Britain's Camilla, Duchess of Cornwall, Prince Charles and Ben Elliot arrive at a reception in London. AFP
Britain's Camilla, Duchess of Cornwall, Prince Charles and Ben Elliot arrive at a reception in London. AFP
Britain's Camilla, Duchess of Cornwall, Prince Charles and Ben Elliot arrive at a reception in London. AFP
Britain's Camilla, Duchess of Cornwall, Prince Charles and Ben Elliot arrive at a reception in London. AFP


Duchess of Cornwall's nephew has 'access all areas' pass that should be revoked


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August 04, 2021

There is a sense of inevitability about the controversy surrounding Ben Elliot, co-chairman of the Conservative Party and nephew of Camilla, Prince Charles's wife.

He is at the centre of three sets of claims: one, that he furnished clients of his Quintessentially concierge company with access to Prince Charles in return for cash; two, that he set up a secret club of high-roller Tory donors, called the Advisory Board, to channel payments to the party in exchange for meetings with senior ministers; three, that his company sold PCR and antibody tests to wealthy clients at a time when the UK government was struggling to obtain them.

All three show what Elliot does brilliantly: smoothing the paths of the super-rich, making connections and solving difficulties, at a price.

Elliot, 45, is hugely well-connected. An Old Etonian, he is a nephew of the Duchess of Cornwall and therefore, by marriage, Prince Charles. His circle of close friends includes Tom Parker Bowles, Camilla’s son, princes William and Harry, and Zac and Ben Goldsmith. Tall, smooth and urbane, he is married to Mary-Clare, daughter of the musician Steve Winwood.

Interesting as the personal details are, it is his business acumen that has propelled him to riches and attention. He started out as a nightclub host, running venues at the top end of the market for London’s glitterati. That’s when I first became aware of him, as a name in that crazy, late ‘90s fin de siècle. That led to putting on extravagant parties for the same, ultra-glamorous set. Whatever they desired, Elliot said they could consider it done, and it usually was.

That evolved into a wider enterprise, still catering to the whims of the “0.01” as he described them, but laying on private planes, limousines, yachts, hotels, staff – in short, helping them secure virtually anything they wanted.

This was not unique – others were doing the same – although Elliot shone as being especially driven and persuasive. Relentless, too. He was also brilliant at ramping up his own publicity and ubiquity – my inbox would groan with emails and missives from him and his agency. Elliot placed Quintessentially at the heart of London’s social scene and took the firm overseas, cashing in on the explosion in demand for luxury and service.

The problematic entwining of private and public

The problem comes when that spills over into politics and public life. He may be “Mr Access All Areas”, but that access arguably should not include members of royalty or the Cabinet. Blurring private with public service can be dangerous. Mix those who have money with those who have little, charities and political parties. But what the latter may lack in cash they have another asset: power.

Of the rows currently engulfing Elliot, the most telling are those concerning the Advisory Board and the PCR tests. The first says a lot about his methods, how he likes to create tiers of importance – so at Quintessentially, £15,000 ($20,911) a year buys elite membership with extra benefits and networking opportunities. The second raises questions about his suitability for high office, that as co-chair of the party of government he should have been more sensitive to public perception and thought twice about peddling Covid tests his Tory colleagues were unable to secure.

Despite the rules, there are grey areas. I’ve been asked to help secure a knighthood for a well-known tycoon – their opening offer was £40,000.

Making introductions to Prince Charles highlights what occurs when a well-meaning member of royalty is trying to raise finance for charitable projects. Again, it illustrates what can happen when organisations with limited means, charities, are aligned with individuals contained in Elliot’s contacts book, who have plenty.

In the UK, in the absence of state funding for political parties, their financial well-being comes down to their own devices. For Labour, that means tapping the trade unions and, infrequently, people and businesses; for the Tories, that equates to constantly pumping people and businesses.

There are regulations, of course, and they have been tightened. Nevertheless, our public life is forever being dogged by scandals concerning “access capitalism”. Their monikers form a roll-call of shame, among them “cash for questions”, “sleaze”, “cash for honours”, “chumocracy”.

