Former Italian Prime Minister Silvio Berlusconi, a rich businessman, promised to be “Il Cavaliere” – literally, “the knight” – who would save Italy from corrupt politicians. Alessandra Benedetti / Corbis/Corbis / Getty
Former Italian Prime Minister Silvio Berlusconi, a rich businessman, promised to be “Il Cavaliere” – literally, “the knight” – who would save Italy from corrupt politicians. Alessandra Benedetti / Corbis/Corbis / Getty
Former Italian Prime Minister Silvio Berlusconi, a rich businessman, promised to be “Il Cavaliere” – literally, “the knight” – who would save Italy from corrupt politicians. Alessandra Benedetti / Corbis/Corbis / Getty
Former Italian Prime Minister Silvio Berlusconi, a rich businessman, promised to be “Il Cavaliere” – literally, “the knight” – who would save Italy from corrupt politicians. Alessandra Benedetti / Cor

Who would want to join politics when it is so riven with nasty factions?


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  • Arabic

Like most journalists who spend a lot of time with politicians, I like many, admire some and count a few as friends. The ones I admire come from opposing political parties but they all work extremely hard, are tolerant, open-minded and unselfish people who are in politics to make the world better.

In Britain, politics is not generally a way to get rich. But one thing has always disturbed me about political parties: why would anyone actually want to join one? The best people in politics work tirelessly, are grounded in reality and try their best. But democratic politics also attracts some very strange, narcissistic and nasty people.

The British Prime Minister Theresa May memorably described her own Conservative party as "the nasty party".
Nowadays the British Labour Party rivals the Conservatives for gold medal nastiness. Consequently some in the British political world have been excited by news in the past few days that rich donors may have found £50 million (Dh262 million) to back a new political party.

I doubt that any new group could call itself the Nice Party but clearly voters feel the need for a new and better version of politics than those that are currently on offer.

The former prime minister Tony Blair pointed out that millions of British voters today are “politically homeless”. They feel no loyalty or even any affection towards existing political parties.

The search for a new knight in shining armour to rescue us has been going on for years — and not only in Britain.

US President Donald Trump pretended to be just such a rescuer. Now many Americans wish to be rescued from him too. Another rescuer arose here, where I am writing this, in Italy. Silvio Berlusconi, a rich businessman like Mr Trump, promised to be “Il Cavaliere” — literally, “the knight” — who would save Italy from corrupt politicians.

Mr Berlusconi out-trumped Trump in his financial and sex scandals and is currently banned from running for elected office.

Italy’s search for a successful new force has lessons for Britain and other countries disgusted by the incompetence and nastiness of current political life.

I asked an Italian businessman I met near Genoa what he thought about Italy’s new party, the Five Star Movement.

“No better than the others,” he said, unimpressed.

“But,” I persisted, “is Five Star a party of the new right or the new left?” The businessman laughed.

“Nobody knows,” he said, “including the Five Star party leaders themselves.”

He confessed that for the first time in his life he had no idea whom he should vote for.

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Read more from Gavin Esler:

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Democracy depends upon healthy political parties attracting talented people with good ideas. But for the vast majority of people in Italy, Britain and the US – indeed most democracies – joining a political party seems a terrible idea.

Like most people who have lives, families, jobs and hobbies, the Italian businessman has better things to do than attend meetings full of political activists with, as he put it, impractical ideas that could never work in the real world.

When I meet business people, academics and leaders in various professions, they generally have strong opinions and a wealth of experience, yet the idea of joining even a new political party strikes them as utterly pointless.

At a British business conference, I asked a room of several hundred business leaders if any of them would consider running for any kind of political office.

The question resulted in hoots of laughter. The most common responses were: “Why would I bother?” Why would anyone put up with the scrutiny of the media, the viciousness of political life, the long hours of drudgery and boredom and (as many of them said) also take a pay cut?

Nasty parties are nasty with their opponents but they are even more nasty with their own side. Insider factions can seem like cults of true believers.

On Twitter, a Labour activist and fan of party leader Jeremy Corbyn commented sarcastically about the prospect of a new party: “Best of luck to a group of multi-millionaires from the 1% launching their own party. We will crush you just as we crush the Tories….Hope some of the melts join them.”

Most outsiders will not understand this tribal language. The one per cent means the super-rich. I had to look up “melts” and it turns out to be a nasty party term of abuse for those who do not subscribe to the ideology of the most faithful cult members.

