World Flyweight Championship, December 11, 2021.
World Flyweight Championship, December 11, 2021.
World Flyweight Championship, December 11, 2021.
World Flyweight Championship, December 11, 2021.

'Dubai has a real opportunity to be the fight capital of the world'


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Established in September, Probellum is a boxing and media promotion company that on Saturday will stage its first ever fight night, “Probellum: Revolution”, at the Coca-Cola Arena in Dubai. The event features two world championship bouts, includes two Emiratis on its card, and boasts renowned ring announcer Michael Buffer.

Probellum president, Richard Schaefer, spoke to The National ahead of this weekend’s fight night.

Probellum president Richard Schaefer. Picture: Probellum
Probellum president Richard Schaefer. Picture: Probellum

What is Probellum and why begin this new venture?

Probellum is a new boxing and media promotion company, and what sets it apart from others is that it’s a global brand. Traditionally, boxing promotion companies have focused on one market, and maybe once in a while they’ve staged a fight outside of that market. Boxing is one of the biggest sports in the world and at Probellum we have a global vision. In the first two months of our existence we’ve already executed 25 partnership agreements with boxing entities around the world.

Where does Probellum fit in the current boxing landscape?

It’s a bit different to a traditional boxing promotion company as we have a global focus and we want to give fighters from around the world an opportunity to test themselves in the biggest fights, and in the biggest markets. We will definitely be – and we already are - one of the leading boxing promotional outfits.

The mission statement is “the best fighting the best”. How difficult is that objective, especially in this fragmented sport, and how do you envisage delivering on that?

Often in boxing you don’t see the best fighting the best because promoters try to keep them in-house, so boxers fight opponents who are promoted through the same stable. I understand that sometimes it’s in the interests of the networks and the promoters, but it’s not always in the best interest of the sport. Our board gave us, as the executive team, the mandate to work with everybody. We don’t want to burn bridges; we want to be a unifying force in the sport of boxing. We don’t have a problem if we work with a fighter who is linked to Al Haymon’s [Premier Boxing Champions], Bob Arum’s Top Rank, Eddie Hearn’s Matchroom, Frank Warren’s Queensbury - we’re open to working with everybody. These are not just words, this is our mandate, and we want to show our fighters that we are willing, able and capable of opening these doors.

Given your vast experience, what are going to be greatest obstacles in achieving that?

I was recently in Mexico City at the Boxing Convention, which is an annual event where promoters from around the world meet. I’ve been to many of those events - I know most of the boxing promoters from around the world - and what I can say is that the way in which Probellum has been received around the world, they have embraced our vision and they all want to work with us. I’m extremely optimistic and the results speak for themselves. The fact we have already executed 25 promotion, co-promotion and partnership agreements in different markets and countries, in the space of two months, makes me very enthusiastic about the prospects of Probellum.

I really feel as though we’re on the right path. In any business you will face obstacles, but we have a great team in place at Probellum. We have our chairman, Ali Shams Pour, we have Harrison Whitman, a brilliant legal mind and strategist. Eric Winter was the chief architect behind the UFC Fight Pass, who has tremendous experience in the sports and media fields. Anthony Petosa puts together great productions with his work behind the lens and then I have experience on the promotion side. We have a great team and I have full confidence we will be able to execute against our mission.

Looking at this weekend’s event, why choose Dubai to kickstart Probellum?

Probellum see Dubai as an ideal venue for boxing. AFP
Probellum see Dubai as an ideal venue for boxing. AFP

I first visited Dubai 15-16 years ago and I was very excited about the city’s vision. In the past 12 months I have been there many times and it’s been great to see the city convert that vision from many years ago into reality. Living in LA, and being very familiar with Las Vegas, I have seen how important sport is to those cities, and I see the same with Dubai. It’s become a central hub for tourism, there are people from all over the world visiting Dubai and it’s the safest, cleanest place. It has great restaurants and entertainment, with many tourist activities and attractions. I believe Dubai has a real opportunity to become the fight capital of the world and we want to be a part of that. We want to bring world championship fights to Dubai and continue to help build tourism in the city.

