Real Madrid have signed Costa Rica’s World Cup hero Keylor Navas on a six-year deal. The 27-year-old goalkeeper was a star performer as Costa Rica reached the quarter-finals in Brazil. EPA/KAI FOERSTERLING
Real Madrid have signed Costa Rica’s World Cup hero Keylor Navas on a six-year deal. The 27-year-old goalkeeper was a star performer as Costa Rica reached the quarter-finals in Brazil. EPA/KAI FOERSTERLING
Real Madrid have signed Costa Rica’s World Cup hero Keylor Navas on a six-year deal. The 27-year-old goalkeeper was a star performer as Costa Rica reached the quarter-finals in Brazil. EPA/KAI FOERSTERLING
Real Madrid have signed Costa Rica’s World Cup hero Keylor Navas on a six-year deal. The 27-year-old goalkeeper was a star performer as Costa Rica reached the quarter-finals in Brazil. EPA/KAI FOERSTE

Sport

Transfer talk: Real Madrid signs goalkeeper Keylor Navas on six-year deal

The 27-year-old goalkeeper, who leaves Levante for the Santiago Bernabeu, was a star performer as Costa Rica reached the quarter-finals in Brazil.

Press Association

August 04, 2014

  • English
  • Arabic

European champions Real Madrid have signed Costa Rica’s World Cup hero Keylor Navas on a six-year deal.

The 27-year-old goalkeeper, who leaves Levante for the Santiago Bernabeu, was a star performer as Costa Rica reached the quarter-finals in Brazil.

A statement published on Real’s official website on Sunday evening read: “Real Madrid CF and Levante UD have reached an agreement over the transfer of Keylor Navas, who will be tied to the club for the next six seasons.

“The player will be presented on Tuesday, August 5, at 1pm (local time) in the Bernabeu’s royal box, after undergoing the relevant medical examinations.

“Subsequently, Navas will tread the turf of the Bernabeu for the first time and will address the media in the press room.”

The deal, which is reported to have required Real pay 10million euros (£7.9million) to Levante to activate the keeper’s release clause, could have ramifications for Madrid stopper Diego Lopez.

Lopez was Madrid’s first-choice keeper in Primera Division matches last season but club captain Iker Casillas started every game in the Copa del Rey and throughout Real’s successful Champions League campaign.

The former Sevilla keeper’s agent recently brushed aside reports that his client was set to join Serie A side Napoli.

However, the signing of 27-year-old Navas, whose outstanding performances in Brazil helped his nation top Group D and reach the last-eight for the first time, certainly means serious competition for Casillas.

The 31-year-old flopped in Brazil, conceding seven goals in Spain’s defeats to Holland and Chile which saw Vicente del Bosque’s side crash out of the tournament at the group stage.

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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.”

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