Rishi Sunak has committed the cardinal sin of any elected politician — of not paying due heed to his electorate. PA
Rishi Sunak has committed the cardinal sin of any elected politician — of not paying due heed to his electorate. PA
Rishi Sunak has committed the cardinal sin of any elected politician — of not paying due heed to his electorate. PA
Rishi Sunak has committed the cardinal sin of any elected politician — of not paying due heed to his electorate. PA


UK PM race: 'dishy' Rishi Sunak rose like a souffle and fell flat


  • English
  • Arabic

September 05, 2022

Poor Rishi Sunak. Tough as politics is, it is impossible not to find a smidgen of sympathy for the would-be Conservative leader.

There he was, not that long ago, the most popular politician in Britain, outscoring all-comers in the polls.

He was the chancellor who supplied folk with eating out vouchers, encouraging them to go to restaurants and pubs, and who soothed worries via the furlough scheme, covering wages when employers couldn’t or wouldn’t. He made easily accessed loans available to small businesses to help them through the pandemic. He was a bountiful figure, considerate, caring and charming.

In a Cabinet weak on talent, Mr Sunak stood out, brimming with energy and thought. Not for nothing was he christened “Dishy Rishi”. His popularity shimmered like a risen souffle at a time of crisis for the nation.

Meanwhile, Liz Truss was nowhere. She was a makeweight, who moved from state post to post without making a mark. She was nice but no superstar, and definitely not a future leader.

How times change. Boris Johnson has gone, and Ms Truss is the new prime minister. For seven weeks, while the contest has been meandering along (“raged” is putting it far too strongly), Mr Sunak has been fighting a losing battle. Increasingly, towards the end, despite his forced jauntiness, he appeared lost and forlorn, as if he could not actually believe what was happening.

He therefore joins the likes of Michael Portillo and Michael Heseltine as charismatic, leadership dead-cert shoo-ins who failed to gain the prize, whose careers reached the heights but not high enough.

Like them, Mr Sunak is entitled to pinch himself and wonder if it’s all a bad dream. Sadly, for him, it’s not. He committed the cardinal sin of any elected politician — of not paying due heed to his electorate. This, despite being oh so intelligent and preparing the campaign groundwork months in advance.

That was part of his problem. He was seen by the party faithful, those who were voting, as too brainy, too quick and smart. This expressed itself, fatally, in a tendency to lecture. Conservative members regard themselves as proudly intelligent, by and large successful types who know what’s what. They do not appreciate being told what to do.

The more empathetic Ms Truss, who could pass for any of their daughters and who when she said she cared seemed as if she meant it, was more on their wavelength.

Yes, Ms Truss was a Remainer, but from the off, and even before the race began, she cloaked herself in the Union Jack, constantly photographed alongside the flag. For an organisation that still worships Margaret Thatcher, she went out of her way to echo their hero, dressing like her and being pictured in an army tank, just like Mrs T. Of course, Ms Truss is no Maggie. She would not pretend otherwise, she’s not that stupid. But even if Ms Truss was part-Thatcher, that would be no bad thing ― and it showed she was thinking along the right lines.

Mr Sunak, by contrast, did not make the connection, not with the membership. He did well with the MPs, ahead with them by a mile, but they were not the ones making the selection.

It was the MPs who deposed Mr Johnson, a move prompted by Mr Sunak’s resignation as chancellor. They were not so bothered by Mr Sunak’s act of ‘betrayal’, especially as it enabled them to topple the prime minister. Their constituency associations saw Mr Sunak’s behaviour differently, categorising him as a traitor, a Brutus that knifed their blond Caesar. He was viewed as someone critically who still retains enormous affection and popularity among the rump of Tories not so exercised by breaches of, as they see them, arcane parliamentary rules.

Rishi Sunak and Liz Truss at the Queen Elizabeth II Centre in London on Monday before the former chancellor's defeat was announced. AP
Rishi Sunak and Liz Truss at the Queen Elizabeth II Centre in London on Monday before the former chancellor's defeat was announced. AP

Mr Sunak’s mistake was to equate his Westminster colleagues with those having the final say. They’re different species, as anyone who has been to the party conference can testify. The MPs lauded Mr Sunak for his quickness of thought; they got, too, his desire to balance the books, to keep the nation’s finances on a tight leash. He appealed, despite being a Brexiteer, to the Remainers (it’s a curiosity how Ms Truss and Mr Sunak’s EU positions played out, she a Remainer wooing the Brexiteers, he a Brexiteer winning the approval of the Remainers).

The Remainers are urban, metropolitan, from London and the university cities. They liked Mr Sunak, did not mind his penchant for designer clothes and were admiring of his top-drawer education and investment banking credentials.