How important a market do you envisage Dubai will be going forward, not just for Probellum but boxing as a whole?

It’s a key market. I see the great work D4G Promotions has put into developing the market and there is now a tremendous interest in boxing, which is also becoming very popular as a workout sport. People using it as part of their daily exercise routine are now following the sport and, as a result, you see a lot of young people who may have previously gone into other sports, discovering boxing. There is a lot of talent getting into boxing, and there is a lot of talent in Dubai, and across the whole region, who we want to help build into the next generation of world champions.

What are you expecting from the Coca-Cola Arena as host venue?

Dubai's Coca Cola Arena. Chris Whiteoak / The National
Dubai's Coca Cola Arena. Chris Whiteoak / The National

The Coca-Cola Arena is a first-class venue, one of the best in the world, which shows how serious Probellum is about delivering fights at the highest level. Throughout my 20+ years of promoting fights, I’ve always tried to bring events into big markets at the best venues so fight fans can bring their families and have the best time. It’s safe, it’s clean. Probellum is a first-class brand and we want to associate ourselves with first-class venues such as the Coca-Cola Arena.

What, for you, would make the company’s first event a success?

We put together a great card and to do our first event with two world title fights is huge. The main event, Sunny Edwards versus Jayson Mama, sees two undefeated fighters go head-to-head. Between them, they have 32 fights and 32 wins. As they say: “somebody’s 0 has got to go.” It’s a high-stakes IBF flyweight showdown and the same goes for the WBO Bantamweight showdown between John Riel Casimero and Paul Butler.

Then you have Bakhodir Jalolov, the super-heavyweight gold medallist from the Tokyo Olympics, who already has eight fights and eight knockouts to his name. I have no doubt he will be the next heavyweight champion of the world. Donnie Nietes has gone from a young Olympic gold medallist to one of the most legendary fighters coming out of the Philippines, along with Manny Pacquiao, John Riel Casimero and Nonito Donaire. Then you have Jono Carroll from Ireland, a brilliant talent. If these bouts go how I think they will, we could have a few ‘Fight of the Year’ contenders. This is, from top to bottom, a card where the fight fans are the real winners.

What are your plans with Probellum for Dubai beyond this weekend?

This is the first of many events. We believe in Dubai and the wider region. We want to bring the biggest and best fights to the region. I believe Dubai has the opportunity to become the fight capital of the world and we are going to bring several events to Dubai next year.

You have two Emirati boxers competing on Saturday. How important is it to showcase regional talent through Probellum in future?

Fahad Al Bloushi of the UAE after winning against Ayubu Tezikoma of Uganda during their super featherweight contest in Dubai in September. EPA
Fahad Al Bloushi of the UAE after winning against Ayubu Tezikoma of Uganda during their super featherweight contest in Dubai in September. EPA

The mission and vision of Probellum is global, and another element is to support grassroots boxing and build up fighters and markets which, in the past, haven’t been on the same global levels as others. We believe the UAE has an amazing pool of talent and two of them – Sultan Al Nuaimi and Fahad Al Bloushi - will be competing on Saturday. They will be on the card and proud to show their talent to fights fans around the world. It’s very important for us to develop local talent and help them become world champions. My goal, and a goal of Probellum, is to take one of these UAE fighters and help them fulfil their dreams of becoming a world champion in the UAE.

The drill

Recharge as needed, says Mat Dryden: “We try to make it a rule that every two to three months, even if it’s for four days, we get away, get some time together, recharge, refresh.” The couple take an hour a day to check into their businesses and that’s it.

Stick to the schedule, says Mike Addo: “We have an entire wall known as ‘The Lab,’ covered with colour-coded Post-it notes dedicated to our joint weekly planner, content board, marketing strategy, trends, ideas and upcoming meetings.”

