A screen shows French President Emmanuel Macron and far-right candidate Marine Le Pen. AP
A screen shows French President Emmanuel Macron and far-right candidate Marine Le Pen. AP
A screen shows French President Emmanuel Macron and far-right candidate Marine Le Pen. AP
A screen shows French President Emmanuel Macron and far-right candidate Marine Le Pen. AP


Macron could build a better France


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April 12, 2022

Some French voters are questioning President Emmanuel Macron’s strategy in this year's presidential elections. As notably anti-establishment parties toured the country before last week's first round of voting, Mr Macron held just one rally, only confirmed his candidacy last month and refused to participate in television debates. Nonetheless, he has, for now, come out on top, four percentage points ahead of his closest rival, Marine Le Pen. But the race is far from over. One leading poll predicts Mr Macron beating her by the narrowest of margins, 51 to 49 per cent.

There are two explanations for his light-touch approach. One is, indeed, confidence. Mr Macron comfortably defeated Ms Le Pen in 2017, whose usual political territory, the far-right, has been encroached on this year by the even more populist Eric Zemmour. In that same election, he also resoundingly defeated the country's traditional political parties, the Socialists and Republicans, who, after decades of supremacy, show no sign of recovering this year.

The other could be, simply, that he is extremely busy. Though many will raise eyebrows at the notion that any world leader is too busy to try to keep their job, if there is one, it may be Mr Macron. He has been at the forefront of diplomatic efforts to end the crisis in Ukraine. In the weeks and months leading up to the conflict, he visited his Russian counterpart, Vladimir Putin, more than any other leader. Since the invasion, he has taken the lead in forming the EU's response, one that will be of huge geopolitical significance given the organisation's proximity to the warzone and its reliance on Russian energy.

It is little surprise he chose to do so. Some argue that Mr Macron is far more at home on the global stage than he is in domestic politics. The Middle East is a good example. In the aftermath of the 2020 Beirut blast, he was warmly welcomed twice by many Lebanese people, hailed as an important international ally in their ongoing, seemingly endless quest to build a less corrupt, more prosperous country. The following year he played a leading role in organising a summit in Baghdad that brought together GCC powers and Iran and conducted major naval drills in the Mediterranean. In the disastrous western withdrawal from Afghanistan, France read the situation better than its allies and began to withdraw its citizens long before other countries. He has even broached the sensitive subject of France's colonial legacy in Algeria.

