West Ham United’s Kurt Zouma during a pre-season friendly match at the Chigwell Construction Stadium, Dagenham. PA
West Ham United’s Kurt Zouma during a pre-season friendly match at the Chigwell Construction Stadium, Dagenham. PA

Kurt Zouma set for move to Dubai club Shabab Al Ahli



West Ham United captain Kurt Zouma is expected to seal a move to UAE Pro League club Shabab Al Ahli, according to multiple UK reports.

Zouma, 29, has been in talks with the Dubai club over a proposed move with the defender's transfer expected to be made official in the coming days.

The Frenchman has one year left on his West Ham contract and is one of the club's highest earners.

The Hammers have spent big this transfer window, including the £40 million signing of centre-back Max Kilman from Wolves, and are thought to be looking to claw back some of that outlay.

The Sun newspaper reported that Zouma will leave on a free transfer, with Shabab Al Ahli covering the final 12 months of his contract as part of the deal.

The move would make Zouma, who has 11 France caps, one of the most high-profile recruits to the UAE in recent times, bucking the trend of overseas players being recruited to Saudi Arabia.

Zouma has made more than 100 appearances for West Ham since a £29m move from Chelsea in 2021

He made headlines in February 2022 when video footage showed him kicking his pet cat was released.

Zouma later pleaded guilty in court to two counts of animal cruelty and given 180 community service.

West Ham condemned Zouma's actions at the time – fining him £250,000, which they claimed was the maximum penalty they were able to hand out – but he still continued to be picked by then manager David Moyes.

Barring any breakdown in negotiations, Zouma's move to the UAE will bring to an end his 10-year spell in English football.

During his time at Chelsea, he won two Premier League titles, a Champions League and a League Cup during – which was interspersed with loan moves to Stoke and Everton.

After moving permanently to West Ham in 2021, he won the Europa Conference League with the Hammers in 2023.

Shabab Al Ahli were last crowned champions of the UAE in 2022/23. They finished runner-up to Al Wasl last season, trailing their Dubai rivals in the final standings by nine points.

The club are coached by former Portugal and Poland manager Paulo Sousa.

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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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Updated: August 09, 2024, 6:45 AM