MADRID // Toni Kroos on Thursday became Real Madrid’s first high profile signing for the new season, moving from Bayern Munich on a six-year deal just days after winning the World Cup with Germany.
The 24-year-old playmaker had an outstanding World Cup, scoring two goals in two minutes in the 7-1 semi-final rout of Brazil, en route to overcoming Argentina 1-0 in Sunday’s final.
Spanish media said Real and Bayern agreed a deal worth between €25-30 million (Dh124.2-149m). The two clubs said the transfer fee would remain secret.
Kroos is due to be unveiled by his new employers at a press conference on Thursday. His arrival could hasten the departure of fellow German Sami Khedira who risks losing his midfield place.
Real hailed their latest catch as “one of the most important players of the moment”.
A Real statement described Kroos as “a playmaker capable of finding the best option in any situation, with a vision of the game enabling him to help his teammates, as well as an impressive kick.”
Matthias Ginter moving to Dortmund, plus other transfer news
Kroos, whose contract with Bayern expired next season, sided with Real over alternatives such as Manchester United or Chelsea.
A Bayern statement confirmed it had made a deal with Real and that Kroos had signed a six year contract. “The two clubs have agreed to remain silent about the transfer fee,” it said.
“We thank Toni Kross for his time at Munich,” said Bayern chief executive Karl-Heinz Rummenigge. “We have experienced great successes with him.”
Kroos arrives at the Santiago Bernabeu with 11 trophies already on his cv, the World Cup the jewel in a collection including the 2013 Champions League, Bundesliga titles and the Club World Cup.
He joined Bayern as a teenager in 2007, making his first team appearance at the age of 17. He became a regular after an 18-month loan spell at Bundesliga rivals Bayern Leverkusen.
This is the second high profile World Cup player to move to La Liga this month, following Luis Suarez’s reported €95m transfer from Manchester City to Real’s arch rivals Barcelona.
The path from the World Cup to Spain could also see Monaco’s Colombia hotshot James Rodriguez join Kroos at Real.
The World Cup’s top scorer with six goals told Spanish sports daily Marca on Monday: “I’d jump at the chance of going to Real Madrid.”
Real have also been linked with a move for Keylor Navas, the goalkeeper whose heroics helped Costa Rica reach the World Cup quarter finals. Navas plays with Levante in the Spanish first division and his arrival would increase pressure on Iker Casillas already criticised for his role in Spain’s World Cup collapse.
sports@thenational.ae
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BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
Keep it fun and engaging
Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.
“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.
His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.
He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
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Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
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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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UAE currency: the story behind the money in your pockets
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LUKA CHUPPI
Director: Laxman Utekar
Producer: Maddock Films, Jio Cinema
Cast: Kartik Aaryan, Kriti Sanon, Pankaj Tripathi, Vinay Pathak, Aparshakti Khurana
Rating: 3/5
Ready Player One
Dir: Steven Spielberg
Starring: Tye Sheridan, Olivia Cooke, Ben Mendelsohn, Mark Rylance
The biog
Born November 11, 1948
Education: BA, English Language and Literature, Cairo University
Family: Four brothers, seven sisters, two daughters, 42 and 39, two sons, 43 and 35, and 15 grandchildren
Hobbies: Reading and traveling
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COMPANY%20PROFILE
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BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
Crops that could be introduced to the UAE
1: Quinoa
2. Bathua
3. Amaranth
4. Pearl and finger millet
5. Sorghum
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MWTC info
Tickets to the MWTC range from Dh100 and can be purchased from www.ticketmaster.ae or by calling 800 86 823 from within the UAE or 971 4 366 2289 from outside the country and all Virgin Megastores. Fans looking to attend all three days of the MWTC can avail of a special 20 percent discount on ticket prices.
Company%20Profile
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Our Time Has Come
Alyssa Ayres, Oxford University Press
How%20champions%20are%20made
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