  • People walk past official campaign posters of French presidential election candidates Marine le Pen and French President Emmanuel Macron, in Paris, France. Reuters
    People walk past official campaign posters of French presidential election candidates Marine le Pen and French President Emmanuel Macron, in Paris, France. Reuters
  • French President Emmanuel Macron, who is running for re-election in the 2022 French election, at a campaign rally in Nanterre, Paris. Reuters
    French President Emmanuel Macron, who is running for re-election in the 2022 French election, at a campaign rally in Nanterre, Paris. Reuters
  • French far-right Reconquete party leader and 2022 presidential election candidate Eric Zemmour (C) throws his arms aloft at the end of a campaign rally at Trocadero in Paris. EPA
    French far-right Reconquete party leader and 2022 presidential election candidate Eric Zemmour (C) throws his arms aloft at the end of a campaign rally at Trocadero in Paris. EPA
  • Far-right Rassemblement National party MP Marine Le Pen takes a selfie with supporters. AFP
    Far-right Rassemblement National party MP Marine Le Pen takes a selfie with supporters. AFP
  • Les Republicains presidential candidate Valerie Pecresse delivers a speech on the campaign trail in the French Caribbean island of Guadeloupe. AFP
    Les Republicains presidential candidate Valerie Pecresse delivers a speech on the campaign trail in the French Caribbean island of Guadeloupe. AFP
  • Ruralist party 'Resistons!' presidential candidate Jean Lassalle is surrounded by supporters before delivering a speech in Toulouse, southern France. AFP
    Ruralist party 'Resistons!' presidential candidate Jean Lassalle is surrounded by supporters before delivering a speech in Toulouse, southern France. AFP
  • Official campaign posters of Marine le Pen and Emmanuel Macron pasted on bulletin boards near the Eiffel Tower in Paris. Reuters
    Official campaign posters of Marine le Pen and Emmanuel Macron pasted on bulletin boards near the Eiffel Tower in Paris. Reuters
  • Hundreds of public servants prepare party political propaganda to be mailed, only days before the first round of the presidential election in France. AFP
    Hundreds of public servants prepare party political propaganda to be mailed, only days before the first round of the presidential election in France. AFP
  • A supporter holds up a placard reading "With You" at an election campaign event for Emmanuel Macron in Paris. Bloomberg
    A supporter holds up a placard reading "With You" at an election campaign event for Emmanuel Macron in Paris. Bloomberg
  • Emmanuel Macron speaks to journalists at the Maison de la Radio in Paris. AFP
    Emmanuel Macron speaks to journalists at the Maison de la Radio in Paris. AFP
  • French far-left party Lutte Ouvriere (LO) presidential candidate Nathalie Arthaud (C) raises her hand at a rally at Zenith concert hall in Paris. AFP
    French far-left party Lutte Ouvriere (LO) presidential candidate Nathalie Arthaud (C) raises her hand at a rally at Zenith concert hall in Paris. AFP
  • Emmanuel Macron sings the French national anthem as he appears on a giant screen at the end of his first campaign meeting at the Paris La Defence Arena in Nanterre. AFP
    Emmanuel Macron sings the French national anthem as he appears on a giant screen at the end of his first campaign meeting at the Paris La Defence Arena in Nanterre. AFP
  • French Socialist Party presidential candidate Anne Hidalgo waves to supporters in Paris. AFP
    French Socialist Party presidential candidate Anne Hidalgo waves to supporters in Paris. AFP
  • French leftist party La France Insoumise presidential candidate Jean-Luc Melenchon delivers a speech in Toulouse. AFP
    French leftist party La France Insoumise presidential candidate Jean-Luc Melenchon delivers a speech in Toulouse. AFP
  • Europe Ecologie Les Verts presidential candidate Yannick Jadot plays football with youngsters at Andre-Malraux park in Nanterre. AFP
    Europe Ecologie Les Verts presidential candidate Yannick Jadot plays football with youngsters at Andre-Malraux park in Nanterre. AFP
  • A supporter of Valerie Pecresse holds a campaign poster in Paris. EPA
    A supporter of Valerie Pecresse holds a campaign poster in Paris. EPA
  • Marine Le Pen gives a speech during a campaign meeting in Stiring-Wendel. AFP
    Marine Le Pen gives a speech during a campaign meeting in Stiring-Wendel. AFP
  • French far-left party Nouveau Parti Anticapitaliste presidential candidate Philippe Poutou delivers a speech at the Cirque d’Hiver in Paris. AFP
    French far-left party Nouveau Parti Anticapitaliste presidential candidate Philippe Poutou delivers a speech at the Cirque d’Hiver in Paris. AFP
  • French Communist Party presidential candidate Fabien Roussel sings at the end of a campaign meeting at the Double Mixte venue in Villeurbanne. AFP
    French Communist Party presidential candidate Fabien Roussel sings at the end of a campaign meeting at the Double Mixte venue in Villeurbanne. AFP
  • Far-right party Debout La France presidential candidate Nicolas Dupont-Aignan speaks to a fisherman in Palavas-les-Flots, southern France. AFP
    Far-right party Debout La France presidential candidate Nicolas Dupont-Aignan speaks to a fisherman in Palavas-les-Flots, southern France. AFP
  • A campaign rally for Eric Zemmour in Paris. AFP
    A campaign rally for Eric Zemmour in Paris. AFP

Taken together, he has managed to cast himself as a leading western statesman at a time when many of his traditional counterparts seem to be stepping back, be it US President Joe Biden's reluctance to engage with the Middle East or Boris Johnson's pursuit of Brexit.

But winning friends abroad is arguably easier than galvanising voters at home. Inflation is at a 13-year high, in large part due to rapidly rising energy prices. Even national supermarkets are dimming lights to reduce consumption. Throughout Mr Macron's time in power, France has seen protests and strikes – particularly violent ones took place last summer over the introduction of Covid-19 vaccine passports – terror attacks and controversies over how the state treats its large Muslim community. Mr Macron has stated his willingness to encourage an "enlightened" practice of the faith in France, a sensitive policy that, while with good intentions, must not further alienate significant sections of France's Muslim community.

