• Demonstrators chant slogans during the March of Solidarity for Iran in Washington. AFP
    Demonstrators chant slogans during the March of Solidarity for Iran in Washington. AFP
  • Another group of demonstrators at the march. AFP
    Another group of demonstrators at the march. AFP
  • A protest in support of Iranian women in Barcelona. Reuters
    A protest in support of Iranian women in Barcelona. Reuters
  • Iranian citizens and locals joined in the Barcelona protest. Reuters
    Iranian citizens and locals joined in the Barcelona protest. Reuters
  • People attend a demonstration in solidarity with Mahsa Amini and other Iranian women in Castello Square, Turin. EPA
    People attend a demonstration in solidarity with Mahsa Amini and other Iranian women in Castello Square, Turin. EPA
  • A person places a candle during the demonstration in Turin. EPA
    A person places a candle during the demonstration in Turin. EPA
  • A protester holds a pre-Islamic Revolution Iranian flag during a demonstration in Brussels in support of the Iranians fighting for their freedom. AFP
    A protester holds a pre-Islamic Revolution Iranian flag during a demonstration in Brussels in support of the Iranians fighting for their freedom. AFP
  • A protester wearing a top with a logo that reads 'No to an Islamic state" as she takes part in a rally in support of the Iranian people, in Brussels. AFP
    A protester wearing a top with a logo that reads 'No to an Islamic state" as she takes part in a rally in support of the Iranian people, in Brussels. AFP
  • People wave the Shah-era Iranian flag during a protest in Paris. AFP
    People wave the Shah-era Iranian flag during a protest in Paris. AFP
  • A woman shows her true colours in the protest against the Iranian government, in Paris. AFP
    A woman shows her true colours in the protest against the Iranian government, in Paris. AFP
  • A woman holds a flag, as people protest against the Iranian regime outside Iran's embassy in central London. Reuters
    A woman holds a flag, as people protest against the Iranian regime outside Iran's embassy in central London. Reuters
  • Supporters of the Kurdistan Workers' Party (PKK) carry placards and wave party flags in Beirut, during a protest against the death of Ms Amini. EPA
    Supporters of the Kurdistan Workers' Party (PKK) carry placards and wave party flags in Beirut, during a protest against the death of Ms Amini. EPA
  • People demonstrate against the Iranian government outside the Houses of Parliament in London following the death of Amini. Reuters
    People demonstrate against the Iranian government outside the Houses of Parliament in London following the death of Amini. Reuters
  • A mural in Paris depicts women cutting their hair to show support for Iranian protesters. AP
    A mural in Paris depicts women cutting their hair to show support for Iranian protesters. AP
  • People take part in a rally against the Iranian government in Vancouver, Canada, on Saturday. AP
    People take part in a rally against the Iranian government in Vancouver, Canada, on Saturday. AP
  • Protesters take to the streets of Tehran. EPA
    Protesters take to the streets of Tehran. EPA
  • Iranian protesters run after clashing with with police. EPA
    Iranian protesters run after clashing with with police. EPA
  • A protester shaves their head outside the Houses of Parliament in London. Reuters
    A protester shaves their head outside the Houses of Parliament in London. Reuters
  • Iranians living in Athens hold a protest in solidarity. AFP
    Iranians living in Athens hold a protest in solidarity. AFP
  • People take part in a rally in The Hague. AFP
    People take part in a rally in The Hague. AFP
  • A woman cuts her hair during a demonstration in Santiago, Chile, by feminist groups and Iranian migrants in support of Iranian women following the death of Amini. AFP
    A woman cuts her hair during a demonstration in Santiago, Chile, by feminist groups and Iranian migrants in support of Iranian women following the death of Amini. AFP
  • Members of feminist groups and Iranian migrants during the protests in Santiago. AFP
    Members of feminist groups and Iranian migrants during the protests in Santiago. AFP
  • Iranian activists shout slogans during a protest against the government in Tehran, in Amsterdam, The Netherlands. EPA
    Iranian activists shout slogans during a protest against the government in Tehran, in Amsterdam, The Netherlands. EPA
  • A protester holds a painted portrait of Mahsa Amini in Berlin, Germany. EPA
    A protester holds a painted portrait of Mahsa Amini in Berlin, Germany. EPA
  • A protester shows red paint on her face, resembling blood splatters and bloody handprints next to the national Iranian emblem, during a rally in Berlin. EPA
