West Ham owners have said they would like a British manager.
West Ham owners have said they would like a British manager.
West Ham owners have said they would like a British manager.
West Ham owners have said they would like a British manager.

Mackay in the running for West Ham job


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West Ham United could charge Malky Mackay with the task of masterminding their rebuilding operation in the second tier of English football next season.

After firing Avram Grant in the aftermath of the defeat to Wigan Athletic, which confirmed their relegation from the Premier League, the West Ham owners have stated that their new manager will be British.

While Chris Hughton has emerged as an early front-runner, it could be another former Hammers player who tops the shortlist compiled by vice chairman Karren Brady and owners David Sullivan and David Gold.

Mackay played for the Hammers in the 2004/05 and after retiring from the game three years later, he has carved out a promising career as a manager.

In successive seasons, he has transformed Watford from relegation favourites to an established Championship side who flirted with the play-offs this season.

The fact that he achieved that with the second smallest budget in the league is commendable and will surely endear him to the executive management at West Ham who are looking to significantly cut costs and reduce their spiralling debt following relegation.

Mackay received a glowing recommendation from Sir Alex Ferguson, the record-breaking Manchester United, when he applied for the Watford job and given the fact he still receives encouraging text messages from Ferguson, the former Scotland international can probably count on a similar ringing endorsement for the position at West Ham.

Mackay already has an admirer at the club in Andy Rolls, the head of sports medicine at Upton Park, as the pair worked together at Watford. Should he be asked and providing he is not made the scapegoat for West Ham's lamentable injury record this season, Rolls would back Mackay's application.

English football, and particularly the top tier, features a plethora of Scottish managers and Gold and Sullivan have already demonstrated their penchant for a manager born north of the English border when they appointed Alex McLeish at Birmingham City in 2007.

As well as being unlikely to command the same sort of inflated salary as the other candidates, Mackay's teams also play the brand of smooth-passing football which fits neatly into the West Ham tradition.

He is also trusted by Ferguson and Arsene Wenger, the Arsenal manager, with their young players, who he takes on loan, and West Ham are likely to need to exploit that market as there will be limited money to spend on wages or transfer fees in recruiting players to fill the gaps created by the likely mass exodus at Upton Park.

The production line of players from the club's famed Academy, which has produced the likes of Rio Ferdinand, Frank Lampard and Michael Carrick, will be particularly important during a transitional couple of seasons and Mackay has demonstrated his ability to blood young players at Watford, handing five Academy players their debut this season.

Mackay also won promotion from the Championship to the Premier League with three different clubs as a player and West Ham may feel he has the ability to translate that success on the pitch to the dug out.

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.”

Match info

Newcastle United 1
Joselu (11')

Tottenham Hotspur 2
Vertonghen (8'), Alli (18')

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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