Those who have power want to be told they have it and how to keep it. Those that don't have power want someone to envy. As a result, the audience for books on power is seemingly endless.
So I was initially cautious about another one released this week – but New Power by Jeremy Heimans and Henry Timms turns out to be a nifty guide to the 21st century that is genuinely new. Instead of one more catchy way of describing how the world works, they have written a manifesto for organising that world with more humanity and purpose.
Ultimately you'll either hate it or wish you had written it, depending on whether you believe in old or new power.
But what does that actually mean? For Heimans and Timms, old power is closed, inaccessible, top down and spent carefully. Think of a traditional currency. Old power values are more formal and managerial. Old power thrives on competition, confidentiality and exclusivity. You can picture the colleague. Donald Trump's "I alone can fix this" is the motto of this power model. It has dominated history.
New power, on the other hand, is a current – open, participatory, driven by individuals. People place a higher value on the experiences they can shape. New power tends to be more informal. It relies more on networks rather than hierarchies and organograms. It works best in conditions of openness and transparency. Think of Airbnb or the ice bucket challenge. New power increases when you give it away. Women are much better at it and make better coalition builders – less macho and more Merkel. Barack Obama's more inclusive and empowering "yes, we can" would be the motto of the new power movement.
But therein lies the challenge. Having campaigned in the poetry of new power, Mr Obama governed in the prose of old power. And while Mr Trump talks the language of old power, his campaign was a great example of new power in action. His core supporters feel they are genuinely part of the effort to "make America great again" by taking power back from the wealthy elites who (they believe) have ripped them off. For a billionaire, that’s quite a political rip-off itself.
And we are clearly not yet in a new power world. Vladimir Putin is still riding bare chested on horseback, poisoning enemies, "weaponising" the internet and encircling the free world with a firing squad. Mr Trump and Kim Jong-un are competing over nuclear button sizes. Bashar Al Assad is still bombing civilians with impunity. None of them have spent much time thinking about transparency or giving power away.
More widely, the heroes and villains of the new power landscape are also not so obvious. For the authors of New Power, Facebook and Uber are old power. They were built to huge scale by extraordinary networks of connected individuals. But they tend to default to old power values when they come under pressure, as both have over the past year. Meanwhile, the National Rifle Association has managed to harness new power to preserve its corrosive grip on America's politics and playgrounds.
Time will tell. But I'd bet on the world being a bit more Obama/Trudeau and a bit less Trump/Putin once the next billion people come online. And in the meantime, there is a huge amount we can take from these models as we build the societies, governments, movements and businesses of the future. For modern governments the key will be to see individual citizens as a vital part of creating a happier and better community, not just as beneficiaries or outsiders. We should trust more in the wisdom of crowds. This means a messier world perhaps – the mob is of course not always right and there will be a forceful reaction from the reactionaries. But after every stage of greater transparency and devolution of power, we eventually became more peaceful. You get fewer wars when you take power away from men in big castles and give more of it to individuals.
And citizens need to recognise and use this power wisely. Digital technology has placed a smartphone superpower in our hands. But like any superpower, it must be accompanied by a sense of purpose. Apathy and distraction are as great a threat to our shared human project as terrorism or climate change; we will need to spend less time looking at cute cats. Leaps forward in human ingenuity depend on collaboration between groups of innovators as much as individual genius. Rather than moaning about the activism of millennials, we need to understand the desire of young people to participate more freely and flexibly.
I grew up playing Tetris. It was neat, top-down, with clear rules. My children are playing Minecraft. The best ideas now spread sideways. We need to build solutions together. It turns out that our survival depends on it.
Reading how French President Emmanuel Macron, Podemos in Spain and Mr Trump have ridden waves of new power made me wonder what could be achieved by a progressive, global movement that was focused on putting more power in the hands of the citizen, underpinned by curiosity, fairness and reason.
In a driver-less world, that would surely be worth a try. Whatever we called it.
Tom Fletcher is a former UK ambassador and adviser to three prime ministers. He is an adviser at the Emirates Diplomatic Academy, visiting professor at New York University Abu Dhabi and the author of The Naked Diplomat: Power and Politics in the Digital Age
UAE currency: the story behind the money in your pockets
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
UAE%20SQUAD
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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
Zodi%20%26%20Tehu%3A%20Princes%20Of%20The%20Desert
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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.”
Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin
Company%20Profile
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A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
THE SPECS
Engine: 4.4-litre V8
Transmission: Automatic
Power: 530bhp
Torque: 750Nm
Price: Dh535,000
On sale: Now
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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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More from Neighbourhood Watch:
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Zakat definitions
Zakat: an Arabic word meaning ‘to cleanse’ or ‘purification’.
Nisab: the minimum amount that a Muslim must have before being obliged to pay zakat. Traditionally, the nisab threshold was 87.48 grams of gold, or 612.36 grams of silver. The monetary value of the nisab therefore varies by current prices and currencies.
Zakat Al Mal: the ‘cleansing’ of wealth, as one of the five pillars of Islam; a spiritual duty for all Muslims meeting the ‘nisab’ wealth criteria in a lunar year, to pay 2.5 per cent of their wealth in alms to the deserving and needy.
Zakat Al Fitr: a donation to charity given during Ramadan, before Eid Al Fitr, in the form of food. Every adult Muslim who possesses food in excess of the needs of themselves and their family must pay two qadahs (an old measure just over 2 kilograms) of flour, wheat, barley or rice from each person in a household, as a minimum.
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
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The specs: 2018 Nissan Patrol Nismo
Price: base / as tested: Dh382,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 428hp @ 5,800rpm
Torque: 560Nm @ 3,600rpm
Fuel economy, combined: 12.7L / 100km
COMPANY%20PROFILE
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Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5