Labour Leader Keir Starmer arrives in Swerford, England. Getty
Labour Leader Keir Starmer arrives in Swerford, England. Getty
Labour Leader Keir Starmer arrives in Swerford, England. Getty
Labour Leader Keir Starmer arrives in Swerford, England. Getty


The National poll defines an agenda for a Keir Starmer government


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July 01, 2024

With the general election only days away, Rishi Sunak could be forgiven for ignoring the polls. They make for grim reading.

In that respect, a Deltapoll survey for The National confirms that this coming Friday will be his last in office, if the polls are accurate – though they have been wrong in the past. From the very outset, when the Prime Minister announced the ballot in the pouring rain, and throughout the campaign, the polls have consistently pointed to this outcome.

As he heads for the exit, Mr Sunak can take a degree of comfort from the fact that on the two main foreign affairs issues of the moment, Gaza and Ukraine, he is reckoned to have done a reasonably good job. More people had a positive view of the government’s policy in both areas than negative.

Mr Sunak seemed comfortable on the world stage, avoiding causing offence, not making any gaffes, smoothly gladhanding and encouraging other countries to take Britain seriously again – no mean achievement after the Boris Johnson and Liz Truss regimes. Mr Johnson, to be fair, had a good Ukraine-Russia war, but his constant clowning around and buffoonery counted against him. Ms Truss, in some of her actions and outpourings, also managed to ruffle feathers. Mr Sunak, aided by a revitalised former Premier in UK Foreign Secretary David Cameron, proved himself more widely acceptable, particularly at the gatherings of world leaders.

It is ironic then that it was precisely a coming together of leaders, to mark the anniversary of D-Day, that drove another nail into Mr Sunak’s Downing Street coffin, questioning his own credentials for the highest office when he left the commemoration early to conduct a TV interview.

What is striking about this survey is the differences between ages. With Labour intent on lowering the voting age to 16, this direction of opinion, provides food for future thought. On Gaza, for instance, a thumping 65 per cent of Generation Z say they would support recognition of an independent state of Palestine, compared with just 46 per cent of Baby Boomers. As this younger generation advances, so are demands for a Palestinian state likely to grow.

Similarly, on the banning of arms sales to Israel, 73 per cent of Generation Z are in favour, versus only 47 per cent of Baby Boomers.

Young Labour supporters, the poll shows, attach great importance to the Gaza situation. Overall, it is not an important issue for more than half (56 per cent) of respondents, including nearly a third (31 per cent) who say it is not at all important. But for the younger folk it is, and especially for Labour’s young, and moving forward that must carry greater weight.

Keir Starmer will come under pressure to call for a full ceasefire in Gaza and to allow protests calling for a cessation of the fighting to continue, the poll finds.

A plurality, 43 per cent, supports a negotiated diplomatic settlement between the Israelis and the Palestinians. About one in 14 favour military action while one in six back a role for the UN. A further third, exactly 33 per cent, do not know. This pattern is then broadly replicated across different political and social groups.

On Ukraine, that stance is the same, with most people (48 per cent) wanting a negotiated diplomatic settlement, as opposed to promoting military action against Russia.

One of Mr Sunak’s most eye-catching new policy proposals, National Service for 18-year-olds, does not get the approval rating he would have wished. Across the board, it attracted only 38 per cent support. Even among his own Tories, it was not resoundingly popular, with 43 per cent either opposed or unsure.

The strength of opposition in Generation Z, the section of the population directly affected by the move, suggest he could have mass demonstrations, if not riots, on his hands should it step towards becoming law. An overwhelming 81 per cent said they could not back the idea.

Britain's Reform UK Party Leader Nigel Farage during a rally in Birmingham. Reuters
Britain's Reform UK Party Leader Nigel Farage during a rally in Birmingham. Reuters

A major topic of debate this election is immigration. The poll provides firm evidence for why Nigel Farage’s Reform party, which wants to curb the number of foreigners settling in the UK should be enjoying a surge in popularity.