Despite the rules, there are grey areas. I’ve been asked to help secure a knighthood for a well-known tycoon – their opening offer was £40,000. I declined, and by the way, he never did get it and later went to jail. I’ve had someone enquire as to the best way to obtain a peerage.

This was in the Tony Blair era, and he was worried in case he would have to pin his colours to Labour. More recently, a billionaire tax exile wanted to be a “Sir” – I pointed out that his tax status would count against him. He insisted, as they frequently do, “it’s not for me, you understand, but for my wife, she deserves to be called ‘Lady'”.

Path to a knighthood? Pave Downing Street with gold

In every case, there is one quick way: give generously to the party occupying Number 10. You must pay your dues, possibly do some genuine philanthropy if you don’t already, make yourself known to the hierarchy, and donate.

There are other routes to the powerful. Buy items at the party conferences – they’re all for sale – from the lanyards round the necks of delegates, to the carrier bags for their booklets, to receptions, to exclusive lounges where senior figures are guaranteed to be present, to exhibition stands with a promise that the leader will “walkabout” and chat with you and be photographed, to places at gala dinners. They’re all yours, if you pay.

In theory, it’s above board. But the sotto voce line is that the party will be extremely “appreciative”, that the leadership will be “aware” of your contribution.

A venal injustice

Likewise, the fund-raising bash. Elliot, co-chairman only since 2019, has had to apologise to Tory MPs once already for seating the housing secretary, Robert Jenrick, next to property developer and party donor Richard Desmond at a £900-a-head evening at London’s Savoy hotel.

Desmond wanted Jenrick to agree to a 1,500-home development in Westferry, east London, and the billionaire duly raised the issue with him over the dinner. Afterwards, Jenrick exchanged texts with the former newspaper proprietor and eventually gave the project the go-ahead.

In 2019, Ben Elliot seated UK housing minister Robert Jenrick, pictured, next to a billionaire property developer at a fundraising gala. AFP
In 2019, Ben Elliot seated UK housing minister Robert Jenrick, pictured, next to a billionaire property developer at a fundraising gala. AFP

Subsequently, when the episode became known, Jenrick denied he had inappropriately overruled official advice to reject the scheme as a favour to Desmond. The minister maintained he acted properly throughout, did not know he would be seated alongside Desmond, told him it was not the right forum to be discussing his plans, and that he was not unduly influenced – even though Desmond’s proposal contained fewer affordable homes than a previous scheme.

It was a close call for Jenrick. Angry Tory MPs tore a strip off Elliot. Now this. Elliot is unlikely to budge, say Tory insiders. “No Tory wants the fuss of insisting he should go, and besides, he has brought in zillions for the party,” one said.

As long as he remains in situ, don’t be surprised if there is more of the same.

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5 of the most-popular Airbnb locations in Dubai

Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:

• Dubai Marina

The Marina and Jumeirah Beach Residence are popular locations, says Mr Grudziecki, due to their closeness to the beach, restaurants and hotels.

Frank Porter’s average Airbnb rent:
One bedroom: Dh482 to Dh739 
Two bedroom: Dh627 to Dh960 
Three bedroom: Dh721 to Dh1,104

• Downtown

Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure.  “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."

Frank Porter’s average Airbnb rent:
One bedroom: Dh497 to Dh772
Two bedroom: Dh646 to Dh1,003
Three bedroom: Dh743 to Dh1,154

• City Walk

The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena.  “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”

Frank Porter’s average Airbnb rent:
One bedroom: Dh524 to Dh809 
Two bedroom: Dh682 to Dh1,052 
Three bedroom: Dh784 to Dh1,210 

• Jumeirah Lake Towers

Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.

Frank Porter’s average Airbnb rent:
One bedroom: Dh422 to Dh629 
Two bedroom: Dh549 to Dh818 
Three bedroom: Dh631 to Dh941

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Palm Jumeirah's proximity to luxury resorts is attractive, especially for big families, says Mr Grudziecki, as Airbnb renters can secure competitive rates on one of the world’s most famous tourist destinations.

Frank Porter’s average Airbnb rent:
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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.”

Updated: November 01, 2021, 12:50 PM