Sailor man who steadies the ship


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Some five years back, Abdul Razzaq picked up the unwanted moniker of "Popeye" after his addiction for spinach became public. The disclosure came during the Boxing Day Test in Melbourne, Australia, following a bout of vomiting and dizziness. After his latest adventure, at the Dubai Sports City against England in their second Twenty20 match last Saturday, when he swam almost single-handedly against the insurmountable tide to take Pakistan to victory, the Popeye tag seems to sit well. You must have arms of steel to belt sixes like he did.

Razzaq's career has been a lot like the tales of the one-eyed sailor. Razzaq's courtship of "Olive Oyl" - the patrons and powers of Pakistan cricket in this case - has met with repeated rejection. In any other cricket-playing nation, Razzaq would have been one of the first names on the teamsheet for the shortest form of the game. With his canny medium-pace, explosive hitting and the ability to dig out yorkers for sixes, he should be an obvious choice. But not so in the puerile world of Pakistan cricket.

In their infinite wisdom, Pakistan's selection committee decided to drop Razzaq from their squad for the first World Twenty20 in 2007. They cited his poor form, forgetting his undoubted match-winning qualities, which once led Stephen Fleming, the New Zealand captain, to gush: "Day in and day out this guy is by far the best hitter I've seen. He can turn matches just like that." Paul Collingwood, the England captain, echoed similar praise last week in Dubai after being razed by Razzaq. The Pakistan hero gratefully accepted the applause and then reflected on a witchhunt that almost ended his career prematurely.

"Mentally shattered" by the decision to drop him for the 2007 World Twenty20, the all-rounder - considered one of the best in the business - announced his retirement and switched allegiance to the rebel Indian Cricket League. On Saturday night, he blamed that decision on Nasim Ashraf, the former Pakistan Cricket Board chief, holding him responsible for sabotaging his career. From one World Twenty20 to the next, Razzaq was back in the Pakistan team for last year's tournament in England after spending two years in exile. And he made an immediate impact on his return, taking the new ball and picking up three wickets in the final as Pakistan won the title.

It was a pleasure to see him back. He does not tap dance on the pitch, but he can still pick up crucial wickets with his gentle pace. His success against some of the world's best is testimony to that. Razzaq has dismissed Sachin Tendulkar once in every four one-day internationals he has bowled against the Indian batsman, and top of his list of most dismissals are Rahul Dravid and Mahela Jayawardene. So the spinach does seem to be working.

Staying on the cartoon network, Pakistan cricket at the moment seems a bit like the Mad Hatter's party. The dressing room on the tour of Australia resembled the Addams Family, with Mohammed Yousuf and Shoaib Malik behaving like Pugsley and Wednesday. And what do you say of the country's board? They are the Flintstones in the age of iPads. That should suffice to sum up Pakistan cricket's woes. Thankfully, though, Popeye is back and looking good. Shahid Afridi is expected to be given the captaincy and should take care of the troublemakers.

To add to the positive picture, their junior team reached the final of the Under-19 World Cup last month. So the future is bright. arizvi@thenational.ae

SM Town Live is on Friday, April 6 at Autism Rocks Arena, Dubai. Tickets are Dh375 at www.platinumlist.net

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

The Details

Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5 

Ticket prices

General admission Dh295 (under-three free)

Buy a four-person Family & Friends ticket and pay for only three tickets, so the fourth family member is free

Buy tickets at: wbworldabudhabi.com/en/tickets

Scoreline

Syria 1-1 Australia

Syria Al Somah 85'

Australia Kruse 40'

Like a Fading Shadow

Antonio Muñoz Molina

Translated from the Spanish by Camilo A. Ramirez

Tuskar Rock Press (pp. 310)

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.”

What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

The Voice of Hind Rajab

Starring: Saja Kilani, Clara Khoury, Motaz Malhees

Director: Kaouther Ben Hania

Rating: 4/5

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FIXTURES

UAE’s remaining fixtures in World Cup qualification R2
Oct 8: Malaysia (h)
Oct 13: Indonesia (a)
Nov 12: Thailand (h)
Nov 17: Vietnam (h)
 

Bharat

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Starring: Salman Khan, Katrina Kaif, Sunil Grover

Rating: 2.5 out of 5 stars

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