Layla Moran (R) with former Liberal Democrat leader Jo Swinson. Getty Images.
Layla Moran (R) with former Liberal Democrat leader Jo Swinson. Getty Images.
Layla Moran (R) with former Liberal Democrat leader Jo Swinson. Getty Images.
Layla Moran (R) with former Liberal Democrat leader Jo Swinson. Getty Images.

British-Palestinian MP in running for leadership of UK’s Liberal Democrat party


Paul Peachey
  • English
  • Arabic

A British-Palestinian MP and staunch opponent of US President Donald Trump’s Middle East peace plan is running for the leadership of one of Britain’s main political parties after its dismal showing in the 2019 general election.

Layla Moran, born to a British diplomat father and Palestinian mother from Jerusalem, is one of two candidates to lead the Liberal Democrats, the fourth largest party in the UK Parliament.

Ms Moran, 37, a former maths and physics teacher, was elected to the UK’s lower house for the first time in 2017, becoming the first MP of Palestinian descent.

Her great-grandfather, Wasif Jawhariyyeh, was a musician, poet and chronicler of life in Jerusalem under Ottoman and British rule before fleeing when the state of Israel was created.

He died before Ms Moran was born.

"My Palestinian background has made me interested at a global level," she told The New Arab  in 2017.

“Politics was always at the dinner table. It primed me to engage.

“De facto, I will be a representative of our community in Parliament and it will be a great honour, which I take humbly.”

Ms Moran condemned Mr Trump’s Middle East peace plan, which was announced in January, as a “scam” and an “insult”.

“The minister wonders why those of us with Palestinian family, but also anyone else who believes in the international rules-based order, are suggesting that our government should reject it,” she told the UK Parliament.

“The Palestinians were not consulted during its wide gestation. This is not the best for us. We should reject it outright.

“This plan is not the basis for a viable two-state solution.

"Does the minister therefore accept that these are baby steps, to use his words, towards an apartheid system that we should reject outright?”

The UK’s former Middle East minister Dr Andrew Murrison, said she needed to be “a little careful with her language”.

She has said that former Liberal Democrat leader Charles Kennedy was her inspiration.

Mr Kennedy, who died in 2015, led the party to its greatest electoral success in 2005.

He also led the political opposition to Britain’s involvement in the Iraq War under prime minister Tony Blair.

The party’s fortunes have since slumped significantly and it holds just 11 of the 650 seats in the House of Commons after last year’s election.

An internal party inquiry described the campaign as a “high-speed car crash” after it unrealistically promoted its anti-Brexit leader, Jo Swinson, as the UK’s possible next prime minister. She lost her seat.

Ms Moran received fewer nominations than her rival, veteran MP Ed Davey, to lead the party but the pair now begin online debates.

The winner of a ballot of party members is expected to be announced on August 27.

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Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.

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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.”

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