India's Anirban Lahiri walks from the second tee at the Royal Liverpool Golf Course in Hoylake, north-west England, on July 14, 2014, ahead of The British Open Golf Championships which begin on July 17, 2014. AFP PHOTO/PAUL ELLIS
India's Anirban Lahiri walks from the second tee at the Royal Liverpool Golf Course in Hoylake, north-west England, on July 14, 2014, ahead of The British Open Golf Championships which begin on July 17, 2014. AFP PHOTO/PAUL ELLIS
India's Anirban Lahiri walks from the second tee at the Royal Liverpool Golf Course in Hoylake, north-west England, on July 14, 2014, ahead of The British Open Golf Championships which begin on July 17, 2014. AFP PHOTO/PAUL ELLIS
India's Anirban Lahiri walks from the second tee at the Royal Liverpool Golf Course in Hoylake, north-west England, on July 14, 2014, ahead of The British Open Golf Championships which begin on July 1

Indian golfer Anirban Lahiri says he is ready for British Open


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Indian star Anirban Lahiri believes he will be better prepared for top level golf when he tees of in the British Open at Hoylake on Thursday compared to his major golf debut two years ago.

The current Asian Tour number one earned a starting place at Royal Liverpool Golf Club as one of 10 non-exempt players from the Official World Golf Ranking last week.

News of his late entry into the year’s third major tournament caught Lahiri by complete surprise as he was still on his honeymoon in Madagascar.

After making hurried plans to get home which took some 36 hours of travel door to door, the 27-year-old told the Asian Tour he has kept himself busy by trying to get his game back into groove with his coach Vijay Divecha.

“I’ve been practising hard .... just trying to get back into the groove,” said Lahiri, who finished tied 31st at Royal Lytham and St Annes in 2012.

“It was a great surprise that I’ve got into my second Open next week. I thought the qualifying cut off was sometime in May and when I checked the Open website, they only had the regular categories available and I assumed I had missed the chance as I wasn’t in the field for any of the qualifying events.

“That was why I had scheduled to get some time off. My wife has taken it well although her honeymoon is truncated.

“But she understands the situation, being the wife of a professional golfer. She’s been very supportive and I promised to take her back to Madagascar.”

Under the watchful eyes of coach Divecha, Lahiri has been working hard on pulling off the shots required for links golf, but knows he must possess a strong state of mind ahead of his major quest.

“I’m looking forward to a new course and a new challenge. In the two years since my first Open appearance, I believe I have progressed as a player and I feel I am going back to the Open as a more rounded player than the last time.

“We’ve been working on reducing the spin rate on the ball and hitting low shots. I’m trying to get the rhythm and tempo going again and also working on the mental aspect.

A return to the British Open is just reward for Lahiri, who is enjoying a great run in 2014.

He has shot to the top of the Asian Tour’s Order of Merit with one victory and three other top-10s and also played a big role in Asia’s draw with Europe in the inaugural EurAsia Cup in Malaysia where he contributed two points.

At 85th in the world rankings, Lahiri is determined to break into the top-50 which will give him access into the World Golf Championships and the majors.

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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

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.”

'Ghostbusters: From Beyond'

Director: Jason Reitman

Starring: Paul Rudd, Carrie Coon, Finn Wolfhard, Mckenna Grace

Rating: 2/5

2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, Leon.

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

Company Fact Box

Company name/date started: Abwaab Technologies / September 2019

Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO

Based: Amman, Jordan

Sector: Education Technology

Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed

Stage: early-stage startup 

Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.

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