Juma Al Dhaheri declared winning the UAE Ice Hockey President’s Cup for the first time in four attempts as one of the finest moments in the history of Abu Dhabi Storms.
The Emirates Hockey League side, led by UAE captain Al Dhaheri, clinched the title after beating the Belarus President’s Team 3-1 in the final at the Zayed Sports City Ice Rink on Saturday.
It is the teams' fourth final meeting, with the Belarus side winning the title in the previous three years.
“We have tried to win this title since it was founded in 2015,” an ecstatic Al Dhaheri said. “We have been preparing for this competition ever since our last defeat, and to finally lay hands on this title is one of the finest moments for me and the club."
The Storms comprise players from the national team as well as foreign professionals involved in the EHL, and Al Dhaheri thanked Sheikh Falah bin Zayed, one of board's main patrons, for sponsoring the three Croatian players in the side - goalkeeper Mate Tomlenovic, Borna Silovic and Luka Vukoja.
“They have played a huge role in tonight’s win and also to top the EHL points table," Al Dhaheri said. "Of course they couldn’t have done it without the contributions from the rest of our foreign players who play in the EHL."
Al Dhaheri said the quality of the competition was better than ever. "Like us, they [the Belarus side] too had arrived with a stronger squad than in the previous years, which has been the trend of this competition. The bar is raised every year," he pointed out.
“This success means a lot for us and the future of ice hockey in the UAE in terms of development, sponsors and above all to encourage our youth to join the sport. It’s a very happy moment for us tonight.”
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The Storms and the Belarus President’s Team reached the final after winning all their games in the six-team round robin league that included Parta and Jets from the Czech Republic, Slovenian side Stars and Old Timers from Germany.
Artur Zainultdinov, a prolific scorer in the EHL, put the Storms ahead with a vital goal with a minute and 35 seconds left in the captivating first period during which the goalkeepers on either side were tested fully.
The home team doubled the lead through Silovic after Andrei Mikhaliou had come close to levelling the score early in the second period.
The Storms virtually sealed the game after Zainultdinov broke through the defence to score his second to take a 3-0 lead in the third and final period.
The visitors broke the Storms defence through Mikhaliou with 30 second left on the clock, but that was only a consolation.
Storms netminder Tomlenovic was outstanding on the night with plenty of support from defenders Vetali Savko and Artiom Senkevieh.
Storms' two-goal hero Zainultdinov, playing in his third season, insisted it was a closer game than the score suggests.
“It was a great all-round effort to win against a strong side,” the Russian forward added.
“Our defence was solid and the goalkeeper was outstanding. It was pretty hard to score but we managed with good teamwork. We all knew how important it was to win after losing to this Belarus side in the last three years.”
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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.
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.”
UAE v IRELAND
All matches start at 10am, and will be played in Abu Dhabi
1st ODI, Friday, January 8
2nd ODI, Sunday, January 10
3rd ODI, Tuesday, January 12
4th ODI, Thursday, January 14
