David Villa holds the World Cup trophy as the Spanish team celebrate their 1-0 victory over Holland in Johannesburg.
David Villa holds the World Cup trophy as the Spanish team celebrate their 1-0 victory over Holland in Johannesburg.
David Villa holds the World Cup trophy as the Spanish team celebrate their 1-0 victory over Holland in Johannesburg.
David Villa holds the World Cup trophy as the Spanish team celebrate their 1-0 victory over Holland in Johannesburg.

Spain's cup runneth over with final victory against Holland


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JOHANNESBURG // Spain were crowned world champions last night after defeating Holland 1-0 in an ill-tempered World Cup final at Soccer City. With the match scoreless deep in extra time, Andres Iniesta, voted man of the match and clearly the best player on the pitch, secured the Iberians' first World Cup triumph with the deciding goal - after 116 minutes of football and only four minutes from a dreaded penalty shoot-out.

Spain's first final had produced their first championship. Holland, however, fell at the final hurdle for the third time. The Dutch players and fans hung their heads when Howard Webb, the referee from England, blew his whistle to end the match and send the La Roja loyalists among the crowd of 84,490 into ecstasy, shouting "Espana! Espana!" While the game was hardly a classic, the final of Africa's first World Cup was about more than football.

Before the game, Soweto's roads, paths and dirt tracks were awash with colour. A sea of fans flowed, driven by a current of patriotic pride, in one direction: Soccer City. Street vendors, hawking merchandise of every variety, shape and size, did a brisk business with souvenir hunters. Hopeful cries of "Flags, flags, flags," and "Spain scarves, Holland hats" merged with the intriguing scents and flavours that filtered skywards from dozens of kerbside food stalls.

As the clock clicked down to kick-off, increasingly desperate fans - not all of them followers of the finalist nations - hunted for tickets. "I've been here since noon," said Federico Cino, 24, a Brazilian from Sao Paolo. "There are some tickets available, but the people want too much. It's been really hard, people are asking for US$1,000 (Dh3,670). "I'm been here since the World Cup started, but this is the final and I am going to watch it no matter what. I'm willing to spend all my remaining money, $500, to get in."

Thousands of Dutch fans gathered around the official Oranje supporters-club bus hours before kick-off. "This could be a once-in-a-lifetime opportunity," said Olaf Smit, a Dutchman. "I was a small boy in 1974 and 1978," referring to Holland's previous final appearances, "so who knows how old I will be when we next reach one. I booked my tickets through the Oranje supporters club back in January. They cost $900 each, but it is worth it."

"Third time lucky," shouted Michael Strikker, Smit's travelling partner, as they headed for the turnstiles along with thousands of other expectant fans. Spanish supporters were just as excited, and at least one was banking on the skills of a German octopus which has been predicting winners throughout the tournament -- and backed Spain in the final. "This is the single-most-important day of my life, I can't believe we reached the final," said Rodolfo Garcia, from Spain. "Plus, Paul the psychic octopus is on our side. We cannot lose."

It was not just the Dutch and Spanish fans who kept the entrepreneurial face-painters busy. "My girlfriend and I are supporting Spain, but my parents and sister are going for Holland," said Kyle Burger, 23, from Johannesburg. "Everyone South African has taken on a team after Bafana Bafana went out. We support good soccer. It's incredible to have the final here and we will make sure the atmosphere is African."

As Burger predicted, the distinctly Orange pre-game carnival turned African for the impressive closing ceremony. With the pitch transformed into a giant performance arena, a capacity crowd was treated to traditional dancing, stirring projections and ear-splitting music. As the assembled royals, politicians and celebrities queued up to watch, Shakira, the Colombian pop star, got the show going with a rendition of Waka Waka, the tournament's official anthem.

After the ceremony, the Soccer City horde was greeted by a very special guest. Nelson Mandela, 91, the former South African president was driven around the pitch for a crowd-pleasing lap of honour. Mandela, smiling and waving, exited to the jubilant crowd's cheers of "Madiba, Madiba," the name South Africans use for Mandela. "This tournament has been a blessing for South Africa and we are very honoured to be hosting the final in Soweto," said SJ Thema, who was attending the final with family and friends.

