LONDON // Scotland marks a year to go until its independence referendum on Wednesday but separatists face an uphill struggle to convince voters to back a momentous split from the United Kingdom.
Scotland’s charismatic leader Alex Salmond has brought his Scottish National Party closer than ever to its dream of independence, but opinion polls suggest only a third of Scots currently intend to vote in favour of breaking away.
A “yes” vote would mean splitting away from England, Wales and Northern Ireland, severing a 300-year-old union – not a decision the 5.3 million Scots are taking lightly.
“We’re one year to the biggest decision we’ll ever take as a country,” Michael Moore, secretary of state for Scotland in the British cabinet, said. “This is an argument about the head and the heart.”
Scotland currently has a devolved government, giving first minister Mr Salmond’s administration in Edinburgh control over a range of policies including health and education. But other big policy areas, including defence, foreign policy and welfare, are still controlled by London.
The British prime minister David Cameron’s Conservative-led government is pushing hard for a “no” vote.
“We want to continue to make the case for Scotland as part of a successful United Kingdom – something that gives us greater economic opportunity and security and a much stronger place in the world,” said Mr Moore.
The “no” camp claims independence would be fraught with risks and problems.
Oil is one of them – up to 24 billion barrels still lie off Britain in the North Sea, mostly in Scottish territory. London and Edinburgh have yet to discuss how they would divide the revenues, while experts say an independent Scotland could be over-dependent on the volatile energy market.
Rejoining the European Union and Nato could prove a headache, critics claim. And then there is the small matter of Britain’s nuclear deterrent carried by submarines based in western Scotland, which the anti-nuclear Mr Salmond wants to evict if he is victorious.
All in all, according to Professor Michael Keating, chair in Scottish Politics at the University of Aberdeen, “there’s a great reluctance amongst voters to go all the way to independence, because it’s seen as very risky”.
But Mr Salmond insists Scotland would face a “much more certain future” if it goes it alone.
“I think there’s very substantial risks in staying as we are,” he said in an interview last month.
He paints a vision of an independent Scotland that is not only rich because of its North Sea oil reserves, but more egalitarian and pro-European than Britain.
He also stresses the things that would stay the same, from keeping Queen Elizabeth II as the head of state to continuing to use the pound – though London has said it could potentially object to this.
Mr Salmond is considered a canny political operator who has pulled off impressive feats for the SNP before, bringing them to power as a minority government in 2007, then winning a sweeping majority in 2011.
But while he claims he can do so again, most experts believe his chances are slim.
“Opinion polls have been showing about 30 per cent for independence for the last 20 years and we’ve seen very little change, even though the campaign’s been engaged for the last six months,” said Prof Keating.
“So Alex Salmond would have difficulty getting that up to 50 per cent.”
Analysts say the likeliest outcome is a “no” vote followed by an SNP bid to devolve more powers from London – an option, believed to have the backing of a majority of Scots, that is being dubbed “devo max”.
Control over Scotland’s own taxes and welfare policy would be top of the SNP’s wish list, Prof Keating said.
Ironically, he added, devolution may have ultimately killed off the party’s bigger dream of independence as many Scots are satisfied with the status quo.
They enjoy several benefits unavailable south of the border, including free university tuition and medical prescriptions, while the settlement goes some way towards soothing a historic sense of oppression by the English.
Could a “no” vote, then, spell the death of the SNP? Experts think not, pointing to the example of Canada’s Quebec province – where the separatists continue to govern, despite having lost two independence referendums.
“They’ve proved that you can survive a referendum defeat if you are a nationalist party,” said Iain McLean, professor of politics at Oxford University and co-author of Scotland’s Choices: The Referendum and What Happens Afterwards.
“I’m confident the SNP will survive.”
