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.
Results
5pm: UAE Martyrs Cup (TB) Conditions Dh90,000 2,200m
Winner: Mudaarab, Jim Crowley (jockey), Erwan Charpy (trainer).
5.30pm: Wathba Stallions Cup (PA) Handicap Dh70,000 1,400m
Winner: Jawal Al Reef, Richard Mullen, Hassan Al Hammadi.
6pm: UAE Matyrs Trophy (PA) Maiden Dh80,000 1,600m
Winner: Salima Al Reef, Jesus Rosales, Abdallah Al Hammadi.
Start-up hopes to end Japan's love affair with cash
Across most of Asia, people pay for taxi rides, restaurant meals and merchandise with smartphone-readable barcodes — except in Japan, where cash still rules. Now, as the country’s biggest web companies race to dominate the payments market, one Tokyo-based startup says it has a fighting chance to win with its QR app.
Origami had a head start when it introduced a QR-code payment service in late 2015 and has since signed up fast-food chain KFC, Tokyo’s largest cab company Nihon Kotsu and convenience store operator Lawson. The company raised $66 million in September to expand nationwide and plans to more than double its staff of about 100 employees, says founder Yoshiki Yasui.
Origami is betting that stores, which until now relied on direct mail and email newsletters, will pay for the ability to reach customers on their smartphones. For example, a hair salon using Origami’s payment app would be able to send a message to past customers with a coupon for their next haircut.
Quick Response codes, the dotted squares that can be read by smartphone cameras, were invented in the 1990s by a unit of Toyota Motor to track automotive parts. But when the Japanese pioneered digital payments almost two decades ago with contactless cards for train fares, they chose the so-called near-field communications technology. The high cost of rolling out NFC payments, convenient ATMs and a culture where lost wallets are often returned have all been cited as reasons why cash remains king in the archipelago. In China, however, QR codes dominate.
Cashless payments, which includes credit cards, accounted for just 20 per cent of total consumer spending in Japan during 2016, compared with 60 per cent in China and 89 per cent in South Korea, according to a report by the Bank of Japan.
Ten tax points to be aware of in 2026
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
How to apply for a drone permit
Individuals must register on UAE Drone app or website using their UAE Pass
Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
Upload the training certificate from a centre accredited by the GCAA
Submit their request
What are the regulations?
Fly it within visual line of sight
Never over populated areas
Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
Users must avoid flying over restricted areas listed on the UAE Drone app
Only fly the drone during the day, and never at night
Should have a live feed of the drone flight
Drones must weigh 5 kg or less
RESULTS
5pm: Maiden (PA) Dh 80,000 (Turf) 1,200m Winner: AF Majalis, Tadhg O’Shea (jockey), Ernst Oertel (trainer).
5.30pm: Maiden (PA) Dh 80,000 (T) 1,400m Winner: Sawt Assalam, Szczepan Mazur, Ibrahim Al Hadhrami.
6pm: Maiden (PA) Dh 80,000 (T) 1,400m Winner: Foah, Fabrice Veron, Eric Lemartinel.
6.30pm: Wathba Stallions Cup Handicap (PA) Dh 70,000 (T) 1,400m Winner: Faiza, Sandro Paiva, Ali Rashid Al Raihe.
7pm: Handicap (PA) Dh 80,000 (T) 1,600m Winner: RB Dixie Honor, Antonio Fresu, Helal Al Alawi.
7.30pm: Rated Conditions (TB) Dh 100,000 (T) 1,600m Winner: Boerhan, Ryan Curatolo, Nicholas Bachalard.
How much do leading UAE’s UK curriculum schools charge for Year 6?
Nord Anglia International School (Dubai) – Dh85,032
Kings School Al Barsha (Dubai) – Dh71,905
Brighton College Abu Dhabi - Dh68,560
Jumeirah English Speaking School (Dubai) – Dh59,728
Gems Wellington International School – Dubai Branch – Dh58,488
The British School Al Khubairat (Abu Dhabi) - Dh54,170
Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
AUSTRALIA SQUAD
Aaron Finch, Matt Renshaw, Brendan Doggett, Michael Neser, Usman Khawaja, Shaun Marsh, Mitchell Marsh, Tim Paine (captain), Travis Head, Marnus Labuschagne, Nathan Lyon, Jon Holland, Ashton Agar, Mitchell Starc, Peter Siddle