Tommy Berry rode Military Attack to the Audemars Piguet Queen Elizabeth II Cup win at Sha Tin racecourse in Hong Kong. Godolphin's Sajjhaa broke poorly from Gate 8 and had to rally to finish fourth.
Tommy Berry rode Military Attack to the Audemars Piguet Queen Elizabeth II Cup win at Sha Tin racecourse in Hong Kong. Godolphin's Sajjhaa broke poorly from Gate 8 and had to rally to finish fourth.
Tommy Berry rode Military Attack to the Audemars Piguet Queen Elizabeth II Cup win at Sha Tin racecourse in Hong Kong. Godolphin's Sajjhaa broke poorly from Gate 8 and had to rally to finish fourth.
Tommy Berry rode Military Attack to the Audemars Piguet Queen Elizabeth II Cup win at Sha Tin racecourse in Hong Kong. Godolphin's Sajjhaa broke poorly from Gate 8 and had to rally to finish fourth.

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Horse racing: Rough going for Sajjhaa at Sha Tin

A poor break out of Gate 8 hindered Sajjhaa's run at the Audemars Piguet Queen Elizabeth II Cup at Sha Tin in Hong Kong. The Godolphin mare rallied to finish fourth behind winner Military Attack.

Geoffrey Riddle

April 28, 2013

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Godolphin were out of luck in Hong Kong on Sunday when Sajjhaa was fourth to Military Attack in the Audemars Piguet QEII Cup at Sha Tin.

The Dubai-based organisation were keen for a boost following a trying week spent before racing authorities in London, but it all went wrong for the Dubai Duty Free winner as soon as the gates opened.

Sajjhaa missed the break from Gate 8 under Silvestre De Sousa, and was forced to race five horses wide. She rallied from a hopeless position to finish fourth.

After four successive victories at Meydan Racecourse during the Dubai World Cup Carnival, there was the suggestion by De Sousa that she may need a break.

"She ran a great race after her tough time in Dubai," the jockey said.

Saeed bin Suroor, the trainer, later confirmed that the six-year-old mare will be held back for an autumn campaign. "I was happy with her performance," he said. "She will return to racing in the second half of the season."

Igugu was another who was forced to race wide and although Mike de Kock's mare briefly led in the straight, she finished down the field in eighth.

She finished behind Sajjhaa three times in Dubai following a tortuous quarantine procedure that resulted in stints on Mauritius, in England and the UAE. Anthony Delpech was concerned afterward that South Africa's former horse of the year may be past her best.

"I picked up the pace going to the 600 metre, but she just couldn't pick it up and keep going," he said.

"She's a bit disappointing, and that's four runs now, so we'd have to start to worry."

Military Attack will go to Singapore for the International Cup at Kranji on May 19.

Red Cadeaux, the Dubai World Cup runner-up, will also head to Singapore after picking up another lucrative payday for the trainer Ed Dunlop. Red Cadeaux was third in the Grade 1 Tenno Sho at Kyoto behind Fenomeno and Tosen Ra, the local Japanese runners.

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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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Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

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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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Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

The biog

Birthday: February 22, 1956

Born: Madahha near Chittagong, Bangladesh

Arrived in UAE: 1978

Exercise: At least one hour a day on the Corniche, from 5.30-6am and 7pm to 8pm.

Favourite place in Abu Dhabi? “Everywhere. Wherever you go, you can relax.”

While you're here
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Watford 1 (Deulofeu 80' p)

Chelsea 2 (Abraham 5', Pulisic 55')

Try out the test yourself

Q1 Suppose you had $100 in a savings account and the interest rate was 2 per cent per year. After five years, how much do you think you would have in the account if you left the money to grow?
a) More than $102
b) Exactly $102
c) Less than $102
d) Do not know
e) Refuse to answer

Q2 Imagine that the interest rate on your savings account was 1 per cent per year and inflation was 2 per cent per year. After one year, how much would you be able to buy with the money in this account?
a) More than today
b) Exactly the same as today
c) Less than today
d) Do not know
e) Refuse to answer

Q4 Do you think that the following statement is true or false? “Buying a single company stock usually provides a safer return than a stock mutual fund.”
a) True
b) False
d) Do not know
e) Refuse to answer

The “Big Three” financial literacy questions were created by Professors Annamaria Lusardi of the George Washington School of Business and Olivia Mitchell, of the Wharton School of the University of Pennsylvania. 

Answers: Q1 More than $102 (compound interest). Q2 Less than today (inflation). Q3 False (diversification).

Tamkeen's offering
  • Option 1: 70% in year 1, 50% in year 2, 30% in year 3
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