LOCH LOMOND // What is the difference between a house and a home? In the changing face of world golf, the answer to that question is probably worth around £5million (Dh36,535m). Tradition dictates that Scotland will always be the home of this sport, but the lure of colossal prize money demands that the UAE will house its richest tournament.
The European Tour's decision to rebrand the order of merit the 'Race to Dubai' may seem like an old story, but it is fresh compared to some of the anecdotes that can be discovered within this stimulating Barclays Scottish Open.
It is not a surprise to learn that rain continues to threaten golf in the UK, the Scot Colin Montgomerie remains as cranky as ever and, after Pelle Edberg and Phil Mickelson made holes in one over the first two days, gleaming prizes continue to be handed out with some relish.
Edberg won a new BMW car worth £44,590 (Dh325,700), but a lot more will be available when next year's revised tour calender visits the Middle East.
Money talks, as they say, and in Dubai it appears to have stretched its vocal chords to breaking point.There is a level of excitement infiltrating the development of the Earth course at Jumeirah Golf Estates in Dubai, despite it being 16 months or so away from public consumption.
The Earth course is one of the two tracks being designed by the former British Open champion Greg Norman in the UAE, and will host the first Dubai World Championship in November next year boasting a £5m kitty.
The Swedish Ryder Cup player Henrik Stenson has made Dubai his base, and he is eager to compete in it.
He may have other items on his agenda, such as this week's Open Championship at Royal Birkdale, the USPGA next month and, of course, cementing his place in the Ryder Cup in September, but Dubai is never far from his thoughts.
After keeping himself in contention to claim the Scottish Open yesterday, Stenson voiced his approval of the growth of golf in the Middle East, and the Australian Norman's ability as a designer.
"It's good news for me, obviously, being based in Dubai. Having a such a big tournament there is something I am really looking forward to," said Stenson.
"I've been up to have a look at it, and it's going to be a great venue. I've had a look at the way it's seeding, and it's going to be an interesting venue and one that will be tough.
"I've spoken to Greg about it, and he's added a bit more length to it as well.
"Now it's been finalised that they're going to play the tournament there, it's going to be a real test for all the players. But it is excellent news for Dubai, and the UAE."
The power of marketing in trying to sell Dubai is evident when studying the programme previewing the Scottish Open.
There are several adverts publicising courses in Dubai while the Danish player Thomas Bjorn, who is also based in the UAE, claims that the decision to end the season there is the "most exciting thing" he has experienced in his career.
Bjorn is pictured outside a new mobile physio unit that is adorned with the slogan "The race to Dubai is coming".
While it is coming, the traditional desert swing of the Abu Dhabi Championship, the Qatar Masters and the Dubai Desert Classic is coming sooner, in January, meaning the European Tour, which seems like a misleading title in modern times, will begin and conclude in the Middle East.
"I'm looking forward to having so many tournaments in the Middle East, and it will be interesting to see how it all develops in the future," added Stenson.
Stenson has finished in the top 10 in the order of merit over the past three years, has been as high as number five in the world and has Nick Faldo's former caddy Fanny Sunesson carrying his bag. But he has no obvious ego.
He has reduced his schedule to spend more time with his wife Emma, whom he married in Dubai, and his new daughter Lisa.
"I am trying to focus on playing a little bit less to get more quality rather than quantity, especially when I have a young family and everything," he confessed.
Stenson occupies 16th place in the world rankings and is fifth in the order of merit, but he has yet to win this season after claiming the Dubai Desert Classic and the Accenture World Matchplay last year.
"Even though I have been close in Qatar and Dubai, you measure your success by the tournaments you win," he explained. "But my consistency has been good and if I can add a win or two before the end of the year, that would be nice."
Stenson holed the putt on his Ryder Cup debut that allowed Europe to retain the trophy two years ago.
He is excited about this year's event at Valhalla in the US as Europe bid for a fourth straight win.
While Stenson is content with his personal life, Martin Kaymer, the German player, withdrew from the Scottish Open due to the death of his mother.
Stenson finished second alongside Lee Westwood as Kaymer led from start to finish in winning the Abu Dhabi Championship in January.
Stenson said: "He's won twice this season, is a solid player and I think he will be on the team."
Receiving the endorsement of Stenson is worthwhile these days. Norman will hope for similar platitudes when the Swedish player and his European cohorts trash a ball off a tee at his Earth course for the first time.
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.”
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
TCL INFO
Teams:
Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC
Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan
Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
When December 14-17
Closing the loophole on sugary drinks
As The National reported last year, non-fizzy sugared drinks were not covered when the original tax was introduced in 2017. Sports drinks sold in supermarkets were found to contain, on average, 20 grams of sugar per 500ml bottle.
The non-fizzy drink AriZona Iced Tea contains 65 grams of sugar – about 16 teaspoons – per 680ml can. The average can costs about Dh6, which would rise to Dh9.
Drinks such as Starbucks Bottled Mocha Frappuccino contain 31g of sugar in 270ml, while Nescafe Mocha in a can contains 15.6g of sugar in a 240ml can.
Flavoured water, long-life fruit juice concentrates, pre-packaged sweetened coffee drinks fall under the ‘sweetened drink’ category
Not taxed:
Freshly squeezed fruit juices, ground coffee beans, tea leaves and pre-prepared flavoured milkshakes do not come under the ‘sweetened drink’ band.
Mobile phone packages comparison
Essentials
The flights
Etihad (etihad.ae) and flydubai (flydubai.com) fly direct to Baku three times a week from Dh1,250 return, including taxes.
The stay
A seven-night “Fundamental Detox” programme at the Chenot Palace (chenotpalace.com/en) costs from €3,000 (Dh13,197) per person, including taxes, accommodation, 3 medical consultations, 2 nutritional consultations, a detox diet, a body composition analysis, a bio-energetic check-up, four Chenot bio-energetic treatments, six Chenot energetic massages, six hydro-aromatherapy treatments, six phyto-mud treatments, six hydro-jet treatments and access to the gym, indoor pool, sauna and steam room. Additional tests and treatments cost extra.
Profile of Tarabut Gateway
Founder: Abdulla Almoayed
Based: UAE
Founded: 2017
Number of employees: 35
Sector: FinTech
Raised: $13 million
Backers: Berlin-based venture capital company Target Global, Kingsway, CE Ventures, Entrée Capital, Zamil Investment Group, Global Ventures, Almoayed Technologies and Mad’a Investment.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
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