'We are very proud': Sheikh Salman hails success of Bahrain Turf Series

Bahrain’s strategic move to raise its international profile as a sporting destination has taken a significant step forward with the successful conclusion of the Kingdom’s inaugural horse racing Turf Series.

The 10-race event which began in December and ended on Friday offered more than $700,000 in prize money and attracted significant international participation as well as acclaim from trainers, owners and jockeys.

Charlie Appleby, one of the world’s leading trainers, prevented a clean sweep by local horses in the series when Godolphin’s Silent Film ridden by James Doyle took the ninth leg, the seven furlong Al Sakhir Cup.

But the ultimate winner has undoubtedly been the Kingdom itself as it seeks to establish its international racing credentials in the slip stream of its more illustrious regional neighbours such as Dubai. The Turf Series confirms the Kingdom’s status as a rapidly emerging force in world racing.

“Racing in Bahrain has been closed for years and it is being exposed for the first time to the international racing community,” said Sheikh Salman bin Rashed Al Khalifa, the executive director of the Rashid Equestrian and Horseracing Club.

“I am extremely happy with the results. It has been a huge success. We have had very big support from European trainers and owners and it is very encouraging. The interest is there. They want to have more options [for their horses] at this time of year. You need to gain the confidence of the racing community and they will come back. I have no doubt.”

Appleby will certainly be among them. “It’s been a great series in Bahrain and we’re delighted we found the right horse to come over. Hopefully we’ll be part of it in the future as well.”

I am extremely happy with the results. It has been a huge success. We have had very big support from European trainers and owners and it is very encouraging

Doyle himself is becoming something of a regular in Bahrain. “I’ve been coming for a number of years now and year-on-year it really improves,” he said. “It’s nice to see how things are evolving, both the standard of racing and the facilities. The track seems to ride a bit nicer every year, the races are getting more competitive and the new Turf Series obviously brought quite a few UK trainers out.”

The spin offs are tangible, not just for the local racing industry but more broadly the Kingdom and its international appeal.

“Sport does so much in terms of positioning and promoting the Kingdom globally,” Sheikh Salman said.

“Ultimately our big goal is to host international races and try to attract top quality horses to come to the Kingdom to participate. But I always say there are lots of advantages linked to sport.

“I think this is mainly from a tourist side and from attracting foreign investment. There are a lot of benefits. It positions the Kingdom of Bahrain internationally. Sport has a lot of angles which add value in different ways. “

Godolphin’s Silent Film ridden by James Doyle took the ninth leg of the Bahrain Turf Series, the seven furlong Al Sakhir Cup. Photo: Bahrain Turf Club

The Bahrain thoroughbred scene is already beginning to benefit. “Everyone across the board here is very happy. You can feel the local owners and trainers are excited,” Sheikh Salman added. “They are getting better quality horses imported to the Kingdom of Bahrain.”

The Kingdom’s move to open its doors really began three years ago with the first Bahrain International Trophy which has quickly established itself in the global equine calendar. The driving force for the overall equine strategic initiative has been Sheikh Isa bin Salman bin Hamad Al Khalifa, the chairman of REHC.

“It is his vision, his goal. He has backed us all the way and he is really involved which gives us as an executive management team a lot of strength and encouragement," Sheikh Salman said.

"We will go back and sit down with the whole team and evaluate in more detail and if required to do any tweaks we will. But we are very happy with the end product. We are very proud.”

It will not be long before the international sporting spotlight shines again on the Kingdom. The Formula 1 Grand Prix roars into action at the Bahrain International circuit on March 20, bringing with it more attention. Without doubt the Kingdom is on the march.

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The years Ramadan fell in May

1987

1954

1921

1888

RESULT

Esperance de Tunis 1 Guadalajara 1
(Esperance won 6-5 on penalties)
Esperance: Belaili 38’
Guadalajara: Sandoval 5’

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

In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013

States of Passion by Nihad Sirees,
Pushkin Press

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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.

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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Name: Peter Dicce

Title: Assistant dean of students and director of athletics

Favourite sport: soccer

Favourite team: Bayern Munich

Favourite player: Franz Beckenbauer

Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates

How to apply for a drone permit

Individuals must register on UAE Drone app or website using their UAE Pass
Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
Upload the training certificate from a centre accredited by the GCAA
Submit their request

What are the regulations?

Fly it within visual line of sight
Never over populated areas
Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
Users must avoid flying over restricted areas listed on the UAE Drone app
Only fly the drone during the day, and never at night
Should have a live feed of the drone flight
Drones must weigh 5 kg or less

French Touch

Carla Bruni

(Verve)

Tamkeen's offering

Option 1: 70% in year 1, 50% in year 2, 30% in year 3
Option 2: 50% across three years
Option 3: 30% across five years

Tips for job-seekers

Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.

David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East

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