Ganges Grandmasters raise the stakes at the player draft for the inaugural edition of the Global Chess League to be held in Dubai. Courtesy Tech Mahindra
The first Global Chess League player draft saw women’s top-ranked Grandmaster Hou Yifan become the star pick in a pool of 36 after the bidding process in Mumbai. The highly anticipated six-team tournament is scheduled to take place from June 21 to July 2 at the Dubai Chess and Culture Club, in association with the Dubai Sports Council.
A day after the owners of the six franchises were announced, the cream of world’s chess players – Yifan, Magnus Carlsen, Viswanathan Anand, Ding Liren and others – were picked from a purse of 1,000 points for each team. A joint venture between Tech Mahindra and FIDE, the GCL has captured the attention of chess enthusiasts worldwide, and where each team have players across four categories: Icon, Superstars Men, Superstars Women, and Prodigy. The Icon players were selected based on a preferential draft system.
Magnus Carlsen, the five-time World Chess Champion and the top-ranked player in the world was selected by SG Alpine Warriors. A five-time World Chess Champion, Viswanathan Anand, joined the Ganges Grandmasters. The current World Champion, Ding Liren was drafted by Triveni Continental Kings. Other notable selections included Grandmaster Jan-Krzysztof Duda by Chingari Gulf Titans and Grandmaster Ian Nepomniachtchi by Balan Alaskan Knights. Maxime Vachier-Lagrave joined upGrad Mumba Masters as their Icon player.
Yifan attracted the highest points’ bid across men and women categories when Ganges Grandmasters picked her for 470 points. “I am looking forward to being on the same team as Viswanathan Anand and also to have the likes of Richárd Rapport, Leinier Domínguez, Bella Khotenashvili, and Andrey Esipenko on our team,” she said.
upGrad Mumba Masters picked up the Indian pair of Koneru Humpy and Harika Dronavalli at 360 and 330 points, respectively. Praggnanandhaa R became the highest-bid player among the U21 Prodigy category, won by SG Alpine Warriors at 290 points. Andrey Esipenko went to Ganges Grandmasters in a lucky draw after receiving an equal point bid by Triveni Continental Kings, who got Jonas Buhl Bjerre eventually.
“From being on opposite sides of the table with most players to being on the same team, I am excited to meet my teammates and see how we can make the most of this experience and apply it to future competitions,” said Praggnanandhaa.
To ensure the smooth progress of the tournament, there are 3 chess players who have been chosen as reserve players who will be assigned to the particular team in case, due to any unforeseen circumstances, the current squad member/s cannot participate.
The six teams will engage in a double round-robin format, playing a total of 10 matches. The matches will be decided using a best-of-six board scoring system, played simultaneously, adding an extra layer of excitement to the tournament. The top two teams will advance to the final on July 2, where the coveted title of World Champion Franchise Team will be awarded.
TEAMS
(Icon, Superstar Men (2), Superstar Women (2), Prodigy):
Small businesses in the UAE with annual revenues of up to Dh3 million will continue to be eligible for Small Business Relief under the corporate tax regime until the end of 2029.
The Ministry of Finance said on Friday that Ministerial Decision No. 131 extends the period during which eligible businesses can benefit from Small Business Relief to cover tax periods ending on or before December 31, 2029.
The relief was introduced to help reduce the corporate tax compliance burden for smaller businesses and start-ups that meet the eligibility requirements.
Dh3 million threshold remains unchanged
The existing annual revenue threshold of Dh3 million, set under Ministerial Decision No. 73 of 2023, will continue to apply.
The relief applies to tax periods beginning on or after June 1, 2023 and, following the latest amendment, will remain available for subsequent tax periods ending on or before December 31, 2029.
Eligible taxable persons with annual revenue of up to Dh3 million can claim Small Business Relief, subject to meeting the conditions and requirements outlined in the corporate tax legislation.
The relief enables qualifying businesses to benefit from simplified corporate tax compliance requirements.
More time for small businesses
The extension provides eligible small businesses and start-ups with additional tax periods to benefit from the relief while continuing to meet the Dh3 million revenue threshold.
The Ministry said the decision is part of its efforts to support smaller companies and entrepreneurs, strengthen the business environment, and encourage sustainable growth and expansion.
Planning your next long weekend? The UAE has confirmed Friday, August 28, as a public holiday for employees in both the public and private sectors.
The holiday commemorates Prophet Muhammad’s (PBUH) birthday, an occasion included among the UAE’s official public holidays. As the date follows the Islamic calendar, the timing changes from year to year.
A three-day break for many residents
With the holiday falling on a Friday, employees who follow a Monday-to-Friday working week can enjoy three days off:
Friday, August 28: Public holiday
Saturday, August 29: Weekend
Sunday, August 30: Weekend
That means residents can make the most of the break with a short trip, a staycation or a relaxed weekend at home.
Another UAE holiday is coming
The next major public holiday on the UAE calendar will be Eid Al Etihad, with celebrations and the official holiday scheduled for December 2 and 3.
The UAE Ministry of Finance has introduced a new rule that sets a minimum excise price for liquids used in electronic smoking devices.
Beginning September 1, vaping liquids will be subject to a minimum excise price of AED 1 per millilitre.
The ministry confirmed that the existing minimum excise prices for cigarettes, water pipe tobacco (shisha), and other tobacco products will remain unchanged.
According to the ministry, the decision aims to improve tax compliance, respond to developments in the tobacco and vaping industry, and create a more consistent pricing framework across tobacco and electronic smoking products.
The UAE will also continue applying its 100% excise tax on all tobacco products covered under the country’s excise tax regulations.