Chris Blackhurst is a former editor of The Independent, based in London
October 04, 2023
When he is not travelling, Mohamed Mansour is usually to be found in his office overlooking London’s Hyde Park.
It’s discreet and refined – like its owner. Mansour is a billionaire but he does not fall into the category of super-rich who flaunt their wealth. He’s not at all brash and flamboyant, but thoughtful and quiet.
If he wasn’t the head of Mansour Group, the industrial conglomerate based in Cairo with a turnover of $7.5 billion (it partners General Motors and Caterpillar and has interests across banking, real estate and owns the McDonald’s franchise in Egypt and the country’s largest supermarket chain) he could pass for a seasoned diplomat. Tall, impeccably dressed and courteous, Mansour, 75, is as urbane and charming as any ambassador.
Which is why it is odd, seemingly out of character, that he should raise his profile so high by becoming Treasurer of the Conservative Party and making its largest donation, £5 million, since 2001. The faction-fighting so in evidence at this week’s party conference in Manchester sits uncomfortably with him - Mansour is a unifier, right behind his favourite Sunak.
It’s a strange environment in which he now finds himself. In the UK, such moves do not go unnoticed. Indeed, if the desire is to be thrust into the spotlight and have politicians and the media crawling all over your life, that is one certain way to go about it.
Mansour has effectively made himself public property. Having been in the shadows for so long, he’s now stepped out, big time. He’s not stopped there. He has also become co-owner of a new Major-League Soccer club in San Diego, California. Football is another route to attracting attention, again not all of it welcome. Politics and football - suddenly from nothing, Mohamed Mansour is being talked about.
You could be forgiven for supposing he is on some crazy, headlong ego trip. Not so. The Mansour I’ve met comes across as highly principled. What is really occurring is that he is putting his money to things he believes passionately about.
“I believe this country has a very capable prime minister, Rishi Sunak,” he told the FT. “He understands what growth is about in a modern economy. He understands innovation and he understands technology, which is vital to the future of growth.”
In Sunak, he sees a modernising UK leader who gets tech and digital and how they can transform government
What he saw in Sunak as well was someone, who he felt, was prepared to be judged on delivering his five core pledges — halving inflation, growing the economy, reducing debt, cutting NHS waiting list and stopping the boats. This “added purpose and accountability" to the government.
To many people, £5 million may seem a lot, but if you’re as rich as Mansour, it’s not so enormous. Plus, it’s enough to make a difference and to show a lead - if his mind is made up, he is not someone given to doing things by small measures.
He’s sustained by a feeling that business and government can work as one, that the former can bring skills and expertise honed in commerce, to the latter. In 2005, he was Egypt’s Transport Minister under Hosni Mubarak, doing the same, trying to add private-sector know-how to the nation’s creaking railway network. He stayed in post until 2009, before moving to the UK and setting up Man Capital, his family office with investments across the world.
As San Diego FC co-owner, Mohamed Mansour has dived headlong into US sport. Reuters
Mansour, who holds a degree in engineering from North Carolina State University and an MBA, was one of the first to invest in Facebook, Airbnb and Uber, and he’s co-founder of 1984 Ventures, a Silicon Valley venture capital firm.
In Sunak, he sees a modernising UK leader who gets tech and digital and how they can transform government. Sunak, who went to Stanford (the prime minister met his wife Akshata Murty, daughter of an Indian software billionaire, at the university) has made no secret of his love for California’s cutting edge, keeping a property there. It’s thought that should Sunak quit Westminster he will take up a job in tech.
Said Mansour: “The UK could become a major force in innovation and technology by encouraging the right young men and women to come and stay and prosper. I would also like to see the stock exchange, the Footsie, encourage new start-ups and be able to keep them there.”
The Tory treasurer is devoted to London. He lives in Belgravia and his family also live in the city. “I consider London to be the capital of the world. I travel all over the world and I have never found anywhere to compare to it.”
Nevertheless, America’s West Coast also appeals. As well as his gift to the Conservatives, Mansour’s San Diego football deal raised eyebrows. He partnered the Sycuan Band of the Kumeyaay Nation, a local casino-operating Indian tribe, to pay a whopping $500 million for the franchise.
It’s an incredible amount, for entry into what is still the US’s fourth major sport. But Mansour owns a global youth football development academy called Right to Dream, and the club makes a perfect fit. Right to Dream started in Ghana, then expanded to Egypt, before opening in Denmark. Right to Dream bought FC Nordsjaelland in the Danish Superliga, and the training school feeds that team.
In San Diego, the plan is for something similar. He’s building a $150 million Right to Dream academy in the city and it will be able to recruit, not only in the US but also from the whole of Mexico.
San Diego sits adjacent to the US-Mexico border. Under Fifa rules, an academy located within 31 miles of a neighbouring country can seek recruits from that country as well.
The trainees, starting from 12 years old, will train, reside and complete their education at the San Diego football school. The expectation is that some of them will graduate to the major team, reaping financial rewards for Mansour and his partners and their club.
It’s typically clever and calculating. Not so mad after all.
Key facilities
Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
Premier League-standard football pitch
400m Olympic running track
NBA-spec basketball court with auditorium
600-seat auditorium
Spaces for historical and cultural exploration
An elevated football field that doubles as a helipad
Specialist robotics and science laboratories
AR and VR-enabled learning centres
Disruption Lab and Research Centre for developing entrepreneurial skills
SMEs in the UAE are defined by the number of employees, annual turnover and sector. For example, a “small company” in the services industry has six to 50 employees with a turnover of more than Dh2 million up to Dh20m, while in the manufacturing industry the requirements are 10 to 100 employees with a turnover of more than Dh3m up to Dh50m, according to Dubai SME, an agency of the Department of Economic Development.
A “medium-sized company” can either have staff of 51 to 200 employees or 101 to 250 employees, and a turnover less than or equal to Dh200m or Dh250m, again depending on whether the business is in the trading, manufacturing or services sectors.
Venom
Director: Ruben Fleischer
Cast: Tom Hardy, Michelle Williams, Riz Ahmed
Rating: 1.5/5
Evacuations to France hit by controversy
Over 500 Gazans have been evacuated to France since November 2023
Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
Artists and researchers fall under a programme called Pause that began in 2017
It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
Unlike students, they are allowed to bring their families to France
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
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