Boris Johnson's successor will become known in September. There is a good chance that the UK's next prime minister and leader of the Conservative Party will be Rishi Sunak, who is of Indian origin. If Mr Sunak does get elected, he would be the first non-white British prime minister. But within that milestone are some rather uncomfortable truths, which show how much the UK has certainly not become a post-racist society.
This is beyond the historical ironies that exist in British political history, where the first non-white British prime minister, strictly speaking, served almost 150 years ago: Benjamin Disraeli. Disraeli was of Jewish origin, of a British ethnic minority, although he himself became Anglican Christian and was deeply imperialist. But he is not noted as having struggled tremendously to become a British politician. Disraeli was a member of parliament in his early 30s, at a time when only the independently wealthy could actually afford to be MPs, as there were no salaries for MPs at the time.
And perhaps that is where the ground-breaking nature of Mr Sunak’s candidature begins to lose substance. He may not be white, but in terms of wealth, Mr Sunak is more powerful than the overwhelming majority of British people. His political party, the Conservatives, have the additional issue of failing to recognise Islamophobia, which appears to be the most tolerated form of bigotry in the UK today. That issue has tenaciously held onto the Party for many years, in large part because its leadership has refused to address it.
In 2011, the then co-chairperson of the Party, Baroness Sayeeda Warsi, said that Islamophobia had passed the "dinner-table test". In other words, that it was respectable and decent to engage in bigotry against Muslims in good company around the dinner table. She was criticised for her stance but nothing was done within the Conservative Party.
Over the years, more and more Muslims in the Party have come forward complaining of bigotry. Repeatedly, they found themselves brushed aside. Earlier this year, a Muslim Conservative MP, Nusrat Ghani, claimed that she was sacked as a junior minister two years ago, because, as other officials told her, her "Muslim woman minister status" was making colleagues feel "uncomfortable". Ms Ghani later revealed that she had told Mr Johnson who said, "He could not get involved and suggested I use the internal Conservative Party complaints process”.
Ms Ghani’s was only the latest episode in that regard. As an investigation in The Guardian revealed in 2019, more than a dozen Conservative councillors who were suspended over posting Islamophobic content online had their membership re-instated. There is a long history of similar unfortunate cases. Sadiq Khan, for example, the mayor of London, had Islamophobia mobilised against him by his Conservative opponent, Zac Goldsmith, for the mayoralty in 2016, who accused Mr Khan of being "radical". His campaign invited the criticism of even senior Conservatives like Ms Warsi and Kenneth Clarke, a former Conservative chancellor. Mr Goldsmith, however, was then appointed to the House of Lords.
When it comes to the Rishi Sunak and Liz Truss contest over the British premiership, it seems the right-wing of the party had kept in mind the polling that showed that more than half of Conservative members believed Islam was a threat to “British values”. Hence, Penny Mordaunt, who until last week was a strong competitor to face off Mr Sunak for the prime ministership, was subjected to a smear campaign. The criticism levied against her was that she had once met with the leader of the Muslim Council of Britain.
It was a startling if incredulous accusation. The negative sentiment towards the MCB in Conservative circles dates back to a pro-Hamas statement in 2009 relating to the Israeli occupation of Gaza, signed by a former MCB deputy secretary general, Daud Abdullah. The then Labour government condemned the statement. They claimed it supported violence against British forces, and attacks on Jewish communities worldwide – although Mr Abdullah denied this interpretation. At the time, the current leader of the MCB, Zara Mohammed, was a teenager, and not a signatory in any case. The implication was clear: smear the relatively more centrist candidate, so that a more right-wing one would stay in the race. The smear was via Islamophobia.
It would be nice to imagine that the UK has truly carried out a breakthrough by putting forward a brown member of a different ethnicity as a likely successor to the prime minister. But as the elephant in the room is left unaddressed – anti-Muslim bigotry tolerated and even supported within the Conservative Party – a potentially momentous occasion is undermined.
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2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
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.”
Read more from Aya Iskandarani
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
SERIE A FIXTURES
Friday Sassuolo v Benevento (Kick-off 11.45pm)
Saturday Crotone v Spezia (6pm), Torino v Udinese (9pm), Lazio v Verona (11.45pm)
Sunday Cagliari v Inter Milan (3.30pm), Atalanta v Fiorentina (6pm), Napoli v Sampdoria (6pm), Bologna v Roma (6pm), Genoa v Juventus (9pm), AC Milan v Parma (11.45pm)
Mohammed bin Zayed Majlis
Straightforward ways to reduce sugar in your family's diet
- Ban fruit juice and sodas
- Eat a hearty breakfast that contains fats and wholegrains, such as peanut butter on multigrain toast or full-fat plain yoghurt with whole fruit and nuts, to avoid the need for a 10am snack
- Give young children plain yoghurt with whole fruits mashed into it
- Reduce the number of cakes, biscuits and sweets. Reserve them for a treat
- Don’t eat dessert every day
- Make your own smoothies. Always use the whole fruit to maintain the benefit of its fibre content and don’t add any sweeteners
- Always go for natural whole foods over processed, packaged foods. Ask yourself would your grandmother have eaten it?
- Read food labels if you really do feel the need to buy processed food
- Eat everything in moderation
Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
The specs: 2017 GMC Sierra 1500 Denali
Price, base / as tested Dh207,846 / Dh220,000
Engine 6.2L V8
Transmission Eight-speed automatic
Power 420hp @ 5,600rpm
Torque 624Nm @ 4,100rpm
Fuel economy, combined 13.5L / 100km
more from Janine di Giovanni
Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5