Kansas City Chiefs rally to beat Philadelphia Eagles in all-time Super Bowl classic

Kansas City Chiefs became just the second team in Super Bowl history to rally from a deficit of 10 or more points to defeat the Philadelphia Eagles 38-35 in an all-time classic on Sunday night in Glendale, Arizona.

Harrison Butker kicked a 27-yard field goal with eight seconds left and Patrick Mahomes passed for two of his three touchdowns in the fourth quarter as the Kansas City won their second Super Bowl in four years.

Travis Kelce and Skyy Moore caught touchdown passes, Isiah Pacheco ran for a score and Nick Bolton returned a fumble for a touchdown for the Chiefs.

The Super Bowl LVII title is the third for Kansas City. The Chiefs also won Super Bowl IV (1969 season) and Super Bowl LIV (2019).

Philadelphia's Jalen Hurts tied a Super Bowl record with three rushing scores and also passed for one touchdown. Hurts was 27-of-38 passing for 304 yards and rushed for 70 while teaming up with Mahomes as the first pair of Black starting quarterbacks in Super Bowl history.

Kansas City moved 66 yards on 12 plays for the winning field goal, receiving help from a third-down defensive holding penalty on Philadelphia's James Bradberry. Another key play was a 26-yard scramble by Mahomes, who earlier aggravated his right ankle injury on Kansas City's final offensive snap of the first half.

AJ Brown caught six passes for 96 yards and one touchdown and DeVonta Smith had seven receptions for 100 yards for the Eagles.

Teams that trailed by 10 or more points at halftime in the Super Bowl are now 2-26. The New England Patriots were the first team to accomplish it when they recovered from a 25-point hole to beat the Atlanta Falcons in Super Bowl LI.

Kansas City took their first lead of the contest at 28-27 when Mahomes completed a five-yard scoring pass to a wide-open Toney with 12:04 left in the game. That also marked the first time Philadelphia had trailed the entire postseason.

The Chiefs then forced a three-and-out and cashed in big when Toney set a Super Bowl record with a 65-yard punt return. He fielded the ball at his 30-yard line and started left before reversing to the right with a wall of teammates blocking. He was stopped at the Eagles' five-yard line.

Three plays later, Mahomes had another wide-open target in Moore, who caught the four-yard scoring pass to give Kansas City an eight-point lead with 9:22 remaining.

Philadelphia quickly responded as Hurts connected with Smith on a 45-yard pass to the Chiefs' two-yard line. Hurts scored on a quarterback sneak on the next play and then ran in the two-point conversion to tie the game at 35 with 5:15 left on the clock.

Mahomes reinjured his right ankle when tackled with 1:33 left in the first half but he didn't seem bothered by it when the Chiefs opened the second half with a 10-play, 75-yard drive. Pacheco capped the drive with a one-yard run with 9:30 left in the third quarter to pull Kansas City within 24-21.

Philadelphia responded with a 17-play, 60-yard drive that took 7:45. Jake Elliott finished it by booting a 33-yard field goal to give the Eagles a six-point lead with 1:45 left in the period.

Hurts rushed for two touchdowns and threw for one in the first half to give Philadelphia a 24-14 advantage.

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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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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Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, Leon.

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

Company Fact Box

Company name/date started: Abwaab Technologies / September 2019

Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO

Based: Amman, Jordan

Sector: Education Technology

Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed

Stage: early-stage startup

Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.

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Kansas City Chiefs rally to beat Philadelphia Eagles in all-time Super Bowl classic

Patrick Mahomes and Co become only second team to fight back from 10 or more points down to win 38-35

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