Right across the main political parties, the number seeking a reduction in numbers far outweighs those saying they should stay the same or increase. As expected, among Reform supporters it’s higher still, at 79 per cent. But those breakdowns for the Tories, Labour and Lib-Dems suggests strong cross-party desire for immigration to fall.

This points to an early headache for the new Prime Minister, assuming it’s Mr Starmer. Labour policies in this area are somewhat hazy, but 55 per cent of Labour voters are against an increase or maintaining the status quo. Clearly, he is picking up the baton and will be expected to follow through, while not with flights to Rwanda, with something concrete that will bring immigration down.

UK general election campaigning – in pictures

  • Conservative leader Rishi Sunak speaks at party campaign event at the National Army Museum in London on Wednesday, July 3. AP Photo
    Conservative leader Rishi Sunak speaks at party campaign event at the National Army Museum in London on Wednesday, July 3. AP Photo
  • Labour Party leader Keir Starmer addresses supporters during a visit to the West Regwm Farm events venue in Whitland, Carmarthenshire, Wales, on the final day of election campaigning. PA
    Labour Party leader Keir Starmer addresses supporters during a visit to the West Regwm Farm events venue in Whitland, Carmarthenshire, Wales, on the final day of election campaigning. PA
  • Liberal Democrats leader Ed Davey drives a tractor during a visit to Owl Lodge in Lacock, Wiltshire. PA
    Liberal Democrats leader Ed Davey drives a tractor during a visit to Owl Lodge in Lacock, Wiltshire. PA
  • Satirical political character Count Binface in London before challenging Conservative leader RishiSunak for the parliamentary seat of Richmond and Northallerton. Reuters
    Satirical political character Count Binface in London before challenging Conservative leader RishiSunak for the parliamentary seat of Richmond and Northallerton. Reuters
  • Boris Johnson, former UK prime minister, campaigns for the Conservatives in London. Bloomberg
    Boris Johnson, former UK prime minister, campaigns for the Conservatives in London. Bloomberg
  • Nigel Farage, leader of the far-right Reform UK Party, with heavyweight boxer Derek Chisora during a campaign visit to Clacton-on-Sea in eastern England. Reuters
    Nigel Farage, leader of the far-right Reform UK Party, with heavyweight boxer Derek Chisora during a campaign visit to Clacton-on-Sea in eastern England. Reuters
  • Mr Sunak holds a speech during his visit to Well Healthcare Supplies as he campaigns in Stoke. Getty Images
    Mr Sunak holds a speech during his visit to Well Healthcare Supplies as he campaigns in Stoke. Getty Images
  • Mr Starmer laughs as he speaks to supporters near Milton Keynes. AP
    Mr Starmer laughs as he speaks to supporters near Milton Keynes. AP
  • Mr Davey bungee jumps during a visit to Eastbourne Borough Football Club in East Sussex. AP
    Mr Davey bungee jumps during a visit to Eastbourne Borough Football Club in East Sussex. AP
  • Mr Sunak bowls during his visit to Nuneaton Cricket Club. AFP
    Mr Sunak bowls during his visit to Nuneaton Cricket Club. AFP
  • Mr Starmer addresses an audience of Labour Party members and supporters during a rally at the Royal Horticultural Halls in central London. AP
    Mr Starmer addresses an audience of Labour Party members and supporters during a rally at the Royal Horticultural Halls in central London. AP
  • Mr Davey rides a towable inflatable during a visit to Lakeside Ski & Wake, in the Cotswolds. Reuters
    Mr Davey rides a towable inflatable during a visit to Lakeside Ski & Wake, in the Cotswolds. Reuters
  • Mr Sunak and his wife Akshata Murty visit the BAPS Shri Swaminarayan Mandir in London. AFP
    Mr Sunak and his wife Akshata Murty visit the BAPS Shri Swaminarayan Mandir in London. AFP
  • Mr Starmer during a visit to the Shree Swaminarayan Mandir Hindu temple in Kingsbury, London. PA