Be a team, suggests Addo: “When training together, you have to trust in each other’s abilities. Otherwise working out together very quickly becomes one person training the other.”

Pull your weight, says Thuymi Do: “To do what we do, there definitely can be no lazy member of the team.” 

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

Small%20Things%20Like%20These
%3Cp%3EDirector%3A%20Tim%20Mielants%3Cbr%3ECast%3A%20Cillian%20Murphy%2C%20Emily%20Watson%2C%20Eileen%20Walsh%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A
The specs
Engine: 2.4-litre 4-cylinder

Transmission: CVT auto

Power: 181bhp

Torque: 244Nm

Price: Dh122,900 

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

Price: From Dh450,000, Autograph model from Dh510,000

Available: Now

SPECS
%3Cp%3EEngine%3A%20Supercharged%203.5-litre%20V6%0D%3Cbr%3EPower%3A%20400hp%0D%3Cbr%3ETorque%3A%20430Nm%0D%3Cbr%3EOn%20sale%3A%20Now%0D%3Cbr%3EPrice%3A%20From%20Dh450%2C000%0D%3Cbr%3E%3C%2Fp%3E%0A
FIGHT CARD

 

1.           Featherweight 66kg

Ben Lucas (AUS) v Ibrahim Kendil (EGY)

2.           Lightweight 70kg

Mohammed Kareem Aljnan (SYR) v Alphonse Besala (CMR)

3.           Welterweight 77kg

Marcos Costa (BRA) v Abdelhakim Wahid (MAR)

4.           Lightweight 70kg

Omar Ramadan (EGY) v Abdimitalipov Atabek (KGZ)

5.           Featherweight 66kg

Ahmed Al Darmaki (UAE) v Kagimu Kigga (UGA)

6.           Catchweight 85kg

Ibrahim El Sawi (EGY) v Iuri Fraga (BRA)

7.           Featherweight 66kg

Yousef Al Husani (UAE) v Mohamed Allam (EGY)

8.           Catchweight 73kg

Mostafa Radi (PAL) v Abdipatta Abdizhali (KGZ)

9.           Featherweight 66kg

Jaures Dea (CMR) v Andre Pinheiro (BRA)

10.         Catchweight 90kg

Tarek Suleiman (SYR) v Juscelino Ferreira (BRA)

Pad Man

Dir: R Balki

Starring: Akshay Kumar, Sonam Kapoor, Radhika Apte

Three-and-a-half stars

The UN General Assembly President in quotes:

YEMEN: “The developments we have seen are promising. We really hope that the parties are going to respect the agreed ceasefire. I think that the sense of really having the political will to have a peace process is vital. There is a little bit of hope and the role that the UN has played is very important.”

PALESTINE: “There is no easy fix. We need to find the political will and comply with the resolutions that we have agreed upon.”

OMAN: “It is a very important country in our system. They have a very important role to play in terms of the balance and peace process of that particular part of the world, in that their position is neutral. That is why it is very important to have a dialogue with the Omani authorities.”

REFORM OF THE SECURITY COUNCIL: “This is complicated and it requires time. It is dependent on the effort that members want to put into the process. It is a process that has been going on for 25 years. That process is slow but the issue is huge. I really hope we will see some progress during my tenure.”

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Sav%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Purvi%20Munot%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%24750%2C000%20as%20of%20March%202023%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Angel%20investors%3C%2Fp%3E%0A
New UK refugee system

 

  • A new “core protection” for refugees moving from permanent to a more basic, temporary protection
  • Shortened leave to remain - refugees will receive 30 months instead of five years
  • A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
  • To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
  • Under core protection there will be no automatic right to family reunion
  • Refugees will have a reduced right to public funds
COMPANY PROFILE
Company name: BorrowMe (BorrowMe.com)

Date started: August 2021

Founder: Nour Sabri

Based: Dubai, UAE

Sector: E-commerce / Marketplace

Size: Two employees

Funding stage: Seed investment

Initial investment: $200,000

Investors: Amr Manaa (director, PwC Middle East) 

