Spain's Sergio Garcia plays much of his golf in the US but he is among most of the world's top players who are very excited about the forthcoming Race to Dubai.
Spain's Sergio Garcia plays much of his golf in the US but he is among most of the world's top players who are very excited about the forthcoming Race to Dubai.
Spain's Sergio Garcia plays much of his golf in the US but he is among most of the world's top players who are very excited about the forthcoming Race to Dubai.
Spain's Sergio Garcia plays much of his golf in the US but he is among most of the world's top players who are very excited about the forthcoming Race to Dubai.

The race they all want to win


  • English
  • Arabic

TURNBERRY // Sergio Garcia believes that the newly launched Race to Dubai will help the European Tour to stand alongside its American equivalent in terms of status in the next few years. The added riches that the Race guarantees to those who compete in it are already proving attractive to the top American golfers, including the world No 2 Phil Mickelson who has hinted that he may seek to play in enough European events to qualify for a shot at the end-of-season Dubai World Championship which offers a total of US$10million (Dh36.7m) prize money, of which $2million goes to the winner. Garcia, ranked fifth in the world, currently plays much of his golf in the US but the young Spaniard is planning to return to Europe far more often in future years, so attractive has that Tour become on the back of its affiliation with Leisurecorp, a golfing subsidiary company of Dubai World. He knows he has to play in a minimum of 12 European tournaments from now on after a recent vote by his fellow professionals to change the eligibility rules for the Race and insisted "that will be no problem". Garcia is co-designing one of four new courses being constructed by Leisurecorp at its Jumeirah Golf Estates complex in Dubai and he was a special guest of the company when they officially launched the Race to Dubai at their recently acquired United Kingdom base of Turnberry, venue for next year's British Open Championship. "We are all thrilled about the Race," said Garcia, who arrived at the Scottish course by helicopter and greeted all of the media personnel at the halfway stage of their pre-Open reconnaissance mission to Turnberry before hitting a ball off the 10th tee with all of the amateur players in attendance. "Everybody I have talked to is looking forward to playing in the Race and I have spoken to several guys in America who have it in their minds. I am sure we will be seeing some familiar faces from the PGA Tour. The Race is bound to bring more of the world's top players to Europe." That is likely to mean stronger fields from now on for the "Desert Swing" in January which features events in Abu Dhabi, Doha and Dubai. Tiger Woods, the world No 1 who is out of action recovering from knee surgery, already has an annual arrangement to play in the Desert Classic at Emirates Golf Club - an event he has won twice. Garcia expressed his thanks for the emergence of Leisurecorp as cash-rich backers of a sport that has been heavily reliant in recent years from sponsorship from banking companies around the world. He is aware of the uncertainty of the future of several well established tournaments on each side of the Atlantic in the light of the global economic crisis. The young Spaniard declared: "A year or so ago, most Americans had no idea where Dubai was, but they all know now and that is down to the work done by Leisurecorp. We are all grateful for that." Garcia was impressed with his first visit to Turnberry since playing in the British Amateur Championship there a decade ago and he feels that Leisurecorp will make the most of their £55million purchase by trying to bring stage more tournaments on the famous links course. Moves are already being made to make it the permanent venue for the European Open which in the past has been a moveable feast. David Spencer, the chief executive of the golfing arm of Leisurecorp described Turnberry, which will be closed down for extensive refurbishment between November and June, as "an underused asset". "It [Turnberry] would be the ideal place for me to win my first major championship," added Garcia. "I hope the course suits me when I come back next July. If I could choose to win just one major in my career it would be the Open. "I love the way it is set up and how you have to use your imagination to get round the links courses. I also love the crowds at Open championships. They are so knowledgeable and I'm sure they will flock to Turnberry in large numbers." Garcia also spoke about his moves into golf course design. He stressed that his priorities at 28 were making further advances in his quest to be the world's best players but is enjoying the diversion into an industry which has proved beneficial to many of his famous predecessors on tour. "It is another of the big opportunities I have been given in my life thanks to Leisurecorp," he said. Working alongside people like Greg Norman Vijay Singh and Pete Dye [the other designers of the four Jumeirah courses] is a great experience for me and something that I can capitalise on in later life." wjohnson@thenational.ae

Russia's Muslim Heartlands

Dominic Rubin, Oxford

3%20Body%20Problem
%3Cp%3E%3Cstrong%3ECreators%3A%3C%2Fstrong%3E%20David%20Benioff%2C%20D%20B%20Weiss%2C%20Alexander%20Woo%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EBenedict%20Wong%2C%20Jess%20Hong%2C%20Jovan%20Adepo%2C%20Eiza%20Gonzalez%2C%20John%20Bradley%2C%20Alex%20Sharp%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
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.”

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

The Bloomberg Billionaire Index in full

1 Jeff Bezos $140 billion
2 Bill Gates $98.3 billion
3 Bernard Arnault $83.1 billion
4 Warren Buffett $83 billion
5 Amancio Ortega $67.9 billion
6 Mark Zuckerberg $67.3 billion
7 Larry Page $56.8 billion
8 Larry Ellison $56.1 billion
9 Sergey Brin $55.2 billion
10 Carlos Slim $55.2 billion

SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%20Dual%20electric%20motors%20with%20102kW%20battery%20pack%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E570hp%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20890Nm%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERange%3A%3C%2Fstrong%3E%20Up%20to%20428km%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh1%2C700%2C000%3C%2Fp%3E%0A
Planes grounded by coronavirus

British Airways: Cancels all direct flights to and from mainland China 

Hong Kong-based Cathay Pacific: Cutting capacity to/from mainland China by 50 per cent from Jan. 30

Chicago-based United Airlines: Reducing flights to Beijing, Shanghai, and Hong Kong

Ai Seoul:  Suspended all flights to China

Finnair: Suspending flights to Nanjing and Beijing Daxing until the end of March

Indonesia's Lion Air: Suspending all flights to China from February

South Korea's Asiana Airlines,  Jeju Air  and Jin Air: Suspend all flights