Chris Blackhurst is a former editor of The Independent, based in London
December 04, 2023
There is a moment in any political leader's life when the game is up.
It’s the point when they start to be written off, as all eyes turn to the next person. Rishi Sunak has reached that juncture. Try as he might, the British Prime Minister cannot convince anyone that he will be in situ beyond the next general election.
Nowhere is that shift more apparent than on the international stage. At home he can disappear behind the door of Number 10; press releases give him the appearance of being busy; his speeches and photo opportunities are carefully stage-managed; in the Commons, the Tory MPs dutifully voice their support; and in TV interviews he commands respect as the serving PM and he can ignore questions and trot out heavily spun scripts. But in dealings with other world leaders, there is no hiding place, no avoiding the grim reality.
The ballot may still be about a year away. In the immediate term, Mr Sunak remains in charge. Should a crisis arise and should there be a pressing, urgent need, his opinion carries weight. Otherwise, as far as his peers are concerned, Mr Sunak's time in charge is over.
At Cop28, Mr Sunak paid a fleeting visit and spoke somewhat disingenuously about Britain’s pioneering role in combating climate change. This, after he rolled back his green promises in response to an unexpected Tory victory in the Uxbridge by-election that, because of constituency peculiarities, saw voters swing towards determinedly pro-car measures.
Buoyed by that success and clutching at any opening, Mr Sunak has since been promoting fossil fuels and slowing the eco push while maintaining he is fully committed to meeting net-zero targets. It’s a stance that fools no one, least of all his fellow leaders.
On the way to Dubai, Mr Sunak was pictured aboard the prime ministerial plane, surrounded by journalists, notebooks in hand, seemingly anxious to hear his plans. It was a photo that tried to say he was in command, this was the official aircraft and they were hanging on his every word.
On the ground, it was Labour Party leader Keir Starmer and his entourage and time that were very much in demand. The Labour delegation, which included shadow foreign secretary David Lammy and shadow net zero secretary Ed Miliband, could barely cope with the slew of high-level invitations.
Rishi Sunak sits alone as he prepares to speak at Cop28. Getty Images
They and their boss were everywhere, and not just answering questions about Labour’s environmental policies. Mr Starmer held talks with Jens Stoltenberg, Secretary General of Nato. The King of Jordan, Abdullah II, wanted to speak to him, “predominantly about Cop, but also for obvious reasons about the situation in the Middle East”.
That last part twisted the knife. It went further, pushed by Mr Starmer when the Labour chief said those he was meeting “want reassurance that an incoming Labour government will ensure the UK is leading again on the international stage”.
In theory, Mr Starmer and his colleagues ought not to have been there at all. They’re the opposition. Mr Starmer, though, said it was “in British national interest” they were present, it was a “statement of intent” and he was talking to world leaders and global investors about how his party would work with them as the new government.
The Prime Minister holds a 'huddle' press conference with political journalists as he flies to Dubai to attend Cop28. PA
Mr Sunak, for his part, was reduced to accusing his rival of adopting a “copy-and-paste” approach. Labour, he said, has “a track record these days of copying our policies”.
Diary appointments are being shuffled and priorities realigned. The hurt this is causing to Mr Sunak became all too apparent when he cancelled his meeting with Greek Prime Minister Kyriakos Mitsotakis. The latter was on a trip to London. He was on his way to meet Mr Starmer in parliament when notice came that his session with Mr Sunak was off. It was a coincidence, but it did not feel like that.
Mr Sunak told MPs he ditched the invitation “when it was clear that the purpose of the meeting was not to discuss substantive issues but rather to grandstand” about the Parthenon marbles, sold to the British Museum by Lord Elgin.
It seemed petty of Mr Sunak and only served to underline Mr Starmer’s credentials as PMIW – prime minister in waiting. The pair had indeed talked about the marbles but he had also discussed with “a fellow Nato member, an economic ally and one of our most important partners in tackling illegal immigration” other topics. These were “the economy, security and immigration” – vital and prime ministerial in other words.
