Carlos Alcaraz poses with the Madrid Open trophy after beating Alexander Zverev in the final at the Caja Magica. AFP
Carlos Alcaraz poses with the Madrid Open trophy after beating Alexander Zverev in the final at the Caja Magica. AFP
Carlos Alcaraz poses with the Madrid Open trophy after beating Alexander Zverev in the final at the Caja Magica. AFP
Carlos Alcaraz poses with the Madrid Open trophy after beating Alexander Zverev in the final at the Caja Magica. AFP

Sport

Tennis

Carlos Alcaraz dominates Alexander Zverev to win Madrid Open title

Spanish teenager lifts second Masters 1000 trophy with a 6-3, 6-1 victory in the final

The National

May 09, 2022

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Spanish teenager Carlos Alcaraz completed "the best week of my life" after thrashing world No 3 Alexander Zverev in the Madrid Open final on Sunday to win his second ATP Masters 1000 title.

Alcaraz was impressive all week and followed up wins over 21-time Grand Slam winner Rafael Nadal and world No 1 Novak Djokovic with a 6-3, 6-1 destruction of defending champion Zverev.

The 19-year-old is the youngest player since start of the ATP Tour in 1990 to defeat three top-five players at the same event.

"It feels great to be able to beat these players. To beat two of the best players in history and then Zverev, the world No 3. He is a great player," said Alcaraz, who did not face a break point against the German.

"I would say this is the best week of my life. I am 19 years old, which I think is the key to be able to play long and tough matches in a row. I am feeling great physically."

Alcaraz, who win his first Masters 1000 title in Miami last month, made the first move as he broke Zverev to love for a 4-2 lead before comfortably closing out the set on his own serve.

The home favourite broke to love again for a 2-1 lead in the second set as Zverev began to grow frustrated, failing to find ways to stop Alcaraz.

Cheered on by the home fans, the sublime Alcaraz found the double break at 4-1 and won the next two games to wrap up the match in just about an hour.

The Spaniard got the crowd at the Manolo Santana Stadium on their feet with his variety of shots and relentless hitting as he earned a seventh straight top-10 win and tour-leading fourth title of the year.

Ranked No 120 in the world just a year ago, Alcaraz will rise to a career-high No 6 in the new rankings on Monday.

"I want to congratulate Carlitos. Right now you are the best player in the world," Zverev said. "It is great for tennis that we have such a new superstar that is going to win so many Grand Slams, that is going to be world number one and I think is going to win this tournament many more times."

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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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The seven points are:

Shakhbout bin Sultan Street

Dhafeer Street

Hadbat Al Ghubainah Street (outbound)

Salama bint Butti Street

Al Dhafra Street

Rabdan Street

Umm Yifina Street exit (inbound)

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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

Updated: May 09, 2022, 5:22 AM
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