Marcus Berg’s transfer to Al Ain will go through only if Panathinaikos’ “perfectly reasonable demands” are met, the Greek club have confirmed.
The Swedish striker, 30, arrived in Al Ain this week and was expected to sign for the Garden City side on Tuesday, but a disagreement regarding the fee has delayed the deal.
Panathinaikos are thought to want at least €5 million (Dh20.5m) for Berg, who has scored 73 goals in 116 league matches since joining from Germany’s Hamburg in 2013. His current contract runs until 2019.
In a statement released on their website, Panathinaikos said they wanted the prolific frontman to remain at the club, but added that they would not block any potential move should they be appropriately compensated.
“Panathinaikos did not do anything to sell Marcus Berg, nor was the club aware of the player's contacts with interested teams,” read the statement. “As far as Marcus is concerned, there is a contract with Panathinaikos until June 2019.
“We understand the possible desire of the player to gain at this stage of his career a transfer with significant economic benefit. Panathinaikos does not intend to stand in the way of Marcus’ efforts, with the necessary condition that the club’s perfectly reasonable demands will be met.
“Although obvious, we would like to point out that Panathinaikos want to continue with Marcus. But if economic, family and other reasons push him to another choice for his career, we will respect him.”
In obvious need of a striker, Al Ain have a long-standing interest in Berg, who has excelled in the Greek top flight since his switch to Panathinaikos four years ago. He top-scored in the 2016/17 Greek Super League’s regular season, finding the net 22 times in 28 games.
Berg, who began his professional career with IFK Gothenburg, is a regular for the Sweden national team, and was part of the side that defeated France in their World Cup qualifier on June 9. In all, he has featured 47 times for his country, scoring 12 goals.
Al Ain, Asian Champions League runners-up last year, have already been busy in the transfer market this summer having last week recruited Japanese midfielder Tsukasa Shiotani. With the 2017 Champions League quarter-final first leg against Saudi Arabia's Al Hilal to come on August 21, the club are looking to conclude their business early.
Of their four expatriates, Al Ain have retained only Brazilian winger Caio, with Saudi Arabian striker Nasser Al Shamrani returning to parent club Hilal after a six-month loan and midfielder Lee Myung-joo going back to South Korea in preparation for military service. Meanwhile, the club have offers for Colombian winger Danilo Asprilla – believed to be on his way to Turkey's Bursaspor - and Douglas, the much-maligned Brazilian forward.
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
LA LIGA FIXTURES
Friday
Granada v Real Betis (9.30pm)
Valencia v Levante (midnight)
Saturday
Espanyol v Alaves (4pm)
Celta Vigo v Villarreal (7pm)
Leganes v Real Valladolid (9.30pm)
Mallorca v Barcelona (midnight)
Sunday
Atletic Bilbao v Atletico Madrid (4pm)
Real Madrid v Eibar (9.30pm)
Real Sociedad v Osasuna (midnight)
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Why are you, you?
From this question, a new beginning.
From this question, a new destiny.
For you are a world, and a meeting of worlds.
Our dream is to unite that which has been
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To return the many to the one.
A great story unites us all,
beyond colour and creed and gender.
The lightning flash of art
And the music of the heart.
We reflect all cultures, all ways.
We are a twenty first century wonder.
Universal ideals, visions of art and truth.
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Come with questions, leave with visions.
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Ben Okri,
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
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.”