    A protester shows red paint on her face, resembling blood splatters and bloody handprints next to the national Iranian emblem, during a rally in Berlin. EPA
  • Iranian protesters shout slogan during a protest in Istanbul, Turkey. EPA
    Iranian protesters shout slogan during a protest in Istanbul, Turkey. EPA
  • A woman holds a sign during a protest against the Iranian government, in front of the country's embassy in Madrid, Spain. The protests were triggered by the death of a young Iranian woman, Mahsa Amini, in police custody. Reuters
    A woman holds a sign during a protest against the Iranian government, in front of the country's embassy in Madrid, Spain. The protests were triggered by the death of a young Iranian woman, Mahsa Amini, in police custody. Reuters
  • A woman cuts her hair during the protest in front of the Iranian embassy in Madrid. Reuters
    A woman cuts her hair during the protest in front of the Iranian embassy in Madrid. Reuters
  • Israelis show their support for women in Iran as they hold up placards of Amini during a protest in Jerusalem. EPA
    Israelis show their support for women in Iran as they hold up placards of Amini during a protest in Jerusalem. EPA
  • Amini, 22, was arrested in Tehran on September 13, 2022, by the morality police. She fell into a coma while in police custody and was declared dead on September 16. EPA
    Amini, 22, was arrested in Tehran on September 13, 2022, by the morality police. She fell into a coma while in police custody and was declared dead on September 16. EPA
  • People walk by graffiti in support of the protests triggered by Amini's death, in Jerusalem. EPA
    People walk by graffiti in support of the protests triggered by Amini's death, in Jerusalem. EPA
  • A protest in Nantes, western France, after the death of Amini in Iranian police custody. AFP
    A protest in Nantes, western France, after the death of Amini in Iranian police custody. AFP
  • Women gather for a demonstration in Barcelona, Spain. AFP
    Women gather for a demonstration in Barcelona, Spain. AFP
  • Demonstrators in Nantes. Amini's death has sparked a global protest movement. AFP
    Demonstrators in Nantes. Amini's death has sparked a global protest movement. AFP
  • Women protest outside the town hall in in Montpellier, southern France. AFP
    Women protest outside the town hall in in Montpellier, southern France. AFP
  • A woman at a protest in Catalunya Square, Barcelona. Reuters
    A woman at a protest in Catalunya Square, Barcelona. Reuters
  • Campaigners and football fans protest at a Champions League match between Porto and Bayer Leverkusen at the Dragao stadium in Portugal. EPA
    Campaigners and football fans protest at a Champions League match between Porto and Bayer Leverkusen at the Dragao stadium in Portugal. EPA
  • People hold placards during a demonstration in solidarity with the Iranian people near the European Parliament in Strasbourg, France. EPA
    People hold placards during a demonstration in solidarity with the Iranian people near the European Parliament in Strasbourg, France. EPA
  • An Iranian woman living in Turkey with 'Freedom' written on her forehead takes part in a protest near the Iranian consulate in Istanbul. Reuters
    An Iranian woman living in Turkey with 'Freedom' written on her forehead takes part in a protest near the Iranian consulate in Istanbul. Reuters
  • In Barcelona, protesters take part in a demonstration in support of Iranian women. AFP
    In Barcelona, protesters take part in a demonstration in support of Iranian women. AFP
  • A Lebanese activist takes part in a protest in Beirut, triggered by the death of Amini, 22. AP
    A Lebanese activist takes part in a protest in Beirut, triggered by the death of Amini, 22. AP
  • A Turkish protester takes off her head scarf while giving a performance in Instanbul during a protest against Iran over Amini's death. Getty
    A Turkish protester takes off her head scarf while giving a performance in Instanbul during a protest against Iran over Amini's death. Getty
  • A woman in Istanbul cuts her hair during a protest against Iran. Getty
    A woman in Istanbul cuts her hair during a protest against Iran. Getty
  • A Lebanese activist holds a poster depicting Amini during a protest in Beirut organised by feminist groups in support of women protesters in Iran. EPA
    A Lebanese activist holds a poster depicting Amini during a protest in Beirut organised by feminist groups in support of women protesters in Iran. EPA
  • Demonstrators in Los Angeles, California, hold the Iranian flag during a protest against the government in Tehran. AFP
