Boris Johnson carries a wreath during the Remembrance Sunday service in London on Sunday. The British Prime Minister finds himself in a bind after Joe Biden's win. AP Photo
Boris Johnson carries a wreath during the Remembrance Sunday service in London on Sunday. The British Prime Minister finds himself in a bind after Joe Biden's win. AP Photo
Boris Johnson carries a wreath during the Remembrance Sunday service in London on Sunday. The British Prime Minister finds himself in a bind after Joe Biden's win. AP Photo
In 2018, Joe Biden sat down for an interview with the former leader of Britain’s Liberal Democratic party, Nick Clegg. Mr Biden was asked about Brexit. As usual, he spoke his mind. Many American foreign policy experts, including those in the President-elect’s team, fret about Britain’s declining role in the world as a result of leaving the European Union.
Mr Biden said: “I was really disappointed in terms of US interests. If we had any voice in Europe, it was you. I was not surprised, because in times of confusion and great change I think we all become susceptible to demagogues and charlatans who in order to aggrandise their power find a scapegoat.”
In the past few days, asked by a reporter if he had any words for the BBC, Mr Biden had two: “I’m Irish.”
The amusing quip and the deeply felt concern illuminate what the British government must deal with after four-and-a-half years when bluster from pro-Brexit “demagogues and charlatans” finally becomes a reality.
Negotiations between Britain and the EU continue about a deal, as we stagger towards Prime Minister Boris Johnson’s self-imposed deadline of December 31. But Mr Johnson faces exactly the same dilemma with which he undermined his predecessor Theresa May. Will it be a painful Brexit or a pointless Brexit?
"Painful" would be crashing out of the EU without a deal, thereby deliberately and significantly damaging the British economy. Enormous lorry parks are being constructed in Kent to cope with predicted tailbacks from the port of Dover, the main trade route to France. Government sources speak of special "Kent passports", permits without which lorries will not be able to reach the coast. This painful Brexit will hit as Britain also faces the deepest economic slowdown in living memory as a result of the coronavirus pandemic.
But if Mr Johnson does secure a deal with the EU, his personal position may become even more precarious. Any deal will, predictably, be branded a "sell-out" by Mr Johnson's political opponents, including Nigel Farage. Some within his own party may also be disgusted at a pointless Brexit. And since any new deal with Europe will be worse than the one Britain already has, the majority of British citizens who now believe Brexit is a mistake will be furious that after almost five years of negotiations we are making ourselves poorer with few benefits.
Mr Johnson thought it would go differently. He had a warm relationship with the Trump family. US President Donald Trump called him (ungrammatically) "Britain Trump". An unnamed source in the Biden camp told a British newspaper that Mr Johnson is regarded rather as a "shapeshifting creep". Others believe that the Prime Minister fits Mr Biden's description of "demagogues and charlatans who in order to aggrandise their power find a scapegoat". Mr Biden himself, however, is a good friend of Britain even if he is not a fan of Mr Johnson.
For some years I was a neighbour of the former Labour party leader Neil Kinnock. Mr Biden admired Mr Kinnock so much that he once plagiarised one of Mr Kinnock's speeches, something that caused a mini-scandal at the time. But Mr Kinnock laughed uproariously at the implied compliment, and Mr Biden shared the joke. The two became friends and Mr Kinnock told me the President-elect was also a true American friend of the UK.
Traffic crosses the border into Northern Ireland from the Irish Republic alongside a Brexit Border poster. AFP
Besides, some years ago during a row between the then British prime minister and the US president, the British ambassador to Washington wryly informed me that the prime minister and the president will always have to get along because those were “the rules” of diplomacy. A US State Department official said much the same when he told me “the totality of the relationships” between the UK and US was so great that whatever their differences the two leaders would work constructively together.
All this means that the hugely pragmatic and personally generous Mr Biden wants a strong relationship with the UK, and will therefore tolerate Mr Johnson. The bad news is that what a few deluded British commentators still call "the special relationship" exists more in the British imagination than in the American reality. When Mr Biden says "I'm Irish", he is reaffirming his commitment to peace in Ireland and the Good Friday Agreement. That's his "special relationship". Any chicanery from Mr Johnson on Ireland will make life exceedingly difficult for the UK.
In any case, if it comes to a post-Brexit US-UK trade deal, it may take years – and no president ultimately decides. Congress does, in particular the finely balanced Senate. The US Trade Representative has held public hearings on Brexit during which US lobbyists from the farming, health care, aviation and other sectors demanded that any trade treaty with the UK must open up British markets to their products and interests. Members of Congress will obviously seek the greatest benefit for these powerful lobbies that provide jobs in their states, and contribute to their own campaign funds.
Mr Johnson’s needs and hopes are not on any American politician’s list of priorities, especially those who – like Mr Trump himself – see Mr Johnson as just Mr Trump’s British “Mini-Me”.
Gavin Esler is a broadcaster and UK columnist for The National
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.”
March 15 - Australia, Melbourne; March 22 - Bahrain, Sakhir; April 5 - Vietnam, Hanoi; April 19 - China, Shanghai; May 3 - Netherlands, Zandvoort; May 20 - Spain, Barcelona; May 24 - Monaco, Monaco; June 7 - Azerbaijan, Baku; June 14 - Canada, Montreal; June 28 - France, Le Castellet; July 5 - Austria, Spielberg; July 19 - Great Britain, Silverstone; August 2 - Hungary, Budapest; August 30 - Belgium, Spa; September 6 - Italy, Monza; September 20 - Singapore, Singapore; September 27 - Russia, Sochi; October 11 - Japan, Suzuka; October 25 - United States, Austin; November 1 - Mexico City, Mexico City; November 15 - Brazil, Sao Paulo; November 29 - Abu Dhabi, Abu Dhabi.
Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
Saturday Spezia v Lazio (6pm), Juventus v Torino (9pm), Inter Milan v Bologna (7.45pm)
Sunday Verona v Cagliari (3.30pm), Parma v Benevento, AS Roma v Sassuolo, Udinese v Atalanta (all 6pm), Crotone v Napoli (9pm), Sampdoria v AC Milan (11.45pm)