Britain's former Prime Minister, David Cameron, resigned from his position, saying the shadow foreign secretary would need to be in the House of Commons. Getty Images
Britain's former Prime Minister, David Cameron, resigned from his position, saying the shadow foreign secretary would need to be in the House of Commons. Getty Images
Britain's former Prime Minister, David Cameron, resigned from his position, saying the shadow foreign secretary would need to be in the House of Commons. Getty Images
Britain's former Prime Minister, David Cameron, resigned from his position, saying the shadow foreign secretary would need to be in the House of Commons. Getty Images

Rishi Sunak remains Tory leader and David Cameron resigns in shadow cabinet shake-up


Soraya Ebrahimi
  • English
  • Arabic

After suffering a loss of 251 MPs in last week’s general election, the Conservative Party has named its opposition front bench to lead them into the new Parliament.

Former Foreign Secretary David Cameron and party chairman Richard Holden offered their resignations, which Rishi Sunak accepted, the party said.

The Tories came to power 14 years ago under Mr Cameron, securing 306 seats in the 2010 election and a coalition with the 57-strong Liberal Democrats.

On his departure, Mr Cameron wrote on X: “It’s been a huge honour to serve as Foreign Secretary, but clearly the Conservative Party in opposition will need to shadow the new Foreign Secretary from the Commons.

“So I told Rishi Sunak that I would step back. I’m delighted that the shadow foreign secretary role has gone to my good friend Andrew Mitchell.

“As a committed Conservative, I will continue to support the party and help where I can as we rebuild from the very disappointing election result.”

New shadow foreign secretary Mr Mitchell is Mr Cameron's former deputy foreign secretary. Richard Fuller, who represents North Bedfordshire, has been named party chairman.

“United as a party we will be ready and able to hold this new Labour government to account every step of the way,” Mr Fuller said.

“The Conservative Party has had a difficult election and it is important that we regroup and reflect on these results.

“We should also challenge ourselves candidly and deeply on the strengths of the Conservative Party across the country and outline where improvements can be made.

“I am honoured to be asked to act as interim chairman of the Conservative Party and to be working alongside colleagues in the shadow cabinet.”

Rishi Sunak's final hours as prime minister – in pictures

  • Outgoing Prime Minister Rishi Sunak speaks outside 10 Downing Street following Labour's landslide election victory. Getty Images
    Outgoing Prime Minister Rishi Sunak speaks outside 10 Downing Street following Labour's landslide election victory. Getty Images
  • Mr Sunak and his wife, Akshata Murty, are applauded as they leave 10 Downing Street. Photo: No 10 Downing Street
    Mr Sunak and his wife, Akshata Murty, are applauded as they leave 10 Downing Street. Photo: No 10 Downing Street
  • The couple step out into Downing Street. AP
    The couple step out into Downing Street. AP
  • Members of the media crowd the street as Mr Sunak makes his speech. AFP
    Members of the media crowd the street as Mr Sunak makes his speech. AFP
  • Mr Sunak and Ms Murty hold hands as they leave Downing Street. Reuters
    Mr Sunak and Ms Murty hold hands as they leave Downing Street. Reuters
  • Mr Sunak leaves Conservative headquarters in London after the party's general election defeat. Bloomberg
    Mr Sunak leaves Conservative headquarters in London after the party's general election defeat. Bloomberg
  • A demonstrator holds up a sign reading 'Bye bye Tories!' near the Houses of Parliament in London. Bloomberg
    A demonstrator holds up a sign reading 'Bye bye Tories!' near the Houses of Parliament in London. Bloomberg
  • Independent candidate Niko Omilana holds up an 'L' sign, for loser, behind Mr Sunak as he takes responsibility for his party's election defeat during his speech after winning the Richmond and Northallerton constituency in Yorkshire. Reuters
    Independent candidate Niko Omilana holds up an 'L' sign, for loser, behind Mr Sunak as he takes responsibility for his party's election defeat during his speech after winning the Richmond and Northallerton constituency in Yorkshire. Reuters
  • Candidate Count Binface, right, watches as Mr Sunak speaks in Northallerton. AFP
    Candidate Count Binface, right, watches as Mr Sunak speaks in Northallerton. AFP
  • Mr Sunak during the count for Richmond and Northallerton. PA
    Mr Sunak during the count for Richmond and Northallerton. PA
  • Mr Sunak arrives for the count and declaration in Northallerton. Getty Images
    Mr Sunak arrives for the count and declaration in Northallerton. Getty Images

Several senior Tories lost their seats in last week’s poll.

