Egan Bernal takes firm grip of Giro d'Italia as Mauro Schmid wins Stage 11

Colombian Egan Bernal took a firm grip of the Giro d'Italia on Wednesday as he extended his overall lead after Stage 11.

Team Qhubeka's Mauro Schmid won the 162km stage as part of a long range breakaway while Bernal, of Ineos Grenadiers, now holds a 45 second advantage over his rivals.

It was Schmid's first Grand Tour win after the 21-year-old pulled clear of the peloton early on and battled it out with UAE Team Emirates rider Alessandro Covi before pipping the young Italian on the line. Belgian Harm Vanhoucke finished third after the race resumed following Tuesday's rest day.

Belgian rider Remco Evenepoel came into the stage second and 14 seconds behind Bernal, but having kept pace early on he struggled and dropped off the peloton.

The day belonged to Ineos Grenadiers' Bernal, though, who pulled clear of the peloton as the stage entered Montalcin to finish 11th in the stage and end the day 45 seconds clear of Russian Aleksandr Vlasov.

The 24-year-old former mountain biker was at ease throughout the day and perfectly mastered the final 35km section of white dirt roads where so many others suffered and that also feature on the Strade Bianche one day classic.

"Today we rode well and I increased my lead in the GC [general classification] but the Giro is still long, all the big climbs are still to be ridden," said Bernal. "I'm confident but I have to keep my feet firmly on the ground."

Evenepoel fell behind a first time in the descent of the first of four dirt road sectors and was definitely trailing in the third were he clearly suffered and had to be helped by Deceuninck-Quick-Step teammate Joao Almeida.

But the 21-year-old, making his cycling comeback in the Giro after nine months out after breaking his pelvis in a crash last year, dropped from overall second to seventh at 2 min 22 sec adrift of the pink jersey. France's Romain Bardet also lost steam late on along with Italian climber Giulio Ciccone.

Schmid, who finished just 01 sec before Covi, said: "I can't believe it because I only came into the Giro team about two weeks before it started. My preparation was quite good, but I was never at the beginning of the season thinking about doing a Grand Tour.

"To be honest, in the last 10 days I suffered so much that I nearly couldn't follow sometimes. Today I knew I had to go into the break because I love Strade Bianche, I love the gravel roads. When I was in the break, I felt I had great legs. I recovered very well during the rest day.

"I knew Covi was really strong. He nearly dropped me on the climb, but I knew I had to stay in his wheel. I didn't know if the guys behind were close or far. Then I tried to not pull any more and wait for the sprint and try my best. When I saw the finish, I didn't feel my legs any more and just went for the line."

Thursday's Stage 12 is a 212km ride from Siena to Bagno di Romagna.

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RESULTS

Main card

Bantamweight 56.4kg: Mehdi Eljamari (MAR) beat Abrorbek Madiminbekov (UZB), Split points decision

Super heavyweight 94 kg: Adnan Mohammad (IRN) beat Mohammed Ajaraam (MAR), Split points decision

Lightweight 60kg: Zakaria Eljamari (UAE) beat Faridoon Alik Zai (AFG), RSC round 3

Light heavyweight 81.4kg: Taha Marrouni (MAR) beat Mahmood Amin (EGY), Unanimous points decision

Light welterweight 64.5kg: Siyovush Gulmamadov (TJK) beat Nouredine Samir (UAE), Unanimous points decision

Light heavyweight 81.4kg: Ilyass Habibali (UAE) beat Haroun Baka (ALG), KO second round

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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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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.

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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.

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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