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Trump appoints Elon Musk to run government efficiency department called Doge

Mr Musk became a key ally to Trump during his campaign, reportedly spending well over $100 million

The National

November 13, 2024

  • English
  • Arabic

US president-elect Donald Trump on Tuesday announced that Elon Musk and businessman Vivek Ramaswamy will lead a new Department of Government Efficiency tasked with cutting federal waste.

The body will be called Doge for short, a cheeky nod to the meme and Dogecoin cryptocurrency, represented by a picture of a Shiba Inu dog, that Mr Musk has long promoted.

Mr Musk became a key ally to Mr Trump during his campaign, reportedly spending more than $100 million to help the Republican win and repeatedly boosting Mr Trump's candidacy on X, which he owns.

In a statement, Mr Trump said the department would “dismantle government bureaucracy, slash excess regulations, cut wasteful expenditures and restructure federal agencies”.

He said the department “will provide advice and guidance from outside of Government,” a move that could allow Mr Musk to avoid disclosing his financial holdings.

Federal employees are generally required to disclose their assets and entanglements to ward off any potential conflicts of interest, and to divest significant holdings relating to their work. Because Mr Musk and Mr Ramaswamy would not be formal federal workers, they would not face those requirements or ethical limitations.

Still, Mr Musk might come under pressure to recuse himself from any decisions that could be seen to help any of his companies, which benefit from billions of dollars in federal contracts.

Mr Trump is set to return to Washington on Wednesday to President Joe Biden in the Oval Office.

Trump nominations

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.”

MATCH DETAILS

Chelsea 4 

Jorginho (4 pen, 71 pen), Azpilicueta (63), James (74)

Ajax 4

Abraham (2 og), Promes (20). Kepa (35 og), van de Beek (55) 

The years Ramadan fell in May

1987

1954

1921

1888

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Transmission: 7-speed dual-clutch auto

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On sale: Q3 or Q4 2022 

A list of the animal rescue organisations in the UAE

Looking for a new family pet? Here are the links to visit when it comes to adopting... 

Animal Welfare Abu Dhabi

Rescue of Abu Dhabi

Feline Friends Abu Dhabi

Adopt-a-Cat UAE

Naema's Kittys 

Jackie's Cats UAE

Animal Action UAE

Animal Welfare Al Ain

Yanni Animal Welfare

Animals and Us Fujairah

Arabian Saluki Center of Dubai (Ascod)

38 Smiles

Emirates Animal Welfare Society

Red Paw Foundation 

KittySnip

Saluki International Rescue

K9 Friends Dubai 

Amanda's Animal Rescue UAE

Ahmed's Animal Rescue

Al Mayya K9 Adoptions 

New Life Rescue

Rescue Animals in Need United Arab Emirates

Stray Dogs Center UAQ

Sniff - Strays Needing Interim of Furever Friends

PARA UAE - Protection of Animal Rights Association

Ras Al Khaimah Animal Welfare Centre

Shepherd Rescue Arabia

Friends of Rakawc 

UAQAC Umm Al Quwain Animal Care

Israel Palestine on Swedish TV 1958-1989

Director: Goran Hugo Olsson

Rating: 5/5

'Top Gun: Maverick'

Rating: 4/5

 

Directed by: Joseph Kosinski

 

Starring: Tom Cruise, Val Kilmer, Jennifer Connelly, Jon Hamm, Miles Teller, Glen Powell, Ed Harris

 
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
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While you're here
Your rights as an employee

The government has taken an increasingly tough line against companies that fail to pay employees on time. Three years ago, the Cabinet passed a decree allowing the government to halt the granting of work permits to companies with wage backlogs.

The new measures passed by the Cabinet in 2016 were an update to the Wage Protection System, which is in place to track whether a company pays its employees on time or not.

If wages are 10 days late, the new measures kick in and the company is alerted it is in breach of labour rules. If wages remain unpaid for a total of 16 days, the authorities can cancel work permits, effectively shutting off operations. Fines of up to Dh5,000 per unpaid employee follow after 60 days.

Despite those measures, late payments remain an issue, particularly in the construction sector. Smaller contractors, such as electrical, plumbing and fit-out businesses, often blame the bigger companies that hire them for wages being late.

The authorities have urged employees to report their companies at the labour ministry or Tawafuq service centres — there are 15 in Abu Dhabi.

MATCH INFO

Juventus 1 (Dybala 45')

Lazio 3 (Alberto 16', Lulic 73', Cataldi 90 4')

Red card: Rodrigo Bentancur (Juventus)

Updated: November 13, 2024, 10:31 AM
Elon MuskDonald Trump