    Mr Starmer during a visit to the Shree Swaminarayan Mandir Hindu temple in Kingsbury, London. PA
  • Mr Davey participates in a Zumba class with supporters in Wokingham. Reuters
    Mr Davey participates in a Zumba class with supporters in Wokingham. Reuters
  • Mr Starmer speaking during a visit to Northampton Town Football Club at Sixfields Stadium. PA
    Mr Starmer speaking during a visit to Northampton Town Football Club at Sixfields Stadium. PA
  • Mr Sunak delivers a speech in central London. AFP
    Mr Sunak delivers a speech in central London. AFP
  • Mr Davey jet-washes an ambulance in London. Getty Images
    Mr Davey jet-washes an ambulance in London. Getty Images
  • Mr Starmer rests his hand on the shoulder of Idris Elba as they meet families of knife crime victims, in west London. PA
    Mr Starmer rests his hand on the shoulder of Idris Elba as they meet families of knife crime victims, in west London. PA
  • Mr Sunak turns on the power in the training centre control room during a tour of the Sizewell B nuclear power plant. AFP
    Mr Sunak turns on the power in the training centre control room during a tour of the Sizewell B nuclear power plant. AFP
  • Mr Davey plays a game of Frisbee on a visit to a farm in Hampshire. AP
    Mr Davey plays a game of Frisbee on a visit to a farm in Hampshire. AP
  • Mr Starmer and shadow chancellor Rachel Reeves visit a supermarket in Swindon. PA
    Mr Starmer and shadow chancellor Rachel Reeves visit a supermarket in Swindon. PA
  • Mr Sunak speaks to journalists on the campaign bus following the launch of the Welsh Conservatives General Election manifesto near Rhyl. Reuters
    Mr Sunak speaks to journalists on the campaign bus following the launch of the Welsh Conservatives General Election manifesto near Rhyl. Reuters
  • Mr Davey taking part in wheelbarrow racing at Huish Park, home of Yeovil Town football club in Somerset. PA
    Mr Davey taking part in wheelbarrow racing at Huish Park, home of Yeovil Town football club in Somerset. PA
  • Mr Farage speaks to the press in Clacton-on-Sea. Bloomberg
    Mr Farage speaks to the press in Clacton-on-Sea. Bloomberg
  • Mr Starmer speaks at the launch of the Labour party's 2024 general election manifesto in Manchester. AP
    Mr Starmer speaks at the launch of the Labour party's 2024 general election manifesto in Manchester. AP
  • Mr Sunak answers questions from the audience in Grimsby. Getty Images
    Mr Sunak answers questions from the audience in Grimsby. Getty Images
  • Mr Davey toasts a marshmallow as he visits Willow Forest School in Surrey. EPA
    Mr Davey toasts a marshmallow as he visits Willow Forest School in Surrey. EPA
  • Mr Farage attends the launch of the Reform UK manifesto in Merthyr Tydfil, Wales. Reuters
    Mr Farage attends the launch of the Reform UK manifesto in Merthyr Tydfil, Wales. Reuters
  • Scottish Labour leader Anas Sarwar launches Scottish Labour’s battle bus campaign on June 17 in South Queensferry, Scotland. Getty Images
    Scottish Labour leader Anas Sarwar launches Scottish Labour’s battle bus campaign on June 17 in South Queensferry, Scotland. Getty Images
  • Britain's Labour Party politician and Shadow Secretary of State for Health and Social Care Wes Streeting speaks to a television crew outside the BBC in London. AFP
    Britain's Labour Party politician and Shadow Secretary of State for Health and Social Care Wes Streeting speaks to a television crew outside the BBC in London. AFP
  • Leader of the Liberal Democrats, Sir Ed Davey, on the BBC 1 current affairs programme, Sunday, with Laura Kuenssberg. BBC
    Leader of the Liberal Democrats, Sir Ed Davey, on the BBC 1 current affairs programme, Sunday, with Laura Kuenssberg. BBC
  • Mr Sunak meets pupils in a maths class during a visit to the John Whitgift Academy, in Grimsby. AP
    Mr Sunak meets pupils in a maths class during a visit to the John Whitgift Academy, in Grimsby. AP
  • Mr Starmer during a visit to Grimsby Institute, a technical training college in Grimsby. PA
