Leaders of Manchester spent last week complaining that their city had lost out on a Japanese-style high-speed train to London.
Perhaps the low point of the debate, triggered by British Prime Minister Rishi Sunak’s cost-cutting decision, was a TV guest suggesting that the line was no great loss, as its greatest value was to enable people to take a 90-minute trip for dinner in London. The guest was obviously not based in Manchester, and it was an unfair bit of London-centric taunting.
England’s third city is these days a place transformed. Every street seems to have a high-rise building project in progress. There is a strong local leadership capable of bringing its unique identity to the world. And the world, particularly its students, is coming to Manchester.
I won’t be patronising here and saying that Manchester doesn’t really need the £100 billion ($122.3bn) HS2 line, as the guest on TV tried to argue. But I will say that if you read headlines decrying the lack of vision in scrapping a once-in-a-generation public infrastructure investment, don’t let that imply that Manchester’s prosperity agenda has been knocked out for the count.
It would not be the first time that Manchester’s success has come in spite of the national government
Even a fleeting visit last week was enough to demonstrate the city as youthful, vibrant and building on its strengths.
Among those decrying the decision, alongside Greater Manchester mayor Andy Burnham, was a handful of former prime ministers. David Cameron took to X, formerly Twitter, to say the UK was heading in the wrong direction. Big infrastructure projects show countries on the rise, he said, calling the decision an opportunity lost.
Mr Burnham held a streetside news conference to make the same point. He lined up behind him representatives of industry, education and culture to show the breadth of feeling in the city. He could have added sport, life sciences, AI and advanced technology to the mix.
Alongside sport, these are the pillars of the city. While I do not doubt the depth of their dismay, I also can see their fundamental strengths are only affected, not diminished.
One of the aspects of co-ordinated growth of the type that Manchester has thrived from in recent decades is a multitude of analytical reports to breakdown what success looks like. Sport is the city’s passion whether blue or devilish red. It’s no surprise that the rise of Manchester City and the urban regeneration around its ground has been so instrumental in the success story.
One of the local authority’s brochures makes some points as to why the city has the heritage to be a leader in the field of AI.
A new accelerator for AI technology is named after the father of computing Alan Turing, who lectured in the city. Ernest Rutherford and the team that first split the atom in Manchester too. More recently, Andre Geim and Konstantin Novoselov fashioned the first layer of graphene.
Alongside one of the canals is the Manchester University sign that is paired with the UAE’s Masdar. The Abu Dhabi-based clean technology and renewable energy contributed £30 million to a graphene institute in 2014 and has seen its potential grow into the billions.
Thus, the Manchester City team is but one of the links with the UAE. The proposition has been described as a wrap-around interest in the northern metropolis. Development is anchored by the rise of the club and the partnerships in life sciences and advanced technology.
In the past decade, the economy of the city has grown by more than one third. It already has connectivity advantages with 7.2 million people living within one hour of the city centre.
Manchester has worked to create a structured relationship with China and India and that openness means that over 100,000 students attend its institutions. While the city’s politicians are broadly on the left, it feels like its traditions of free trade and international openness are more deeply entrenched here than most parts of the UK.
As the HS2 row was unfolding, certain Conservative politicians at its conference in Manchester were coming up with a new villain. The 15-minute city approach to urban living was being described as “sinister” by Transport Minister Mark Harper.
The concept is being likened to a form of creeping control over ordinary lives. Carlos Moreno, the man who coined the term, hit out at the attacks on his vision.
“Associating the ‘15-minute city’ again with so-called ‘liberty-restricting’ measures is tantamount to aligning with the most radical and anti-democratic elements,” he said in a statement. Mr Moreno has worked with Manchester on some of its neighbourhood designs.
It would not be the first time that Manchester’s success has come in spite of the national government not as a result of policies. The same is true of those other great cities Liverpool and Newcastle.
That is because they have something to offer the world that is valuable and dynamic. Even if their progress is not always honoured by their own homeland.
The biog:
Favourite book: The Leader Who Had No Title by Robin Sharma
Pet Peeve: Racism
Proudest moment: Graduating from Sorbonne
What puts her off: Dishonesty in all its forms
Happiest period in her life: The beginning of her 30s
Favourite movie: "I have two. The Pursuit of Happiness and Homeless to Harvard"
Role model: Everyone. A child can be my role model
Slogan: The queen of peace, love and positive energy
THE BIO
Age: 33
Favourite quote: “If you’re going through hell, keep going” Winston Churchill
Favourite breed of dog: All of them. I can’t possibly pick a favourite.
Favourite place in the UAE: The Stray Dogs Centre in Umm Al Quwain. It sounds predictable, but it honestly is my favourite place to spend time. Surrounded by hundreds of dogs that love you - what could possibly be better than that?
Favourite colour: All the colours that dogs come in
Who has been sanctioned?
Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.
Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.
Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.
Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
MATCH INFO
Confederations Cup Group B
Germany v Chile
Kick-off: Thursday, 10pm (UAE)
Where: Kazan Arena, Kazan
Watch live: Abu Dhabi Sports HD
MATCH INFO
Alaves 1 (Perez 65' pen)
Real Madrid 2 (Ramos 52', Carvajal 69')
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
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.”
How to get there
Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
'The Batman'
Stars:Robert Pattinson
Director:Matt Reeves
Rating: 5/5
The fake news generation
288,000 – the number of posts reported as hate speech that were deleted by Facebook globally each month in May and June this year
11% – the number of Americans who said they trusted the news they read on Snapchat as of June 2017, according to Statista. Over a quarter stated that they ‘rarely trusted’ the news they read on social media in general
31% - the number of young people in the US aged between 10 and 18 who said they had shared a news story online in the last six months that they later found out was wrong or inaccurate
63% - percentage of Arab nationals who said they get their news from social media every single day.
MATCH INFO
Juventus 1 (Dybala 45')
Lazio 3 (Alberto 16', Lulic 73', Cataldi 90 4')
Red card: Rodrigo Bentancur (Juventus)
COMPANY%20PROFILE
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Breast cancer in men: the facts
1) Breast cancer is men is rare but can develop rapidly. It usually occurs in those over the ages of 60, but can occasionally affect younger men.
2) Symptoms can include a lump, discharge, swollen glands or a rash.
3) People with a history of cancer in the family can be more susceptible.
4) Treatments include surgery and chemotherapy but early diagnosis is the key.
5) Anyone concerned is urged to contact their doctor
Profile
Company: Libra Project
Based: Masdar City, ADGM, London and Delaware
Launch year: 2017
Size: A team of 12 with six employed full-time
Sector: Renewable energy
Funding: $500,000 in Series A funding from family and friends in 2018. A Series B round looking to raise $1.5m is now live.
The specs
Engine: 2.2-litre, turbodiesel
Transmission: 6-speed auto
Power: 160hp
Torque: 385Nm
Price: Dh116,900
On sale: now
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Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5