It’s not 100 days yet, and the administration of US President Joe Biden has already passed the most ambitious legislation in more than a decade. The huge spending package that has now passed both houses of Congress is much more than a Covid-19 relief package. It’s a major healthcare bill, a childcare bill and a state-government financial stabilisation bill. Almost all families with children will receive thousands of dollars in federal assistance, even if neither parent lost a job in the pandemic. If Mr Biden retired right now, he would already have met a full term’s worth of Democratic Party priorities.
But, of course, Mr Biden is not retiring now. He is turning to his next priorities – and those are likely to be more contentious, not only for the opposition Republican Party, but also within his own coalition of Democrats.
The exact order of what comes next will depend on Democratic leadership in the two legislative houses – the House of Representatives and the Senate. They are looking at several issues, and all of them matter not only for the US, but also the global economy.
Mr Biden has already announced principles for a big immigration bill. He wants to offer some kind of legal status in the US to people who entered the country illegally, and to make it easier and faster to gain asylum.
Mr Biden also wants to enact a big infrastructure programme: not only the traditional roads, bridges and airports spending, but also the acceleration of the drive to a post-petroleum economy. In a video interview on March 9, White House chief of staff Ron Klain pledged that an infrastructure bill would fund hundreds of thousands of new charging stations for electric vehicles.
Biden has already passed the most ambitious legislation in more than a decade
Meanwhile, Democrats in Congress are itching to challenge China on trade and manufacturing. The Senate majority leader, Chuck Schumer, wants the party’s very next priority to be a bill that would support US supply chains and assert US control over global 5G mobile networks.
Looming behind all of these proposed legislative items is the existential challenge of climate change. Mr Biden rejoined the Paris climate accords at the very beginning of his administration. Now he has to devise ways to honour his commitments.
Those big four commitments – immigration, infrastructure, competing with China and tackling climate change – all come attended by risks and costs. Mr Biden’s early signals on immigration have already summoned a huge flow of unauthorised migration to the US: 100,000 people crossed the border with Mexico illegally in February, followed by almost 5,000 a day thus far in the month of March.
While liberal voters in pro-Democrat states generally welcome more immigration, and are unfazed even by unauthorised immigration, the prospect of a huge, unauthorised flow is very upsetting to swing voters along the border – very much including Hispanic voters. The Rio Grande Valley along the border with Mexico is majority Hispanic. Democratic presidential candidate Hillary Clinton won the valley in the 2016 election by massive, double-digit margins. But in 2020, Donald Trump’s tough-on-illegal-immigration policies cut the Democratic margin in the area dramatically. Zapata County, just south of the Texan city of Laredo, is 85 per cent Hispanic, and Trump won it outright – the first Republican to win the county since the aftermath of the 19th-century Civil War. In the state of Arizona, which is split between Democrat and Republican supporters, the newly elected Democrat senator Mark Kelly faces his first re-election campaign in 2022. Uncontrolled unauthorised migration into the state could cost his party that seat – and with it, control of the Senate.
Mr Biden’s infrastructure programme is already behind schedule. It was originally supposed to be second in line after Covid-19 relief. But the Covid-19 bill has been signed into law now – and there is no infrastructure bill in sight. Cost issues are a worry, but an even bigger problem is the argument over who gets what, and how much. An infrastructure bill is also more vulnerable to Republican obstruction in Congress – unless Mr Biden can find ways to rent the votes of 10 Republican senators. Despite four years of promising, his predecessor Mr Trump never managed even to write an infrastructure bill, never mind bring one to a vote. Can Mr Biden do better? The clock is ticking.
If not, the anti-China bill could displace the infrastructure bill. Mr Trump started trade wars against half the world. Mr Biden has suspended the Trump administration’s punitive tariffs upon the UK, but many Democrats are in no hurry to end Mr Trump’s trade quarrels with China. During the 2020 campaign, Mr Biden repeatedly vowed to insert “Buy American” provisions into all government procurement – upsetting not only close trading partners like Canada and Mexico, but raising shadows over all world trade. Since the global financial crisis of 2008-2009, global trade has grown more slowly than world economic output. Economists have called the 2010s the era of “slowbalisation”. Mr Biden seems in no hurry to change this, to the cost of the whole planet.
Even costlier to the planet is inaction on climate change. Over the past decade, the US has moved sharply away from burning coal. By 2022, the US will burn half as much coal as in the peak year, 2007. There are early indicators that 2018 will prove to have been the peak year for US consumption of crude oil. Mr Biden wants to hurry that transition along. But how? A cap-and-trade scheme collapsed in the Democratic-controlled Congress the last time a Democrat, Barack Obama, was in the White House. Carbon taxes are obvious targets for Republican attack. Encouraging and subsidising new green technology does not get the job done anything like fast enough. Yet if Mr Biden does nothing, he’ll rip apart a Democratic party in which the base increasingly sees the environment as the important issue once Covid-19 is overcome.
William Ewart Gladstone, who dominated 19th-century British politics into his 80s, was once mocked by a political opponent as “an old man in a hurry”. That opponent was onto something. The older Gladstone got, the faster he moved. Something similar seems to be happening with President Joe Biden, another old man in a hurry. He can count on control of Congress for only two years. He’s already crammed through a lot. More, more, more seems on the way.
David Frum is a writer at the Atlantic who was speechwriter and special assistant to former US president George W Bush
The full list of 2020 Brit Award nominees (winners in bold):
British group
Coldplay
Foals
Bring me the Horizon
D-Block Europe
Bastille
British Female
Mabel
Freya Ridings
FKA Twigs
Charli xcx
Mahalia
British male
Harry Styles
Lewis Capaldi
Dave
Michael Kiwanuka
Stormzy
Best new artist
Aitch
Lewis Capaldi
Dave
Mabel
Sam Fender
Best song
Ed Sheeran and Justin Bieber - I Don’t Care
Mabel - Don’t Call Me Up
Calvin Harrison and Rag’n’Bone Man - Giant
Dave - Location
Mark Ronson feat. Miley Cyrus - Nothing Breaks Like A Heart
AJ Tracey - Ladbroke Grove
Lewis Capaldi - Someone you Loved
Tom Walker - Just You and I
Sam Smith and Normani - Dancing with a Stranger
Stormzy - Vossi Bop
International female
Ariana Grande
Billie Eilish
Camila Cabello
Lana Del Rey
Lizzo
International male
Bruce Springsteen
Burna Boy
Tyler, The Creator
Dermot Kennedy
Post Malone
Best album
Stormzy - Heavy is the Head
Michael Kiwanuka - Kiwanuka
Lewis Capaldi - Divinely Uninspired to a Hellish Extent
Dave - Psychodrama
Harry Styles - Fine Line
Rising star
Celeste
Joy Crookes
beabadoobee
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
The specs
Engine: Turbocharged four-cylinder 2.7-litre
Power: 325hp
Torque: 500Nm
Transmission: 10-speed automatic
Price: From Dh189,700
On sale: now
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
Zayed Sustainability Prize
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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Key recommendations
- Fewer criminals put behind bars and more to serve sentences in the community, with short sentences scrapped and many inmates released earlier.
- Greater use of curfews and exclusion zones to deliver tougher supervision than ever on criminals.
- Explore wider powers for judges to punish offenders by blocking them from attending football matches, banning them from driving or travelling abroad through an expansion of ‘ancillary orders’.
- More Intensive Supervision Courts to tackle the root causes of crime such as alcohol and drug abuse – forcing repeat offenders to take part in tough treatment programmes or face prison.
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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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.”