UFC 252: Stipe Miocic defends title against Daniel Cormier to stake claim as the greatest heavyweight

Stipe Miocic staked his claim to be recognised as the greatest UFC heavyweight of all-time by defending his title against Daniel Cormier in their trilogy bout in Las Vegas on Sunday.

The American, who lost the first of three clashes with Cormier in 2018 before winning the crown in August last year, took the headline bout at UFC 252 by unanimous decision. The judges scored the contest 49-46, 49-46, 48-47.

Miocic had knocked down his rival at the conclusion of the second round, although an eye poke later in the fight did appear to significantly reduce Cormier’s threat. Cormier, a former two-division champion, reiterated his decision to retire from the sport immediately following the loss.

“He’s an incredible fighter,” Miocic said. “Love the guy. No ill will towards him. He’s having a baby in October. God bless.

"I’m going home, I’ve got the belt. It was real close. He fell. That’s why he’s a great fighter: he knew he was in trouble and he did the right thing.

He’s real good at countering - for some reason I just couldn’t get off what I wanted to - a couple times I did, I almost caught him in the second - but he’s an amazing fighter, that’s why he does what he does. That’s why he’s won so many titles and beat so many good guys."

Afterwards, Cormier said: “Look at my eye. I couldn't see the rest of the fight. I can't see anything out of my left eye, it's black. It is what it is, it doesn't matter. I told [referee] Marc [Goddard] that he poked me; he thought it was a punch, but then after the fight he said he saw it on replay.

"[Miocic] did a good job. He was able to clinch and hold me against the side of the octagon for long periods of time and I believe that separated those close rounds."

Daniel Cormier, right, fights Stipe Miocic at UFC 226 in Las Vegas. in 2018. AP

On his retirement, the 41-year-old American added: “I’m only interested in fighting for titles. I don’t foresee I will be fighting for a title… so that will be it for me. I've had a long run, it's been great, I just fought my last fight for a heavyweight championship and it was a pretty good fight.”

In the co-main event, Sean O'Malley suffered the first professional defeat of his career when he succumbed to a first-round TKO against Marlon Vera.

The finish arrived after O’Malley suffered a serious injury to his right foot earlier in the round, with Vera sealing the win 20 seconds from the buzzer. A huge upset, it was O'Malley's first loss in five UFC appearances.

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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Tax authority targets shisha levy evasion

The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.

Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".

The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.

He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.

"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.

As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.

Company Profile

Company name: NutriCal

Started: 2019

Founder: Soniya Ashar

Based: Dubai

Industry: Food Technology

Initial investment: Self-funded undisclosed amount

Future plan: Looking to raise fresh capital and expand in Saudi Arabia

Total Clients: Over 50

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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.

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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.

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Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:

Stay invested: Time in the market, not timing the market, is critical to long-term gains.
Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
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UFC 252: Stipe Miocic defends title against Daniel Cormier to stake claim as the greatest heavyweight

Trilogy bout ends in victory for the American

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