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
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
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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UAE currency: the story behind the money in your pockets
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.”
'Outclassed in Kuwait'
Taleb Alrefai,
HBKU Press
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