The revelation of his US immigration green card and his wife’s non-domicile status went down badly everywhere. But not so much in London, where, at least among Tories, they’re viewed as more normal, as badges. In the provinces, in the rural shires where the leadership electorate lay, the attitude was different. There, having a house in Santa Monica and putting Goldman Sachs on your CV, count for nothing. If anything, they work against you, suggesting you don’t really care about the UK, and certainly not about its Tory bedrock market towns, and that your ambition lies faraway.

Remainers, London city dwellers — they were all rooting for Rishi. They were more forgiving of his tax increases and his determination not to lower them — they believe they’re economically literate and shared his purpose. Not so, elsewhere.

It did not assist Mr Sunak’s cause that the right-wing press were against him. The Telegraph, Sun and Mail all backed Ms Truss, often attacking Mr Sunak with venom. Their favourite “Dishy Rishi” was long gone. Only The Times was in his corner.

Normally, in a general election, what these newspapers say would not matter so much ― the national ballot covers a broad canvas and they carry less weight. In this election, they are the only titles the electorate read, and Mr Sunak was repeatedly scorned for his treachery, belief in high taxes, personal wealth and Home Counties private schooling (Ms Truss constantly played the Yorkshire, state-educated card).

The sense of his isolation was not aided by ministers lining up one by one to declare their support for Ms Truss. It made him seem unpopular as well among his ex-colleagues. The fact they were taking a bet on the likely winner and the person who would have it in their gift to give them a job was not mentioned.

All Mr Sunak could muster were Michael Gove and Dominic Raab. He lacked a heavy-hitting, influential straight-talker like Iain Duncan Smith, who threw his weight behind Truss.

Mr Sunak was the swot who saw it as a natural step to become PM. He should have realised that being too clever by half can get you nowhere.

Tory leadership announcement - in pictures

ICC T20 Team of 2021

Jos Buttler, Mohammad Rizwan, Babar Azam, Aiden Markram, Mitchell Marsh, David Miller, Tabraiz Shamsi, Josh Hazlewood, Wanindu Hasaranga, Mustafizur Rahman, Shaheen Afridi

What the law says

Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.

“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.

“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”

If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

ROUTE%20TO%20TITLE
%3Cp%3E%3Cstrong%3ERound%201%3A%3C%2Fstrong%3E%20Beat%20Leolia%20Jeanjean%206-1%2C%206-2%3Cbr%3E%3Cstrong%3ERound%202%3A%20%3C%2Fstrong%3EBeat%20Naomi%20Osaka%207-6%2C%201-6%2C%207-5%3Cbr%3E%3Cstrong%3ERound%203%3A%20%3C%2Fstrong%3EBeat%20Marie%20Bouzkova%206-4%2C%206-2%3Cbr%3E%3Cstrong%3ERound%204%3A%3C%2Fstrong%3E%20Beat%20Anastasia%20Potapova%206-0%2C%206-0%3Cbr%3E%3Cstrong%3EQuarter-final%3A%20%3C%2Fstrong%3EBeat%20Marketa%20Vondrousova%206-0%2C%206-2%3Cbr%3E%3Cstrong%3ESemi-final%3A%20%3C%2Fstrong%3EBeat%20Coco%20Gauff%206-2%2C%206-4%3Cbr%3E%3Cstrong%3EFinal%3A%3C%2Fstrong%3E%20Beat%20Jasmine%20Paolini%206-2%2C%206-2%3C%2Fp%3E%0A
Married Malala

Malala Yousafzai is enjoying married life, her father said.

The 24-year-old married Pakistan cricket executive Asser Malik last year in a small ceremony in the UK.

Ziauddin Yousafzai told The National his daughter was ‘very happy’ with her husband.

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home. 

FIXTURES

December 28
Stan Wawrinka v Pablo Carreno Busta, 5pm
Milos Raonic v Dominic Thiem, no earlier then 7pm

December 29 - semi-finals
Rafael Nadal v Stan Wawrinka / Pablo Carreno Busta, 5pm
Novak Djokovic v Milos Raonic / Dominic Thiem, no earlier then 7pm

December 30
3rd/4th place play-off, 5pm
Final, 7pm

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EAlmouneer%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Dr%20Noha%20Khater%20and%20Rania%20Kadry%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EEgypt%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E120%3Cbr%3E%3Cstrong%3EInvestment%3A%20%3C%2Fstrong%3EBootstrapped%2C%20with%20support%20from%20Insead%20and%20Egyptian%20government%2C%20seed%20round%20of%20%3Cbr%3E%243.6%20million%20led%20by%20Global%20Ventures%3Cbr%3E%3C%2Fp%3E%0A
'Moonshot'