And of course Labour is not “crushing” anyone. It has not won an election since 2005, when it was led by its most successful leader ever, Tony Blair, who won three elections by a landslide.

Mr Blair’s reward for historic success is the eternal loathing of some of the nastier Labour activists.

I doubt a new party, nice or otherwise, can succeed. But something is desperately needed to suck the poison out of British political life.

Faced with the choice between two parties that both seem nasty and incompetent, like most British people and my Italian businessman friend, I would not join either.

Even worse, I’m ashamed to admit that for the first time in my adult life, I might not vote at all.

Gavin Esler is a journalist, author and television presenter

Tributes from the UAE's personal finance community

• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style

“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.

Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term. 

From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”

• Sam Instone, director of financial advisory firm AES International

"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed.  Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."

• Demos Kyprianou, a board member of SimplyFI.org

"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."

• Steve Cronin, founder of DeadSimpleSaving.com

"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.

His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.

Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."

• Zach Holz, who blogs about financial independence at The Happiest Teacher

"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen.  He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”

• Tuan Phan, a board member of SimplyFI.org

"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."

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UAE currency: the story behind the money in your pockets
Gothia Cup 2025

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2 Kuwaiti teams

MATCH INFO

Europa League semi-final, second leg
Atletico Madrid (1) v Arsenal (1)

Where: Wanda Metropolitano
When: Thursday, May 3
Live: On BeIN Sports HD

GREATEST ROYAL RUMBLE CARD

The line-up as it stands for the Greatest Royal Rumble in Saudi Arabia on April 27

50-man Royal Rumble

Universal Championship
Brock Lesnar (champion) v Roman Reigns

Casket match
The Undertaker v Rusev

Intercontinental Championship
Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe

SmackDown Tag Team Championship
The Bludgeon Brothers v The Usos

Raw Tag Team Championship
Sheamus and Cesaro v Bray Wyatt and Matt Hardy

United States Championship
Jeff Hardy (champion) v Jinder Mahal

Singles match
Triple H v John Cena

To be confirmed
AJ Styles will defend his WWE World Heavyweight title and Cedric Alexander his Cruiserweight Championship, but matches have yet to be announced

Tonight's Chat on The National

Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.

Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.

Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.

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Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

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Awar Qalb

Director: Jamal Salem

Starring: Abdulla Zaid, Joma Ali, Neven Madi and Khadija Sleiman

Two stars

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.”

Strait of Hormuz

Fujairah is a crucial hub for fuel storage and is just outside the Strait of Hormuz, a vital shipping route linking Middle East oil producers to markets in Asia, Europe, North America and beyond.

The strait is 33 km wide at its narrowest point, but the shipping lane is just three km wide in either direction. Almost a fifth of oil consumed across the world passes through the strait.

Iran has repeatedly threatened to close the strait, a move that would risk inviting geopolitical and economic turmoil.

Last month, Iran issued a new warning that it would block the strait, if it was prevented from using the waterway following a US decision to end exemptions from sanctions for major Iranian oil importers.

Five expert hiking tips
    Always check the weather forecast before setting off Make sure you have plenty of water Set off early to avoid sudden weather changes in the afternoon Wear appropriate clothing and footwear Take your litter home with you
Company%C2%A0profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ELeap%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EMarch%202021%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Ziad%20Toqan%20and%20Jamil%20Khammu%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%3A%3C%2Fstrong%3E%20Undisclosed%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3ESeven%3C%2Fp%3E%0A
The specs: 2018 Dodge Durango SRT

Price, base / as tested: Dh259,000

Engine: 6.4-litre V8

Power: 475hp @ 6,000rpm

Torque: 640Nm @ 4,300rpm

Transmission: Eight-speed automatic

Fuel consumption, combined: 7.7L / 100km

The specs: Volvo XC40

Price: base / as tested: Dh185,000

Engine: 2.0-litre, turbocharged in-line four-cylinder

Gearbox: Eight-speed automatic

Power: 250hp @ 5,500rpm

Torque: 350Nm @ 1,500rpm

Fuel economy, combined: 10.4L / 100km

THE BIO:

Favourite holiday destination: Thailand. I go every year and I’m obsessed with the fitness camps there.

Favourite book: Born to Run by Christopher McDougall. It’s an amazing story about barefoot running.

Favourite film: A League of their Own. I used to love watching it in my granny’s house when I was seven.

