Rafael Nadal has won the US Open twice, including last year when he beat Novak Djokovic in the men's singles final. Charles Krupa / AP Photo
Rafael Nadal has won the US Open twice, including last year when he beat Novak Djokovic in the men's singles final. Charles Krupa / AP Photo
Rafael Nadal has won the US Open twice, including last year when he beat Novak Djokovic in the men's singles final. Charles Krupa / AP Photo
Rafael Nadal has won the US Open twice, including last year when he beat Novak Djokovic in the men's singles final. Charles Krupa / AP Photo

Tennis

Rafael Nadal to miss US Open due to wrist injury

The withdrawal continues an up and down season for the Spaniard as he has failed to match his achievements of 2013.

Agence France Presse

August 18, 2014

  • English
  • Arabic

MADRID // Reigning champion Rafael Nadal will miss the US Open later this month due to a right wrist injury.

“I am very sorry to announce I won’t be able to play at this year’s US Open, a tournament in which I’ve played three consecutive finals in my last participations,” he wrote on his official Facebook page on Monday.

A two-time champion in New York, Nadal also missed the tournament back in 2012 as he recovered from a knee injury.

“I am sure you understand that it is a very tough moment for me since it is a tournament I love and where I have great memories from fans, the night matches, so many things,” he added.

“Not much more I can do right now, other than accept the situation and, as always in my case, work hard in order to be able to compete at the highest level once I am back.”

The world No 2 had already been forced pull out of the Toronto and Cincinnati Masters due to the injury he suffered in training last month.

The withdrawal continues an up and down season for the Spaniard as he has failed to match his achievements of 2013, despite claiming a 14th Grand Slam title at Roland Garros back in May.

A back injury bothered Nadal, 28, as he lost to Stanislas Wawrinka in the Australian Open final and he was far from his supreme best early on in the clay court season as he suffered surprise defeats to David Ferrer and Nicolas Almagro at the Monte Carlo Masters and Barcelona Open respectively.

He also lost out to world No 1 Novak Djokovic in the finals of the Miami and Rome Masters, but exacted revenge by preventing the Serb from completing the career Grand Slam with his ninth French Open title.

However, his poor grass court form of recent seasons resurfaced at Wimbledon as he was shocked by Australian Nick Kyrgios, 19, in the last 16 in his last outing before being struck down by his latest injury.

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Public Affairs

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Cast Arjun Kapoor, Sanjay Dutt, Kriti Sanon, Mohnish Behl, Padmini Kolhapure, Zeenat Aman

Rating 3 /5 stars

The Lowdown

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Produced by: Dharma Productions, Azure Entertainment
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While you're here
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.

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Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

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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.”

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