* Agence France-Presse
UAE currency: the story behind the money in your pockets
FIGHT CARD
1. Featherweight 66kg
Ben Lucas (AUS) v Ibrahim Kendil (EGY)
2. Lightweight 70kg
Mohammed Kareem Aljnan (SYR) v Alphonse Besala (CMR)
3. Welterweight 77kg
Marcos Costa (BRA) v Abdelhakim Wahid (MAR)
4. Lightweight 70kg
Omar Ramadan (EGY) v Abdimitalipov Atabek (KGZ)
5. Featherweight 66kg
Ahmed Al Darmaki (UAE) v Kagimu Kigga (UGA)
6. Catchweight 85kg
Ibrahim El Sawi (EGY) v Iuri Fraga (BRA)
7. Featherweight 66kg
Yousef Al Husani (UAE) v Mohamed Allam (EGY)
8. Catchweight 73kg
Mostafa Radi (PAL) v Abdipatta Abdizhali (KGZ)
9. Featherweight 66kg
Jaures Dea (CMR) v Andre Pinheiro (BRA)
10. Catchweight 90kg
Tarek Suleiman (SYR) v Juscelino Ferreira (BRA)
DIVINE%20INTERVENTOIN
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Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
Jebel Ali card
1.45pm: Maiden Dh75,000 1,400m
2.15pm: Handicap Dh90,000 1,400m
2.45pm: Maiden Dh75,000 1,000m
3.15pm: Handicap Dh105,000 1,200m
3.45pm: Maiden Dh75,000 1,600m
4.15pm: Handicap Dh105,000 1,600m
4.45pm: Handicap Dh80,000 1,800m
The National selections
1.45pm: Cosmic Glow
2.15pm: Karaginsky
2.45pm: Welcome Surprise
3.15pm: Taamol
3.45pm: Rayig
4.15pm: Chiefdom
4.45pm: California Jumbo
Results:
6.30pm: Mazrat Al Ruwayah (PA) | Group 2 | US$55,000 (Dirt) | 1,600 metres
Winner: AF Al Sajanjle, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
7.05pm: Meydan Sprint (TB) | Group 2 | $250,000 (Turf) | 1,000m
Winner: Blue Point, William Buick, Charlie Appleby
7.40pm: Firebreak Stakes | Group 3 | $200,000 (D) | 1,600m
Winner: Muntazah, Jim Crowley, Doug Watson
8.15pm: Meydan Trophy Conditions (TB) | $100,000 (T) | 1,900m
Winner: Art Du Val, William Buick, Charlie Appleby
8.50pm: Balanchine Group 2 (TB) | $250,000 (T) | 1,800m
Winner: Poetic Charm, William Buick, Charlie Appleby
9.25pm: Handicap (TB) | $135,000 (D) | 1,200m
Winner: Lava Spin, Richard Mullen, Satish Seemar
10pm: Handicap (TB) | $175,000 (T) | 2,410m
Winner: Mountain Hunter, Christophe Soumillon, Saeed bin Suroor
Five ways to get fit like Craig David (we tried for seven but ran out of time)
Start the week as you mean to go on. So get your training on strong on a Monday.
Train hard, but don’t take it all so seriously that it gets to the point where you’re not having fun and enjoying your friends and your family and going out for nice meals and doing that stuff.
Think about what you’re training or eating a certain way for — don’t, for example, get a six-pack to impress somebody else or lose weight to conform to society’s norms. It’s all nonsense.
Get your priorities right.
And last but not least, you should always, always chill on Sundays.
The biog
Favourite pet: cats. She has two: Eva and Bito
Favourite city: Cape Town, South Africa
Hobby: Running. "I like to think I’m artsy but I’m not".
Favourite move: Romantic comedies, specifically Return to me. "I cry every time".
Favourite spot in Abu Dhabi: Saadiyat beach
Racecard
6.35pm: The Madjani Stakes – Group 2 (PA) Dh97,500 (Dirt) 1,900m
7.10pm: Evidenza – Handicap (TB) Dh87,500 (D) 1,200m
7.45pm: The Longines Conquest – Maiden (TB) Dh82,500 (D) 2,000m
8.20: The Longines Elegant – Conditions (TB) Dh82,500 (D)
8.35pm: The Dubai Creek Mile – Listed (TB) Dh132,500 (D) 1,600m
9.30pm: Mirdif Stakes – Conditions (TB) Dh120,000 (D) 1,400m
10.05pm: The Longines Record – Handicap (TB) Dh87,500 (D) 1,900m
In numbers
Number of Chinese tourists coming to UAE in 2017 was... 1.3m
Alibaba’s new ‘Tech Town’ in Dubai is worth... $600m
China’s investment in the MIddle East in 2016 was... $29.5bn
The world’s most valuable start-up in 2018, TikTok, is valued at... $75bn
Boost to the UAE economy of 5G connectivity will be... $269bn
The%20specs
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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.”