Among them were former defence secretary Grant Shapps and former Commons leader Penny Mordaunt, who lost their seats to Labour candidates in Welwyn Hatfield and Portsmouth North.

Ex-education secretary Gillian Keegan and former justice secretary Alex Chalk also lost their seats in Chichester and Cheltenham to the Liberal Democrats.

Mr Sunak, as Conservative Party leader and interim opposition chief whip Stuart Andrew, a former sports and gambling minister, appointed their Tories' new top team.

Conservative Party big hitters who have lost their seats – in pictures

  • Liz Truss, who served as prime minister for 44 days in 2022 before she was removed, has now lost her seat in parliament. PA
    Liz Truss, who served as prime minister for 44 days in 2022 before she was removed, has now lost her seat in parliament. PA
  • Brexiteer Jacob Rees-Mogg has also been defeated. Getty Images
    Brexiteer Jacob Rees-Mogg has also been defeated. Getty Images
  • Culture Secretary Lucy Frazer also lost her seat. PA
    Culture Secretary Lucy Frazer also lost her seat. PA
  • Veterans Minister Johnny Mercer. AFP
    Veterans Minister Johnny Mercer. AFP
  • Defence Secretary Grant Shapps. AFP
    Defence Secretary Grant Shapps. AFP
  • Education Secretary Gillian Keegan. Reuters
    Education Secretary Gillian Keegan. Reuters
  • Penny Mordaunt delivers a speech after the declaration in Portsmouth. Getty Images
    Penny Mordaunt delivers a speech after the declaration in Portsmouth. Getty Images
  • Justice Secretary Alex Chalk. PA
    Justice Secretary Alex Chalk. PA
  • Minister for Science, Innovation and Technology Michelle Donelan. Getty Images
    Minister for Science, Innovation and Technology Michelle Donelan. Getty Images
  • Chief Whip Simon Hart. Getty Images
    Chief Whip Simon Hart. Getty Images

Among the line-up shadowing their former posts is Oliver Dowden, now as deputy leader of the opposition, Jeremy Hunt as shadow chancellor, James Cleverly as shadow home secretary, and Victoria Atkins as shadow health secretary.

Claire Coutinho has kept her portfolio, energy security and net zero, in opposition, as have Steve Barclay (environment, food and rural affairs) and Mel Stride (work and pensions).

Kemi Badenoch has taken on Michael Gove’s former levelling up, housing and communities brief.

Her former portfolios have gone to Kevin Hollinrake (business and trade) and Mims Davies (women and equalities).

The top team also includes James Cartlidge as shadow defence secretary, Ed Argar as shadow justice secretary, Andrew Griffith as shadow science innovation and technology minister, Chris Philp as shadow Commons leader, former schools minister Damian Hinds as shadow education secretary, Helen Whately as shadow transport secretary and Julia Lopez as shadow culture media and sport secretary.

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Stars: Clint Eastwood, Dwight Yoakam

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COMPANY%20PROFILE%20
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LIST OF INVITEES

Shergo Kurdi (am) 
Rayhan Thomas
Saud Al Sharee (am)
Min Woo Lee
Todd Clements
Matthew Jordan
AbdulRahman Al Mansour (am)
Matteo Manassero
Alfie Plant
Othman Al Mulla
Shaun Norris

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COMPANY%20PROFILE
%3Cp%3ECompany%20name%3A%20Znap%3C%2Fp%3E%0A%3Cp%3EStarted%3A%202017%3C%2Fp%3E%0A%3Cp%3EFounder%3A%20Uday%20Rathod%3C%2Fp%3E%0A%3Cp%3EBased%3A%20Dubai%2C%20UAE%3C%2Fp%3E%0A%3Cp%3EIndustry%3A%20FinTech%3C%2Fp%3E%0A%3Cp%3EFunding%20size%3A%20%241m%2B%3C%2Fp%3E%0A%3Cp%3EInvestors%3A%20Family%2C%20friends%3C%2Fp%3E%0A
Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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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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Price: base / as tested: Dh91,000 / Dh114,000

Engine: 3.5-litre V6

Gearbox: Eight-speed automatic

Power: 298hp @ 6,600rpm

Torque: 356Nm @ 4,700rpm

Fuel economy, combined: 7.0L / 100km

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TO A LAND UNKNOWN

Director: Mahdi Fleifel

Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa

Rating: 4.5/5

COMPANY PROFILE
Name: Mamo 

 Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua

 Based: Dubai, UAE

 Number of employees: 28

 Sector: Financial services

 Investment: $9.5m

 Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors. 

 
The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
Updated: July 09, 2024, 11:37 AM