As part of our buildup to the Tokyo Olympics we will be profiling Arab athletes and para-athletes as well as those from the Mena region hoping to make it to this summer's Games
In the summer of 2019, Egypt’s Mayar Sherif flew to Morocco with one clear goal in mind: to secure the singles gold medal in tennis at the African Games, which would earn her a spot at the 2020 Tokyo Olympics.
Ranked around No 250 in the world at the time, Sherif was the favourite for the African title and had a target on her back. No tennis player has ever represented Egypt at the Olympic Games and Sherif entered the competition knowing that history was on the line.
A week later, both Sherif and her countryman Mohamed Safwat were crowned champions in their respective singles events and will become the first Egyptian tennis players to compete at the Olympics when they head to Tokyo this summer (given they maintain a top-300 ranking and good standing with their federation).
When news broke of the postponement of the Olympics last year because of the pandemic, thousands of athletes around the world were left disappointed, their dreams deferred to an unknown future.
For Sherif, an extra 12 months came as a welcome reprieve. Her first season as a pro was in 2019 – having spent the previous four years playing college tennis in the United States – and she spent it competing on the lower levels of the tour. Granted, she won more than 70 matches on the ITF circuit on her debut season, but facing top-50 players at the Olympics is a completely different beast.
In 2020, Sherif got her first taste of the big leagues when she qualified for her first WTA tournament in Prague, and later booked a maiden spot in a Grand Slam main draw, becoming the first Egyptian woman to do so, with a heroic qualifying campaign at Roland Garros. She stretched world No 4 Karolina Pliskova to three sets in the first round in Paris before bowing out, leaving a lasting impression on players and fans alike.
Sherif, 24, closed out 2020 by clinching her biggest title to date at the $100k tournament in Charleston and started this season by successfully qualifying for the Australian Open.
"For me, I'm trying as much as possible to reach the highest level possible until I get to the Olympics," Sherif told The National via Zoom.
“I think it came in my favour that the Olympics got postponed by a year. If you compare how I was at the start of last year, and how I was at the end of it, I was a very different player.
“So one year would give me so much. I want to get my best out of the next six months so I can be ready for the Olympics; and God willing, if I do well, it would be a dream to get a medal.”
Last year, the Cairene truly exemplified the idea of making the best of a bad situation. The coronavirus forced the world to a screeching halt but Sherif found a way to keep moving.
“The Covid period allowed me to work on myself so much, physically and technically,” she said. “You would have never had that much time to work on something very technical. So I used that time well and it took me time to get the results.
"I was 160, 170 in the world, I knew I had the level, and my coach kept telling me, ‘wait, wait, be patient’, and I was like, ‘the results aren’t coming, they aren’t coming’.
“So I felt like I was too excited sometimes on the court, I was too nervous at times … eventually I got used to handling this and knowing that the most important thing is to have the level, and the results will come alone. And the results did come, but at the end of the year.”
As Sherif’s ranking continues to rise – she is a career-high No 128 at the moment – so is her popularity.
Her Grand Slam debut at the French Open last September thrust her into the spotlight back home. She received a nod from Liverpool star Mohamed Salah on Twitter, was a guest on some of Egypt’s biggest talk shows and signed a slew of sponsorship deals with major companies like Vodafone, Peugeot and Allianz.
The kind of backing she has received over the past few months is unheard of in Egypt for a tennis player, and she hopes this can lead to further support for the younger generation.
“I was so happy with how the people welcomed me back home; especially by the kids,” Sherif said. “To have a kid come up to me and tell me, ‘I love you so much and you’re my idol’, to me, that was very, very heartwarming.
"To have the younger generation look at me that way, and tell me they want to achieve the same; that was very, very nice, because I feel that hasn’t really happened to a tennis player in Egypt before.
“So I felt like I was someone special to the people, and people are looking up to me. Of course that places some pressure on you and it took me a while to learn how to get used to it and how to act."
Sherif has navigated that pressure with great poise so far. With the eyes of 100 million Egyptians on her, she passed her first big test of 2021 with flying colours, winning her three Australian Open qualifying rounds in Dubai to punch her ticket to Melbourne. She is particularly proud of her efforts because those victories came on hard courts – a surface that poses a different set of challenges, compared to her beloved clay.
“Mentally, I try as much as possible, not to think about the attention. Because once you get stuck into thinking about people, what they think and what they expect of you, the fact that they’re watching me … it’s going to go wrong," Sherif said. "So I prefer to stay in my own world, just how it was before, keeping focused on my match, my tennis, my plans, and all that."
Her Spanish coach, Justo Gonzalez, has played a crucial role in keeping Sherif laser-focused on the task at hand, while exuding confidence and attitude during matches.
Sherif has an intimidating presence on court. From her passionate first pumps – often accompanied by a variety of ‘yallas’, ‘vamoses’ and ‘allez’s’ – to her piercing death stares and her signature curly hair flying under visor, she makes sure her body language conveys just how fierce she is on the inside.
“I think Mayar has something so big, that is the character,” said Gonzalez, who believes his charge has what it takes to handle the pressure of expectation.
“I think this is part of the game, part of the success. If you really want to show everybody that you are ready to be part of this world, first of all you have to accept that people now follow you.
“Plus I think Mayar in Egypt is something special because she is the first women’s tennis player doing something great. It’s a challenge.
“She is able to handle this. She is so focused on her work. We love this; ultimately, if you don’t love the attention for what you play, if you don’t love to be in the middle of all this, wishing to play on good courts, great matches, great opponents … if you don’t wish for this, you don’t want to be a tennis player.”
Sherif does indeed thrive under the spotlight. When she walked on centre court at the French Open to take on Pliskova, she felt like she belonged. And when she heads to Tokyo this summer for the Olympics, she’ll be relishing the opportunity to make more history for her country.
Are there any athletes she hopes to bump into at the Olympic Village?
“For me, I don’t know, I didn’t really have anyone in mind to go and talk to," she said. "Because I always imagined myself being one of those people, and this is who I want to be – I want someone to come to me and want to ask me questions and talk to me."
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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.”
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
ACC 2019: The winners in full
Best Actress Maha Alemi, Sofia
Best Actor Mohamed Dhrif, Weldi
Best Screenplay Meryem Benm’Barek, Sofia
Best Documentary Of Fathers and Sons by Talal Derki
Best Film Yomeddine by Abu Bakr Shawky
Best Director Nadine Labaki, Capernaum
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Company profile
Name: Back to Games and Boardgame Space
Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)
Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)
Based: Dubai and Abu Dhabi
Industry: Back to Games (retail); Boardgame Space (wholesale and distribution)
Funding: Back to Games: self-funded by Mr Azzam with Dh1.3 million; Mr Azzam invested Dh250,000 in Boardgame Space
Growth: Back to Games: from 300 products in 2015 to 7,000 in 2019; Boardgame Space: from 34 games in 2017 to 3,500 in 2019
PROFILE OF STARZPLAY
Date started: 2014
Founders: Maaz Sheikh, Danny Bates
Based: Dubai, UAE
Sector: Entertainment/Streaming Video On Demand
Number of employees: 125
Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners
Price, base / as tested From Dh173,775 (base model)
Engine 2.0-litre 4cyl turbo, AWD
Power 249hp at 5,500rpm
Torque 365Nm at 1,300-4,500rpm
Gearbox Nine-speed auto
Fuel economy, combined 7.9L/100km
Fixtures
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Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
Top investing tips for UAE residents in 2021
Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.
Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.
Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.
Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.
Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.
Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.
Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”
Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI.
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