    Mr Starmer during a visit to Grimsby Institute, a technical training college in Grimsby. PA
  • Mr Davey during a general election campaign visit to the Aqua Jungle Spot in Stratford-upon-Avon. Bloomberg
    Mr Davey during a general election campaign visit to the Aqua Jungle Spot in Stratford-upon-Avon. Bloomberg
  • Mr Sunak and Akshata Murty take centre stage at the Conservative Party's general election manifesto launch in Towcester. Getty Images
    Mr Sunak and Akshata Murty take centre stage at the Conservative Party's general election manifesto launch in Towcester. Getty Images
  • Mr Starmer passes a toothbrush to a child during his visits to the Whale Hill Primary School in Middlesbrough. AP
    Mr Starmer passes a toothbrush to a child during his visits to the Whale Hill Primary School in Middlesbrough. AP
  • Mr Davey meets Steve Darling, Liberal Democrat candidate for Torbay and his guide dog Jennie at Torquay Harbour. Getty Images
    Mr Davey meets Steve Darling, Liberal Democrat candidate for Torbay and his guide dog Jennie at Torquay Harbour. Getty Images
  • Reform UK leader Nigel Farage reacts after something is thrown towards him on the campaign bus in Cawthorne, Barnsley. AP
    Reform UK leader Nigel Farage reacts after something is thrown towards him on the campaign bus in Cawthorne, Barnsley. AP
  • Mr Sunak attends a neighbourhood watch meeting in Horsham, West Sussex. PA
    Mr Sunak attends a neighbourhood watch meeting in Horsham, West Sussex. PA
  • Mr Starmer helps volunteers pot plants during a visit to Harlesden Town Garden in north-west London. PA
    Mr Starmer helps volunteers pot plants during a visit to Harlesden Town Garden in north-west London. PA
  • Mr Davey on the 'Rush' ride during a Liberal Democrats general election campaign event at Thorpe Park. Reuters
    Mr Davey on the 'Rush' ride during a Liberal Democrats general election campaign event at Thorpe Park. Reuters
  • Mr Sunak, during a visit to Imagination Childcare, in Swindon, Wiltshire, while on the election campaign trail. PA
    Mr Sunak, during a visit to Imagination Childcare, in Swindon, Wiltshire, while on the election campaign trail. PA
  • Mr Starmer visits Brent Cross town's visitor pavilion for a housing launch in London. Getty Images
    Mr Starmer visits Brent Cross town's visitor pavilion for a housing launch in London. Getty Images
  • Mr Davey grills burgers in a garden, during campaigning in Wiltshire. PA
    Mr Davey grills burgers in a garden, during campaigning in Wiltshire. PA
  • Mr Sunak during a visit to Leander Club, in Henley-on-Thames, as a boat carrying Liberal Democrat supporters passes behind him. Reuters
    Mr Sunak during a visit to Leander Club, in Henley-on-Thames, as a boat carrying Liberal Democrat supporters passes behind him. Reuters
  • Mr Starmer meets pensioners to talk about the impact of the energy crisis and the cost of living, in a cafe in Bolton. PA
    Mr Starmer meets pensioners to talk about the impact of the energy crisis and the cost of living, in a cafe in Bolton. PA
  • Mr Sunak and Mr Starmer lock horns the first televised general election debate of the campaign, at MediaCity in Salford. PA
    Mr Sunak and Mr Starmer lock horns the first televised general election debate of the campaign, at MediaCity in Salford. PA
  • Mr Davey plays Jenga using symbolic 'blue wall' blocks in Stockport. EPA
    Mr Davey plays Jenga using symbolic 'blue wall' blocks in Stockport. EPA
  • Former Labour leader Jeremy Corbyn poses outside Islington Town Hall, north London, after handing in his nomination papers for the general election, taking place on July 4. PA
    Former Labour leader Jeremy Corbyn poses outside Islington Town Hall, north London, after handing in his nomination papers for the general election, taking place on July 4. PA
  • Mr Farage has a milkshake hurled at him during a campaign event in Clacton-on-Sea. EPA
