More than a simple act of revenge by Blair



It has been an interval of three years, two months and three days between the resignation of Tony Blair as prime minister of Britain and the publication of A Journey, his volume of memoirs.

As the saying goes, revenge is a dish best served cold. While Fleet Street's finest picked through their review copies, looking for choice titbits, the headlines the next morning left no doubt that an old score had been more than settled. "Tony Blair's revenge on Gordon Brown puts Labour on brink of civil war" proclaimed the Daily Telegraph, generally regarded as the house newspaper of the Conservative party.

The equally right-wing Daily Mail also predicted civil war, under the headline: "The love affair that soured: How mistrust and betrayal tore Blair and Brown apart." For the tabloid Sun, which once supported Blair's reformist vision of New Labour but now backs the Conservatives, the book was "a vicious attack on Mr Brown's record as PM." Even The Guardian, generally supportive of Labour, devoted large sections of its website and print edition to the book, pegged to an exclusive interview with Blair. "I've got something to say and I've got something to explain," he told the paper.

And what did he have to say? Without exception, the media homed in on a few phrases about his relationship with Gordon Brown, and the manner of Brown's succession as both prime minister and Labour Party leader. Brown, he wrote, was both a "strange guy" and "maddening". He accused his former chancellor of the exchequer of attempting to blackmail him by threatening to publicly call for an inquiry into donations given to Labour by supporters who subsequently received state honours unless Blair backed down over pension reforms.

Above all, though, there is the phrase that effectively writes Brown's political obituary. "Political calculation, yes. Political feelings, no. Analytical intelligence, absolutely. Emotional intelligence, zero." The sense of betrayal stems in part from the belief by Blair, and some of his closest supporters, that Gordon Brown lost the 2010 election and ended an unprecedented 13 years of Labour rule because he abandoned the principles of New Labour, the reformist movement that moved the party away from some its most cherished left-wing principles in the middle part of the 1990s.

But the growing rift between the two men - who dominated British politics for more than a decade - is much older. According to Blair, in the earlier stages of their relationship they were "like lovers desperate to get to lovemaking." They were later, he continued, "to become a bickering married couple, and finally ended as bitter rivals." The signs that the two factions are ready to commence open hostilities have been there for some weeks, beginning with the publication last month of the political autobiography of Peter Mandelson, the Labour spin doctor who arguably did more than anyone (and certainly in his own mind) to create the new Labour party and take it to high office.

Mandelson's account was widely seen as a political take-down of Brown and his cronies, whom he blamed for briefing against him during his own time in office and playing a significant role in the scandals that twice forced Mandelson from government office. What seems more likely after this week is that the Mandelson volume was no more than a softening-up exercise before the hammer blow of A Journey. It is not just the dwindling band of Brown loyalists who are suspicious at the timing - on the eve of the election of a new Labour leader, with David Milliband, a Blair favourite, in pole position.

But A Journey is rather more than a simple act of revenge. Like anything involving Tony Blair, it is a complex thing designed to achieve a number of different goals. Like any politician bruised from years in office, it is an attempt to justify his actions, particularly concerning the damaging decision to involve Britain as a full-blooded participant in the war in Iraq. In this matter, Blair is entirely predictable. Iraq is defended as entirely necessary. There is no remorse about the decision to go to war, although he regrets "with every fibre of my being the loss of those who died." And even though weapons of mass destruction - the official raison d'être for combat operations - were never found, he still believes "that leaving Saddam in power was a bigger risk to our security than removing him, and that, terrible though the aftermath was, the reality of Saddam and his sons in charge of Iraq would arguably be much worse."

But there is also something more subtle at work. This is Tony Blair after all, the most complex and controversial politician in modern British history . The book is peppered with tantalising insights into both his life and psyche. We learn, for example, that he warned the late Diana, Princess of Wales, about her relationship with Dodi Al Fayed (this has been disputed) and writes: "We were both in our ways manipulative people, perceiving quickly the emotions of others and able instinctively to play with them."

Along with the revelation that the Queen puts on rubber gloves to do the washing up after family gatherings is his admission that politics (or at least dealing with Gordon Brown) drove him to drink (or at least a stiff gin and tonic at the end of the day). George W Bush is predictably praised, although with a somewhat backhanded compliment: "One of the most ludicrous caricatures of George is that he was a dumb idiot who stumbled into the presidency. No one stumbles into that job."

More likely to raise eyebrows is his candid assessment of why the pressure of politics led to several of his ministers committing adultery: "Suddenly you are transported out of your world of intrigue and issues and endless machinations and the serious piled on the serious, and just put on a remote desert island of pleasure, out of it all, released, carefree." All these passages have been picked out in publications across the world. After just a few days, it is clear that A Journey is no dry, self-serving tome (well, it might be the latter) destined for the remainder pile by the New Year.

According to one of Britain's biggest booksellers, Waterstones, the autobiography is a "stupendous" and "unprecedented" success. "We've never seen a book like this sell so quickly in one day," a spokesman said. "Dan Brown and JK Rowling are the competition here." It would be a mistake, though, to believe that Tony Blair: A Journey (to give the book its full title) is nothing but a highly profitable attempt to cash out on a life in politics. As it turns out, all the profits, including the £4.6 million (Dh26 million) advance, are to be donated to the Royal British Legion, a charity that helps injured servicemen.

Rather, the book is a place-marker, an assessment of what Tony Blair believes he has achieved. You might even call it a CV. For many politicians - Bill Clinton comes to mind - the last page of a political autobiography signals the effective end of their political lives. But Clinton is 64, Blair is just 57. A Journey says something else. That Tony Blair is back. True, he has his role in the Middle East Quartet and the Tony Blair Faith Foundation to keep him busy, but the suspicion is that he wants something more. The question is: what?

The biog

Birthday: February 22, 1956

Born: Madahha near Chittagong, Bangladesh

Arrived in UAE: 1978

Exercise: At least one hour a day on the Corniche, from 5.30-6am and 7pm to 8pm.

Favourite place in Abu Dhabi? “Everywhere. Wherever you go, you can relax.”

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

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.”