Life Is Good for trainer Todd Pletcher ahead of Dubai World Cup tilt

Todd Pletcher said Dubai World Cup favourite Life Is Good arrived in the UAE safe and sound and declared himself happy with his stable star's condition as they begin preparations for Saturday's big race.

Life Is Good represents one of the Hall of Fame trainer's best chances to win a first Dubai World Cup, the feature race at one of the richest nights in horse racing.

Winner of the Breeders’ Cup Dirt Mile at Del Mar in November, the four-year-old picked up where he left off by defeating Classic hero Knicks Go in the Pegasus World Cup at Gulfstream in January.

Following a 13-hour flight from Miami, Life Is Good took a morning gallop around Meydan Racecourse on Tuesday and Pletcher said he was is excited about his chances.

“Our flight was good and as soon as we arrived last night we went to the stables and saw Life Is Good and we were very happy with what we saw of him," he said. "He really looks like he has settled in well.

“I’ve learnt some things over the years of coming here and one of them I think is to do all your work at home. I’ve breezed horses here in the past and I think maybe its been a little counter-productive so we will just have some gallops with him and participate in the night schooling session tonight and go from there.”

Life Is Good is part of a formidable American contingent that also includes Doug O’Neill’s Hot Rod Charlie and the Bob Baffert-trained County Grammer.

Hot Rod Charlie made a successful Dubai debut in round two of the Al Maktoum Challenge last month and looked the part in his latest morning spin.

“He is doing so good right now, he loves this track," said O’Neill’s assistant Leandro Mora.

"He is very calm and quiet when making the walk to the track in the mornings but as soon as he steps on the track and the rider sits on his back he knows it is go-time and can get a little excited, but in a good way.”

Following an eight-month break, Country Grammer narrowly missed out on a winning return last month when finishing second to local hope Emblem Road in the Saudi Cup in Riyadh.

Jimmy Barnes, Baffert’s long-time assistant, was thrilled with his Tuesday morning workout: “Country Grammer is a horse who will run all day and will definitely appreciate the two turns and the one-and-a-quarter-mile distance of this race.

“He has always been a straightforward horse to train and nothing has changed with him here.”

MATCH INFO

Tottenham Hotspur 3 (Son 1', Kane 8' & 16') West Ham United 3 (Balbuena 82', Sanchez og 85', Lanzini 90' 4)

Man of the match Harry Kane

MATCH INFO

FA Cup fifth round

Chelsea v Manchester United, Monday, 11.30pm (UAE), BeIN Sports

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Hobby: "It is not really a hobby but I am very curious person. I love reading and spend hours on research."

Favourite author: Malcom Gladwell

Favourite travel destination: "Antigua in the Caribbean because I have emotional attachment to it. It is where I got married."

RESULTS

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Udinese 0-0 SPAL
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Lazio 4-2 Lecce
Parma 2-0 Roma
Juventus 1-0 AC Milan

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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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Priority access to new homes from participating developers
Discounts on sales price of off-plan units
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Mortgages with better interest rates, faster approval times and reduced fees
DLD registration fee can be paid through banks or credit cards at zero interest rates

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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

MATCH INFO

RB Leipzig 2 (Klostermann 24', Schick 68')

Hertha Berlin 2 (Grujic 9', Piatek 82' pen)

Man of the match Matheus Cunha (Hertha Berlin

TOUR RESULTS AND FIXTURES

June 3: NZ Provincial Barbarians 7 Lions 13
June 7: Blues 22 Lions 16
June 10: Crusaders 3 Lions 12
June 13: Highlanders 23 Lions 22
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June 20: Chiefs 6 Lions 34
June 24: New Zealand 30 Lions 15
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July 1: New Zealand 21 Lions 24
July 8: New Zealand v Lions

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How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

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Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

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Ziina users can donate to relief efforts in Beirut

Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”