With these challenges in mind, it is little surprise that voter turnout has been down 4 per cent on 2017 levels. Even more worryingly, it also goes some way to explaining why a new, increasingly aggressive type of the far-right is growing in the country.

Ultimately, it is navigating these issues and trends that will keep him in power. But Macron is still the best choice for a stable, prosperous France, especially given the firebrands he is running against, who push far more divisive agendas. He can beat them by convincing voters that he still represents a positively radical and new type of politics, the same that saw him break France's political mould in 2017. After five years in power, his main mission will be maintaining this bold momentum, in a manner that brings as much of the country along as possible, and, crucially, that provides a tolerant alternative to divisive factions that are gaining ground.

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 
Score

Third Test, Day 2

New Zealand 274
Pakistan 139-3 (61 ov)

Pakistan trail by 135 runs with 7 wickets remaining in the innings

SPEC%20SHEET%3A%20APPLE%20IPAD%20PRO%20(12.9%22%2C%202022)
%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%2012.9-inch%20Liquid%20Retina%20XDR%2C%202%2C732%20x%202%2C048%2C%20264ppi%2C%20wide%20colour%2C%20True%20Tone%2C%20ProMotion%2C%201%2C600%20nits%20max%2C%20Apple%20Pencil%20hover%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EChip%3A%3C%2Fstrong%3E%20Apple%20M2%2C%208-core%20CPU%2C%2010-core%20GPU%2C%2016-core%20Neural%20Engine%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%20Storage%20%E2%80%93%20128GB%2F256GB%2F512GB%20%2F%201TB%2F2TB%3B%20RAM%20%E2%80%93%208GB%2F16GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPlatform%3A%3C%2Fstrong%3E%20iPadOS%2016%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20camera%3A%3C%2Fstrong%3E%20Dual%2012MP%20wide%20(f%2F1.8)%20%2B%2010MP%20ultra-wide%20(f%2F2.4)%2C%202x%20optical%2F5x%20digital%2C%20Smart%20HDR%204%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%20ProRes%204K%20%40%2030fps%2C%204K%20%40%2024%2F25%2F30%2F60fps%2C%20full%20HD%20%40%2025%2F30%2F60fps%2C%20slo-mo%20%40%20120%2F240fps%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFront%20camera%3A%3C%2Fstrong%3E%20TrueDepth%2012MP%20ultra-wide%20(f%2F2.4)%2C%202x%2C%20Smart%20HDR%204%2C%20Centre%20Stage%2C%20Portrait%2C%20Animoji%2C%20Memoji%3B%20full%20HD%20%40%2025%2F30%2F60fps%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAudio%3A%3C%2Fstrong%3E%20Four-speaker%20stereo%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBiometrics%3A%3C%2Fstrong%3E%20Face%20ID%2C%20Touch%20ID%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20USB-C%2C%20smart%20connector%20(for%20folio%2Fkeyboard)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%20Up%20to%2010%20hours%20on%20Wi-Fi%3B%20up%20to%20nine%20hours%20on%20cellular%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFinish%3A%3C%2Fstrong%3E%20Silver%2C%20space%20grey%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20iPad%2C%20USB-C-to-USB-C%20cable%2C%2020-watt%20power%20adapter%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20WiFi%20%E2%80%93%20Dh4%2C599%20(128GB)%20%2F%20Dh4%2C999%20(256GB)%20%2F%20Dh5%2C799%20(512GB)%20%2F%20Dh7%2C399%20(1TB)%20%2F%20Dh8%2C999%20(2TB)%3B%20cellular%20%E2%80%93%20Dh5%2C199%20%2F%20Dh5%2C599%20%2F%20Dh6%2C399%20%2F%20Dh7%2C999%20%2F%20Dh9%2C599%3C%2Fp%3E%0A
Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

Available: Now

In numbers

1,000 tonnes of waste collected daily:

  • 800 tonnes converted into alternative fuel
  • 150 tonnes to landfill
  • 50 tonnes sold as scrap metal

