During the international break, from which some weary and one or two jubilant footballers returned yesterday, a great Milan team took to the field.
They did so in the name of charity, in an exhibition match against some retired Real Madrid legends.
Milan won and, seeing the gathering of 1990s greats plunged a number of Milanisti into willing nostalgia.
There was George Weah, up front for the Milan Masters. There along the back four, were the once almost impenetrable trio of Franco Baresi, Alessandro Costacurta and Mauro Tassotti.
And there, making the ceremonial kick-off was Marco van Basten, a centre-forward more iconic for the crowds at the San Siro than even Weah.
Van Basten, who does not say much in public without thinking quite hard about it, then helped his popularity with fans grow a degree further by saying he felt anxious about the current Milan, a club "not moving forward", a club "who need to invest to catch up".
He touched a raw nerve.
After the comics of the curvas had finished making jokes about how the 40-something collection of ex-Milan veterans played at superior pace to the current, decidedly ageing, side, a sense of genuine anguish at the direction being take by the club remains.
Ronaldinho is enduring rough criticism already and van Basten already feels obliged to talk up his compatriot Klaas Jan Huntelaar, although the Dutch striker has only made one appearance since his ?15m (Dh80.6m) move from Real Madrid.
"Huntelaar will score if he has the service," said Van Basten, implying strongly that in a team short of midfield pace, asking a pure predator like Huntelaar to go retrieving the ball may be asking too much.
Milan have had two weeks to stew on the dreadful result that has marred their start to a season.
A four-goal defeat against Inter in the derby on the second weekend of Serie A was never going to pass by inconspicuous, but the fortnight's internaitonal break has left it festering.
Leonardo, the freshman head coach, is scrutinised not only for that but for the perceived errors of pre-season - when Milan lost to Inter (again), Bayern Munich and Chelsea - and the chaotic elements of their walloping at their hands of their neighbours, like the botched substitution of Rino Gattuso, who contrived to get sent off in between Leonardo's deciding to replace him and his stand-in, Clarence Seedorf, being ready to enter the field.
So Milan go to Tuscany this afternoon without Gattuso, and anticipating the sort of rowdy reception that the left-leaning fans of Serie A's most self-consciously socialist club, Livorno, reserve for the team owned by Silvio Berlusconi.
Besides that, this is the sort of fixture that Leonardo would probably choose.
Newly promoted, and heavily manned by players on loan from elsewhere, Livorno have only a point so far from their two games.
Up at the top of the table, Lazio meet Juventus in Rome.
Juve would have been expected to be around the summit; Lazio perhaps less so. Their new head coach Davide Ballardini has two wins so far, plus the bonus of a set of fans not only gleeful at their own club's performance but high on the schadenfreude of seeing Roma at the foot of Serie A.
Lazio, whose squad is far less affected then that of their opponents by the absences and air-miles of international week, have doubts over the readiness of Mauro Zarate and Tomasso Rocchi, who picked up injuries in practice.
Juventus will check on the several Italian internationals returning from Azzurri service.
Coach Ciro Ferrera has the option of giving a Juve debut to left-back Fabio Grosso, signed late in the transfer widow from Olympique Lyonnais.
Jose Mourinho may rotate his squad in Inter Milan's home game against Parma tomorrow ahead of Wednesday's Champions League clash with Barcelona.
Midfielders Patrick Vieira and Sulley Muntari, and striker Mario Balotelli are tipped to come into the starting line with Wesley Sneijder and Diego Milito possibly in for a rest after duty with the Holland and Argentina national teams.
Champions Inter and promoted Parma both have four points.
Claudio Ranieri will be without Brazil goalkeeper Doni and full back Cicinho, both out with long-term injuries, in his maiden match in charge of Roma at Siena tomorrow, when his side will be looking for their first points of the season.
ihawkey@thenational.ae
Lazio v Juventus, KO 10.45pm, Al Jazeera +1
Super heroes
Iron Man
Reduced risk of dementia
Alcohol consumption could be an issue
Hulk
Cardiac disease, stroke and dementia from high heart rate
Spider-Man
Agility reduces risk of falls
Increased risk of obesity and mental health issues
Black Panther
Vegetarian diet reduces obesity
Unknown risks of potion drinking
Black Widow
Childhood traumas increase risk of mental illnesses
Thor
He's a god
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
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
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.”
25%20Days%20to%20Aden
%3Cp%3EAuthor%3A%20Michael%20Knights%3C%2Fp%3E%0A%3Cp%3EPages%3A%20256%3C%2Fp%3E%0A%3Cp%3EAvailable%3A%20January%2026%3C%2Fp%3E%0A
UAE Falcons
Carly Lewis (captain), Emily Fensome, Kelly Loy, Isabel Affley, Jessica Cronin, Jemma Eley, Jenna Guy, Kate Lewis, Megan Polley, Charlie Preston, Becki Quigley and Sophie Siffre. Deb Jones and Lucia Sdao – coach and assistant coach.
