Randal Kolo Muani joined PSG from Eintracht Frankfurt on deadline day. Photo: Paris Saint-Germain
Randal Kolo Muani joined PSG from Eintracht Frankfurt on deadline day. Photo: Paris Saint-Germain
Randal Kolo Muani joined PSG from Eintracht Frankfurt on deadline day. Photo: Paris Saint-Germain
Randal Kolo Muani joined PSG from Eintracht Frankfurt on deadline day. Photo: Paris Saint-Germain

PSG complete their all-French forward line with €90m signing of Kolo Muani


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Paris Saint-Germain completed the signing of France striker Randal Kolo Muani from Eintracht Frankfurt in the biggest deal to go through on transfer deadline day in Europe on Friday.

The 24-year-old forward, who hails from the Paris suburbs, had been a target for PSG all summer and the club confirmed shortly after the transfer window closed that he had signed a five-year contract at the Parc des Princes.

The transfer creates the exciting possibility of fielding an all-French international attacking line of Kolo Muani, Ousmane Dembele and Kylian Mbappe.

Media reports in France said the Ligue 1 champions had agreed a fee totalling €90 million ($97m) to complete the signing.

He missed training with Frankfurt this week, with the German side confirming "his desire to be transferred to another club before the transfer window ends on Friday evening".

Kolo Muani, who signed for the Bundesliga club from Nantes only a year ago, played no part in Eintracht's 2-0 home win over Bulgarian side Levski Sofia on Thursday that saw them seal a place in the Europa Conference League group stage.

However, up until Friday morning Frankfurt had rejected PSG's proposals for the player.

Elsewhere, in La Liga, Barcelona were active on deadline day, clinching a couple of loan signings.

First they announced a deal for Joao Felix from Atletico Madrid. The Portugal forward has joined Barcelona until June 2024, with no option for a permanent transfer.

“The club wishes to thank the player publicly for the financial effort made and his desire to wear the Barca shirt,” read a Barcelona statement.

“Now, at just 23 years of age, and after expressing his long-held desire to be a Blaugrana, Joao Felix has the chance to show the world his talent in a Barca shirt.”

Felix said of his move on the Barcelona Twitter feed: “It was always my dream since I was a kid.”

After breaking through at Benfica, Felix joined Atletico in the summer of 2019 and made more than 100 appearances in three-and-a-half seasons for them.

He spent the second half of last season on loan at Chelsea, scoring four goals in 20 appearances.

Barca later announced the arrival of Manchester City defender Joao Cancelo, also for the duration of the 2023-24 season.

The 29-year-old Portuguese, who has made 154 appearances for City, spent time with Bayern Munich last term.

Heading out of the Camp Nou is defender Eric Garcia, who has joined fellow LaLiga club Girona on loan until the end of the season.

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PROFILE

Name: Enhance Fitness 

Year started: 2018 

Based: UAE 

Employees: 200 

Amount raised: $3m 

Investors: Global Ventures and angel investors 

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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.”

Company profile

Company: Verity

Date started: May 2021

Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif

Based: Dubai

Sector: FinTech

Size: four team members

Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000

Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors

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What is graphene?

Graphene is extracted from graphite and is made up of pure carbon.

It is 200 times more resistant than steel and five times lighter than aluminum.

It conducts electricity better than any other material at room temperature.

It is thought that graphene could boost the useful life of batteries by 10 per cent.

Graphene can also detect cancer cells in the early stages of the disease.

The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.

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Updated: September 02, 2023, 12:28 PM