When a British TV presenter announces that their guest is a “royal expert”, I suspect I am not alone in what happens next. I switch off.
I’ve often wondered what the definition of a “royal expert” might be in 21st century Britain. If you Google the phrase, you will find plausible sounding folk who describe themselves in that way. But what does their “expertise” involve? There is so much nonsense written about the British royal family over the years. I save time (and my sanity) by not listening to it or reading any of it, beyond a few headlines and some serious writers, including William Shawcross, Ben Pimlott and Robert Lacey. Otherwise it’s mostly tabloid gossip – a soap opera with supposed heroes and villains.
Nowadays, the endless ruminations mostly involve Prince Harry and his wife Meghan. In 2021, Prince Harry gave an interview to Oprah Winfrey suggesting two members of the royal family discussed what Harry and Meghan’s children might look like in terms implying racism.
I have never understood why so many people seem so obsessed by these stories that a “royal expert” industry thrives
This week, the two members of the family were supposedly identified, although since I am not a “royal expert” I have no idea if any of this is true. Besides, some commentators suggest that as we celebrate a pregnancy it is not unusual to wonder whether the baby will look more like their mother or the father, without this implying racist intent.
Nor is it at all unusual in 21st century Britain for children to be of mixed race. In other words, I have no idea why this “story” is truly a story nor what the facts might be. And I have never understood why so many people seem so obsessed by these stories that a “royal expert” industry thrives.
But then, every so often, something happens within the British royal family which reminds me not of gossip and froth, but of the real significance of the monarchy within the British way of life. It happened profoundly in 2022.
Queen Elizabeth II, the UK’s longest reigning monarch, passed away. That period of national mourning came almost simultaneously with a political crisis during which then prime minister Boris Johnson was finally forced out of Downing Street.
But what struck me was that among the mourning and the turmoil, the UK did something wonderful. It changed its head of state and head of government at the same time, in a way that was flawless and peaceful. The only gunfire was from cannon celebrating the accession of King Charles III.
And now in Dubai at Cop28, the King has also done something remarkable, and he did it twice. First, he is a longstanding environmental champion. A few years ago, I met the then Prince Charles and had a conversation about subjects close to his heart, including organic farming, food and a better environment. All I can say is that the King knows the subject very well. As a landowner he tries to practise what he preaches. And as he showed in Dubai, he is well informed and passionate about ensuring our planet remains habitable and secure.
But the second issue he touched on in Dubai was a surprise, and it will endear him to many people in the UK and elsewhere. The tie King Charles chose to wear from the (no doubt extensive) royal wardrobe reflected the colours and pattern of the Greek national flag. Charles’s father, the former Duke of Edinburgh, Prince Philip, was born on the island of Corfu. But the monarch wearing the Greek flag tie when he met the British Prime Minister Rishi Sunak in Dubai sent a clear message even for those of us who are not “royal experts”.
That’s because Mr Sunak, in what appears to have been a fit of pique, refused to meet the Greek Prime Minister Kyriakos Mitsotakis on a recent London visit. Mr Mitsotakis was about to raise the long running issue about the return to Athens of the Parthenon marbles, currently in the British Museum. Successive Greek governments have asked for their return. The answer is always “no”.
Whatever side you are on in this discussion, it is admittedly complex. But a British prime minister refusing to meet a friend and ally of the UK was a mistake. It’s the behaviour of a moody adolescent rather than a wise statesman.
Britain needs to work with Greece on European security, migration, defence and other issues. As head of state King Charles cannot become involved in politics. But he can wear a tie and send a clear signal. In the depths of the British rows about Brexit and the EU, his mother once wore an outfit with strong echoes of the EU flag. The King’s tie has made clear he believes in friendship with Greece.
Opinion polls suggest only a third of 18-24 year olds believe the monarchy is “good for Britain”, compared with about 80 per cent of those over 65. But King Charles being somewhat mischievous on our friendship with Greece may have done the image of the monarchy a power of good with younger people. And we certainly don’t need “royal experts” to explain why that may be a good thing.
The specs
Engine: 0.8-litre four cylinder
Power: 70bhp
Torque: 66Nm
Transmission: four-speed manual
Price: $1,075 new in 1967, now valued at $40,000
On sale: Models from 1966 to 1970
If%20you%20go
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UAE currency: the story behind the money in your pockets
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.”
Mountain%20Boy
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Company%20Profile
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The specs: 2019 Mercedes-Benz C200 Coupe
Price, base: Dh201,153
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Nine-speed automatic
Power: 204hp @ 5,800rpm
Torque: 300Nm @ 1,600rpm
Fuel economy, combined: 6.7L / 100km
UAE currency: the story behind the money in your pockets
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.