ABU DHABI // Although Abdulrahman Alhosani is the first Emirati to qualify for the half-Ironman world championship, he believes races aren’t always about winning – sometimes they are about family.
In September next year, he will join 3,000 other elite athletes who have qualified for the Ironman 70.3 race – a gruelling 1.9-kilometre swim, 90km bike ride and 21.1km run that will take place in Tennessee.
But next week, the athlete will also take part with three generations of his family in the 10km Pink Run at Zayed Sports City in Abu Dhabi. He plans to cross the finish line with his parents, his wife, his daughters Nouf, 9, and Almayasa, 5, and his 18-month-old son Saud, who will ride in a stroller.
Mr Alhosani helped inspire his 57-year-old father, a retired military officer, who weighed more than 100 kilograms two years ago but shed 35kg, following his son’s example of regular exercise.
“He’s proud of me and he is motivated too. This is the first time my mother and father have entered a race, so we are looking forward to it,” said Mr Alhosani, a 31-year-old aircraft engineer.
“We’re all healthy and we all love sports. Even Saud already likes football – he’s already kicking everything.”
Mr Al Hosani was a promising footballer in high school and college, playing goalie for Al Jazira Club. But getting a broken ankle and torn knee ligament led him to quit the beautiful game in 2008.
After stopping sports for six months to heal, he started running instead, which led him to try triathlons.
“Unlike running marathons, you’re not putting too much pressure on any particular muscles with triathlons,” he said.
As he got into cycling relatively late in life, Mr Alhosani says it is the triathlon sport he finds the most arduous. But he is pleased to see how many fellow Emiratis are embracing the sport.
“A lot of locals have started cycling in the last three or four years,” he said.
He had hoped to represent the UAE in the Olympic Games this summer as a triathlete, and performed well in qualifying races in Japan and Australia. But the Abu Dhabi Sports Council could not gather a federation for the triathlon, he said.
“I don’t know if I will be too old by the time of the next Olympics, but I will try,” said Mr Alhosani.
He thinks his stamina, an essential ingredient for any Ironman, can make up for what he might lack in youthful vigour.
“Ironman is good for older people who are mentally stronger, because to keep racing for eight hours at a time, you need strong willpower.”
Mr Alhosani has a rigorous fitness routine to maintain his peak performance, waking up at 3.30am to do a 90-minute cycle or run, and then having another 90-minute sesson after work.
There is no break at the weekends, when he squeezes in four hours of fitness training per day.
He admitted that the toughest thing about Ironman training is trying to fit in time with his family.
But his family are still supportive. His wife and children flew to the Philippines last month to watch him in the Ironman 70.3 Asia-Pacific Championship, during which he placed 10th in the 30-34 age group – enough to qualify him for the world event.
“They came to support me, which was nice,” he says. “I trained really hard and some training sessions, they came to watch too.”
Mr Alhosani says he never imagined as a child that he would end up becoming an Ironman.
“Even when I started doing triathlons, I couldn’t imagine it. I’ve really surprised myself,” he said.
“Training only counts for 30 to 40 per cent and the rest is motivation. Our bodies can do such amazing things.
“The power is all in your mind. Tell our minds that we can do it, and we can do anything.”
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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.”
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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
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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
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
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