    Demonstrators in Los Angeles, California, hold the Iranian flag during a protest against the government in Tehran. AFP
  • Demonstrators hold placards in Mexico City during a protest against Iran. Reuters
    Demonstrators hold placards in Mexico City during a protest against Iran. Reuters
  • People demonstrate in Montreal, Canada, during a protest triggered by Amini's death. AFP
    People demonstrate in Montreal, Canada, during a protest triggered by Amini's death. AFP
  • Iranian Americans participate in a rally in central Los Angeles, in solidarity with women in Iran. AP
    Iranian Americans participate in a rally in central Los Angeles, in solidarity with women in Iran. AP
  • Demonstrators march during a protest in Los Angeles, California. AFP
    Demonstrators march during a protest in Los Angeles, California. AFP
  • A woman with the colours of the Iranian flag painted on her face participates in a rally as thousands demonstrate in support of Iranian women in Los Angeles. EPA
    A woman with the colours of the Iranian flag painted on her face participates in a rally as thousands demonstrate in support of Iranian women in Los Angeles. EPA
  • Australians protest over Amini's death in Melbourne. EPA
    Australians protest over Amini's death in Melbourne. EPA
  • Police block protesters from entering Iran's embassy in Oslo, Norway. EPA
    Police block protesters from entering Iran's embassy in Oslo, Norway. EPA
  • Demonstrators in front of the European headquarters of the UN in Geneva, Switzerland, during a rally against Iran. EPA
    Demonstrators in front of the European headquarters of the UN in Geneva, Switzerland, during a rally against Iran. EPA
  • A candlelight vigil for Amini in Los Angeles. AFP
    A candlelight vigil for Amini in Los Angeles. AFP
  • Afghan women hold placards as they take part in a protest in front of the Iranian embassy in Kabul. AFP
    Afghan women hold placards as they take part in a protest in front of the Iranian embassy in Kabul. AFP
  • Protestors take part in a rally outside the Iranian consulate in Istanbul. AFP
    Protestors take part in a rally outside the Iranian consulate in Istanbul. AFP
  • An Iranian woman shows a lock of hair she cut off during a protest outside the Iranian consulate in Istanbul. EPA
    An Iranian woman shows a lock of hair she cut off during a protest outside the Iranian consulate in Istanbul. EPA
  • Demonstrators outside the Iranian consulate in Istanbul. Getty
    Demonstrators outside the Iranian consulate in Istanbul. Getty
  • Iranian Americans rally on Capitol Hill in Washington to show support for protesters in Iran. AFP
    Iranian Americans rally on Capitol Hill in Washington to show support for protesters in Iran. AFP
  • Protesters on Capitol Hill hold a sign condemning the crackdown by Tehran. AFP
    Protesters on Capitol Hill hold a sign condemning the crackdown by Tehran. AFP
  • German demonstrators gather in Berlin after the death of Amini in Iranian police custody. AP
    German demonstrators gather in Berlin after the death of Amini in Iranian police custody. AP
  • A protester cries during a rally in Berlin. Reuters
    A protester cries during a rally in Berlin. Reuters
  • A demonstration in Madrid, Spain. Thousands have gathered in cities across Europe to support protests in Iran. AP
    A demonstration in Madrid, Spain. Thousands have gathered in cities across Europe to support protests in Iran. AP
  • Demonstrators gather outside the Iranian embassy in Madrid. Reuters
    Demonstrators gather outside the Iranian embassy in Madrid. Reuters
  • People take part in a protest in Lausanne, Switzerland. EPA
    People take part in a protest in Lausanne, Switzerland. EPA
  • Protesters hold signs featuring images of Amini during the protest in the western Swiss city. EPA
    Protesters hold signs featuring images of Amini during the protest in the western Swiss city. EPA
  • Demonstrators in front of the Iranian embassy in Buenos Aires, Argentina. EPA
    Demonstrators in front of the Iranian embassy in Buenos Aires, Argentina. EPA
  • An activist outside the Iranian embassy in Buenos Aires, Argentina, with a sign that reads 'Justice for Mahsa Amini'. AFP
    An activist outside the Iranian embassy in Buenos Aires, Argentina, with a sign that reads 'Justice for Mahsa Amini'. AFP
  • A demonstration against violence in Iran is held in Quito, Ecuador. The Iranian community in Ecuador protested outside the Iranian embassy. EPA
    A demonstration against violence in Iran is held in Quito, Ecuador. The Iranian community in Ecuador protested outside the Iranian embassy. EPA
  • Protesters at a demonstration outside the Iranian embassy in Quito, Ecuador. EPA
    Protesters at a demonstration outside the Iranian embassy in Quito, Ecuador. EPA

