Manchester City have completed the signing of Brazilian goalkeeper Ederson from Benfica, the Premier League club announced on Thursday.
The announcement came a week after Benfica said they had agreed to sell the 23-year-old to City for €40 million (Dh165m), making him the second most expensive goalkeeper ever.
Ederson will officially become a City player on July 1. City did not disclose the length of his contract.
"I like everything about Manchester City," Ederson said in quotes published on the City website. "This is a great club, they have amazing fans and they play splendid football. I have always had the dream to play in English football and now I’m going to make it true.
"With Pep Guardiola, City are growing more and more. He is putting in place a young team for the future. Those were important factors in making my decision."
In signing Ederson, City manager Guardiola hopes to have put an end to the goalkeeping saga that plagued his first season at Etihad Stadium.
Guardiola allowed Joe Hart to join Torino on loan, but Hart’s replacement, Claudio Bravo, proved inadequate and back-up goalkeeper Willy Caballero ended the campaign as City’s No 1.
Ederson becomes the most expensive goalkeeper since Gianluigi Buffon joined Juventus from Parma for €53m in 2001.
"We are delighted to bring Ederson to Manchester City," City’s director of football Txiki Begiristain said. "He is one of the best young goalkeepers in Europe and he is an important addition to the squad for next season and the coming seasons."
Ederson is City’s second major signing of the close season following the £43 million (Dh204.5m) capture of Portuguese playmaker Bernardo Silva from French champions Monaco.
Caballero, Pablo Zabaleta, Bacary Sagna, Gael Clichy and Jesus Navas have all been allowed to leave as Guardiola reshapes a squad that finished 15 points below champions Chelsea in third place.
Messi wants to remain with Barca
Five-time Ballon d’Or winner Lionel Messi has reiterated his desire to see out his career with Barcelona.
The 29-year-old, who moved to Spain aged 13 to join Barca, has won eight league titles and four Uefa Champions League crowns with the Catalan club, and has no plans to go anywhere else.
"It’s what I always dreamed and what I always wanted. I would like to finish my career at Barcelona," Messi said in an interview with ESPN, shown on Barcelona’s website.
Messi’s contract expires next summer, although reports in Spain suggest he is close to agreeing a three-year extension.
Barca finished second in the Primera Liga in the 2016/17 campaign, surrendering their crown to arch-rivals Real Madrid, and were knocked out of the Champions League at the quarter-final stage by Juventus.
Messi, currently away on international duty with Argentina, added: "We would have liked to have achieved more.
"We play to win titles. We want to be in the Champions League final and to win LaLiga. This year it wasn’t to be.
"We tried, but it didn’t happen. We ended up with the Copa del Rey and we hope next season will be better for us as far as titles go."
Shakespeare pens permanent Leicester deal
Craig Shakespeare has signed a three-year contract as manager of Leicester City, the former Premier League champions announced on Thursday.
Shakespeare, 53, was promoted from his role as assistant manager on an interim basis following the shock dismissal of Claudio Ranieri in February.
His appointment sparked a striking upturn in form that saw Leicester secure their Premier League status and reach the quarter-finals of the Champions League.
"This is a really exciting opportunity for me to continue along this new path in my career and to continue to work with a club and a group of staff I’ve grown extremely close to," Shakespeare said in quotes published on the Leicester website.
"I’m grateful to the owners and the board of directors for their continued faith and support.
"Our preparations for pre-season and the new Premier League campaign have been ongoing for some time.
"But we can now move on with certainty and ensure we are well equipped to compete at the levels now expected of a club like Leicester City."
Gnabry quits Werder Bremen
Werder Bremen midfielder Serge Gnabry is leaving the club after just one season.
The 21-year-old Germany international moved to the Bundesliga from Arsenal in August but has triggered a clause in his contract allowing him to leave the Weser-Stadion.
"After a very good first year for him at Werder, Serge has informed us that he would like to take the next step in his career," managing director Frank Baumann told Werder’s website.
"He will therefore activate a clause in his contract and leave the club at the end of the month."
Celtic break 50,000 mark
Celtic have gone through the 50,000 mark for season tickets sold for the 2017/18 season.
Demand is high following a unique and historic treble-winning season where Brendan Rodgers’ side went unbeaten domestically.
The Parkhead club have won six consecutive Premiership titles and begin their quest for Uefa Champions League football next season in the qualifiers which start in mid-July.
A statement on the club’s official website read: "We are delighted that so many fans want to share in this exciting season and everyone at Celtic would like to sincerely thank our season book holders for their continued commitment to the club.
"As ever, we will be doing all we can to ensure that it is another successful season."
* Agence France-Presse
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
COMPANY%20PROFILE
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Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
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.”
Company%20Profile
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UAE currency: the story behind the money in your pockets
EMIRATES'S%20REVISED%20A350%20DEPLOYMENT%20SCHEDULE
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The five pillars of Islam
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
The bio
Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district
Was a middle distance state athletics champion in school
Enjoys driving to Fujairah and Ras Al Khaimah with family
His dream is to continue working as a social worker and help people
Has seven diaries in which he has jotted down notes about his work and money he earned
Keeps the diaries in his car to remember his journey in the Emirates
What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
COMPANY%20PROFILE
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