US President Joe Biden answers questions from reporters as Vice President Kamala Harris looks on in the East Room of the White House in Washington, on August 10, 2021. Reuters
US President Joe Biden answers questions from reporters as Vice President Kamala Harris looks on in the East Room of the White House in Washington, on August 10, 2021. Reuters
US President Joe Biden answers questions from reporters as Vice President Kamala Harris looks on in the East Room of the White House in Washington, on August 10, 2021. Reuters
US President Joe Biden answers questions from reporters as Vice President Kamala Harris looks on in the East Room of the White House in Washington, on August 10, 2021. Reuters

Biden teases 'infrastructure decade' as US Senate passes $1tn bill


  • English
  • Arabic

A $1.2 trillion infrastructure package that is a top priority for US President Joe Biden passed the Senate on Tuesday, marking a much-needed win for the White House and the bipartisan group of senators who spent months negotiating it.

The package, described by the White House as “historic”, only needed a simple majority to pass and received the rare backing of several Republicans.

"We're on the cusp of an infrastructure decade that I truly believe will transform America," Mr Biden said in remarks from the White House on Tuesday afternoon.

The bill's 69-30 tally provides momentum for this first phase of Mr Biden’s “Build Back Better” priorities, now headed to the House of Representatives.

"Today we moved one step closer to making a once-in-a-generation investment in our infrastructure," Vice President Kamala Harris said.

A sizeable number of politicians showed they were willing to set aside partisan pressures, eager to send billions to their states for rebuilding roads, high-speed internet, water pipes and the public works systems that underpin much of American life.

"This bill shows that we can work together," Mr Biden said of the rare bipartisanship that occurred to get this bill passed in the Senate.

“Today we proved that democracy can still work," he said.

While the bill is popular among many members of Congress, it faces new challenges when it goes to the House amid tension within the majority-holding Democratic Party, some of whose progressive members say it does not go far enough.

Democrats hope to have more of their priorities approved through a separate, $3.5tn package. It only requires 50 votes and includes money for childcare, elder care and other programmes, though it is much more partisan and expected to draw only Democratic support.

Infrastructure was once a mainstay of lawmaking, but the weeks-long slog to strike a compromise showed how hard it has become for Congress to tackle routine legislating, even on shared priorities.

“There’s been detours and everything else, but this will do a whole lot of good for America,” Senate Majority Leader Chuck Schumer said.

Mr Biden welcomed the Senate's approval of the bill and urged the House to follow suit.

“I hope Congress will send it to my desk as soon as possible so we can continue our work of building back better,” he said.

Mr Biden has come under increasing pressure in recent weeks over a wide range of issues, including a surge in coronavirus cases driven by the Delta variant, mixed messaging on mask use and an increase in migrants heading to the US-Mexico border.

The measure proposes about $550 billion in new spending over five years in addition to current federal authorisations for public works that will reach virtually every corner of the country — a potentially historic expenditure Mr Biden has put on par with the building of the transcontinental railway or the interstate motorway system.

There is money to rebuild roads and bridges, and also to shore up coastlines against climate change, protect public utility systems from cyber attacks and modernise the electrical grid. Public transit would receive a boost, as would airports and freight rail. Most lead drinking water pipes in America could also be replaced.

While liberal members of Congress said the package does not go far enough as a down-payment on Mr Biden’s priorities and conservatives said it is too costly, the coalition of centrist senators was able to hold. Even broadsides from former president Donald Trump could not bring the bill down.

“This infrastructure bill is not the perfect bill,” said Lisa Murkowski, a Republican senator from Alaska, one of the negotiators.

She said the senators kept at it, believing “it’s better to get some of what our constituents want rather than none of it".

News agencies contributed to this report

UK%20-%20UAE%20Trade
%3Cp%3ETotal%20trade%20in%20goods%20and%20services%20(exports%20plus%20imports)%20between%20the%20UK%20and%20the%20UAE%20in%202022%20was%20%C2%A321.6%20billion%20(Dh98%20billion).%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3C%2Fp%3E%0A%3Cp%3EThis%20is%20an%20increase%20of%2063.0%20per%20cent%20or%20%C2%A38.3%20billion%20in%20current%20prices%20from%20the%20four%20quarters%20to%20the%20end%20of%202021.%3C%2Fp%3E%0A%3Cp%3E%C2%A0%3C%2Fp%3E%0A%3Cp%3EThe%20UAE%20was%20the%20UK%E2%80%99s%2019th%20largest%20trading%20partner%20in%20the%20four%20quarters%20to%20the%20end%20of%20Q4%202022%20accounting%20for%201.3%20per%20cent%20of%20total%20UK%20trade.%3C%2Fp%3E%0A
Frida%20
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ECarla%20Gutierrez%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Frida%20Kahlo%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Sunday's games

All times UAE:

Tottenham Hotspur v Crystal Palace, 4pm

Manchester City v Arsenal, 6.15pm

Everton v Watford, 8.30pm

Chelsea v Manchester United, 8.30pm

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.”

Ant-Man%20and%20the%20Wasp%3A%20Quantumania
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EPeyton%20Reed%3Cbr%3E%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Paul%20Rudd%2C%20Evangeline%20Lilly%2C%20Jonathan%20Majors%3Cbr%3E%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2%2F5%3C%2Fp%3E%0A
The specs

Engine: 3.8-litre, twin-turbo V8

Transmission: eight-speed automatic

Power: 582bhp

Torque: 730Nm

Price: Dh649,000

On sale: now  

Updated: August 10, 2021, 8:51 PM