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

RESULTS

Bantamweight:
Zia Mashwani (PAK) bt Chris Corton (PHI)

Super lightweight:
Flavio Serafin (BRA) bt Mohammad Al Khatib (JOR)

Super lightweight:
Dwight Brooks (USA) bt Alex Nacfur (BRA)

Bantamweight:
Tariq Ismail (CAN) bt Jalal Al Daaja (JOR)

Featherweight:
Abdullatip Magomedov (RUS) bt Sulaiman Al Modhyan (KUW)

Middleweight:
Mohammad Fakhreddine (LEB) bt Christofer Silva (BRA)

Middleweight:
Rustam Chsiev (RUS) bt Tarek Suleiman (SYR)

Welterweight:
Khamzat Chimaev (SWE) bt Mzwandile Hlongwa (RSA)

Lightweight:
Alex Martinez (CAN) bt Anas Siraj Mounir (MAR)

Welterweight:
Jarrah Al Selawi (JOR) bt Abdoul Abdouraguimov (FRA)

From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

The specS: 2018 Toyota Camry

Price: base / as tested: Dh91,000 / Dh114,000

Engine: 3.5-litre V6

Gearbox: Eight-speed automatic

Power: 298hp @ 6,600rpm

Torque: 356Nm @ 4,700rpm

Fuel economy, combined: 7.0L / 100km

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.”

Company profile

Company: Verity

Date started: May 2021

Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif

Based: Dubai

Sector: FinTech

Size: four team members

Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000

Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors

The biog

Year of birth: 1988

Place of birth: Baghdad

Education: PhD student and co-researcher at Greifswald University, Germany

Hobbies: Ping Pong, swimming, reading

 

 

Electric scooters: some rules to remember
  • Riders must be 14-years-old or over
  • Wear a protective helmet
  • Park the electric scooter in designated parking lots (if any)
  • Do not leave electric scooter in locations that obstruct traffic or pedestrians
  • Solo riders only, no passengers allowed
  • Do not drive outside designated lanes
RESULTS

2.30pm Jaguar I-Pace – Conditions (PA) Dh80,000 (Dirt)
1,600m 

Winner Namrood, Antonio Fresu (jockey), Musabah Al Muhairi
(trainer) 

3.05pm Land Rover Defender – Maiden (TB) Dh82,500 (D)
1,400m 

Winner Shadzadi, Tadhg O’Shea, Bhupat Seemar 

3.40pm Jaguar F-Type – Maiden (TB) Dh82,500 (Turf) 1,600m 

Winner Tahdeed, Fernando Jara, Nicholas Bachalard 

4.15pm New Range Rover – Handicap (TB) Dh87,500 (D) 1,400m 

Winner Shanty Star, Richard Mullen, Rashed Bouresly 

4.50pm Land Rover – Handicap (TB) Dh95,000 (T) 2,400m 

Winner Autumn Pride, Bernardo Pinheiro, Helal Al Alawi 

5.25pm Al Tayer Motor – Handicap (TB) Dh95,000  T) 1,000m 

Winner Dahawi, Antonio Fresu, Musabah Al Muhairi 

6pm Jaguar F-Pace SVR – Handicap (TB) Dh87,500 (D) 1,600m 

Winner Scabbard, Sam Hitchcock, Doug Watson  

Brief scoreline:

Manchester United 2

Rashford 28', Martial 72'

Watford 1

Doucoure 90'

McLaren GT specs

Engine: 4-litre twin-turbo V8

Transmission: seven-speed

Power: 620bhp

Torque: 630Nm

Price: Dh875,000

On sale: now

The specs

Engine: 2.0-litre 4-cyl

Power: 153hp at 6,000rpm

Torque: 200Nm at 4,000rpm

Transmission: 6-speed auto

Price: Dh99,000

On sale: now

Updated: December 09, 2021, 8:43 AM