Iran protests complicate Biden's push for a nuclear deal


Joyce Karam
  • English
  • Arabic

The wave of protests sweeping Iran is complicating the Biden administration’s calculus as it pushes to revive a nuclear deal with the country right as its leaders are being accused of oppressing and brutalising their own people.

Washington is facing a dilemma as it monitors the widespread demonstrations that have continued gaining momentum in the biggest show of popular unrest in Iran since 2009, when hundreds of thousands took to the streets to protest against what they said was the rigged election of Mahmoud Ahmadinejad.

If President Joe Biden's administration continues to push for a deal aimed at constraining Iran's nuclear programme, critics will say the White House is failing the protesters and potentially freeing up billions of dollars in sanctions relief for the very regime repressing them.

But if it abandons the nuclear talks, Tehran could do the same and be months from building a nuclear bomb.

Now in their third week, the current protests erupted over the death of a young Iranian-Kurdish woman, Mahsa Amini, in police custody.

US National Security Adviser Jake Sullivan insisted Washington could both revive the nuclear deal and back the protests.

  • New generation Iranian centrifuges on display for Iran's National Nuclear Energy Day in Tehran, in April 2021. Iranian Presidency Office / Wana
    New generation Iranian centrifuges on display for Iran's National Nuclear Energy Day in Tehran, in April 2021. Iranian Presidency Office / Wana
  • President Ebrahim Raisi, second right, is accompanied by Atomic Energy Organisation of Iran chief Mohammad Eslami, at Nuclear Technology Day in Tehran in April 2022. Iranian presidency / AFP
    President Ebrahim Raisi, second right, is accompanied by Atomic Energy Organisation of Iran chief Mohammad Eslami, at Nuclear Technology Day in Tehran in April 2022. Iranian presidency / AFP
  • Mr Raisi and Mr Eslami at the April 2022 event. Iranian presidency / AFP
    Mr Raisi and Mr Eslami at the April 2022 event. Iranian presidency / AFP
  • The Bushehr Nuclear Power Plant during a visit by Mr Raisi in October 2021. Iranian Presidency / AFP
    The Bushehr Nuclear Power Plant during a visit by Mr Raisi in October 2021. Iranian Presidency / AFP
  • Iran's Arak Heavy Water Reactor complex, south of the capital Tehran in January 2020. Maxar Technologies / AFP
    Iran's Arak Heavy Water Reactor complex, south of the capital Tehran in January 2020. Maxar Technologies / AFP
  • A satellite image of Iran's Bushehr Nuclear Power Plant in January 2020. Maxar Technologies / AFP
    A satellite image of Iran's Bushehr Nuclear Power Plant in January 2020. Maxar Technologies / AFP
  • A satellite image of Iran's underground Natanz nuclear site in May 2022. Planet Labs PBC / AP
    A satellite image of Iran's underground Natanz nuclear site in May 2022. Planet Labs PBC / AP
  • A satellite image in January 2020 of Iran's Fordow Fuel Enrichment Plant, north-east of the city of Qom. Maxar Technologies / AFP
    A satellite image in January 2020 of Iran's Fordow Fuel Enrichment Plant, north-east of the city of Qom. Maxar Technologies / AFP
  • The Sanjarian nuclear centre, east of Tehran, in May 2021. Maxar Technologies / AFP
    The Sanjarian nuclear centre, east of Tehran, in May 2021. Maxar Technologies / AFP

“If we can succeed in that effort [to restore the deal, and we are determined to succeed in that effort, the world, America and our allies will be safer … that will not stop us in any way from pushing back and speaking out on Iran’s brutal repression of its citizens and its women. We can and will do both,” Mr Sullivan told CBS News last week.

