Monaco midfielder Tiemoue Bakayoko, left, fights for the ball against Juventus’s Mario Mandzukic, centre, and Giorgio Chiellini during their Champions League semi-final first leg match in Monaco.
Monaco midfielder Tiemoue Bakayoko, left, fights for the ball against Juventus’s Mario Mandzukic, centre, and Giorgio Chiellini during their Champions League semi-final first leg match in Monaco.

Chelsea set to secure French midfielder Tiemoue Bakayoko for £40m



Chelsea look set to put the disappointment of losing out on Romelu Lukaku by signing French midfielder Tiemoue Bakayoko, according to the British media on Thursday.

Bakayoko, 22, who played a pivotal role in Monaco winning the French title and reaching the Uefa Champions League semi-finals last season, will cost the English champions up to £40 million (Dh190m), according to The Guardian newspaper.

The deal is conditional on him passing a medical. Bakayoko underwent keyhole surgery on his knee after the season ended and is likely to miss the Community Shield match with Arsenal and the first three Premier League games.

There had been speculation Manchester United might try and stymie the bid for Bakayoko, who made his senior international debut earlier this year, just as they did with Lukaku, as they broke the record for a deal between British clubs of £75m to prise him away from Everton on Monday.

However, Bakayoko, whom Monaco will make a tidy profit on having signed him from Rennes for £7m in 2014, had always made clear that Chelsea was his preferred destination.

Bakayoko's arrival, which Chelsea hope to conclude by the time they leave for Asia for a pre-season tour next Monday, should see Serbian midfielder Nemanja Matic leave for a similar fee to that of the Frenchman.

However, Chelsea are not keen to sell him to the original suitors Manchester United, as relations between the two rivals have cooled considerably since the Lukaku affair.

Bakayoko's signing, joining veteran Argentine goalkeeper Willy Caballero and German defender Antonio Rudiger as new recruits, would not be the last for manager Antonio Conte.

The 47-year-old Italian, who along with his coaching staff are yet to sign new contracts offered at the end of last term, is hoping to conclude deals for Juventus' Alex Sandro and Spanish international striker Alvaro Morata from Real Madrid.

Morata is Italian Conte's preferred fallback option for Lukaku, having lured him to Juventus in 2014 before leaving to take over as national team coach, and would replace temperamental Spanish striker Diego Costa.

Morata told The Guardian earlier this year that he dreamt of playing under Conte because he was a man who had believed in him and understood him.

Costa, whom Conte told was not part of his plans, is likely to rejoin Atletico Madrid even though he would not be able to play for them until January because of the club's transfer ban.

Company Profile

Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8

COMPANY PROFILE

Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)

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.”

WHY AAYAN IS 'PERFECT EXAMPLE'

David White might be new to the country, but he has clearly already built up an affinity with the place.

After the UAE shocked Pakistan in the semi-final of the Under 19 Asia Cup last month, White was hugged on the field by Aayan Khan, the team’s captain.

White suggests that was more a sign of Aayan’s amiability than anything else. But he believes the young all-rounder, who was part of the winning Gulf Giants team last year, is just the sort of player the country should be seeking to produce via the ILT20.

“He is a delightful young man,” White said. “He played in the competition last year at 17, and look at his development from there till now, and where he is representing the UAE.

“He was influential in the U19 team which beat Pakistan. He is the perfect example of what we are all trying to achieve here.

“It is about the development of players who are going to represent the UAE and go on to help make UAE a force in world cricket.” 

COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

The Iron Claw

Director: Sean Durkin 

Starring: Zac Efron, Jeremy Allen White, Harris Dickinson, Maura Tierney, Holt McCallany, Lily James

Rating: 4/5

Company Profile

Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government

Company profile

Name: Tabby
Founded: August 2019; platform went live in February 2020
Founder/CEO: Hosam Arab, co-founder: Daniil Barkalov
Based: Dubai, UAE
Sector: Payments
Size: 40-50 employees
Stage: Series A
Investors: Arbor Ventures, Mubadala Capital, Wamda Capital, STV, Raed Ventures, Global Founders Capital, JIMCO, Global Ventures, Venture Souq, Outliers VC, MSA Capital, HOF and AB Accelerator.

NEW PRICING SCHEME FOR APPLE MUSIC, TV+ AND ONE

Apple Music
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ICC Awards for 2021+

MEN

Cricketer of the Year+– Shaheen Afridi+(Pakistan)

T20 Cricketer of the Year+– Mohammad Rizwan+(Pakistan)

ODI Cricketer of the Year+– Babar Azam+(Pakistan)

Test Cricketer of the Year+– Joe Root+(England)

WOMEN

Cricketer of the Year+– Smriti Mandhana+(India)

ODI Cricketer of the Year+– Lizelle Lee+(South Africa)

T20 Cricketer of the Year+– Tammy Beaumont+(England)


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