When British Prime Minister Boris Johnson hosts next week’s G7 summit in Cornwall, he will be hoping he can use the event to highlight his post-Brexit vision of Global Britain.
By contrast, the other members of the Group of Seven, as the club of developed countries is formally known, attending their 47th summit will be looking to justify the group’s continued existence at a time when other world powers, most notably China, are questioning its relevance in tackling the major issues of the day.
Ever since its foundation, the annual summit of the world’s seven largest advanced economies has acquired a reputation for being more of a talking shop than a body that takes any decisive action on key issues of the day.
A classic example of the G7’s tendency for inaction over intervention was provided during the 2015 summit held in the Bavarian resort of Schloss Elmau. Held against a backdrop of the deepening diplomatic stand-off over Russia’s annexation of Crimea, as well as the Eurozone crisis sparked by Greece’s financial meltdown, the summit concluded with a vague statement on reducing global greenhouse emissions, with none of the participants willing to make any firm commitments on binding targets.
Other summits have seen G7 leaders steer clear of making any firm commitments on issues, such as tackling the Syrian refugee crisis in the Mediterranean and Nato funding. This prompted former US President Donald Trump to remark after last year's summit, which was due to be held at Camp David, was cancelled due to coronavirus travel restrictions, that the alliance was a "very outdated group of countries".
The G7 has a reputation for being more of a talking shop than a decisive body
In an effort to broaden the appeal of G7, and no doubt also to boost his own Global Britain credentials, Mr Johnson has this year expanded the guest list to include the Prime Ministers of India and Australia and the President of South Korea.
Mr Johnson has justified the addition of these three countries to the core standing membership of Germany, Italy, Canada, France, Japan, the US and UK on the grounds that they are “countries with whom we share interests and values”.
The inclusion of India, one of the world’s emerging economic powers, will certainly help to address criticism that the membership of G7 is too narrowly focused. It also supports US President Joe Biden’s vision of building a global alliance of like-minded nations to address future challenges.
Mr Johnson, who claims to be half-Cornish, was instrumental in choosing the quaint Cornish resort of Carbis Bay as the location for next week’s summit on the grounds that it will “help to spur Cornwall’s recovery from Covid-19 by attracting more visitors and injecting £50 million into the local economy”.
But while the choice of resort will enable the attendees to enjoy one of the more spectacular regions of the British coastline, the variety of issues that need to be tackled potentially gives the participants an opportunity to reassert the value of the annual G7 get together. And it will provide Mr Johnson with an important platform from which to demonstrate his global leadership credentials.
Mr Johnson is certainly starting to look like a prime minister who enjoys more than his fair share of good fortune. The fates have been kind to Mr Johnson in terms of granting him the privilege of hosting two main global conferences in the UK in the space of just a few months. Apart from hosting G7, Britain will also be hosting the UN’s major UN Climate Change Conference in Glasgow in November, at which Mr Johnson’s commitment to delivering on a number of ambitious climate change targets will be under scrutiny.
The UK has set a climate change target of reducing emissions by 78 per cent by 2035, compared to 1990 levels, and to reach net-zero emissions by 2050. In addition, Mr Johnson wants a ban on the sale of all petrol-fuelled cars by 2030.
From Mr Johnson's perspective, therefore, it is important that next week’s G7 conference actually produces some tangible results instead of concluding with its usual set of platitudes.
On climate change, Mr Johnson, who claims the Cornwall summit will be the first carbon-neutral G7 meeting, has already declared that he wants to see other nations follow Britain’s lead by creating a “greener, more prosperous future''.
Nor will there be any shortage of other important issues for the leaders to get their teeth into, not least of which will be the problematic issue of securing sufficient quantities of Covid-19 vaccines for the entire world, and not just the privileged few.
With coronavirus heavily impacting countries worldwide over the last 18 months, leading the global recovery, both in terms of the vaccination programme and reviving economic growth, will be at the heart of the agenda.
Other topics of discussion will likely include championing free and fair trade and renewed calls to end all spending on oil and gas.
Mr Johnson is also likely to come under pressure from Mr Joe Biden, who will be on his first visit to Europe since entering the White House, to support his efforts to create a minimum corporate tax rate, a move designed to force major Silicon Valley tech giants to pay their fair share of tax.
But key issues concerning vaccinations are likely to dominate the agenda, such as the waiving of patents to speed up production of Covid-19 treatments in poor countries, and a G7 burden-sharing deal to fund a global vaccination push.
The failure to provide developing countries with adequate vaccine supplies has already led some African countries to denounce what they see as “vaccine apartheid”.
Certainly, if G7 leaders are serious about demonstrating the organisation’s relevance in the modern age, then providing clear-cut commitments to resolving the global vaccination challenge would be a good place to start.
Con Coughlin is a defence and foreign affairs columnist for The National
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
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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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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.”