Live updates: Follow the latest on Donald Trump’s inauguration
In a surreal moment, the leaders of what some might describe as the six families of Big Tech put aside their business rivalries and political differences to join President Donald Trump for a church service right before his inauguration.
Tesla co-founder Elon Musk, Meta head Mark Zuckerberg, Apple chief executive Tim Cook, TikTok chief Shou Zi Chew, Google's chief Sundar Pichai and Amazon founder Jeff Bezos all joined Mr Trump at St John’s Episcopal Church near the White House.
It was an interesting venue for all the technology entrepreneurs to be seen. Silicon Valley, the place that gave birth to the powerhouse technology companies, is known for being secular, so the religious backdrop was a juxtaposition for the ages and yet a validating moment for the entire industry. Many of the technology titans also appeared in the US Capitol building during Mr Trump's inauguration.
The appearance of TikTok's chief executive in Washington comes after more than a year of criticism from both Democrats and Republicans over the company's alleged connections to the Chinese Communist Party, which some say make it a threat to national security. For Mr Zuckerberg, his appearance at the Trump inauguration comes weeks after Meta controversially moved away from fact-checkers and months after the Facebook founder publicly criticised former US President Joe Biden.
For Tesla and X chief executive Mr Musk, the moment comes after an almost two-year journey during which the entrepreneur has increasingly espoused conservative positions.
As for Apple chief executive Mr Cook, during Mr Trump's first term in office, he reached out to employees to reassure them about the company's values. He later joined a White House panel during Mr Trump's first term on US job creation. This time around, several media reports indicated that Mr Cook personally donated to Mr Trump's inauguration funds.
Other companies, like Microsoft, Meta and OpenAI, also made donations. Meanwhile, for Amazon founder Mr Bezos, his newspaper The Washington Post is facing a backlash after it refused to endorse Kamala Harris, in a move critics said was to try to curry favour with Mr Trump.
For Silicon Valley, however, the presence of so many technology chief executives is sure to be viewed as a culmination of decades of work that came to fruition with unprecedented influence within a superpower, for better or worse.
“Technology companies must take a crash course in 'spoken Maga' [Make America Great Again],” said Sam Blatteis, chief executive of The Mena Catalysts, a market entry firm for Web3 multinationals, who spoke with The National before the inauguration about the influence of technology companies in Washington. “It is a special language – different than how they communicated with the Biden White House.”
“The rise of Trump means the power gap is closing in Washington, and the ideological gap is widening with many far-flung parts of the tech epicentres of power,” he said, referring to the many efforts from technology leaders to try to curry favour in Washington.
Yet as President Trump continues to try to fill government positions, Mr Blatteis said those same technology leaders may have to continue adjusting their approach. “As Trump appoints an armada of new policymakers to run key tech-related agencies, who is running them, and how much real influence they have, is hard to pin down. It’s about quietly having the right conversations to ensure the right context is being understood by the key people reporting on the issue.”
MATCH INFO
Day 2 at Mount Maunganui
England 353
Stokes 91, Denly 74, Southee 4-88
New Zealand 144-4
Williamson 51, S Curran 2-28
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.”
The specs
Engine: 5.0-litre V8
Power: 480hp at 7,250rpm
Torque: 566Nm at 4,600rpm
Transmission: 10-speed auto
Fuel consumption: L/100km
Price: Dh306,495
On sale: now
THE BIO
Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.
Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.
Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.
Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.
UAE currency: the story behind the money in your pockets
The biog
Favourite hobby: taking his rescue dog, Sally, for long walks.
Favourite book: anything by Stephen King, although he said the films rarely match the quality of the books
Favourite film: The Shawshank Redemption stands out as his favourite movie, a classic King novella
Favourite music: “I have a wide and varied music taste, so it would be unfair to pick a single song from blues to rock as a favourite"
'How To Build A Boat'
Jonathan Gornall, Simon & Schuster
if you go
The flights
Etihad and Emirates fly direct to Kolkata from Dh1,504 and Dh1,450 return including taxes, respectively. The flight takes four hours 30 minutes outbound and 5 hours 30 minute returning.
The trains
Numerous trains link Kolkata and Murshidabad but the daily early morning Hazarduari Express (3’ 52”) is the fastest and most convenient; this service also stops in Plassey. The return train departs Murshidabad late afternoon. Though just about feasible as a day trip, staying overnight is recommended.
The hotels
Mursidabad’s hotels are less than modest but Berhampore, 11km south, offers more accommodation and facilities (and the Hazarduari Express also pauses here). Try Hotel The Fame, with an array of rooms from doubles at Rs1,596/Dh90 to a ‘grand presidential suite’ at Rs7,854/Dh443.
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
