UFC confirms Abu Dhabi will host historic Fight Island

Abu Dhabi has been confirmed as host of the UFC’s historic Fight Island next month, in a groundbreaking collaboration with the world’s lead mixed martial arts promotion.

The fight festival, which will feature four fight nights beginning with the pay-per-view UFC 251 on July 11, will take place at an existing venue on Yas Island, with a specifically marked "safe zone" housing everyone connected to the event. Du Forum has been considered as host for the bouts.

UFC 251 is said to feature three championship bouts, according to UFC president Dana White, with the succeeding three events falling on July 15, 18 and 25. Given the restrictions in place because of the coronavirus pandemic, fans will not be able to attend.

Fight Island represents a major coup for Abu Dhabi, who last year signed a five-year partnership with the UFC. The first event in the agreement was staged in September, with the hugely successful UFC 242 headlined by undefeated lightweight champion Khabib Nurmagomedov. The promotion is scheduled to return to the capital later this year, most likely in late October.

White said: “We came up with the idea of having fights on ‘Fight Island’ because we needed a destination to hold international events during the global pandemic. Abu Dhabi has been an amazing location to hold fights over the past 10 years and it is the perfect place for these events.

"The infrastructure we are building will be such a once-in-a-lifetime opportunity for the fighters that’s never been done before - from the arena, the private training facility, and the octagon on the island - it’s going to be an experience that none of us will ever forget. I can’t wait to deliver amazing fights from Yas Island”.

White, who devised Fight Island in April to allow international fighters to compete during the coronavirus crisis, had kept secret the event's location. However, reports emerged at the weekend that Abu Dhabi could play host.

The UFC and the Department of Culture and Tourism - Abu Dhabi (DCT Abu Dhabi) released a joint statement late on Tuesday to confirm their latest alliance.

Mohamed Khalifa Al Mubarak, chairman of DCT Abu Dhabi, said: “Our partnership with the UFC, now in its second year, has proved to be one of our most successful ventures in recent years. Thanks to their commitment and cooperation, we are proud to announce that Abu Dhabi will host the first ever “Fight Island” event, marking the long-awaited return of UFC fights to the global stage.

“We have worked closely with all government entities in Abu Dhabi to ensure that the staging of this historic event complies with the highest standards of safety for the athletes, coaches, and all UFC personnel as well as the safety of our community.

“This year, Abu Dhabi has successfully proven its ability to handle all challenges and promote the well-being of its visitors and residents. And today, we are here to showcase the best that our capital has to offer, as we look forward to opening our doors once again to the world.”

In reference to UFC 251, White told ESPN's First Take on Tuesday that the main card will be headlined by a welterweight title bout between champion Kamaru Usman and Gilbert Burns. It will also include a featherweight title rematch pitting against one another belt-holder Alex Volkanovski and Max Holloway, who first fought in December, together with a clash between Petr Yan and Jose Aldo for the vacant bantamweight crown.

Earlier on Tuesday, Holloway tweeted an image of what appeared to be a signed contract, alongside the #FightIsland hashtag.

More details regarding the events will be announced in the coming days. DCT Abu Dhabi told The National that they expect to have more than 2,500 people staying on site during the event, but only those deemed essential to its operation. They anticipate fighters will arrive in Abu Dhabi towards the end of this month.

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Best pictures from UFC 242 in Abu Dhabi

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How to avoid crypto fraud

Use unique usernames and passwords while enabling multi-factor authentication.
Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
Avoid suspicious social media ads promoting fraudulent schemes.
Only invest in crypto projects that you fully understand.
Critically assess whether a project’s promises or returns seem too good to be true.
Only use reputable platforms that have a track record of strong regulatory compliance.
Store funds in hardware wallets as opposed to online exchanges.

'The worst thing you can eat'

Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.

Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:

Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.

Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.

Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.

Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.

Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.

Company profile: buybackbazaar.com

Name: buybackbazaar.com

Started: January 2018

Founder(s): Pishu Ganglani and Ricky Husaini

Based: Dubai

Sector: FinTech, micro finance

Initial investment: $1 million

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Company profile

Date started: Founded in May 2017 and operational since April 2018

Founders: co-founder and chief executive, Doaa Aref; Dr Rasha Rady, co-founder and chief operating officer.

Based: Cairo, Egypt

Sector: Health-tech

Size: 22 employees

Funding: Seed funding

Investors: Flat6labs, 500 Falcons, three angel investors

Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

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MATCH INFO

Tottenham Hotspur 0 Everton 1 (Calvert-Lewin 55')

Man of the Match Allan (Everton)

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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'Shakuntala Devi'

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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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