Sometimes the only reaction to the impertinence of youth is to marvel.
Consider events in injury time at Loftus Road on Saturday.
Fed by Angel Di Maria, James Wilson broke clear and the 19-year-old striker, a veteran of three Premier League starts, had two teammates in more central positions.
One was Di Maria, the £59.7 million (Dh332.4m) signing who is the most expensive player in the history of English football.
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The other was Radamel Falcao, one of the great scorers of his generation and a man whose last permanent transfer cost Monaco £51m.
Wilson ignored the £110m pair, took a shot and, after Queens Park Rangers goalkeeper Robert Green parried the initial effort back into Wilson’s path, he shot again and scored.
When the youngster wheeled away to celebrate, Falcao froze and took a couple of seconds to move in Wilson’s direction.
He had needed time to shake off the sense of disbelief that the substitute had not passed.
But perhaps Wilson remembered the occasion when he did centre, seemingly giving Falcao an open goal, but the Colombian swiped at thin air and missed.
Replays showed Rangers defender Steven Caulker had got the slightest of touches to apply a vital, if barely visible, deflection.
Falcao was not at fault but the sight of the Colombian proving unable to finish from four yards seemed to sum up his sudden sense of impotence.
Such is the sad gulf between reputation and reality.
Falcao arrived at Old Trafford with a status as one of the world’s most feared forwards, the scorer of 155 goals in 200 games for Porto, Atletico Madrid and Monaco.
In 14 matches for Manchester United he has delivered three.
United coach Louis van Gaal, who has never been one to accept the judgements of others, dropped Falcao from the 18 for last week’s defeat to Southampton.
If that seemed a piece of point-scoring – the substitutes included three central defenders, but only one attacker – it is increasingly hard to argue he merits a place in United’s strongest side.
He was only recalled against Rangers because of Robin van Persie’s absence.
Their time together suggests that two players who lack pace and who want to operate as the main central striker are incompatible.
Van Persie is the superior footballer, while Falcao, rather than looking the finest centre-forward on the planet, is starting to resemble the late-period Fernando Torres, another Atletico Madrid striker whose powers deserted him along with his pace after injuries.
Much as Falcao insists his fitness problems are in the past, the suspicion grows that so, too, are his glory days.
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The knee injury he had last January seems one setback too many and because his striking instincts remain – his brain works quickly but his legs do not – he cuts a frustrated figure.
He is almost scoring goals, almost reaching crosses, almost beating defenders; his timing is fractionally off but fractions are everything in his business.
Perhaps, and this is the optimistic scenario, Falcao will be back to his best next season and maybe his loan spell at United will prove recuperative and restorative.
The only positive United should derive is that they did not pay £50m up front for a man who soon turns 29.
Rather they secured a one-season loan, at the cost of £6m, with an option to purchase for £44m.
If they do want to extend his stay at Old Trafford – and nothing suggests they should – they at least have the chance to renegotiate his fee: the Falcao of this season is not worth £44m.
His representative, Jorge Mendes, may insist Falcao would get in any team in the world, but this version would not.
The fact that the semi-fit Colombian is even at Old Trafford should show United that, as Manchester City, Blackburn Rovers and QPR can testify, it is dangerous when clubs develop too close a relationship with one agent and Mendes, whose clients include Di Maria, David de Gea and Cristiano Ronaldo, is more of a super-agent.
United were seduced by Falcao’s Hollywood looks, natural charm and enviable scoring record, and ignored the loss of his sharpness.
While his predatory knack means he may yet get a vital goal, the sense is that United would have been better off without Falcao and with Danny Welbeck, the man they traded away in September.
The Mancunian does not have the scoring pedigree but he offered pace, versatility and unselfishness, which Falcao does not.
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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
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.”
