Aliko Dangote, Africa’s richest man, plans to buy London-based Arsenal football club within four years.
Mr Dangote, a Nigerian worth US$10.9 billion, according to the Bloomberg Billionaires Index, said he needs to wait for his business prospects to improve and his investments in gas pipelines and an oil refinery to play out before making the acquisition.
He said in New York today “there’s no doubt” he would buy Arsenal and “it’s not a problem” of money. “Maybe three to four years. The issue is that we have more challenging headwinds. I need to get those out the way first and start having tailwinds. Then I’ll focus on this.”
Mr Dangote, an Arsenal fan, has lost $4.4bn this year, the fourth most of anyone globally, due mainly to the depreciation of Nigeria’s currency, the billionaires index shows. The bulk of his wealth is tied up in Lagos-based Dangote Cement, whose stock is down 4.7 per cent this year. An acquisition of the team would make him the first African owner of a team in England’s Premier League.
“It’s not about buying Arsenal and just continuing with business as usual,” he said. “It’s about buying Arsenal and turning it around. I’ve run a very successful business and I think I can also run a very successful team. Right now, with what we’re facing, over $20bn of projects, I cannot do both.”
While Arsenal has won 13 top-flight league titles in England, making it one of the country’s most successful sides, its last was in 2004.
Arsenal Holdings, the owner, trades on the ICAP Securities & Derivatives Exchange, or ISDX, and has a market capitalisation of £1bn (Dh4.79bn).
Stan Kroenke, worth $7bn and the owner of the National Basketball Association’s Denver Nuggets, holds 67 per cent of Arsenal Holdings, according to data compiled by Bloomberg, and the club’s primary sponsor is Emirates, after which its home ground stadium is also named.
Fans of the Gunners, as the club is known, would probably welcome a fresh billionaire with plans to restore it to the top of the table after long complaining not enough money has been spent in the players transfer market to enable the club to properly challenge teams such as Abu Dhabi’s Manchester City and their crosstown rivals Manchester United, or Europe’s top clubs such as Barcelona in the Champions League.
Most English Premier League matches are broadcast live in Nigeria, Africa’s most populous country, by Supersport, a satellite television channel owned by South Africa’s Naspers.
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Explainer: Tanween Design Programme
Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.
The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.
It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.
The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.
Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”
COMPANY%20PROFILE%20
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Fixtures
Wednesday
4.15pm: Japan v Spain (Group A)
5.30pm: UAE v Italy (Group A)
6.45pm: Russia v Mexico (Group B)
8pm: Iran v Egypt (Group B)
Killing of Qassem Suleimani
South Africa's T20 squad
Duminy (c), Behardien, Dala, De Villiers, Hendricks, Jonker, Klaasen (wkt), Miller, Morris, Paterson, Phangiso, Phehlukwayo, Shamsi, Smuts.
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Result
6.30pm: Al Maktoum Challenge Round-3 – Group 1 (PA) $65,000 (Dirt) 2,000m; Winner: Brraq, Ryan Curatolo (jockey), Jean-Claude Pecout (trainer)
7.05pm: Handicap (TB) $65,000 (Turf) 1,800m; Winner: Bright Melody, James Doyle, Charlie Appleby
7.40pm: Meydan Classic – Listed (TB) $88,000 (T) 1,600m; Winner: Naval Crown, Mickael Barzalona, Charlie Appleby
8.15pm: Nad Al Sheba Trophy – Group 3 (TB) $195,000 (T) 2,810m; Winner: Volcanic Sky, Frankie Dettori, Saeed bin Suroor
8.50pm: Dubai Millennium Stakes – Group 3 (TB) $130,000 (T) 2,000m; Winner: Star Safari, William Buick, Charlie Appleby
9.25pm: Meydan Challenge – Listed Handicap (TB) $88,000 (T) 1,400m; Winner: Zainhom, Dane O’Neill, Musabah Al Muhairi
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
The specs
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Torque: 850Nm
Transmission: Single-speed automatic
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The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
