DHAKA // This is supposed to be the fieriest rivalry in cricket, maybe even all of sport. India and Pakistan do not meet often in their shared favourite pastime anymore. When they do, it tends to be seismic. Tension is acute.
Even amongst the Bangladeshis who swelled the attendance to full capacity at the National Stadium in Mirpur, there was no such thing as a neutral.
Pakistan had the biggest volume of support. Their subsequent five-wicket demise against their old foes was keenly felt, especially seeing as their side never realistically threatened.
And through it all, a show of respect, from one young wonder-kid famed for feistiness and fruity language, as well as supreme talent, to another who is on his way back from the heaviest of all falls.
Read more from Radley in Dhaka: So much for PSL effect: Tragicomic Pakistan cut to shreds by India at Asia Cup
Photo gallery: Hardik Pandya and Virat Kohli lead India cricket over Pakistan at Asia Cup T20
Forget about the millions of people watching, with all that national pride at stake. The exchange between Virat Kohli, the match-winner for India, and Mohammed Amir, who refused to concede defeat for Pakistan, was a throw back to the village green. They might as well have had a break for cucumber sandwiches and shared some tiffins.
“International cricket is about learning from your mistakes, I made a few mistakes last time we played,” Kohli said of his watchful, and decisive, innings of 49.
“I decided to dig in, stay and the wicket, as I knew I would get a few balls to get set, but I would like to compliment Mohammed Amir on the way he bowled.
“I actually congratulated him while I was batting. I was so, so happy to play against that kind of spell. I have always said he is a world-class bowler. Hats off to the way he bowled and God bless him with more success.”
Pakistan would have been nothing without Amir, having caved for a paltry total of 83. His first over in reply was stunning.
He accounted for Rohit Sharma and Ajinkya Rahane, each without scoring, and troubled both Kohli and Suresh Raina, too. When he did dismiss Raina in the third over, India were eight for three and struggling badly to repel his onslaught.
Kohli’s effort in guiding the Indians through the troubles and to the point of victory was a triumph for his game-management skills, in a match that did not include a single six.
The situation did not require the sort of lavish strokeplay that is his trademark, so he evoked the spirit of Geoffrey Boycott instead. He dug in.
MS Dhoni, India’s captain, thought Kohli had been unlucky to be given out on 49. He suggested the fact the umpires now wear earpieces had contributed to the official failing to detect the inside edge on the LBW he upheld for Mohammed Sami.
Still, though, Dhoni was pleased with the final result. “The conditions were tough and you have to give credit to Amir,” Dhoni, who hit the winning runs, said.
“You only celebrate once you’ve got the number of runs that were needed. We weren’t thinking 84 would be easy because we had seen the conditions.”
Waqar Younis, the Pakistan coach, said it was impossible to apportion blame for his side’s collapse, given everyone was culpable. “When you lose six wickets in the first seven overs, who can you blame?” he said.
He reserved praise for Amir, though, as he took another step along the road to retribution after his return following five years out for spot-fixing.
“It was his own fault so we can’t cry about it,” Waqar said of Amir’s extended absence.
“He is coming back, getting stronger and stronger, and better and better. He will be a big asset for Pakistan cricket for the next few years.”
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Moral education needed in a 'rapidly changing world'
Moral education lessons for young people is needed in a rapidly changing world, the head of the programme said.
Alanood Al Kaabi, head of programmes at the Education Affairs Office of the Crown Price Court - Abu Dhabi, said: "The Crown Price Court is fully behind this initiative and have already seen the curriculum succeed in empowering young people and providing them with the necessary tools to succeed in building the future of the nation at all levels.
"Moral education touches on every aspect and subject that children engage in.
"It is not just limited to science or maths but it is involved in all subjects and it is helping children to adapt to integral moral practises.
"The moral education programme has been designed to develop children holistically in a world being rapidly transformed by technology and globalisation."
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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
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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.”
Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
