Money man who held nation's purse strings



Sheikh Zayed bin Sultan al Nahyan, the founder of the UAE, once said of John Butter: "If he had given me his thumb, I would have given him my arm." A discreet and loyal adviser, Mr Butter maintained a respectful and professional relationship with Abu Dhabi's Ruler over the course of a 13-year tenure as a senior figure in the Abu Dhabi Finance Department, during which he was a founder of the Abu Dhabi Investment Authority (Adia), the world's largest sovereign wealth fund.

An expected career as the laird of a Scottish estate thwarted by his great-uncle failing to sign his will, Butter made his living abroad instead. He was a district commissioner in the employ of Britain in India and Pakistan, before moving to Kenya where he was closely involved in preparations for the country's independence, ultimately as adviser in the finance ministry. Though he could have remained in Kenya as a citizen - and did retain a strong connection with the country - he left for Abu Dhabi in 1970 to run the finance department where he stayed until 1983.

His immediate task was to balance the budget and curb the tendency towards a disparity between expenditure and revenue, which he did successfully. Although his contract listed his duties as including the preparation of the emirate's budget and the allocation of funds for development projects, Butter was warned that Sheikh Zayed had never agreed to such duties in writing. Cautious that he would not last long in the job, Butter advised his wife, Joyce, to bring only one suitcase when she joined him. He declined to study Arabic, imagining a short period in office and thinking himself too old to learn a new language. He later professed to be glad of the excuse not to become too deeply involved in palace politics.

Butter's arrival in Abu Dhabi coincided with a period of political tumult during Britain's withdrawal from its former protectorates, the Trucial States. On Dec 2 1971, the United Arab Emirates was formed. The dirham was set as the currency, Abu Dhabi's first cabinet and the National Consultative Council were formed, and Butter oversaw the gradual transition of the Finance Ministry to a proper Treasury.

Advising Sheikh Zayed on the investment of Abu Dhabi's increasing oil revenues, Butter identified Japan as a promising developing market and began to build up a highly successful portfolio there and elsewhere. When the predicted budget deficit in 1974 was negated by the decision of Opec to drive up the price of oil in response to the Yom Kippur War, a horde of bankers arrived in Abu Dhabi offering their services. Butter rationed himself to meeting no more than four a day, while continuing to explore Abu Dhabi's own avenues of investment at home and abroad. This led to the foundation of the Abu Dhabi Investment Authority in 1976 under the chairmanship of Sheikh Khalifa bin Zayed al Nahyan, now President of the UAE and Ruler of Abu Dhabi.

Butter expressed his admiration for the nationals with whom he worked, as his self-published memoir Uncivil Servant attests. When offered a pay rise in 1973, he reacted with surprise, as he thought himself already very well paid. Of all the senior officials in the Government he was the only one who did not ask for an increase. In his spare time he enjoyed birdwatching and golf, and his villa on the Corniche was a focal point for the British expatriate community. With several others he founded the Abu Dhabi Golf Club. Always dressed in a suit and tie, known for his modesty and humour, he remained an exemplary civil servant to the end.

John Butter was born on April 20 1916. He died on Oct 28 2008, aged 92. He is survived by his wife and their three sons. * The National

Brief scores:

Toss: Nepal, chose to field

UAE 153-6: Shaiman (59), Usman (30); Regmi 2-23

Nepal 132-7: Jora 53 not out; Zahoor 2-17

Result: UAE won by 21 runs

Series: UAE lead 1-0

Profile of Udrive

Date started: March 2016

Founder: Hasib Khan

Based: Dubai

Employees: 40

Amount raised (to date): $3.25m – $750,000 seed funding in 2017 and a Seed+ round of $2.5m last year. Raised $1.3m from Eureeca investors in January 2021 as part of a Series A round with a $5m target.

Drishyam 2

Directed by: Jeethu Joseph

Starring: Mohanlal, Meena, Ansiba, Murali Gopy

Rating: 4 stars

How it works

1) The liquid nanoclay is a mixture of water and clay that aims to convert desert land to fertile ground

2) Instead of water draining straight through the sand, it apparently helps the soil retain water

3) One application is said to last five years

4) The cost of treatment per hectare (2.4 acres) of desert varies from $7,000 to $10,000 per hectare 

Innotech Profile

Date started: 2013

Founder/CEO: Othman Al Mandhari

Based: Muscat, Oman

Sector: Additive manufacturing, 3D printing technologies

Size: 15 full-time employees

Stage: Seed stage and seeking Series A round of financing 

Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now. 

Company profile

Name: Maly Tech
Started: 2023
Founder: Mo Ibrahim
Based: Dubai International Financial Centre
Sector: FinTech
Funds raised: $1.6 million
Current number of staff: 15
Investment stage: Pre-seed, planning first seed round
Investors: GCC-based angel investors

The Color Purple

Director: Blitz Bazawule
Starring: Fantasia Barrino, Taraji P Henson, Danielle Brooks, Colman Domingo
Rating: 4/5

Results

2.30pm: Handicap (PA) Dh40,000 1,700m; Winner: AF Mezmar, Adam McLean (jockey), Ernst Oertel (trainer).

3pm: Maiden (PA) Dh40,000 2,000m; Winner: AF Ajwad, Tadhg O’Shea, Ernst Oertel.

3.30pm: Handicap (PA) Dh40,000 1,200m; Winner: Gold Silver, Sam Hitchcott, Ibrahim Aseel.

4pm: Maiden (PA) Dh40,000 1,000m; Winner: Atrash, Richard Mullen, Ana Mendez.

4.30pm: Gulf Cup Prestige (PA) Dh150,000 1,700m; Winner: AF Momtaz, Saif Al Balushi, Musabah Al Muhairi.

5pm: Handicap (TB) Dh40,000 1,200m; Winner: Al Mushtashar, Richard Mullen, Satish Seemar.

Teri Baaton Mein Aisa Uljha Jiya

Directors: Amit Joshi and Aradhana Sah

Cast: Shahid Kapoor, Kriti Sanon, Dharmendra, Dimple Kapadia, Rakesh Bedi

Rating: 4/5

COMPANY PROFILE

Name: Kinetic 7
Started: 2018
Founder: Rick Parish
Based: Abu Dhabi, UAE
Industry: Clean cooking
Funding: $10 million
Investors: Self-funded

THE BIO:

Sabri Razouk, 74

Athlete and fitness trainer 

Married, father of six

Favourite exercise: Bench press

Must-eat weekly meal: Steak with beans, carrots, broccoli, crust and corn

Power drink: A glass of yoghurt

Role model: Any good man

The specs

Engine 60kwh FWD

Battery Rimac 120kwh Lithium Nickel Manganese Cobalt Oxide (LiNiMnCoO2) chemistry

Power 204hp Torque 360Nm

Price, base / as tested Dh174,500 

57 Seconds

Director: Rusty Cundieff
Stars: Josh Hutcherson, Morgan Freeman, Greg Germann, Lovie Simone
Rating: 2/5

The specs

Price, base / as tested Dh1,470,000 (est)
Engine 6.9-litre twin-turbo W12
Gearbox eight-speed automatic
Power 626bhp @ 6,000rpm
Torque: 900Nm @ 1,350rpm
Fuel economy, combined 14.0L / 100km

How to get there

Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
 

AS WE EXIST

Author: Kaoutar Harchi 

Publisher: Other Press

Pages: 176

Available: Now


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