Luka Modric handed in a transfer request last month and has spoken of his admiration for Chelsea in the past.
Luka Modric handed in a transfer request last month and has spoken of his admiration for Chelsea in the past.

Chelsea to grapple with the Modric dilemma



Chelsea will decide this week whether to make a renewed bid for Luka Modric, Ron Gourlay, the Stamford Bridge chief executive, has revealed.

The west London club have had two offers rejected for the Tottenham Hotspur playmaker this summer, reportedly of £22 million (Dh132m) and £27m.

Spurs have repeatedly insisted Modric is not for sale but the Croatia international is said to have handed in a transfer request, accusing Daniel Levy, the Tottenham chairman, of reneging on a gentlemen's agreement to allow him to leave should a Champions League club bid for him.

Gourlay said he would now discuss with Andre Villas-Boas, the new Chelsea manager, whether the club should make a third bid for Modric or abandon their immediate plans to sign the 25 year old.

Speaking at the end of their pre-season tour of the Far East, which saw them lift the Asia Trophy in Hong Kong on Saturday, Gourlay told Sky Sports News: "I don't like talking about players from other clubs, but that's something we'll look at during the week and we'll take it from there.

"We really need to sit down with Andre and talk this through."

Big-money signings have been conspicuous by their absence at Chelsea so far this summer, with Villas-Boas keen to assess his current squad and avoid panic buys.

Last year's Premier League runners-up have won all of their pre-season games under the Portuguese without conceding a goal, gradually improving the level of their performances.

But there is little doubt they would benefit from greater subtlety in midfield, something that could be provided by Modric, who missed Tottenham's friendly at Brighton & Hove Albion on Saturday through illness.

As well as Modric, Chelsea have been heavily linked with the Palermo playmaker Javier Pastore - who is reportedly on the brink of joining Qatari-backed Paris Saint-Germain - and Romelu Lukaku, the Anderlecht striker.

Chelsea have signed the Belgian goalkeeper Thibaut Courtois, with the 19 year old immediately loaned out to Spanish side Atletico Madrid, while they have also had a bid accepted for the Barcelona midfielder, Oriol Romeu, to fill the void left by a serious knee injury to Michael Essien.

Villas-Boas has had less than a month to impart his ideas to his players but there are signs his messages are already getting through, chiefly that of encouraging them to take more responsibility on the field.

Daniel Sturridge, who spent the second half of last season on loan at Bolton Wanderers, was quoted in The Guardian newspaper as saying: "The manager has given me licence to express myself. I've never had that before with any manager. He's let me off the leash, if you like, and not just me: everyone feels like that."

Frank Lampard, the midfielder, said: "You all want to impress.

"He has been assessing the players, and, personally, I want to impress him now at the age of 33, just the same as I did with a new manager when I was 22. Simple as that. We are here to impress as individuals, and we want to make the group successful.

"There is a nice freshness about the team and the squad, and the players who maybe were not sure they were going to stay, or players that were on loan, or young players that have come through, are getting a sniff now."

Sly Cooper and the Thievius Raccoonus

Developer: Sucker Punch Productions
Publisher: Sony Computer Entertainment
Console: PlayStation 2 to 5
Rating: 5/5

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

While you're here
MOTHER OF STRANGERS

Author: Suad Amiry
Publisher: Pantheon

Pages: 304
Available: Now

Company Profile

Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government

Profile of MoneyFellows

Founder: Ahmed Wadi

Launched: 2016

Employees: 76

Financing stage: Series A ($4 million)

Investors: Partech, Sawari Ventures, 500 Startups, Dubai Angel Investors, Phoenician Fund

Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi

Yadoo’s House Restaurant+& Cafe

For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.

Golden Dallah

For the cappuccino, luqaimat and aseeda.

Al Mrzab Restaurant

For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.

Al Derwaza

For the fish hubul, regag bread, biryani and special seafood soup. 

BACK TO ALEXANDRIA

Director: Tamer Ruggli

Starring: Nadine Labaki, Fanny Ardant

Rating: 3.5/5

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.”

UAE currency: the story behind the money in your pockets
The specs

Engine: Single front-axle electric motor
Power: 218hp
Torque: 330Nm
Transmission: Single-speed automatic
Max touring range: 402km (claimed)
Price: From Dh215,000 (estimate)
On sale: September

COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

Barbie

Director: Greta Gerwig
Stars: Margot Robbie, Ryan Gosling, Will Ferrell, America Ferrera
Rating: 4/5

SPEC SHEET: APPLE IPHONE 15 PRO MAX

Display: 6.7" Super Retina XDR OLED, 2796 x 1290, 460ppi, 120Hz, 2000 nits max, HDR, True Tone, P3, always-on

Processor: A17 Pro, 6-core CPU, 6-core GPU, 16-core Neural Engine

Memory: 8GB

Capacity: 256/512GB / 1TB

Platform: iOS 17

Main camera: Triple: 48MP main (f/1.78) + 12MP ultra-wide (f/2.2) + 12MP 5x telephoto (f/2.8); 5x optical zoom in, 2x optical zoom out; 10x optical zoom range, digital zoom up to 25x; Photonic Engine, Deep Fusion, Smart HDR 4, Portrait Lighting

Main camera video: 4K @ 24/25/30/60fps, full-HD @ 25/30/60fps, HD @ 30fps, slo-mo @ 120/240fps, ProRes (4K) @ 60fps; night, time lapse, cinematic, action modes; Dolby Vision, 4K HDR

Front camera: 12MP TrueDepth (f/1.9), Photonic Engine, Deep Fusion, Smart HDR 4, Portrait Lighting; Animoji, Memoji

Front camera video: 4K @ 24/25/30/60fps, full-HD @ 25/30/60fps, slo-mo @ 120/240fps, ProRes (4K) @ 30fps; night, time lapse, cinematic, action modes; Dolby Vision, 4K HDR

Battery: 4441mAh, up to 29h video, 25h streaming video, 95h audio; fast charge to 50% in 30min (with at least 20W adaptor); MagSafe, Qi wireless charging

Connectivity: Wi-Fi, Bluetooth 5.3, NFC (Apple Pay), second-generation Ultra Wideband chip

Biometrics: Face ID

I/O: USB-C

Durability: IP68, water-resistant up to 6m up to 30min; dust/splash-resistant

Cards: Dual eSIM / eSIM + eSIM (US models use eSIMs only)

Colours: Black titanium, blue titanium, natural titanium, white titanium

In the box: iPhone 15 Pro Max, USB-C-to-USB-C woven cable, one Apple sticker

Price: Dh5,099 / Dh5,949 / Dh6,799

Company profile

Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices

Shooting Ghosts: A U.S. Marine, a Combat Photographer, and Their Journey Back from War by Thomas J. Brennan and Finbarr O’Reilly

COMPANY PROFILE

Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)

Kill

Director: Nikhil Nagesh Bhat

Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal

Rating: 4.5/5


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