    Mr Farage has a milkshake hurled at him during a campaign event in Clacton-on-Sea. EPA
  • Mr Sunak launches the Conservative Party's campaign bus at Redcar Racecourse in north-east England. PA
    Mr Sunak launches the Conservative Party's campaign bus at Redcar Racecourse in north-east England. PA
  • Labour launch their election campaign bus, with Mr Starmer, his deputy Angela Rayner and Rachel Reeves, shadow chancellor, in Uxbridge. Getty Images
    Labour launch their election campaign bus, with Mr Starmer, his deputy Angela Rayner and Rachel Reeves, shadow chancellor, in Uxbridge. Getty Images
  • Mr Davey holds a balloon with a figure that represents the amount of votes the Liberal Democrat party lost by in Wimbledon. PA
    Mr Davey holds a balloon with a figure that represents the amount of votes the Liberal Democrat party lost by in Wimbledon. PA
  • Mr Sunak feeds lambs as he visits Rowlinson's Farm during a Conservative general election campaign event in Gawsworth. Reuters
    Mr Sunak feeds lambs as he visits Rowlinson's Farm during a Conservative general election campaign event in Gawsworth. Reuters
  • Scottish Labour leader Anas Sarwar, Mr Starmer, shadow secretary of state for energy security and net zero Ed Miliband and local candidate Martin McCluskey in Greenock. PA
    Scottish Labour leader Anas Sarwar, Mr Starmer, shadow secretary of state for energy security and net zero Ed Miliband and local candidate Martin McCluskey in Greenock. PA
  • Mr Sunak holds a question and answer session during a visit to Niftylift in Milton Keynes. EPA
    Mr Sunak holds a question and answer session during a visit to Niftylift in Milton Keynes. EPA
  • Mr Starmer serves ice cream to day trippers on Barry seafront in South Wales. PA
    Mr Starmer serves ice cream to day trippers on Barry seafront in South Wales. PA
  • Mr Davey takes part in a baking lesson with pupils from High Beeches Primary School during a half-term holiday camp in Hertfordshire. PA
    Mr Davey takes part in a baking lesson with pupils from High Beeches Primary School during a half-term holiday camp in Hertfordshire. PA
  • Mr Sunak speaks with a cafe worker as he picks up breakfast for the media at a cafe in Cornwall. PA
    Mr Sunak speaks with a cafe worker as he picks up breakfast for the media at a cafe in Cornwall. PA
  • Mr Starmer speaks at the launch of Labour's six steps for change in Wales at the Priory Centre in Abergavenny. PA
    Mr Starmer speaks at the launch of Labour's six steps for change in Wales at the Priory Centre in Abergavenny. PA
  • Mr Davey and Anna Sabine, parliamentary candidate for Frome and East Somerset, ride the Ultimate Slip 'n' Slide at Eastcote Farm in Beckington. Bloomberg
    Mr Davey and Anna Sabine, parliamentary candidate for Frome and East Somerset, ride the Ultimate Slip 'n' Slide at Eastcote Farm in Beckington. Bloomberg
  • Scottish National Party Leader John Swinney speaks during a visit to The Dower House Cafe in Edinburgh. AP
    Scottish National Party Leader John Swinney speaks during a visit to The Dower House Cafe in Edinburgh. AP
  • Rishi Sunak examines Jackal armoured vehicles during his visit to defence vehicle manufacturer Supacat in Exeter. PA
    Rishi Sunak examines Jackal armoured vehicles during his visit to defence vehicle manufacturer Supacat in Exeter. PA
  • Keir Starmer with a baby at Worcester City Football Club. PA
    Keir Starmer with a baby at Worcester City Football Club. PA
  • Ed Davey rides a bike during a visit to Knighton, Wales. PA
    Ed Davey rides a bike during a visit to Knighton, Wales. PA
  • Nigel Farage at the cliffs in Dover after speaking at a Reform UK event. Getty Images
    Nigel Farage at the cliffs in Dover after speaking at a Reform UK event. Getty Images
  • Akshata Murty, wife of Mr Sunak, meets with residents during a visit to a Royal British Legion care home in Ripon. Getty Images
    Akshata Murty, wife of Mr Sunak, meets with residents during a visit to a Royal British Legion care home in Ripon. Getty Images
