In many ways, Simon Cowell couldn't be riding higher at the moment. As the fifth series of Britain's Got Talent drew to a close last week, the show had bounced back from a ratings slump to attract more viewers than last year's finale. On the other side of the Atlantic, the sixth series of America's Got Talent premiered on May 31, attracting higher audiences than any of the previous five season premieres. Meanwhile, the US version of X Factor is currently filming and set to start airing in September.
But his latest successes have not come entirely untroubled by negative headlines. In the UK last week, Cowell called in the police to investigate an anonymous 2,500-word blog post that alleged, among other things, that the final of the show had been rigged in favour of the 12-year-old Justin Beiber wannabe Ronan Parke. In the event, almost 15 million people tuned in to watch 24-year-old Jai McDowall be crowned the victor, beating Parke fair and square, albeit by just 2.5 per cent more votes.
Before the final, Parke lept to the defence of Cowell and the production crew, saying: "I've never met Simon in my life. I'd love to but never have. I've been coached by the same teacher in Norwich that we pay for and no one's paid for our clothes or anything. It's really silly." So silly, in fact, that the blog was eventually removed from the offending website and Cowell's lawyers made a report of the offence of malicious communication to the police.
Before that had come the furore surrounding the rise and fall of Cheryl Cole's X Factor career. Her very public fall from Cowell's favour may have simply been down to the machinations endemic in TV politics, but the resulting publicity will certainly have done no harm to the future ratings of the show.
For months, the tabloids had been filled with tales of Cole's imminent arrival on the US version of X Factor and her training for the breaking of America (weight-loss programmes, elocution lessons and so on). Then she was dropped, without any reason being given, and has since been dropped from the line-up of the UK version too. Everyone's a winner: she got paid, and the ongoing search for a replacement and speculation about Cole's future will keep the gossip bubbling away. Sure, Cowell doesn't come out of it smelling of roses, but when was his public persona anything other than pantomime villain, whipping the public into a booing frenzy?
One of the questions this inevitably raised, though, was whether the incident was symptomatic of a wider malaise. Does this mean, people wondered, that the shows don't hold enough fascination on their own? Can we look forward to a distinct lack of Susan Boyle-style human interest stories, to be replaced with pure celebrity tittle-tattle?
This week, speculation surfaced that Cole could in fact rejoin the X Factor judging team, having been offered a lifeline by Cowell. If she does, it would undoubtedly represent a significant publicity coup for the show. Intriguingly, however, there was talk of a counter offer from a show that has been dubbed "the anti-X Factor".
The Voice originated on Dutch television, and the US version has just finished a successful first season on NBC. Its twist on the reality talent show format is that the auditions are conducted "blind", with the judges able to hear the contestants sing but not see what they look like. Producers claim that this makes the whole process more of a true test of talent than a beauty contest.
All slightly disingenuous, of course - the viewers can still see the contestants after all - but that hasn't stopped the show from being a hit around the world. The British version, with which Cole has been linked, is set to start airing next year.
Whatever Cole decides, it's unlikely that any of this will unseat Cowell, who has been the king of talent shows since he first appeared as a judge on Pop Idol in 2001, succeeding from - and vanquishing in meanness - "Nasty" Nigel Lythgoe on Popstars. He has had notoriously stormy relationships with his co-stars, particularly American Idol's Paula Abdul (who is back in the fold with X Factor this season), but Cowell always comes out of the spats with his unperturbed smirk intact. With a track record as an A&R man, of signing some of the 1980s' most popular mainstream names, everyone wants to be noticed by the archetypal critical Brit, and that doesn't look set to change, whichever side of the Atlantic he's busy goading.
Founder: Ayman Badawi
Date started: Test product September 2016, paid launch January 2017
Based: Dubai, UAE
Sector: Software
Size: Seven employees
Funding: $170,000 in angel investment
Funders: friends
Difference between fractional ownership and timeshare
Although similar in its appearance, the concept of a fractional title deed is unlike that of a timeshare, which usually involves multiple investors buying “time” in a property whereby the owner has the right to occupation for a specified period of time in any year, as opposed to the actual real estate, said John Peacock, Head of Indirect Tax and Conveyancing, BSA Ahmad Bin Hezeem & Associates, a law firm.
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
More coverage from the Future Forum
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COMPANY%20PROFILE
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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.”
Zayed Sustainability Prize
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
Day 2, stumps
Pakistan 482
Australia 30/0 (13 ov)
Australia trail by 452 runs with 10 wickets remaining in the innings
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Emiratisation at work
Emiratisation was introduced in the UAE more than 10 years ago
It aims to boost the number of citizens in the workforce particularly in the private sector.
Growing the number of Emiratis in the workplace will help the UAE reduce dependence on overseas workers
The Cabinet in December last year, approved a national fund for Emirati jobseekers and guaranteed citizens working in the private sector a comparable pension
President Sheikh Khalifa has described Emiratisation as “a true measure for success”.
During the UAE’s 48th National Day, Sheikh Khalifa named education, entrepreneurship, Emiratisation and space travel among cornerstones of national development
More than 80 per cent of Emiratis work in the federal or local government as per 2017 statistics
The Emiratisation programme includes the creation of 20,000 new jobs for UAE citizens
UAE citizens will be given priority in managerial positions in the government sphere
The purpose is to raise the contribution of UAE nationals in the job market and create a diverse workforce of citizens
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.