Helping the sport that lacks the killer punch


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DUBAI // Efforts to promote amateur boxing among the country's youth are being hampered by a shortage of funding and by public ignorance of the intricacies of the sport, according to enthusiasts. While the UAE Boxing Federation (BF) is seeking to attract Emirati youths into the game, and is subsidising any training and promotion of the sport in government schools, one of its senior officials said a lack of sponsors for local events was one of several obstacles to progress.

"We used a marketing company before, which knew how to find us great sponsorship [for local events], but they no longer operate here and it has proved difficult since then," he said. "If we were able to find sponsors then we could bring in international competitors to fight here." The long-term aim of the BF is an Olympic gold medal for the UAE, but a lack of understanding about the difference between amateur and professional boxing appears to be thwarting progress.

The official, who did not wish to be named, believes much of the UAE population's apparent reluctance to embrace the sport stems from a tendency to associate it with the brutal professional fights regularly shown on television, rather than amateur bouts, which rarely generate media interest. Clutching a copy of the Amateur International Boxing Association (AIBA) rules, he said: "There is a huge difference between amateur and professional. With amateur we are caring about safety. We use head guards, groin guards, large gloves and we have strict rules to protect all of the competitors. "

In an attempt to promote amateur boxing at the grassroots, the federation has signed an agreement with the Ministry of Education in Abu Dhabi that allows it to train pupils, after hours, at two government schools in the capital and two more in Al Ain. The BF, which is supported by its patron and board chairman, Sheikh Hamed bin Mohammed bin Butti al Hamed, as well as the General Authority for Youth and Sports Welfare, hopes the agreement will lead to at least a handful of pupils pursuing the sport long-term.

"As a federation we particularly enjoy watching the children progress," the official said. "They play from the heart, they do it because they enjoy it, without tricks or games. "In the beginning it was difficult. It took us to show them how a boxer should behave. Now they behave well, they understand and have respect, they know their own power." He said: "We are still young compared to other countries, having only been in this field for eight years and having established the federation from zero," he said.

"It is not easy to convince people to be in different games but we have reached a lot more than advanced countries. There are some countries that have been in this field for more than 40 years. Our chairman is now one of the Amateur International Boxing Association (AIBA) EC members and chair of the Arab Boxing Commission as well as the GCC Boxing Federation." Abdul Rahman Sahem, 22, is one of eight Emirati boxers representing the UAE in national and international amateur competitions.

Describing the challenges he faces as he follows his passion, Mr Sahem said: "I have been boxing for three years now but there are many difficulties in boxing here. One of the main challenges is the focus appears to be more on other sports like football." Rising rents and limited space has also made it hard to find affordable locations to set up BF boxing gyms, particularly in Dubai, Abu Dhabi and Sharjah.

In an attempt to tackle this problem in Dubai, fighters such as Mr Sahem now have the option of training at a gym in Fujairah run by the federation, using a private gym the federation has an agreement with, or else finding a trainer nearer to them whom the BF will then pay. The BF also pays all Emiratis who wish to train, whether juniors, youth or seniors, between Dh10 and Dh40 per session - enough, it says, to cover fuel and food expenses.

Mr Sahem, who trains with Zack Taumafai in Dubai, believes regular local competitions in the UAE involving both expatriate and Emirati fighters from all seven Emirates, are essential. "It is important to compete regularly," he explained. "That is what makes you improve as a fighter." Mr Taumafai is recovering after the success of his third amateur kick-boxing fight night in Dubai last Friday. He flies in fighters from overseas to compete against his best students to produce an entertaining fight card - something which is proving to be a successful, but expensive, process.

Despite the cost, Mr Taumafai is adamant such events provide local fighters with an opportunity to gain invaluable experience in the ring. "I want to see the hard work the boys put in, training every day, amount to something," he explained. "I want them to be proud of the work they put in." Someone who has benefited from the experience is the Ghanian kick-boxer Richie "Black Pearl" Commey, who won the Asia-Pacific Welterweight Championship belt in April last year. Mr Commey believes promoting existing UAE competitions among the country's expatriates will nurture talent already here. "If that happened in a short period of time the UAE would be producing fighters of a similar standard and fame as Joe Calzaghe and Oscar de la Hoya," he predicted.

"I train with Emirati fighters who have the heart and want to do something for their country. They just need to be guided and invested in." loatway@thenational.ae

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6.30pm: Emirates Holidays Maiden (TB), Dh82,500 (Dirt), 1,900m
7.05pm: Arabian Adventures Maiden (TB), Dh82,500 (D), 1,200m
7.40pm: Emirates Skywards Handicap (TB), Dh82,500 (D), 1,200m
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Tips for used car buyers
  • Choose cars with GCC specifications
  • Get a service history for cars less than five years old
  • Don’t go cheap on the inspection
  • Check for oil leaks
  • Do a Google search on the standard problems for your car model
  • Do your due diligence. Get a transfer of ownership done at an official RTA centre
  • Check the vehicle’s condition. You don’t want to buy a car that’s a good deal but ends up costing you Dh10,000 in repairs every month
  • Validate warranty and service contracts with the relevant agency and and make sure they are valid when ownership is transferred
  • If you are planning to sell the car soon, buy one with a good resale value. The two most popular cars in the UAE are black or white in colour and other colours are harder to sell

Tarek Kabrit, chief executive of Seez, and Imad Hammad, chief executive and co-founder of CarSwitch.com

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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MAIN CARD

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Lightweight 60kg
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UAE currency: the story behind the money in your pockets
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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