On this day four years ago, Serge Gnabry was packing a medal in his case, and setting off for home. It had been an exhilarating three weeks in Brazil, but his feelings were bittersweet. The medal was silver, and although he had one prize for first place – top goalscorer in the men’s Olympic tournament – the finishing second, with Germany, left him with many what-might-have-been thoughts. Germany had lost the final, to Brazil, on penalties.
So he headed for home as a partial hero, and a puzzled one if you were to have asked him what ‘home’ meant. Over the previous 12 months it had been, variously, London, the English midlands, and his native Germany. He also feels an attachment to Ivory Coast, where his supportive father was born. As for belonging, the Germany Olympic under-23 team, a transient entity by its very nature, seemed more of an anchor than his clubs had lately been.
Back in the summer of 2016, Gnabry was 21. And though he was top marksman in Brazil, he was nearly invisible at West Bromwich Albion, where he had started the season that finished with the Olympics. Just before the Games he been formally let go by Arsenal, his employers since he was 16, and was about to join Werder Bremen, to make an entirely new home.
Four years on, Gnabry, ex of Arsenal, West Brom, Bremen, Hoffenheim and the German Olympic, under-16, under-17, under-18, under-19 and under-21 sides is about compete for the greatest prize in club football.
He is now a certain starter, from a loosely defined position wide on the right, for the most in-form team in Europe, Bayern Munich, in Sunday's Champions League final. Munich is very much Gnabry’s settled home now, and it would take a very substantial amount of money in transfer fees to prise him away.
How much? Well, let’s start at a bare minimum of 10 times the €6 million (Dh26m) fee Bremen paid Arsenal, in the summer of 2016, when he collected his Olympic silver and his Golden Boot from the Rio Games.
Back then Arsenal were still proud that the teenaged Gnabry was one of the many young talents spotted and brought to North London under the long reign of Arsene Wenger as manager. He had been scouted and brought from Stuttgart at 16. Ninety-eight days after his 17th birthday he became Arsenal’s second-youngest debutant in a league fixture.
Keen to progress, Gnabry, who would instinctively describe himself as a winger, soon saw the competition for places was keen. Earlier this season, reflecting on his Arsenal education to English reporters, Gnabry reeled off the list of more senior men who formed the queue ahead of him as he reached his 20s: “Arsenal had so many wingers at the time – Alex Oxlade-Chamberlain, Tomas Rosicky, Theo Walcott, Santi Cazorla, Alexis Sanchez, Mesut Ozil. So I had to go. Sadly.”
He moved on from Arsenal after 18 first-team appearances – nine starts – in search of minutes on the pitch. To Wenger’s approval, and Gnabry’s, he was offered a potential breakthrough year in the Premier League. West Brom took him on loan.
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Lyon v Bayern Munich player ratings
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It was a very bad move. Six months in, Gnabry seemed further back in a queue led by James McClean, Stephane Sessegnon and Callum McManaman than he had been in the Cazorla-Ozil-Alexis hierarchy.
The West Brom manager of the time, Tony Pulis, played Gnabry three times in six months in the 2015/16 season. Two of those were in the League Cup; In Premier League, he got 12 minutes as a substitute. Arsenal recalled him in the January, and sold their Olympic star to Bremen the following summer.
From there, things really took off. His maiden Bundesliga season with Bremen yielded 11 goals, and a bid from Bayern. He had a successful loan season at Hoffenheim. Bayern had seen him mature exactly as they wished. Since he turned 25 last summer, Gnabry has become ever more essential to Bayern, a regular in the German national team and a Champions League record-breaker: He scored four away goals in a single night at Tottenham Hotspur in the group phase. He put two past Chelsea in the 3-0 away win in the last-16. Evidently, he likes going back to London.
He likes leadership, too. In Wednesday’s semi-final against Lyon, no Bayern player responded with greater authority to an alarming opening quarter-hour, when Lyon were brisk and menacing, than Gnabry. Cutting in from the right, he dared a parade of Lyon defenders to steal the ball from him, before unleashing a rocket from his left foot. 1-0. Once he poached his second goal 12 minutes before half time, Bayern were all but certain of their place in the final.
Aayan%E2%80%99s%20records
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War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
TO%20CATCH%20A%20KILLER
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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.”
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
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
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Results
6pm: Dubai Trophy – Conditions (TB) $100,000 (Turf) 1,200m
Winner: Silent Speech, William Buick (jockey), Charlie Appleby
(trainer)
6.35pm: Jumeirah Derby Trial – Conditions (TB) $60,000 (T)
1,800m
Winner: Island Falcon, Frankie Dettori, Saeed bin Suroor
7.10pm: UAE 2000 Guineas Trial – Conditions (TB) $60,000 (Dirt)
1,400m
Winner: Rawy, Mickael Barzalona, Salem bin Ghadayer
7.45pm: Al Rashidiya – Group 2 (TB) $180,000 (T) 1,800m
Winner: Desert Fire, Hector Crouch, Saeed bin Suroor
8.20pm: Al Fahidi Fort – Group 2 (TB) $180,000 (T) 1,400m
Winner: Naval Crown, William Buick, Charlie Appleby
8.55pm: Dubawi Stakes – Group 3 (TB) $150,000 (D) 1,200m
Winner: Al Tariq, Pat Dobbs, Doug Watsons
9.30pm: Aliyah – Rated Conditions (TB) $80,000 (D) 2,000m
Winner: Dubai Icon, Patrick Cosgrave, Saeed bin Suroor
NATIONAL%20SELECTIONS
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Zodi%20%26%20Tehu%3A%20Princes%20Of%20The%20Desert
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