Kylian Mbappe is Paris Saint-Germain's all-time leading scorer with with 212 goals in 260 games. Getty
Kylian Mbappe is Paris Saint-Germain's all-time leading scorer with with 212 goals in 260 games. Getty
Kylian Mbappe is Paris Saint-Germain's all-time leading scorer with with 212 goals in 260 games. Getty
Kylian Mbappe is Paris Saint-Germain's all-time leading scorer with with 212 goals in 260 games. Getty

Sport

Football

PSG prepared to sell Kylian Mbappe this summer as contract renewal talks stall

French striker has a July 31 deadline to inform club of his decision to trigger a one-year extension to his current deal

Jon Turner

June 13, 2023

  • English
  • Arabic

Paris Saint-Germain are ready to sell Kylian Mbappe this summer rather than risk losing him for free in 12 months' time after their star striker told the club he would not extend his contract, according to various media reports.

Mbappe, whose current contract expires at the end of the 2023/24 season, has the option to extend for another year, and the France international has a July 31 deadline to inform PSG of his decision to renew.

However, Mbappe has reportedly told the club by letter that he does not plan to activate the one-year extension, nor sign a new longer-term deal, leaving the French giants vulnerable to losing one of the most valuable footballers in the world for nothing this time next year.

Mbappe appeared close to leaving PSG last summer when he reportedly had a verbal agreement to join Real Madrid, before opting to stay in Paris and signing a new contract. Now, 12 months on, the 24-year-old forward looks set to be embroiled in another transfer saga, with PSG reportedly adamant they are prepared to sell if they are not given assurances over his future.

Should PSG decide selling Mbappe is their best option, Real are once again expected to lead the race for his signature as the Spanish giants seek to fill the void left in attack by the departure of Ballon d'Or holder Karim Benzema to Saudi champions Al Ittihad.

Tottenham striker Harry Kane is thought to be a top target for Real, while the England captain has also been linked with a move to PSG, who could look to Kane if Mbappe leaves.

Mbappe has been a star for PSG since joining the club from Monaco on an initial season-long loan in 2017, before the move was made permanent the following year for €180 million, making the then 19-year-old the most expensive teenager in history.

  • Kylian Mbappe is surrounded by young supporters at the end of a ceremony to celebrate him becoming Paris Saint-Germain's all-time top scorer with his 201st goal for the club in their 4-2 win against FC Nantes at the Parc des Princes Stadium in Paris on March 4, 2023. AFP
    Kylian Mbappe is surrounded by young supporters at the end of a ceremony to celebrate him becoming Paris Saint-Germain's all-time top scorer with his 201st goal for the club in their 4-2 win against FC Nantes at the Parc des Princes Stadium in Paris on March 4, 2023. AFP
  • Kylian Mbappe lifts the trophy to mark his achievement in becoming PSG's all-time top scorer. AFP
    Kylian Mbappe lifts the trophy to mark his achievement in becoming PSG's all-time top scorer. AFP
  • Kylian Mbappe poses with a trophy in front of supporters after he became Paris Saint-Germain's all-time top scorer. AP
    Kylian Mbappe poses with a trophy in front of supporters after he became Paris Saint-Germain's all-time top scorer. AP
  • Kylian Mbappe poses with a trophy and children at the end of a ceremony after he became Paris Saint-Germain's all-time top scorer. AFP
    Kylian Mbappe poses with a trophy and children at the end of a ceremony after he became Paris Saint-Germain's all-time top scorer. AFP
  • Kylian Mbappe raises a trophy during a ceremony after he became Paris Saint-Germain's all-time top scorer. AFP
    Kylian Mbappe raises a trophy during a ceremony after he became Paris Saint-Germain's all-time top scorer. AFP
  • Kylian Mbappe celebrates with a trophy after scoring his record 201st goal for PSG. EPA
    Kylian Mbappe celebrates with a trophy after scoring his record 201st goal for PSG. EPA
  • Kylian Mbappe celebrates after scoring the fourth goal against Nantes, which made him PSG's all-time top goalscorer. AFP
    Kylian Mbappe celebrates after scoring the fourth goal against Nantes, which made him PSG's all-time top goalscorer. AFP
  • Kylian Mbappe celebrates with Timothee Pembele after scoring PSG's fourth goal against Nantes. AFP
    Kylian Mbappe celebrates with Timothee Pembele after scoring PSG's fourth goal against Nantes. AFP
  • Kylian Mbappe celebrates after scoring the fourth goal for PSG against Nantes. AFP
    Kylian Mbappe celebrates after scoring the fourth goal for PSG against Nantes. AFP
  • Lionel Messi congratulates Kylian Mbappe after the French forward scored PSG's fourth goal against Nantes. AP
    Lionel Messi congratulates Kylian Mbappe after the French forward scored PSG's fourth goal against Nantes. AP

Mbappe is PSG's all-time leading goalscorer with 212 goals in 260 games and finished as Ligue 1's top scorer in each of the last six seasons, winning five league titles and three French Cups.

He has also been a key player for France, scoring 38 goals in 68 international appearances and helping his nation win the 2018 World Cup in Russia. Mbappe then scored a hat-trick in the 2022 World Cup final as France were beaten on penalties by Argentina.

If Mbappe does leave PSG this summer, it would see the break up of the club's famed attacking trio after Lionel Messi announced he would be leaving when his contract expires at the end of this month to join Major League Soccer side Inter Miami. Meanwhile, Neymar could also be heading for the exit, with the Brazilian forward reportedly attracting big-money offers from Saudi Arabia.

Maestro
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Nancy Ajram

(In2Musica)

THE LIGHT

Director: Tom Tykwer

Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger

Rating: 3/5

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

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RESULTS

2pm: Handicap (PA) Dh40,000 (Dirt) 1,000m
Winner: AF Mozhell, Saif Al Balushi (jockey), Khalifa Al Neyadi (trainer)

2.30pm: Maiden (PA) Dh40,000 (D) 2,000m
Winner: Majdi, Szczepan Mazur, Abdallah Al Hammadi.

3pm: Handicap (PA) Dh40,000 (D) 1,700m
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3.30pm: Handicap (PA) Dh40,000 (D) 1,700m
Winner: AF Eshaar, Bernardo Pinheiro, Khalifa Al Neyadi

4pm: Gulf Cup presented by Longines Prestige (PA) Dh150,000 (D) 1,700m
Winner: Al Roba’a Al Khali, Al Moatasem Al Balushi, Younis Al Kalbani

4.30pm: Handicap (TB) Dh40,000 (D) 1,200m
Winner: Apolo Kid, Antonio Fresu, Musabah Al Muahiri

Dhadak 2

Director: Shazia Iqbal

Starring: Siddhant Chaturvedi, Triptii Dimri 

Rating: 1/5

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THE BIO

Born: Mukalla, Yemen, 1979

Education: UAE University, Al Ain

Family: Married with two daughters: Asayel, 7, and Sara, 6

Favourite piece of music: Horse Dance by Naseer Shamma

Favourite book: Science and geology

Favourite place to travel to: Washington DC

Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.

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

The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

Disposing of non-recycleable masks
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  • No need to bag the mask

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.”

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Zayed Sustainability Prize
What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

Updated: June 13, 2023, 6:17 AM
Kylian MbappeParis Saint-GermainHarry KaneReal Madrid