Robert Lewandowski cleared to make Barca debut after club trigger final 'economic lever'


Steve Luckings
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Barcelona have registered four of their new players including marquee signing Robert Lewandowski in time for their first match of the new La Liga season on Saturday.

Midfielder Franck Kessie, defender Andreas Christensen and forward Raphinha are also now available to face Rayo Vallecano. However, defender Jules Kounde remains unregistered with La Liga.

Barca have spent an estimated €153 million on transfer fees this summer — despite well-publicised financial problems — with Lewandowski's capture from Bayern Munich the most impressive.

The Catalan club had to meet La Liga's salary cap to register their new signings but several "economic levers" including new investment deals released funding after the final lever was triggered.

Barcelona would have to free up so-called salary mass to register 23-year-old France defender Kounde, according to Marca.

"So in the next few days, players in the squad will have to leave," claimed the daily.

Kounde joined at the end of July from La Liga rivals Sevilla on a five-year deal for a reported fee of €50 million, with €10m in bonuses.

There have been a string of departures out of Camp Nou, including Philippe Coutinho, Oscar Mingueza and, more surprisingly, Riqui Puig, while Barca also hope to sell Frenkie de Jong to Manchester United, though the player is reluctant to leave.

La Liga restrictions also affected players who renewed deals in the close season but forward Ousmane Dembele and defensive midfielder Sergi Roberto have now also been registered.

Barcelona have been using several mechanisms to increase their revenue in order to offset losses, reduce debt and fulfil La Liga's financial fair play rules.

The club said on Friday they had sold a 24.5 per cent stake in their audiovisual studio to production company Orpheus Media for €100 million ($102.58 million) to raise funds.

Barca last month signed a deal with digital fan token firm Socios.com to sell 25 per cent of their stake in Barca Studios.

Barcelona have already sold 25 per cent of their domestic television rights for the next quarter of a century to US investment firm Sixth Street for some €400 million.

The biggest summer transfers

The biog

Family: He is the youngest of five brothers, of whom two are dentists. 

Celebrities he worked on: Fabio Canavaro, Lojain Omran, RedOne, Saber Al Rabai.

Where he works: Liberty Dental Clinic 

UAE currency: the story behind the money in your pockets
Results

Stage 4

1. Dylan Groenewegen (NED) Jumbo-Visma 04:16:13

2. Gaviria (COL) UAE Team Emirates

3. Pascal Ackermann (GER) Bora-Hansgrohe

4. Sam Bennett (IRL) Deceuninck-QuickStep

5. Caleb Ewan (AUS) Lotto Soudal

General Classification:

1. Adam Yates (GBR) Mitchelton-Scott        16:46:15

2. Tadej Pogacar (SLO) UAE Team Emirates         0:01:07

3. Alexey Lutsenko (KAZ) Astana Pro Team          0:01:35

4. David Gaudu (FRA) Groupama-FDJ         0:01:40

5. Rafal Majka (POL) Bora-Hansgrohe

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

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What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

The Light of the Moon

Director: Jessica M Thompson

Starring: Stephanie Beatriz, Michael Stahl-David

Three stars

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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.”

Key findings of Jenkins report
  • Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
  • Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
  • Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
  • Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Herc's Adventures

Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5

Updated: August 13, 2022, 5:47 AM