Spanish golfer Jon Rahm secured his second major title, winning the 87th Masters at Augusta National by a four-shot margin over LIV Golf's Brooks Koepka and Phil Mickelson on Sunday.
Starting the day two shots behind Koepka, Rahm played in the final pairing and scored a three-under-par 69, finishing the week at 12 under.
Meanwhile, five-time winner Tiger Woods withdrew from the Masters before the third round's resumption on Sunday because of injury.
After the delayed second round, Woods had made a record-equalling 23rd consecutive halfway cut at Augusta National on Saturday.
But he struggled in the first seven holes of his third round, scoring six over par, resulting in his withdrawal.
On the resumption of play, Rahm quickly closed the gap to Koepka's four-shot lead.
Koepka failed to sink the par putt on the seventh green, while Rahm successfully converted his birdie attempt from three metres.
The pair each birdied the par-five eighth, but Rahm saved par from a greenside bunker on the ninth, maintaining a two-shot deficit.
In what appeared to be a duel between Rahm and Koepka, amateur Sam Bennett and Patrick Cantlay were tied for third place on six under, five shots behind Rahm.
US Open champion Matt Fitzpatrick trailed by one stroke after scoring a bogey on the 12th and a birdie on the par-five 13th.
Koepka and Rahm both missed the green on the par-three 12th due to challenging wind.
Rahm managed a fortunate bounce and two-putted for par, while Koepka three-putted from long range, cutting his lead to a single shot.
Rahm's putting was on point as play resumed, but he overshot a long birdie attempt on the par-five 13th and missed the return.
Norwegian golfer Viktor Hovland seemed out of contention after bogeying the 10th hole, falling to three under.
But he bounced back with five consecutive birdies, closing within two shots of Rahm and four behind Koepka.
Koepka narrowly avoided disaster on the 15th hole when his third shot spun back off the green but stopped short of rolling into the water.
Rahm three-putted from almost 30 metres on the par-five hole, and then bogeyed the 16th, falling three shots behind Koepka.
Koepka also three-putted on the 17th, and a par on the 18th allowed him to retain a two-shot lead over Rahm heading into the final round.
Hovland's eventful round of 70 left him just one shot behind Rahm on eight under, with Patrick Cantlay one stroke further back.
The final round saw Koepka and Rahm start nervously, with Koepka's pulled tee shot forcing him to play his second shot from the ninth fairway.
He managed a superb approach over the pine trees, securing a par with a long-range two-putt. Rahm's chip from the right of the green nearly holed out, but he managed to sink the par putt from eight feet.
Rahm closed in on Koepka, sinking a curling birdie putt from three metres on the third hole.
Hovland remained eight under after four straight pars, with American Russell Henley one stroke behind after birdies on the second and third holes.
Koepka was unable to save par from a greenside bunker on the par-three fourth, dropping back to tie with Rahm on 10 under. Koepka then lost another shot on the par-three sixth, leaving Rahm in the outright lead.
Former champion Jordan Spieth moved into a tie for third on six under, with the 2015 winner carding his seventh birdie of the day on the 14th.
Rahm extended his lead with a birdie on the par-five eighth, hitting a brilliant pitch from the front of the green to tap-in distance.
Spieth two-putted the 15th for another birdie to reach seven under, while playing partner Phil Mickelson also picked up a shot on the par-five hole to join an increasing group on six under.
Spieth and Mickelson both birdied the 17th, and although Spieth dropped a shot on the last, Mickelson completed his round with a remarkable 65, setting the clubhouse target at eight under par.
Rahm dropped back to 10 under after a bogey on the ninth, while Koepka remained at eight under after a crucial par save on the 10th after a wayward drive.
Mickelson expressed gratitude for being part of the tournament and competing well after taking a break from golf last year due to controversial comments about the PGA Tour and the Saudi-funded LIV Golf League.
Rahm and Koepka both managed birdies from off the 13th green, giving Rahm a three-shot lead over Koepka and Mickelson with five holes left.
Rahm extended his lead to four shots over Mickelson after a stunning approach on the 14th set up another birdie, while Koepka fell five shots behind after a three-putt bogey.
As the end of the tournament approached, Rahm's wife and sons, along with two-time Masters champion Jose Maria Olazabal, gathered around the 18th green to witness Rahm's victory.
The win was especially poignant, coinciding with the 40th anniversary of the late Seve Ballesteros' second Masters win and what would have been his 66th birthday. Some victories are simply meant to be.
The biog
Favourite book: Homegoing by Yaa Gyasi
Favourite holiday destination: Spain
Favourite film: Bohemian Rhapsody
Favourite place to visit in the UAE: The beach or Satwa
Children: Stepdaughter Tyler 27, daughter Quito 22 and son Dali 19
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
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The biog
Favourite Quote: “Real victories are those that protect human life, not those that result from its destruction emerge from its ashes,” by The late king Hussain of Jordan.
Favourite Hobby: Writing and cooking
Favourite Book: The Prophet by Gibran Khalil Gibran
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
THREE POSSIBLE REPLACEMENTS
Khalfan Mubarak
The Al Jazira playmaker has for some time been tipped for stardom within UAE football, with Quique Sanchez Flores, his former manager at Al Ahli, once labelling him a “genius”. He was only 17. Now 23, Mubarak has developed into a crafty supplier of chances, evidenced by his seven assists in six league matches this season. Still to display his class at international level, though.
Rayan Yaslam
The Al Ain attacking midfielder has become a regular starter for his club in the past 15 months. Yaslam, 23, is a tidy and intelligent player, technically proficient with an eye for opening up defences. Developed while alongside Abdulrahman in the Al Ain first-team and has progressed well since manager Zoran Mamic’s arrival. However, made his UAE debut only last December.
Ismail Matar
The Al Wahda forward is revered by teammates and a key contributor to the squad. At 35, his best days are behind him, but Matar is incredibly experienced and an example to his colleagues. His ability to cope with tournament football is a concern, though, despite Matar beginning the season well. Not a like-for-like replacement, although the system could be adjusted to suit.
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
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.”
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
ABU%20DHABI'S%20KEY%20TOURISM%20GOALS%3A%20BY%20THE%20NUMBERS
%3Cp%3EBy%202030%2C%20Abu%20Dhabi%20aims%20to%20achieve%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%2039.3%20million%20visitors%2C%3C%2Fstrong%3E%20nearly%2064%25%20up%20from%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%20Dh90%20billion%20contribution%20to%20GDP%2C%3C%2Fstrong%3E%20about%2084%25%20more%20than%20Dh49%20billion%20in%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%20178%2C000%20new%20jobs%2C%3C%2Fstrong%3E%20bringing%20the%20total%20to%20about%20366%2C000%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%2052%2C000%20hotel%20rooms%2C%3C%2Fstrong%3E%20up%2053%25%20from%2034%2C000%20in%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%207.2%20million%20international%20visitors%2C%3C%2Fstrong%3E%20almost%2090%25%20higher%20compared%20to%202023's%203.8%20million%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%203.9%20international%20overnight%20hotel%20stays%2C%3C%2Fstrong%3E%2022%25%20more%20from%203.2%20nights%20in%202023%3C%2Fp%3E%0A
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
