Tadhg O’Shea steers Royal Mews to bring up his 50th winner of the season at Meydan on Sunday, February 20, 2022. Photo: DHRIC
Tadhg O’Shea steers Royal Mews to bring up his 50th winner of the season at Meydan on Sunday, February 20, 2022. Photo: DHRIC
Tadhg O’Shea steers Royal Mews to bring up his 50th winner of the season at Meydan on Sunday, February 20, 2022. Photo: DHRIC
Tadhg O’Shea steers Royal Mews to bring up his 50th winner of the season at Meydan on Sunday, February 20, 2022. Photo: DHRIC

Sport

Horse Racing

Bhupat Seemar lands double at Meydan to lead UAE trainers' title race

Tadhg O’Shea rides Royal Mews to victory for his 50th winner for the season

Amith Passela
Amith Passela

February 20, 2022

  • English
  • Arabic

Bhupat Seemar racked up a double at Meydan on Sunday to open a two-winner lead over Doug Watson in the UAE trainer’s title race.

Bosphorus under Dane O’Neill led a one-two finish for Seemar in the second race and the stable jockey Tadhg O’Shea landed the official feature prize of the meeting on Royal Mews 35 minutes later to bring up his 50th winner of the season and take Seemar’s tally to 32.

O’Shea settled the five-year-old Siyouni gelding in midfield and, perhaps significantly, slightly wide out of any kickback. Once asked to win his race at the top of the straight, the outcome was soon beyond any doubt.

This was only his sixth career start and second victory, having won over 2,000m on the Chelmsford all-weather when trained by John and Thady Gosden for Godolphin.

Results

2.30pm: Park Avenue – Conditions (PA) Dh80,000 (Dirt) 2,000m; Winner: Rb Seqondtonone, Abdul Aziz Al Balushi (jockey), Helal Al Alawi (trainer)

3.05pm: Al Furjan – Maiden (TB) Dh82,500 (Turf) 1,200m; Winner: Bosphorus, Dane O’Neill, Bhupat Seemar

3.40pm: Mina – Rated Condition (TB) Dh105,000 (D) 1,600m; Winner: Royal Mews, Tadhg O’Shea, Bhupat Seemar

4.15pm: Aliyah – Handicap (TB) Dh87,500 (T) 1,900m; Winner: Ursa Minor, Ray Dawson, Ahmad bin Harmash

4.50pm: Riviera Beach – Rated Conditions (TB) Dh95,000 (D) 2,200m; Winner: Woodditton, Saif Al Balushi, Ahmad bin Harmash

5.25pm: Riviera – Handicap (TB) Dh2,000 (T) 2,000m; Winner: Al Madhar, Antonio Fresu, Musabah Al Muhairi

6pm: Creek Views – Handicap (TB) Dh95,000 (T) 1,400m; Winner: Al Salt, Dane O’Neill, Erwan Charpy

Seemar enjoyed a 1-2 in the preceding 1,200m turf maiden, Lake Causeway, racing alone on the nearside rail under O’Shea, denied by Bosphorus in the centre, the mount of O’Neill.

A four-year-old Golden Horn colt, Bosphorus was getting off the mark at the sixth attempt on what was also his turf debut having run five times on all-weather surfaces in the UK for Godolphin.

“He has been slow to come to hand, which is why you have not seen him and he has been off for almost a year. His coat is still not 100 per cent so he should improve from that,” Seemar said of Bosphorus.

A 2,000m turf handicap appeared competitive on paper but was actually won convincingly by Al Madhar, produced to lead entering the final 250m and never in danger thereafter for Musabah Al Muhairi.

Twice a winner in Britain for Richard Hannon, Al Madhar had recorded a first UAE success on his penultimate start, over this track and trip, before finishing fourth in a 1,900m Meydan turf handicap.

“He was a bit disappointing last time but he enjoyed being ridden like that and given time to get into the race,” the winning jockey Antonio Fresu said of the five-year old-Siyouni gelding.

“He has won twice this year but this is going to be a very nice horse next season.”

The concluding 1,400m turf handicap produced an absolutely thrilling finish with the first five home finishing within a length of one another, with Al Salt, who had hit the front inside the final 275m, just holding on under O’Neill for Shadwell and Erwan Charpy.

match details

Wales v Hungary

Cardiff City Stadium, kick-off 11.45pm

The years Ramadan fell in May

1987

1954

1921

1888

On Women's Day
Brief scores:

England: 290 & 346

Sri Lanka: 336 & 243

If you go…

Emirates launched a new daily service to Mexico City this week, flying via Barcelona from Dh3,995.

Emirati citizens are among 67 nationalities who do not require a visa to Mexico. Entry is granted on arrival for stays of up to 180 days. 

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While you're here
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Ahmed Raza

UAE cricket captain

Age: 31

Born: Sharjah

Role: Left-arm spinner

One-day internationals: 31 matches, 35 wickets, average 31.4, economy rate 3.95

T20 internationals: 41 matches, 29 wickets, average 30.3, economy rate 6.28

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.”

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

Crazy Rich Asians

Director: Jon M Chu

Starring: Constance Wu, Henry Golding, Michelle Yeon, Gemma Chan

Four stars

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Essentials

The flights

Emirates and Etihad fly direct from the UAE to Geneva from Dh2,845 return, including taxes. The flight takes 6 hours. 

The package

Clinique La Prairie offers a variety of programmes. A six-night Master Detox costs from 14,900 Swiss francs (Dh57,655), including all food, accommodation and a set schedule of medical consultations and spa treatments.

While you're here
Results

2.30pm: Park Avenue – Conditions (PA) Dh80,000 (Dirt) 2,000m; Winner: Rb Seqondtonone, Abdul Aziz Al Balushi (jockey), Helal Al Alawi (trainer)

3.05pm: Al Furjan – Maiden (TB) Dh82,500 (Turf) 1,200m; Winner: Bosphorus, Dane O’Neill, Bhupat Seemar

3.40pm: Mina – Rated Condition (TB) Dh105,000 (D) 1,600m; Winner: Royal Mews, Tadhg O’Shea, Bhupat Seemar

4.15pm: Aliyah – Handicap (TB) Dh87,500 (T) 1,900m; Winner: Ursa Minor, Ray Dawson, Ahmad bin Harmash

4.50pm: Riviera Beach – Rated Conditions (TB) Dh95,000 (D) 2,200m; Winner: Woodditton, Saif Al Balushi, Ahmad bin Harmash

5.25pm: Riviera – Handicap (TB) Dh2,000 (T) 2,000m; Winner: Al Madhar, Antonio Fresu, Musabah Al Muhairi

6pm: Creek Views – Handicap (TB) Dh95,000 (T) 1,400m; Winner: Al Salt, Dane O’Neill, Erwan Charpy

Updated: February 20, 2022, 5:51 PM
Meydan Racecourse