Britain's opposition Labour Party leader, Jeremy Corbyn, listens at the close of the Labour Party conference at Brighton, Britain on September 30, 2015. Toby Melville / Reuters
Britain's opposition Labour Party leader, Jeremy Corbyn, listens at the close of the Labour Party conference at Brighton, Britain on September 30, 2015. Toby Melville / Reuters
Britain's opposition Labour Party leader, Jeremy Corbyn, listens at the close of the Labour Party conference at Brighton, Britain on September 30, 2015. Toby Melville / Reuters
Britain's opposition Labour Party leader, Jeremy Corbyn, listens at the close of the Labour Party conference at Brighton, Britain on September 30, 2015. Toby Melville / Reuters

Corbyn’s view is skewed against the Arab world


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When I heard David Cameron’s reaction to the election of the new leader of the British Labour Party, I dismissed it as a tactic designed to undermine his rival.

“Labour are now a serious risk to our nation’s security, our economy’s security and your family’s security,” he warned.

But after scrutinising this former backbencher’s record and listening to his speeches, I share Mr Cameron’s concerns.

Should Jeremy Corbyn ever make it to Downing Street, Britain’s stature will be diminished and its relations with the US, the EU, the Gulf states and Egypt will be strained to breaking point.

Great Britain would be reduced to an inconsequential island or a fringe state without its membership of Nato or powerful allies willing to come to its defence.

Mr Corbyn, a slightly dishevelled-looking activist, has succeeded in charming the party faithful with self-effacing humour and has elicited praise for standing up for the rights of workers and poor families.

The old guard among his party’s establishment are chomping at the bit. They want him gone. His refusal to sing Britain’s national anthem was regarded as an embarrassment. Worse, Mr Corbyn has alienated the US with a public announcement that 9/11 was “manipulated” as a pretext to invade Afghanistan.

He also has some very unsavoury friends and associates, among them the leaders of Iran, as well as those of Hizbollah and Hamas, whom he was once “honoured” to invite to Parliament.

In August, he was scheduled to speak at a conference in Britain where he would have shared a stage with Anas Al Tikriti, who allegedly has links to the Muslim Brotherhood.

A piece published in July in the British newspaper The Telegraph says it all: “If Jeremy Corbyn wins, Labour will be in the extraordinary position of having a leader with the most extensive links in Parliament to terrorists.”

Syed Salman Safavi, an aide to Iran’s supreme leader Ayatollah Ali Khamenei, has praised Mr Corbyn and for his plan to pull Britain out of Nato, according to another piece published in the same newspaper. Naturally, a toothless country without diplomatic clout or the nuclear weapons capability that assures its place among the UN Security Council members, would serve Iran’s purposes.

And as for Mr Safavi’s statement that Iran – the region’s prime aggressor in Syria, Lebanon, Bahrain and Yemen – could bring peace to the Middle East, well, that is nothing less than a bad joke when the ayatollah has sworn to increase his support for “the resistance”.

Mr Corbyn has previously hosted a political chat show on Press TV, the Iranian channel, which continually spews out anti-Saudi and anti-Bahraini propaganda, and which has been removed from the UK’s airwaves.

He used his speech at the annual Labour Party conference to attack Saudi Arabia and Bahrain on their human rights record and called upon Mr Cameron to prevent the kingdom’s authorities from using the death penalty – as though any British leader has the right to interfere in the affairs of a sovereign country.

Some have also asked whether Gulf investors should worry about Jeremy Corbyn? If he ever becomes prime minister, I would answer a resounding yes given his anti-Arab rants.

Mr Corbyn looks humble and sounds authentic yet if you look carefully, you will see that his belligerence against the Arabian Gulf countries echoes that of Press TV and other Iranian media outlets. I would caution investors from this part of the world to be ready for a surprise upset.

I have no message for Mr Corbyn, his views are too entrenched. How can anyone trumpet concern for human rights with any authority when they appear to cuddle up to a regime like that of Iran, which subjugates its own people and treats its minority populations as second-class citizens whose rights are trampled upon?

Why does he ignore the dozens of imprisoned opposition party members, journalists and activists or the children awaiting their end on death row? Instead, he celebrates the Iran deal as a triumph for peace.

I would ask the British people to see through the facade and moreover, I would stress that his attacks on Saudi Arabia and Bahrain have no foundation. Both countries are threatened by Iran and its proxies and have the right to handle their security and deal with bad apples in the best way they see fit. The people of the Gulf enjoy the highest standards of living anywhere. Our people are looked after. Their needs are taken care of and those are the most important human rights of all.

I can only second David Cameron’s warning and urge the British electorate to beware of Mr Corbyn.

Khalaf Al Habtoor is chairman of the Al Habtoor Group

Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

POSSIBLE ENGLAND EURO 2020 SQUAD

Goalkeepers: Jordan Pickford, Nick Pope, Dean Henderson.
Defenders: Trent Alexander-Arnold, Kieran Trippier, Joe Gomez, John Stones, Harry Maguire, Tyrone Mings, Ben Chilwell, Fabian Delph.
Midfielders: Declan Rice, Harry Winks, Jordan Henderson, Ross Barkley, Mason Mount, Alex Oxlade-Chamberlain.
Forwards: Harry Kane, Raheem Sterling, Marcus Rashford, Jadon Sancho, Tammy Abraham, Callum Hudson-Odoi.

What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

MATCH INFO

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Leeds United 3 (Harrison 12', Bamford 30', Klich 66')

Man of the match Mohamed Salah (Liverpool)

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.”

LILO & STITCH

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Director: Dean Fleischer Camp

Rating: 4.5/5

Captain Marvel

Director: Anna Boden, Ryan Fleck

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4/5 stars

What are the influencer academy modules?
  1. Mastery of audio-visual content creation. 
  2. Cinematography, shots and movement.
  3. All aspects of post-production.
  4. Emerging technologies and VFX with AI and CGI.
  5. Understanding of marketing objectives and audience engagement.
  6. Tourism industry knowledge.
  7. Professional ethics.
Nepotism is the name of the game

Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad. 

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Based: Dubai and Bahrain
Sector: FinTech
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