Director: Chris Winterbauer

Stars: Lana Condor and Cole Sprouse 

Rating: 3/5

Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

Price: From Dh450,000, Autograph model from Dh510,000

Available: Now

Results

Stage 7:

1. Caleb Ewan (AUS) Lotto Soudal - 3:18:29

2. Sam Bennett (IRL) Deceuninck-QuickStep - same time

3. Phil Bauhaus (GER) Bahrain Victorious

4. Michael Morkov (DEN) Deceuninck-QuickStep

5. Cees Bol (NED) Team DSM

General Classification:

1. Tadej Pogacar (SLO) UAE Team Emirates - 24:00:28

2. Adam Yates (GBR) Ineos Grenadiers - 0:00:35

3. Joao Almeida (POR) Deceuninck-QuickStep - 0:01:02

4. Chris Harper (AUS) Jumbo-Visma - 0:01:42

5. Neilson Powless (USA) EF Education-Nippo - 0:01:45

THE%C2%A0SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.4-litre%20four-cylinder%0D%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20210hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20320Nm%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20Starting%20from%20Dh89%2C900%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%0D%3Cbr%3E%3C%2Fp%3E%0A
GIANT REVIEW

Starring: Amir El-Masry, Pierce Brosnan

Director: Athale

Rating: 4/5

The specs: 2019 Lincoln MKC

Price, base / as tested: Dh169,995 / Dh192,045

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

Transmission: Six-speed automatic

Power: 253hp @ 5,500rpm

Torque: 389Nm @ 2,500rpm

Fuel economy, combined: 10.7L / 100km

Engine: 80 kWh four-wheel-drive

Transmission: eight-speed automatic

Power: 402bhp

Torque: 760Nm

Price: From Dh280,000

Fines for littering

In Dubai:

Dh200 for littering or spitting in the Dubai Metro

Dh500 for throwing cigarette butts or chewing gum on the floor, or littering from a vehicle. 
Dh1,000 for littering on a beach, spitting in public places, throwing a cigarette butt from a vehicle

In Sharjah and other emirates
Dh500 for littering - including cigarette butts and chewing gum - in public places and beaches in Sharjah
Dh2,000 for littering in Sharjah deserts
Dh500 for littering from a vehicle in Ras Al Khaimah
Dh1,000 for littering from a car in Abu Dhabi
Dh1,000 to Dh100,000 for dumping waste in residential or public areas in Al Ain
Dh10,000 for littering at Ajman's beaches 

What is the FNC?

The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning. 
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval. 
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
 

Company profile

Name:​ One Good Thing ​

Founders:​ Bridgett Lau and Micheal Cooke​

Based in:​ Dubai​​ 

Sector:​ e-commerce​

Size: 5​ employees

Stage: ​Looking for seed funding

Investors:​ ​Self-funded and seeking external investors

ABU DHABI ORDER OF PLAY

Starting at 10am:

Daria Kasatkina v Qiang Wang

Veronika Kudermetova v Annet Kontaveit (10)

Maria Sakkari (9) v Anastasia Potapova

Anastasia Pavlyuchenkova v Ons Jabeur (15)

Donna Vekic (16) v Bernarda Pera 

Ekaterina Alexandrova v Zarina Diyas

KLOPP%20AT%20LIVERPOOL
%3Cp%3EYears%3A%20October%202015%20-%20June%202024%3Cbr%3ETotal%20games%3A%20491%3Cbr%3EWin%20percentage%3A%2060.9%25%3Cbr%3EMajor%20trophies%3A%206%20(Premier%20League%20x%201%2C%20Champions%20League%20x%201%2C%20FA%20Cup%20x%201%2C%20League%20Cup%20x%202%2C%20Fifa%20Club%20World%20Cup%20x1)%3C%2Fp%3E%0A
Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Dust and sand storms compared

Sand storm

  • Particle size: Larger, heavier sand grains
  • Visibility: Often dramatic with thick "walls" of sand
  • Duration: Short-lived, typically localised
  • Travel distance: Limited 
  • Source: Open desert areas with strong winds

Dust storm

  • Particle size: Much finer, lightweight particles
  • Visibility: Hazy skies but less intense
  • Duration: Can linger for days
  • Travel distance: Long-range, up to thousands of kilometres
  • Source: Can be carried from distant regions
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Letswork%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202018%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EOmar%20Almheiri%2C%20Hamza%20Khan%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20co-working%20spaces%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20%242.1%20million%20in%20a%20seed%20round%20with%20investors%20including%20500%20Global%2C%20The%20Space%2C%20DTEC%20Ventures%20and%20other%20angel%20investors%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%20about%2020%3C%2Fp%3E%0A
THE%C2%A0SPECS
%3Cp%3EEngine%3A%204-cylinder%202.5-litre%20%2F%202-litre%20turbo%0D%3Cbr%3EPower%3A%20188hp%20%2F%20248hp%0D%3Cbr%3ETorque%3A%20244Nm%20%2F%20370Nm%0D%3Cbr%3ETransmission%3A%207-speed%20auto%0D%3Cbr%3EOn%20sale%3A%20now%0D%3Cbr%3EPrice%3A%20From%20Dh110%2C000%0D%3C%2Fp%3E%0A
RESULTS