Mr Sullivan stressed that negotiations with Iran over its nuclear programme have no impact on US willingness to address the protests.

Eighteen months of negotiations with Iran are currently at an impasse as Tehran continually shifts demands on what it wants to see in an accord.

The Biden administration has already sanctioned Iran's notorious morality police over Amini's killing and taken a more vocal line than Barack Obama did in 2009 during what became known as the Green Movement.

Iran watchers faulted Mr Obama for his softly-softly approach that came as his administration focused on diplomacy and set the stage for the nuclear talks that eventually led to the 2015 Joint Comprehensive Plan of Action (JCPOA).

In another sign of a more aggressive approach towards Iran under Mr Biden, CIA Director William Burns told CBS News on Tuesday that the US government is “very committed” to helping protesters get access to the internet, in a possible hint that the US will help deliver Starlink terminals to Iran.

Kelsey Davenport, the director of non-proliferation policy at the Arms Control Association, credited the Biden administration’s approach of continuing to support a deal, while also backing demonstrators.

“Tehran's destabilising regional activity and its repression domestically will be all the more challenging to confront under the threat of a nuclear-armed Iran,” Ms Davenport told The National.

She said support for diplomacy and the protests “are not mutually exclusive”, and that the bigger problem hindering a deal is Iran’s lack of co-operation with the International Atomic Energy Agency (IAEA) and demand that it close its investigation into the country's nuclear inventory.

“Iran is legally bound to co-operate with the agency and provide an accounting of its nuclear material inventory. That cannot be negotiated away,” she said.

The US should not agree to “anything less than Iran's full, credible co-operation with the agency”, the expert added.

A protester takes down the Iranian flag on the grounds of the Iranian embassy in Bern, Switzerland. AP
A protester takes down the Iranian flag on the grounds of the Iranian embassy in Bern, Switzerland. AP

But returning to a the deal while Iran is killing its own citizens could prove to be a tough pill to swallow for the Biden team, argued Jason Brodsky, policy director at United Against Nuclear Iran.

“Politically the JCPOA is a more difficult sell now because reviving it entails significant sanctions relief, which will resource the very entities and individuals that are oppressing and abusing the Iranian people,” Mr Brodsky told The National.

A return to the JCPOA could lead to sanctions being lifted on industries and commercial entities tied to Iran's Islamic Revolutionary Guard Corps, whose security arm the Basij is attempting to quell the protests.

And Mr Brodsky noted that Trump-era executive sanctions against Iran's supreme leader Ayatollah Ali Khamenei and President Ebrahim Raisi will reportedly be revoked as a part of a deal.

“That's a non-nuclear executive order, and if it's rescinded, it will be rewarding the faces committing crimes against the Iranian people,” he said.

Even for Iran, the protests will increase its tendency towards intransigence in talks, he argued.

  • A protest for Mahsa Amini, a woman who died after being arrested by the Islamic republic's 'morality police', in Tehran. AFP
    A protest for Mahsa Amini, a woman who died after being arrested by the Islamic republic's 'morality police', in Tehran. AFP
  • Demonstrators disperse during the protest for Amini, who died in a hospital in the capital Tehran on Friday. AFP
    Demonstrators disperse during the protest for Amini, who died in a hospital in the capital Tehran on Friday. AFP
  • The crowd chanted 'Death to the dictator', meaning Supreme Leader Ayatollah Ali Khamenei, while some women took off their headscarves. AFP
    The crowd chanted 'Death to the dictator', meaning Supreme Leader Ayatollah Ali Khamenei, while some women took off their headscarves. AFP
  • A man pulls out a police motorcycle set on fire during the protest. Amini had been detained for violating the country's conservative dress code. AP
    A man pulls out a police motorcycle set on fire during the protest. Amini had been detained for violating the country's conservative dress code. AP
  • In recent months, rights activists have urged women to remove their veils in public, a gesture that would risk their arrest for defying a dress code as the country's rulers crack down on 'immoral behaviour'. AP
    In recent months, rights activists have urged women to remove their veils in public, a gesture that would risk their arrest for defying a dress code as the country's rulers crack down on 'immoral behaviour'. AP
  • Iranians protest in Sanandaj, the capital of Iran's Kurdistan province, following the Amini's death while in custody. AFP
    Iranians protest in Sanandaj, the capital of Iran's Kurdistan province, following the Amini's death while in custody. AFP
  • Iranian police officers clash with demonstrators in Tehran. Police said Amini fell into a coma as she waited with other detained women at a morality police station, rejecting allegations that she was probably beaten. AFP
    Iranian police officers clash with demonstrators in Tehran. Police said Amini fell into a coma as she waited with other detained women at a morality police station, rejecting allegations that she was probably beaten. AFP

