Moussa Diaby 'thrilled to join Al Ittihad' after completing $67m move from Aston Villa

Al Ittihad completed the biggest Saudi Pro League transfer of the summer so far on Wednesday evening after announcing the arrival of French forward Moussa Diaby from Aston Villa.

Diaby, who spent one season at Premier League side Villa, has signed a five-year contract with Ittihad. While the exact sum of the transfer fee has yet to be revealed, it is widely reported that the Jeddah giants paid £51.9 million ($67m) to secure the Frenchman's services.

"I am thrilled to join Al Ittihad and be part of a project that aims to build a strong team reflecting the club's rich history and values," Diaby, 25, said. "I look forward to collaborating with my teammates to achieve victories and bring joy to our dedicated fans."

Diaby had a largely successful solitary season at Villa, scoring 10 goals and creating nine assists in 54 matches across all competitions to help the club qualify for the 2024/25 Uefa Champions League by placing fourth in the Premier League.

His move to Villa Park came after establishing himself as a leading player in the German Bundesliga for Bayer Leverkusen, with whom he spent four seasons having joined from boyhood club Paris Saint-Germain in 2019.

Diaby is Ittihad's second major international transfer deal of the summer following the arrival of Algerian midfielder Houssem Aouar from Roma for a reported €12m ($13m). The club have also signed Saudi international midfielder Ahmed Al Ghamdi from Al Ettifaq, full-back Muath Fagihy and forward Saleh Al Shehri, both from Al Hilal.

Ittihad will hope the arrival of Diaby will help to transform them back into contenders after the nine-time Pro League champions struggled to defend their title last season; they finished fifth in the table, 42 points behind winners Al Hilal.

Diaby, capped 11 times by France, also further boosts a strong French contingent at the club, which includes star striker Karim Benzema, World Cup-winning midfielder N'Golo Kante, and manager Laurent Blanc. Fellow new signing Aouar represented France at youth level before committing to Algeria.

"Our sports committee identified the need to strengthen the winger position with an exceptional player, and we are confident Moussa Diaby is one of the top players who stand out globally in this role," Ittihad CEO Domingos Oliveira said.

"He will be a significant asset to the team. His addition aligns perfectly with our preparations for the new season, aiming to achieve remarkable performances and results that honour Al Ittihad's esteemed legacy and its passionate fanbase."

The 2024/25 Saudi Pro League season begins on August 22, with Ittihad playing their first match away to promoted Al Kholood on August 24.

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DUBAI WORLD CUP RACE CARD

6.30pm Meydan Classic Trial US$100,000 (Turf) 1,400m

7.05pm Handicap $135,000 (T) 1,400m

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8.50pm Al Maktoum Challenge Round-2 Group Two $450,000 (D) 1,900m

9.25pm Handicap $135,000 (T) 1,800m

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The National selections

6.30pm Well Of Wisdom

7.05pm Summrghand

7.40pm Laser Show

8.15pm Angel Alexander

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MATCH RESULT

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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

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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.”