Moments before kick-off, Fabio Cannavaro, the captain of defending champions Italy, walked the World Cup trophy, encased in a Louis Vuitton box, onto the pitch. It was his last action as the Azzurri skipper; the defender, who has signed a two-year contract with Dubai-based Pro League club Al Ahli, has retired from international football. As the teams prepared to enter the Soweto cauldron, a spectator broke the security cordon and ran towards the shimmering trophy. The fan, who initially appeared to be intent on lifting the cup, took off his hat, but was tackled to the ground as he tried to put it on the trophy.

emegson@thenational.ae

Dubai World Cup draw

1. Gunnevera

2. Capezzano

3. North America

4. Audible

5. Seeking The Soul

6. Pavel

7. Gronkowski

8. Axelrod

9. New Trails

10. Yoshida

11. K T Brave

12. Thunder Snow

13. Dolkong 

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'The Woman in the House Across the Street from the Girl in the Window'

Director:Michael Lehmann

Stars:Kristen Bell

Rating: 1/5

Multitasking pays off for money goals

Tackling money goals one at a time cost financial literacy expert Barbara O'Neill at least $1 million.

That's how much Ms O'Neill, a distinguished professor at Rutgers University in the US, figures she lost by starting saving for retirement only after she had created an emergency fund, bought a car with cash and purchased a home.

"I tell students that eventually, 30 years later, I hit the million-dollar mark, but I could've had $2 million," Ms O'Neill says.

Too often, financial experts say, people want to attack their money goals one at a time: "As soon as I pay off my credit card debt, then I'll start saving for a home," or, "As soon as I pay off my student loan debt, then I'll start saving for retirement"."

People do not realise how costly the words "as soon as" can be. Paying off debt is a worthy goal, but it should not come at the expense of other goals, particularly saving for retirement. The sooner money is contributed, the longer it can benefit from compounded returns. Compounded returns are when your investment gains earn their own gains, which can dramatically increase your balances over time.

"By putting off saving for the future, you are really inhibiting yourself from benefiting from that wonderful magic," says Kimberly Zimmerman Rand , an accredited financial counsellor and principal at Dragonfly Financial Solutions in Boston. "If you can start saving today ... you are going to have a lot more five years from now than if you decide to pay off debt for three years and start saving in year four."

Info

What: 11th edition of the Mubadala World Tennis Championship

When: December 27-29, 2018

Confirmed: men: Novak Djokovic, Rafael Nadal, Kevin Anderson, Dominic Thiem, Hyeon Chung, Karen Khachanov; women: Venus Williams

Tickets: www.ticketmaster.ae, Virgin megastores or call 800 86 823

Three ways to get a gratitude glow

By committing to at least one of these daily, you can bring more gratitude into your life, says Ong.

  • During your morning skincare routine, name five things you are thankful for about yourself.
  • As you finish your skincare routine, look yourself in the eye and speak an affirmation, such as: “I am grateful for every part of me, including my ability to take care of my skin.”
  • In the evening, take some deep breaths, notice how your skin feels, and listen for what your skin is grateful for.
Overview

What: The Arab Women’s Sports Tournament is a biennial multisport event exclusively for Arab women athletes.

When: From Sunday, February 2, to Wednesday, February 12.

Where: At 13 different centres across Sharjah.

Disciplines: Athletics, archery, basketball, fencing, Karate, table tennis, shooting (rifle and pistol), show jumping and volleyball.

Participating countries: Algeria, Bahrain, Comoros, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Palestine, Saudi Arabia, Sudan, Syria, Tunisia, Qatar and UAE.

Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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Our legal advisor

Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.

Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation. 

Education: Sagesse University, Beirut, Lebanon, in 2005.

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

UAE currency: the story behind the money in your pockets
Contracted list

Ashton Agar, Alex Carey, Pat Cummins, Aaron Finch, Peter Handscomb, Josh Hazlewood, Travis Head, Usman Khawaja, Nathan Lyon, Glenn Maxwell, Shaun Marsh, Mitchell Marsh, Tim Paine, Matt Renshaw, Jhye Richardson, Kane Richardson, Billy Stanlake, Mitchell Starc, Marcus Stoinis, Andrew Tye.

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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

Essentials

The flights

Etihad (etihad.ae) and flydubai (flydubai.com) fly direct to Baku three times a week from Dh1,250 return, including taxes. 
 

The stay

A seven-night “Fundamental Detox” programme at the Chenot Palace (chenotpalace.com/en) costs from €3,000 (Dh13,197) per person, including taxes, accommodation, 3 medical consultations, 2 nutritional consultations, a detox diet, a body composition analysis, a bio-energetic check-up, four Chenot bio-energetic treatments, six Chenot energetic massages, six hydro-aromatherapy treatments, six phyto-mud treatments, six hydro-jet treatments and access to the gym, indoor pool, sauna and steam room. Additional tests and treatments cost extra.