“In the short term, it [the leadership in Iran] wants to telegraph strength to the international community. It will hunker down, repress the protests, while staying optimistic publicly on the JCPOA,” Mr Brodsky added.

The mood inside the US negotiating team on Iran had soured even before the protests. A US official told The National on condition of anonymity that the odds of reaching a deal before the end of the year are “lower than 2 per cent”.

Ali Vaez, director of the Iran Project at the International Crisis Group, said the US has “no good options”.

“If it decides not to do a deal with Iran because of the brutal crackdown on the protesters, it might soon have to either bomb Iran or adjust to Iran with a [nuclear] bomb. If it decides to pursue a deal with Iran, many protesters will perceive it as a stab in the back,” Mr Vaez told The National.

He added, however, that the “only thing worse than an Iranian leadership that represses and kills its own people is a nuclear-armed Iranian leadership that does so”.

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

Gulf rugby

Who’s won what so far in 2018/19

Western Clubs Champions League: Bahrain
Dubai Rugby Sevens: Dubai Hurricanes
West Asia Premiership: Bahrain

What’s left

UAE Conference

March 22, play-offs:
Dubai Hurricanes II v Al Ain Amblers, Jebel Ali Dragons II v Dubai Tigers

March 29, final

UAE Premiership

March 22, play-offs: 
Dubai Exiles v Jebel Ali Dragons, Abu Dhabi Harlequins v Dubai Hurricanes

March 29, final

MAIN CARD

Bantamweight 56.4kg
Abrorbek Madiminbekov v Mehdi El Jamari

Super heavyweight 94 kg
Adnan Mohammad v Mohammed Ajaraam

Lightweight 60kg
Zakaria Eljamari v Faridoon Alik Zai

Light heavyweight 81.4kg
Mahmood Amin v Taha Marrouni

Light welterweight 64.5kg
Siyovush Gulmamadov v Nouredine Samir

Light heavyweight 81.4kg
Ilyass Habibali v Haroun Baka

MATCH INFO

Champions League quarter-final, first leg

Ajax v Juventus, Wednesday, 11pm (UAE)

Match on BeIN Sports

Our legal consultants

Name: Hassan Mohsen Elhais

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

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.”

War and the virus
How to become a Boglehead

Bogleheads follow simple investing philosophies to build their wealth and live better lives. Just follow these steps.

•   Spend less than you earn and save the rest. You can do this by earning more, or being frugal. Better still, do both.

•   Invest early, invest often. It takes time to grow your wealth on the stock market. The sooner you begin, the better.

•   Choose the right level of risk. Don't gamble by investing in get-rich-quick schemes or high-risk plays. Don't play it too safe, either, by leaving long-term savings in cash.

•   Diversify. Do not keep all your eggs in one basket. Spread your money between different companies, sectors, markets and asset classes such as bonds and property.

•   Keep charges low. The biggest drag on investment performance is all the charges you pay to advisers and active fund managers.

•   Keep it simple. Complexity is your enemy. You can build a balanced, diversified portfolio with just a handful of ETFs.

•   Forget timing the market. Nobody knows where share prices will go next, so don't try to second-guess them.

•   Stick with it. Do not sell up in a market crash. Use the opportunity to invest more at the lower price.

RESULTS

Cagliari 5-2 Fiorentina
Udinese 0-0 SPAL
Sampdoria 0-0 Atalanta
Lazio 4-2 Lecce
Parma 2-0 Roma
Juventus 1-0 AC Milan

Updated: October 04, 2022, 9:42 PM