By Friday it will all be over – the campaign for a referendum on the UK’s membership of the European Union which must go down as the dirtiest, most deceitful and debased political campaign in living memory.
Little has been to the credit of any of the key participants. Lies and exaggerations have been put about by both sides. The prominent “Leave” leaders Boris Johnson and Michael Gove are not “Little Englanders”. Both are highly intelligent men with broad interests and minds.
They will both know that Turkey has been trying to join the EU since 1987, and at the present rate of progress it may well be another 30 years or more before it gets any closer to membership. They also know that if Turkey were in the EU, the chance of its total population of 77 million all deciding to move to Britain is zilch.
Yet both have warned that this is where the EU is headed, and that the UK must leave for fear of Turks swamping Blighty in some neo-Ottoman nightmare of which not even Recep Tayyip Erdogan would dream.
Both men also know that it is totally incorrect to say that Britain sends “the EU £350m a week” as it says on the side of the Leave campaign’s battle bus. They know that after the rebate negotiated by Mrs Thatcher, the UK sends £100 million less and they probably also know that taking into account EU grants to Britain, the net contribution per week is around £164 million. That’s still a lot. Yet both continue to defend the larger, completely false figure.
The Remain camp, meanwhile, has indulged in madly over the top scaremongering about the economic consequences of exit. They have successfully roped in everyone from prominent Europhiles to figures who have no business commenting on an internal political matter – such as Barack Obama and Mark Carney, the supposedly independent governor of the Bank of England – to warn of a plummeting pound and a friendless future.
In fact, the economic case cannot be proved conclusively either way, and Leave’s Lord Lawson – a highly praised chancellor in the 1980s when he was seen as one of the more pro-EU Tories – makes a very good point when he says: “Look at unemployment rates around the EU, particularly very high youth unemployment rates. The idea that somehow it’s an economic asset to us to be in the EU is bizarre.”
The concentration on immigration has been particularly ugly, it appearing to be now near-universally accepted that this is an unwelcome imposition and the argument is only over how best to restrict it. And the referendum was promised by David Cameron for the wrong reasons in the first place – as a means to paper over cracks in the Conservatives, the prime minister assuming, rather over-optimistically, that he’d be able to wing an easy victory.
Nevertheless: it has still been right and necessary to have this referendum. The last time the people of Britain had a say about their relationship with the EU was in 1975. Some Europhiles used to argue that that settled the issue once and for all. No one has dared repeat that self-satisfied assumption, thankfully, as it arrogantly ignored the views of all who were too young to vote then and those yet to be born.
Moreover, the then European Economic Community was a completely different creature; both far smaller, and with smaller ambitions. It then morphed into the European Community, and then the European Union. The unelected Commission, meanwhile, which consists largely of superannuated or failed ex-politicians, managed to change itself from being the bureaucracy of the community, into being its “executive body”, as it declares on its website. All without any consultation with, let alone the consent of, the voters.
Democratic accountability and sovereignty – the people of Britain having a proper say about their own governance – is what the whole debate should have been about. In terms of the EU itself, the debate is pretty much settled. Both the proponents of “Remain” and “Brexit” agree that the union is in desperate need of reform and of addressing its perennial democratic deficit.
The question is whether the EU is capable of doing so. And it has become clear – because whenever there is a crisis the old elites who have always run the EU keep saying the answer is more Europe and closer union, despite all the evidence to the contrary – that it is not.
For that reason alone it has been right for Britons finally to be asked if they want to continue inside the EU or not.
For what it is worth, were I registered to vote, I would vote leave. Many will disagree, and they may turn out to be the majority. But for all the odious sound, fury and invective the referendum has generated, for all that it was held cynically and has magnified prejudices that do Britain no favours, it was still just that it was held.
The alternative is to say that the people should simply have no say in the matter, and that the vote of our forefathers binds us in perpetuity. That is what the Euro-elites, terrified that their would-be superstate may be about to unravel, believe. That is why the EU is incapable of reform. And that is why so many people, infuriated by being ignored by unelected officials too superior and too insulated to care about the voters for decades, will vote out.
Sholto Byrnes is a senior fellow at the Institute of Strategic and International Studies, Malaysia
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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.”
The Little Things
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Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
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UAE currency: the story behind the money in your pockets
THE BIO
Favourite author - Paulo Coelho
Favourite holiday destination - Cuba
New York Times or Jordan Times? NYT is a school and JT was my practice field
Role model - My Grandfather
Dream interviewee - Che Guevara
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
Mohammed bin Zayed Majlis