Men – semi-finals

57kg – Tak Chuen Suen (MAC) beat Phuong Xuan Nguyen (VIE) 29-28; Almaz Sarsembekov (KAZ) beat Zakaria Eljamari (UAE) by points 30-27.

67kg – Mohammed Mardi (UAE) beat Huong The Nguyen (VIE) by points 30-27; Narin Wonglakhon (THA) v Mojtaba Taravati Aram (IRI) by points 29-28.

60kg – Yerkanat Ospan (KAZ) beat Amir Hosein Kaviani (IRI) 30-27; Long Doan Nguyen (VIE) beat Ibrahim Bilal (UAE) 29-28

63.5kg – Abil Galiyev (KAZ) beat Truong Cao Phat (VIE) 30-27; Nouredine Samir (UAE) beat Norapat Khundam (THA) RSC round 3.

71kg​​​​​​​ – Shaker Al Tekreeti (IRQ) beat Fawzi Baltagi (LBN) 30-27; Amine El Moatassime (UAE) beat Man Kongsib (THA) 29-28

81kg – Ilyass Hbibali (UAE) beat Alexandr Tsarikov (KAZ) 29-28; Khaled Tarraf (LBN) beat Mustafa Al Tekreeti (IRQ) 30-27

86kg​​​​​​​ – Ali Takaloo (IRI) beat Mohammed Al Qahtani (KSA) RSC round 1; Emil Umayev (KAZ) beat Ahmad Bahman (UAE) TKO round

RESULTS

Tottenham 1

Jan Vertonghen 13'

Norwich 1

Josip Drmic 78'

2-3 on penalties

SERIE A FIXTURES

Saturday (All UAE kick-off times)

Cagliari v AC Milan (6pm)

Lazio v Napoli (9pm)

Inter Milan v Atalanta (11.45pm)

Sunday

Udinese v Sassuolo (3.30pm)

Sampdoria v Brescia (6pm)

Fiorentina v SPAL (6pm)

Torino v Bologna (6pm)

Verona v Genoa (9pm)

Roma V Juventus (11.45pm)

Parma v Lecce (11.45pm)

 

 

MATCH INFO

Brescia 1 (Skrinia og, 76)

Inter Milan 2 (Martinez 33, Lukaku 63)

 

SPEC%20SHEET
%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20Apple%20M2%2C%208-core%20CPU%2C%20up%20to%2010-core%20CPU%2C%2016-core%20Neural%20Engine%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%2013.6-inch%20Liquid%20Retina%2C%202560%20x%201664%2C%20224ppi%2C%20500%20nits%2C%20True%20Tone%2C%20wide%20colour%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%208%2F16%2F24GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStorage%3A%3C%2Fstrong%3E%20256%2F512GB%20%2F%201%2F2TB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20Thunderbolt%203%20(2)%2C%203.5mm%20audio%2C%20Touch%20ID%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20Wi-Fi%206%2C%20Bluetooth%205.0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%2052.6Wh%20lithium-polymer%2C%20up%20to%2018%20hours%2C%20MagSafe%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECamera%3A%3C%2Fstrong%3E%201080p%20FaceTime%20HD%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%20Support%20for%20Apple%20ProRes%2C%20HDR%20with%20Dolby%20Vision%2C%20HDR10%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAudio%3A%3C%2Fstrong%3E%204-speaker%20system%2C%20wide%20stereo%2C%20support%20for%20Dolby%20Atmos%2C%20Spatial%20Audio%20and%20dynamic%20head%20tracking%20(with%20AirPods)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Silver%2C%20space%20grey%2C%20starlight%2C%20midnight%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20MacBook%20Air%2C%2030W%20or%2035W%20dual-port%20power%20adapter%2C%20USB-C-to-MagSafe%20cable%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh4%2C999%3C%2Fp%3E%0A
The specs
Engine: 3.0-litre twin-turbo flat-six

Power: 480hp at 6,500rpm

Torque: 570Nm from 2,300-5,000rpm

Transmission: 8-speed dual-clutch auto

Fuel consumption: 10.4L/100km

Price: from Dh547,600

On sale: now 

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.”

Updated: September 06, 2022, 3:08 PM