Their encounter looked for all the world to be official and businesslike. There were official pictures released of Mr Starmer, Mr Lammy and Yvette Cooper, shadow home secretary, sitting with the Greek delegation around a conference table.
Mr Sunak was accused of throwing a “hissy fit” by former Tory chancellor George Osborne. To compound his misery, at Cop, King Charles III chose to wear a tie that looked suspiciously like the Greek flag. Again, pure accident, insisted Buckingham Palace. Similarly, few thought so.
King Charles III's tie raised eyebrows after Rishi Sunak's spat with the Greek Prime Minister. AFP
Whether it’s Cop, Washington, Brussels, wherever, even in London itself, the signals are obvious. Somehow, Mr Sunak has to grin and bear it. What he must not do is what he did over Greece. That makes him appear small-minded and only elevates Mr Starmer higher.
As David Cameron, ironically returned as the new Foreign Secretary in a last throw of the dice by Mr Sunak to gain some gravitas in the world’s capitals, himself said when bowing out as Prime Minister: “I was the future once.”
Sadly for Mr Sunak, Mr Starmer is that future now.
Temple numbers
Expected completion: 2022
Height: 24 meters
Ground floor banquet hall: 370 square metres to accommodate about 750 people
Ground floor multipurpose hall: 92 square metres for up to 200 people
First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time
First floor terrace areas: 2,30 square metres
Temple will be spread over 6,900 square metres
Structure includes two basements, ground and first floor
Game Of Thrones Season Seven: A Bluffers Guide
Want to sound on message about the biggest show on television without actually watching it? Best not to get locked into the labyrinthine tales of revenge and royalty: as Isaac Hempstead Wright put it, all you really need to know from now on is that there’s going to be a huge fight between humans and the armies of undead White Walkers.
The season ended with a dragon captured by the Night King blowing apart the huge wall of ice that separates the human world from its less appealing counterpart. Not that some of the humans in Westeros have been particularly appealing, either.
Anyway, the White Walkers are now free to cause any kind of havoc they wish, and as Liam Cunningham told us: “Westeros may be zombie land after the Night King has finished.” If the various human factions don’t put aside their differences in season 8, we could be looking at The Walking Dead: The Medieval Years.
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
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.”
Cheat’s nigiri
This is easier to make than sushi rolls. With damp hands, form the cooled rice into small tablet shapes. Place slices of fresh, raw salmon, mackerel or trout (or smoked salmon) lightly touched with wasabi, then press, wasabi side-down, onto the rice. Serve with soy sauce and pickled ginger.
Easy omurice
This fusion dish combines Asian fried rice with a western omelette. To make, fry cooked and cooled sushi rice with chopped vegetables such as carrot and onion and lashings of sweet-tangy ketchup, then wrap in a soft egg omelette.
Deconstructed sushi salad platter
This makes a great, fuss-free sharing meal. Arrange sushi rice on a platter or board, then fill the space with all your favourite sushi ingredients (edamame beans, cooked prawns or tuna, tempura veggies, pickled ginger and chilli tofu), with a dressing or dipping sauce on the side.
MATCH INFO
Uefa Champions League semi-final, second leg
Real Madrid (2) v Bayern Munich (1)
Where: Santiago Bernabeu, Madrid
When: 10.45pm, Tuesday
Watch Live: beIN Sports HD
National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
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
Electric scooters: some rules to remember
Riders must be 14-years-old or over
Wear a protective helmet
Park the electric scooter in designated parking lots (if any)
Do not leave electric scooter in locations that obstruct traffic or pedestrians
Solo riders only, no passengers allowed
Do not drive outside designated lanes
The bio
Favourite book: The Alchemist by Paulo Coelho
Favourite travel destination: Maldives and south of France
Favourite pastime: Family and friends, meditation, discovering new cuisines
Favourite Movie: Joker (2019). I didn’t like it while I was watching it but then afterwards I loved it. I loved the psychology behind it.
Favourite Author: My father for sure
Favourite Artist: Damien Hurst
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.