Personal motto: Believe it and you can achieve it.

FIXTURES

Monday, January 28
Iran v Japan, Hazza bin Zayed Stadium (6pm)

Tuesday, January 29
UAEv Qatar, Mohamed Bin Zayed Stadium (6pm)

Friday, February 1
Final, Zayed Sports City Stadium (6pm)

The%20Roundup%20%3A%20No%20Way%20Out
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Lee%20Sang-yong%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Don%20Lee%2C%20Lee%20Jun-hyuk%2C%20Munetaka%20Aoki%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A

The Great Derangement: Climate Change and the Unthinkable
Amitav Ghosh, University of Chicago Press

Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

UAE%20FIXTURES
%3Cp%3EWednesday%2019%20April%20%E2%80%93%20UAE%20v%20Kuwait%3Cbr%3EFriday%2021%20April%20%E2%80%93%20UAE%20v%20Hong%20Kong%3Cbr%3ESunday%2023%20April%20%E2%80%93%20UAE%20v%20Singapore%3Cbr%3EWednesday%2026%20April%20%E2%80%93%20UAE%20v%20Bahrain%3Cbr%3ESaturday%2029%20April%20%E2%80%93%20Semi-finals%3Cbr%3ESunday%2030%20April%20%E2%80%93%20Third%20position%20match%3Cbr%3EMonday%201%20May%20%E2%80%93%20Final%3C%2Fp%3E%0A
The%20Specs%20
%3Cp%3E%3Cstrong%3ELamborghini%20LM002%3C%2Fstrong%3E%3Cbr%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%205.2-litre%20V12%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20450hp%20at%206%2C800rpm%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E500Nm%20at%204%2C500rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3EFive-speed%20manual%3Cbr%3E%3Cstrong%3E0-100kph%3A%3C%2Fstrong%3E%209%20seconds%20(approx)%3Cbr%3E%3Cstrong%3ETop%20speed%3A%3C%2Fstrong%3E%20210kph%20(approx)%3Cbr%3E%3Cstrong%3EYears%20built%3A%3C%2Fstrong%3E%201986-93%3Cbr%3E%3Cstrong%3ETotal%20vehicles%20built%3A%3C%2Fstrong%3E%20328%3Cbr%3E%3Cstrong%3EValue%20today%3A%3C%2Fstrong%3E%20%24300%2C000%2B%3Cbr%3E%3C%2Fp%3E%0A

Name: Peter Dicce

Title: Assistant dean of students and director of athletics

Favourite sport: soccer

Favourite team: Bayern Munich

Favourite player: Franz Beckenbauer

Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates 

 

HEY%20MERCEDES%2C%20WHAT%20CAN%20YOU%20DO%20FOR%20ME%3F
%3Cp%3EMercedes-Benz's%20MBUX%20digital%20voice%20assistant%2C%20Hey%20Mercedes%2C%20allows%20users%20to%20set%20up%20commands%20for%3A%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Navigation%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Calls%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20In-car%20climate%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Ambient%20lighting%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Media%20controls%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Driver%20assistance%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20General%20inquiries%20such%20as%20motor%20data%2C%20fuel%20consumption%20and%20next%20service%20schedule%2C%20and%20even%20funny%20questions%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EThere's%20also%20a%20hidden%20feature%3A%3C%2Fstrong%3E%20pressing%20and%20holding%20the%20voice%20command%20button%20on%20the%20steering%20wheel%20activates%20the%20voice%20assistant%20on%20a%20connected%20smartphone%20%E2%80%93%20Siri%20on%20Apple's%20iOS%20or%20Google%20Assistant%20on%20Android%20%E2%80%93%20enabling%20a%20user%20to%20command%20the%20car%20even%20without%20Apple%20CarPlay%20or%20Android%20Auto%3C%2Fp%3E%0A

Like a Fading Shadow

Antonio Muñoz Molina

Translated from the Spanish by Camilo A. Ramirez

Tuskar Rock Press (pp. 310)

The Vile

Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah

Director: Majid Al Ansari

Rating: 4/5

Key Points
  • Protests against President Omar Al Bashir enter their sixth day
  • Reports of President Bashir's resignation and arrests of senior government officials
Company Fact Box

Company name/date started: Abwaab Technologies / September 2019

Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO

Based: Amman, Jordan

Sector: Education Technology

Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed

Stage: early-stage startup 

Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.