
  • Germany's Marcel Halstenberg and Niklas Sule during training. Reuters
    Germany's Marcel Halstenberg and Niklas Sule during training. Reuters
  • Germany manager Joachim Low. Getty
    Germany manager Joachim Low. Getty
  • Germamy's Leroy Sane arrives at training. Getty
    Germamy's Leroy Sane arrives at training. Getty
  • Germany's Marcel Halstenberg during training. Reuters
    Germany's Marcel Halstenberg during training. Reuters
  • Germany's Serge Gnabry during training. Reuters
    Germany's Serge Gnabry during training. Reuters
  • Germany manager Joachim Low. Getty
    Germany manager Joachim Low. Getty
  • Left to right: Germany's Bernd Leno, Manuel Neuer and Kevin Trapp during training. Reuters
    Left to right: Germany's Bernd Leno, Manuel Neuer and Kevin Trapp during training. Reuters
  • Germany's Leroy Sane and Emre Can. Reuters
    Germany's Leroy Sane and Emre Can. Reuters
  • Goalkeeper Manuel Neuer arrives at training. Getty
    Goalkeeper Manuel Neuer arrives at training. Getty

Football

Thomas Muller and Mats Hummels back training with Germany – in pictures

Experienced duo have been recalled by manager Low and are in the squad for Wednesday's friendly against Denmark

The National

May 31, 2021

  • English
  • Arabic

Germany's preparation for Euro 2020 continues at their Austrian training camp this week with former national team exiles Mats Hummels and Thomas Muller back in the mix.

Muller, Hummels and Jerome Boateng were dropped in March 2019 by manager Joachim Low who said that he wanted a "new start" with Germany's next generation of players.

The decision to axe the decorated Bayern Munich trio stunned German football and Muller in particular admitted to being left "angry" and "puzzled" at the call.

"A coach must make sporting decisions, I don't have a problem with that. But it's mostly the character of the decision that I don't understand. Mats, Jerome and I are still able to play at the highest level," he said at the time.

But after a serious of poor results – including a 6-0 thrashing by Spain in November 2020 – and more than two years out of the picture, 31-year-old Muller and 32-year-old Hummels, now back with Borussia Dortmund, have been brought back into the fold for this summer's finals.

Hummels admitted his exile had been "painful" during an online news conference from their training base. "Thomas and me were always proud to be here and it hurt when that happed [in 2019], no denying that," Hummels, who won the German Cup with Borussia Dortmund this season, said.

"But I had set the goal to work my way back into the team again. I wanted to do it as ambition but also as an honour to play for Germany."

Low hopes the pair will strengthen the backline and improve the team's low conversion rate up front while also helping to handle pressure during matches.

“It’s as if they had never been away. They helped shape this national team for a long time. They’re feeling good,” Low said ahead of Wednesday's friendly against Denmark in Innsbruck, Austria.

“Both are players who set the tone at their clubs. We expect the same from them here. Everyone enjoyed the reunion with them.”

The pair will have only two warm-up matches to find their footing in the team until the tournament start in 10 days, facing Denmark and then Latvia on June 7.

Low's reign as Germany manager comes to an end after the European Championships – where they take on France, Portugal and Hungary in the group stage – when he will be replaced by his former assistant Hansi Flick, who has just left Bayern Munich after a remarkable 18 months in charge.

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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.”

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If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

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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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