  • Keir Starmer and shadow chancellor Rachel Reeves during a visit to Rolls Royce’s educational training complex in Derby. PA
    Keir Starmer and shadow chancellor Rachel Reeves during a visit to Rolls Royce’s educational training complex in Derby. PA
  • Ed Davey falls into the water while paddle boarding on Lake Windermere. PA
    Ed Davey falls into the water while paddle boarding on Lake Windermere. PA
  • Rishi Sunak campaigning in Amersham, Buckinghamshire. EPA
    Rishi Sunak campaigning in Amersham, Buckinghamshire. EPA
  • Mr Starmer addresses party members and media in Lancing Parish Hall, West Sussex. Getty Images
    Mr Starmer addresses party members and media in Lancing Parish Hall, West Sussex. Getty Images
  • Mr Davey launches his party's general election campaign battle bus in Cambridge. PA
    Mr Davey launches his party's general election campaign battle bus in Cambridge. PA
  • Mr Sunak on the ball during a visit to Chesham United Football Club. PA
    Mr Sunak on the ball during a visit to Chesham United Football Club. PA
  • Mr Starmer speaks to party supporters after making his first keynote speech of the campaign in Lancing. PA
    Mr Starmer speaks to party supporters after making his first keynote speech of the campaign in Lancing. PA
  • Mr Davey join supporters for a dog walk near Winchester. PA
    Mr Davey join supporters for a dog walk near Winchester. PA
  • Mr Sunak visits a maritime technology centre in Belfast, Northern Ireland, as he campaigns for the general election on July 4. Reuters
    Mr Sunak visits a maritime technology centre in Belfast, Northern Ireland, as he campaigns for the general election on July 4. Reuters
  • Mr Starmer and his Scottish counterpart, Anas Sarwar, greet supporters at the launch of the Scottish Labour general election campaign at Caledonia House in Glasgow. Getty Images
    Mr Starmer and his Scottish counterpart, Anas Sarwar, greet supporters at the launch of the Scottish Labour general election campaign at Caledonia House in Glasgow. Getty Images
  • Mr Davey, right, eats ice cream with his party's local candidate, Josh Babarinde, on the promenade in Eastbourne. PA
    Mr Davey, right, eats ice cream with his party's local candidate, Josh Babarinde, on the promenade in Eastbourne. PA
  • Mr Sunak arrives at Inverness Airport, in Scotland, on the general election campaign trail. PA
    Mr Sunak arrives at Inverness Airport, in Scotland, on the general election campaign trail. PA
  • Mr Starmer during a visit to Gillingham Football Club in Kent. PA
    Mr Starmer during a visit to Gillingham Football Club in Kent. PA
  • Mr Sunak speaks with members of staff at the Global Energy Group facility at the Port of Nigg in north-east Scotland. AFP
    Mr Sunak speaks with members of staff at the Global Energy Group facility at the Port of Nigg in north-east Scotland. AFP
  • Mr Davey during a visit to the town centre in Cheltenham. PA
    Mr Davey during a visit to the town centre in Cheltenham. PA
  • Richard Tice, the leader of Reform UK, attends an election campaign launch in London. AP
    Richard Tice, the leader of Reform UK, attends an election campaign launch in London. AP
  • Mr Sunak holds a Q&A with staff of a West Transport distribution centre in Ilkeston in the East Midlands. AP
    Mr Sunak holds a Q&A with staff of a West Transport distribution centre in Ilkeston in the East Midlands. AP
  • Labour's deputy leader Angela Rayner and Mr Starmer arrive at Gillingham FC. Getty Images
    Labour's deputy leader Angela Rayner and Mr Starmer arrive at Gillingham FC. Getty Images
  • Mr Sunak takes questions from workers at West Transport. Getty Images
    Mr Sunak takes questions from workers at West Transport. Getty Images
  • Mr Starmer holds a piece of campaign branding at Gillingham. PA
    Mr Starmer holds a piece of campaign branding at Gillingham. PA
  • Mr Sunak poses for a selfie in Ilkeston. AFP
    Mr Sunak poses for a selfie in Ilkeston. AFP

