Not so long ago, London could genuinely lay claim to lead the world.
It was top for global finance, ahead of New York (admittedly, it was a close-run contest with Wall Street but the City was number one).
Where London went, others followed. Its music constantly pushed the boundaries; Britpop was everywhere. As the undisputed capital of the EU and with that, Europe, it was a forever buzzing, dynamic, urgent powerhouse of commerce and creativity.
Abu Dhabi is forward-thinking whereas London appears to be heading backwards
Everyone, be they a business or person, craved to be in London. Or at least that how it seemed. It was special. Just to walk around the centre was to breathe in the magic.
The high point was the Olympic Games Opening Ceremony in 2012. Then, everything wonderful about Britain and London, in terms of achievement, history, pageant, charm and humour, came together in one vibrant, spectacular display.
Since then, something has undoubtedly slipped. It’s largely intangible but there are some hard facts. New York has regained its hegemony in banking. Post-Brexit, Berlin, arguably, has grabbed London’s EU pole position. Post-Brexit, too, London has become a more difficult place for young people from the EU to study and work.
In music, London’s once world-beating reputation for live performances has suffered, as the Mayor, Sadiq Khan, has clamped down on late night venues.
Sad to report then, but all too typical, that Mr Khan had the opportunity to restore some of that lost lustre and blew it.
The British city had been earmarked for the second giant Sphere entertainment complex after Las Vegas. The 300ft-high glowing orb-like structure set new standards when it opened last year, combining the latest sound and light technology and high-resolution LED to deliver a wholly immersive, awe-inspiring experience.
It features an Exosphere with a 580,000-square-foot display, the largest LED screen in the world. Performers and audiences said they were knocked sideways by what they’d witnessed.
Seating 21,500 people, the London Sphere would automatically become a favourite for the world’s major performers and, symbolically, would have done much towards restating London’s Number One status.
Even the chosen site resonated – in Stratford, east London, home of those feted 2012 Olympic Games.
It’s not to be. Having declared his delight that London had been selected by James Dolan, creator of the original Sphere and executive chairman of Madison Square Garden and owner of the New York Knicks basketball team and New York Rangers ice hockey team, Mr Khan has backtracked.
That initial euphoria seemingly gave way to concerns about light pollution and energy use. It’s true the Sphere would be seen from all over London but where’s the real harm in that? Other cities have illuminated iconic buildings and monuments, why not London? Mr Khan’s short-sightedness makes you want to get hold of him and demand if he’s ever seen the Manhattan skyline at night? That’s polluting all right, but it’s also impressive and instantly recognisable.
Michael Gove, jumped in when he was Environment Secretary, to try to right the wrong but to no avail: Mr Dolan said he wasn’t prepared to allow his iconic ball to become a political football. He was probably correct: there would have been a back and forth dispute between central and local government, lost in the middle of which was his Sphere.
Central government, now with Keir Starmer at the helm, has had a torrid summer. Mr Starmer has been fighting fires, some of his own creation. The Sphere probably fell by the wayside.
Too late. Either London wanted it or it didn’t. The Mayor said not, so Mr Dolan has taken his spellbinding creation elsewhere, to the UAE and Abu Dhabi.
London’s undoubted loss is Abu Dhabi’s gain. It can’t be a coincidence that the UAE is fast gaining a world reputation for getting things done, for being a ready and willing partner for those with vision and money to invest. It’s already home to numerous landmark towers and developments. Abu Dhabi was chosen to partner the Louvre and Guggenheim. Now, it’s getting the next Sphere.
Abu Dhabi is forward-thinking whereas London appears to be heading backwards. Another prestige project has received the go-ahead, the expansion of the grounds for the Wimbledon tennis championships. On its face that would seem to be a signal that London can move with the times, that Nimbyism is not bound to prevail. But the Wimbledon approval only came after years of protest and fighting, which did not augur well for Mr Dolan and his Sphere.
Anyone could be forgiven for believing it did not wish to hold the premier tennis competition at all, let alone one with much-improved facilities.
Perhaps Mayor Khan will not rest until the lights have well and truly gone out, until London’s celebrated life has all but vanished, because that is how it feels. Londoners will be watching Abu Dhabi with envy. Doubtless they will visit the Sphere and be suitably awestricken. It could have been us, but not now.
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
FULL%20FIGHT%20CARD
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The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
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The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
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MATCH INFO
Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium, Malayisa
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia on October 10
Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
TERMINAL HIGH ALTITUDE AREA DEFENCE (THAAD)
What is THAAD?
It is considered to be the US's most superior missile defence system.
Production:
It was created in 2008.
Speed:
THAAD missiles can travel at over Mach 8, so fast that it is hypersonic.
Abilities:
THAAD is designed to take out ballistic missiles as they are on their downward trajectory towards their target, otherwise known as the "terminal phase".
Purpose:
To protect high-value strategic sites, such as airfields or population centres.
Range:
THAAD can target projectiles inside and outside the Earth's atmosphere, at an altitude of 150 kilometres above the Earth's surface.
Creators:
Lockheed Martin was originally granted the contract to develop the system in 1992. Defence company Raytheon sub-contracts to develop other major parts of the system, such as ground-based radar.
UAE and THAAD:
In 2011, the UAE became the first country outside of the US to buy two THAAD missile defence systems. It then stationed them in 2016, becoming the first Gulf country to do so.
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.”
What is graphene?
Graphene is a single layer of carbon atoms arranged like honeycomb.
It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were "playing about" with sticky tape and graphite - the material used as "lead" in pencils.
Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But as they repeated the process many times, the flakes got thinner.
By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment had led to graphene being isolated for the very first time.
At the time, many believed it was impossible for such thin crystalline materials to be stable. But examined under a microscope, the material remained stable, and when tested was found to have incredible properties.
It is many times times stronger than steel, yet incredibly lightweight and flexible. It is electrically and thermally conductive but also transparent. The world's first 2D material, it is one million times thinner than the diameter of a single human hair.
But the 'sticky tape' method would not work on an industrial scale. Since then, scientists have been working on manufacturing graphene, to make use of its incredible properties.
In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics. Their discovery meant physicists could study a new class of two-dimensional materials with unique properties.
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
88 Video's most popular rentals
Avengers 3: Infinity War: an American superhero film released in 2018 and based on the Marvel Comics story.
Sholay: a 1975 Indian action-adventure film. It follows the adventures of two criminals hired by police to catch a vagabond. The film was panned on release but is now considered a classic.
Lucifer: is a 2019 Malayalam-language action film. It dives into the gritty world of Kerala’s politics and has become one of the highest-grossing Malayalam films of all time.
MATCH INFO
Serie A
Juventus v Fiorentina, Saturday, 8pm (UAE)
Match is on BeIN Sports
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.