So, who’s winning the transfer window, that imaginary spin-off from real football that fills speculative hours between seasons? Business in the selling and buying of elite players has seldom seemed more dispersed from the central, monied hub of Europe, with the significant sums spent by Saudi Arabia’s Pro League clubs and some headline recruitment in the American MLS.
But, with nine days left of July, the eye is drawn to the turnover, the profit margins and the yield of adept scouting at RB Leipzig, where on Friday they were ready themselves for a potentially record-breaking sale.
Should Josko Gvardiol finalise a likely move from Leipzig to Manchester City, he may well clock in as the most expensive defender in the sport’s history. A fee close to €100 million would also push the Bundesliga club’s income just up behind Chelsea’s €250 million in sales so far this summer.
But where Chelsea are selling off players as urgently as they splurged on would-be future stars in the last winter transfer window, the Leipzig model is not so volatile.
For supporters of a club with a startling recent history of rising up the sport’s hierarchy – and a deep unpopularity across the rest of the Bundesliga for the corporate takeover by soft-drink conglomerate Red Bull that enabled four promotions achieved in six seasons after 2010 – the trading routines are eerily predictable.
Leipzig, Champions League regulars since 2017, meet a bigger rival in Europe and that rival then swoops for one of their classy defenders. Paris Saint-Germain did it. When Leipzig went all the way to a European Cup semi-final, losing 3-0 to PSG, they had 22-year-old Nordi Mukiele at right-back. He is now a PSG player.
After Liverpool beat them 4-0 on aggregate in the last-16, the victors bought Ibrahima Konate the following summer. City defeated Leizpig by a margin of seven goals in March. They still had enough admiration for Gvardiol, who scored in the drawn first leg of that tie, to pursue their interest in the Croatian even when the asking price was set at €100 million.
That’s a very steep shift in his value. Gvardiol, who won a bronze medal with his country at the last World Cup, joined Leipzig as a 19-year-old only two years ago. He cost less than €19 million.
Konate was recruited as a teenager and sold for a €40 million profit to Liverpool four years later. In the same summer, Konate’s fellow France international defender, Dayot Upamecano, joined Bayern Munich for a marginally higher fee.
Upamecano had followed a familiar transfer trampoline up to a superclub, one that propels young talent through the Red Bull network. He had moved to Leipzig from RB Salzburg in Austria.
Likewise Dominik Szoboszlai, the 22-year-old Hungarian playmaker whose €70 million move to Liverpool had already boosted Leipzig’s treasury when talks over Gvardiol accelerated, a deal made hot on the heels of striker Christopher Nkunku formalising his €60 millon transfer to Chelsea.
The profit on Nkunku, 25, Leipzig’s leading scorer last season, amounts to €47 million. He was bought from PSG for €13 million in 2019.
And the same big clubs keep going back to Leipzig, confident it is a fine setting for talent to develop. Liverpool shopped there for Naby Keita in the past, Chelsea for Timo Werner, and if neither of those costly signings fulfilled every expectation in the Premier League – Werner rejoined the east German club a year ago – the faith in the Leipzig method remains.
Chelsea hired Leipzig’s former technical director Christopher Vivell last year, as the London club’s new owners embarked on an extravagant winter buying spree and set down plans to establish links with potential nursery clubs, along the lines of the Leipzig-Salzburg relationship. Chelsea’s owners took a majority stake in France’s Strasbourg last month.
Liverpool, meanwhile, have loaned to Leipzig the exciting Fabio Carvalho, 20, believing Carvalho will benefit from having more game-time in a competitive side used to trusting in youth. Xavi Simons, the precocious Netherlands international, has also joined Leipzig on loan from PSG.
There are vacancies for them to fill. Szobolszlai’s creative influence will be missed, as will Nkunku’s goals, and the midfield drive of Konrad Laimer, who allowed his contract to run down and has joined Bayern on a free transfer.
Here, the Salzburg conveyor belt has been busy. Nicolas Seiwald, a midfielder, and Benjamin Sesko, a centre-forward, have moved from one RB club to the other.
Leipzig have also broken their own transfer record to bring in the Belgian international striker Lois Openda, from Lens, who he spearheaded to runners-up position in Ligue 1. Openda has cost €43 million. He’s only 23 – the buying club are banking, as ever, on his value rising steadily.
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BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
COMPANY%20PROFILE
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
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COMPANY PROFILE
Name: Grubtech
Founders: Mohamed Al Fayed and Mohammed Hammedi
Launched: October 2019
Employees: 50
Financing stage: Seed round (raised $2 million)
Our Time Has Come
Alyssa Ayres, Oxford University Press
The five pillars of Islam
The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
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Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
The specs
Engine: 3.0-litre twin-turbo flat-six
Power: 480hp at 6,500rpm
Torque: 570Nm from 2,300-5,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 10.4L/100km
Price: from Dh547,600
On sale: now
WHAT IS GRAPHENE?
It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were experimenting with sticky tape and graphite, the material used as lead in pencils.
Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But when they repeated the process many times, the flakes got thinner.
By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment led to graphene being isolated for the very first time.
In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics.
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
The specs
Engine: Two permanent-magnet synchronous AC motors
Transmission: two-speed
Power: 671hp
Torque: 849Nm
Range: 456km
Price: from Dh437,900
On sale: now
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What's in the deal?
Agreement aims to boost trade by £25.5bn a year in the long run, compared with a total of £42.6bn in 2024
India will slash levies on medical devices, machinery, cosmetics, soft drinks and lamb.
India will also cut automotive tariffs to 10% under a quota from over 100% currently.
Indian employees in the UK will receive three years exemption from social security payments
India expects 99% of exports to benefit from zero duty, raising opportunities for textiles, marine products, footwear and jewellery
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