This poll of more than 2,000 adults in the UK was conducted before the televised debate between the two US presidential contenders, Joe Biden and Donald Trump. Despite Mr Biden’s shaky performance, such is the gap between the two that it’s safe to say that Britain supports Mr Biden. Just 24 per cent of respondents said they would vote for Trump. That may have changed, post the TV head-to-head, but he would have to make up a lot of ground before becoming even close.

There is the semblance of a policy remit here for Mr Starmer: ban arms sales to Israel; bring Israel and Hamas to the negotiating table; likewise, Ukraine and Russia; bring immigration down; align with Mr Biden or if not him, the Democrat candidate against Trump, and put Mr Sunak’s conscription plan on the shelf. All easier said than done but he would be foolish to beg to differ.

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.”

MATCH INFO

Bayern Munich 2 Borussia Monchengladbach 1
Bayern:
 Zirkzee (26'), Goretzka (86')
Gladbach: Pavard (37' og)

Man of the Match: Breel Embolo (Borussia Monchengladbach)

How the bonus system works

The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.

The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.

There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).

All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.

What is blockchain?

Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.

The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.

Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.

However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.

Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.

The specs

Engine: 4.0-litre V8 twin-turbocharged and three electric motors

Power: Combined output 920hp

Torque: 730Nm at 4,000-7,000rpm

Transmission: 8-speed dual-clutch automatic

Fuel consumption: 11.2L/100km

On sale: Now, deliveries expected later in 2025

Price: expected to start at Dh1,432,000

Match info

Who: India v Afghanistan
What: One-off Test match, Bengaluru
When: June 14 to 18
TV: OSN Sports Cricket HD, 8am starts
Online: OSN Play (subscribers only)

RESULTS
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Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding

Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.

Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.

Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.

For more details, email openminds@cultures.ae or visit www.cultures.ae

 

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

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DMZ facts
  • The DMZ was created as a buffer after the 1950-53 Korean War.
  • It runs 248 kilometers across the Korean Peninsula and is 4km wide.
  • The zone is jointly overseen by the US-led United Nations Command and North Korea.
  • It is littered with an estimated 2 million mines, tank traps, razor wire fences and guard posts.
  • Donald Trump and Kim Jong-Un met at a building in Panmunjom, where an armistice was signed to stop the Korean War.
  • Panmunjom is 52km north of the Korean capital Seoul and 147km south of Pyongyang, North Korea’s capital.
  • Former US president Bill Clinton visited Panmunjom in 1993, while Ronald Reagan visited the DMZ in 1983, George W. Bush in 2002 and Barack Obama visited a nearby military camp in 2012. 
  • Mr Trump planned to visit in November 2017, but heavy fog that prevented his helicopter from landing.
The specs: 2019 Audi A7 Sportback

Price, base: Dh315,000

Engine: 3.0-litre V6

Transmission: Seven-speed automatic

Power: 335hp @ 5,000rpm

Torque: 500Nm @ 1,370rpm

Fuel economy 5.9L / 100km

Scoreline

Australia 2-1 Thailand

Australia: Juric 69', Leckie 86'
Thailand: Pokklaw 82'

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

MATCH INFO

AC Milan v Inter, Sunday, 6pm (UAE), match live on BeIN Sports

Updated: July 02, 2024, 10:22 AM