David Silva, right, has been key to Manchester City's recent success but the arrival of Bernardo Silva suggests Pep Guardiola is looking to the future. Ian Walton / Getty Images
David Silva, right, has been key to Manchester City's recent success but the arrival of Bernardo Silva suggests Pep Guardiola is looking to the future. Ian Walton / Getty Images
David Silva, right, has been key to Manchester City's recent success but the arrival of Bernardo Silva suggests Pep Guardiola is looking to the future. Ian Walton / Getty Images
David Silva, right, has been key to Manchester City's recent success but the arrival of Bernardo Silva suggests Pep Guardiola is looking to the future. Ian Walton / Getty Images

David and Bernardo Silva: Master and apprentice but only room for one at Man City


Steve Luckings
  • English
  • Arabic

When Manchester City announced the signing of Bernardo Silva - before the summer transfer window had even officially opened - from Monaco for £43 million (Dh205m) Pep Guardiola's attacking options went from merely sublime to spectacular.

An attacking line that already boasts Sergio Aguero, Gabriel Jesus, Kevin de Bruyne, Raheem Sterling, Leroy Sane and David Silva had added another gem. Monaco, the principality side who ended Paris Saint-Germain's four-year grip on the Ligue 1 title, were never going to be able keep him out of the clutches of one of the European aristocrats for long.

But in a galaxy of stars where will the newest illumination of light have room to shine?

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That David, 31, is nine years Bernardo's senior is telling but not fatal to the Spaniard's future at City. Indeed they very much have the look of master and apprentice. The Portuguese Silva bears many similarities to his experienced Spanish namesake. Both are creators, the ones who work in the shadows, who occupy the gap between the midfield and strikers, roaming the width of the pitch in the attacking third looking to prise openings for runners from deep, overlapping full-backs and strikers looking to latch on to clever or disguised passes.

Both were pivotal to their respective teams' retention and distribution of the ball last season, as well as their goals. Of City's 19,424 successful passes David completed 1,809 of them, just over nine per cent. Bernardo's was six per cent of 13,658. And while Bernardo scored twice as many goals (8-4) as his new City teammate, David provided 75 key passes (including assists) to Bernardo's 51. However, considering Monaco were the top scorers in Europe last season with 107, that means the younger Silva had a hand in almost half the goals.

City fans would be loathed to see David phased out at the Etihad Stadium. Many of them voted him the club's greatest ever player. But following last season's barren trophy haul the expectation on Guardiola to deliver silverware this season is heightened. City will play on four fronts - Premier League, FA Cup, League Cup and Uefa Champions League - and Guardiola will need a squad capable of challenging on all of them.

He has already shown he has little room for sentiment, dispensing with many of the old guard that carried the club to their last league title in 2014 - Pablo Zabaleta, Bacari Sagna, Gael Clichy and Joe Hart - and replacing them with much younger incarnations. With all eyes on City, the Catalan has shown he is not afraid to stray from the idiom of out with the old, in with the new.

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.”

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

The Brutalist

Director: Brady Corbet

Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn

Rating: 3.5/5

While you're here
RedCrow Intelligence Company Profile

Started: 2016

Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel 

Based: Ramallah, Palestine

Sector: Technology, Security

# of staff: 13

Investment: $745,000

Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors

Types of policy

Term life insurance: this is the cheapest and most-popular form of life cover. You pay a regular monthly premium for a pre-agreed period, typically anything between five and 25 years, or possibly longer. If you die within that time, the policy will pay a cash lump sum, which is typically tax-free even outside the UAE. If you die after the policy ends, you do not get anything in return. There is no cash-in value at any time. Once you stop paying premiums, cover stops.

Whole-of-life insurance: as its name suggests, this type of life cover is designed to run for the rest of your life. You pay regular monthly premiums and in return, get a guaranteed cash lump sum whenever you die. As a result, premiums are typically much higher than one term life insurance, although they do not usually increase with age. In some cases, you have to keep up premiums for as long as you live, although there may be a cut-off period, say, at age 80 but it can go as high as 95. There are penalties if you don’t last the course and you may get a lot less than you paid in.

Critical illness cover: this pays a cash lump sum if you suffer from a serious illness such as cancer, heart disease or stroke. Some policies cover as many as 50 different illnesses, although cancer triggers by far the most claims. The payout is designed to cover major financial responsibilities such as a mortgage or children’s education fees if you fall ill and are unable to work. It is cost effective to combine it with life insurance, with the policy paying out once if you either die or suffer a serious illness.

Income protection: this pays a replacement income if you fall ill and are unable to continue working. On the best policies, this will continue either until you recover, or reach retirement age. Unlike critical illness cover, policies will typically pay out for stress and musculoskeletal problems such as back trouble.

If you go

The flights

The closest international airport for those travelling from the UAE is Denver, Colorado. British Airways (www.ba.com) flies from the UAE via London from Dh3,700 return, including taxes. From there, transfers can be arranged to the ranch or it’s a seven-hour drive. Alternatively, take an internal flight to the counties of Cody, Casper, or Billings

The stay

Red Reflet offers a series of packages, with prices varying depending on season. All meals and activities are included, with prices starting from US$2,218 (Dh7,150) per person for a minimum stay of three nights, including taxes. For more information, visit red-reflet-ranch.net.

 

Frankenstein in Baghdad
Ahmed Saadawi
​​​​​​​Penguin Press

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