800 tonnes of RDF replaces 500 tonnes of coal

Two conveyor lines treat more than 350,000 tonnes of waste per year

25 staff on site

 

Diriyah%20project%20at%20a%20glance
%3Cp%3E-%20Diriyah%E2%80%99s%201.9km%20King%20Salman%20Boulevard%2C%20a%20Parisian%20Champs-Elysees-inspired%20avenue%2C%20is%20scheduled%20for%20completion%20in%202028%3Cbr%3E-%20The%20Royal%20Diriyah%20Opera%20House%20is%20expected%20to%20be%20completed%20in%20four%20years%3Cbr%3E-%20Diriyah%E2%80%99s%20first%20of%2042%20hotels%2C%20the%20Bab%20Samhan%20hotel%2C%20will%20open%20in%20the%20first%20quarter%20of%202024%3Cbr%3E-%20On%20completion%20in%202030%2C%20the%20Diriyah%20project%20is%20forecast%20to%20accommodate%20more%20than%20100%2C000%20people%3Cbr%3E-%20The%20%2463.2%20billion%20Diriyah%20project%20will%20contribute%20%247.2%20billion%20to%20the%20kingdom%E2%80%99s%20GDP%3Cbr%3E-%20It%20will%20create%20more%20than%20178%2C000%20jobs%20and%20aims%20to%20attract%20more%20than%2050%20million%20visits%20a%20year%3Cbr%3E-%20About%202%2C000%20people%20work%20for%20the%20Diriyah%20Company%2C%20with%20more%20than%2086%20per%20cent%20being%20Saudi%20citizens%3Cbr%3E%3C%2Fp%3E%0A
UK-EU trade at a glance

EU fishing vessels guaranteed access to UK waters for 12 years

Co-operation on security initiatives and procurement of defence products

Youth experience scheme to work, study or volunteer in UK and EU countries

Smoother border management with use of e-gates

Cutting red tape on import and export of food

Why your domicile status is important

Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.

Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born. 

UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.

A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.

UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ENomad%20Homes%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2020%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EHelen%20Chen%2C%20Damien%20Drap%2C%20and%20Dan%20Piehler%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20and%20Europe%3Cbr%3E%3Cstrong%3EIndustry%3C%2Fstrong%3E%3A%20PropTech%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2444m%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Acrew%20Capital%2C%2001%20Advisors%2C%20HighSage%20Ventures%2C%20Abstract%20Ventures%2C%20Partech%2C%20Precursor%20Ventures%2C%20Potluck%20Ventures%2C%20Knollwood%20and%20several%20undisclosed%20hedge%20funds%3C%2Fp%3E%0A
The specs

Engine: Two permanent-magnet synchronous AC motors

Transmission: two-speed

Power: 671hp

Torque: 849Nm

Range: 456km

Price: from Dh437,900 

On sale: now

Europe’s rearming plan
  • Suspend strict budget rules to allow member countries to step up defence spending
  • Create new "instrument" providing €150 billion of loans to member countries for defence investment
  • Use the existing EU budget to direct more funds towards defence-related investment
  • Engage the bloc's European Investment Bank to drop limits on lending to defence firms
  • Create a savings and investments union to help companies access capital
Hili 2: Unesco World Heritage site

The site is part of the Hili archaeological park in Al Ain. Excavations there have proved the existence of the earliest known agricultural communities in modern-day UAE. Some date to the Bronze Age but Hili 2 is an Iron Age site. The Iron Age witnessed the development of the falaj, a network of channels that funnelled water from natural springs in the area. Wells allowed settlements to be established, but falaj meant they could grow and thrive. Unesco, the UN's cultural body, awarded Al Ain's sites - including Hili 2 - world heritage status in 2011. Now the most recent dig at the site has revealed even more about the skilled people that lived and worked there.

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

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.”

The specs

Engine: 3.5-litre twin-turbo V6

Power: 380hp at 5,800rpm

Torque: 530Nm at 1,300-4,500rpm

Transmission: Eight-speed auto

Price: From Dh299,000 ($81,415)

On sale: Now

Timeline

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

Updated: April 12, 2022, 8:57 AM