In the space of 12 months, Jeremy Corbyn has achieved an extraordinary transformation in his fortunes. REUTERS/Toby Melville
In the space of 12 months, Jeremy Corbyn has achieved an extraordinary transformation in his fortunes. REUTERS/Toby Melville
In the space of 12 months, Jeremy Corbyn has achieved an extraordinary transformation in his fortunes. REUTERS/Toby Melville
In the space of 12 months, Jeremy Corbyn has achieved an extraordinary transformation in his fortunes. REUTERS/Toby Melville

How Jeremy Corbyn went from zero to hero in the space of a year


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When Jeremy Corbyn looks out at the sea of ecstatic delegates assembled for his leader’s speech at Labour’s conference on Wednesday, he could be forgiven for pinching himself to make sure that the last 12 roller-coaster months have not been a dream.

After all, The Economist newspaper, the bible of the boss class and sensible moderatism, has just featured him on its front page, dubbing Mr Corbyn "The Likely Lad" and concluding that he was "Britain's most likely next prime minister". His party is besting Theresa May's Conservatives in opinion polls, and Labour stands as more united behind its leader than it has for years.

Political reporters applying to attend the parties’ conferences had foreseen that one event could see a hated leader hounded out of office, while the leader at the other would bask in adulation after a successful election campaign. Instead, Labour is welcoming blue-chip companies willing to work with the party to exhibit at the Brighton Centre, while the best business for the Tories in Manchester will be selling popcorn to those witnessing the many murderous spats.

What a difference a year makes. This time in 2016, the Labour party that met in Liverpool for its annual conference was in desperate shape. They had just spent the summer engaged in a bitter and destructive campaign for the leadership, after a "coup" against Mr Corbyn by a majority of the party's MPs, furious at a perceived lack of support from him during the campaign to stay in the EU.

Mr Corbyn survived that crisis, re-elected with a crushing majority by the party's rank and file, but relations with the parliamentary arm remained abysmal. Many predicted a meltdown at the next elections the party faced.

Mrs May, who took over unopposed as Tory leader and prime minister after the vote for Brexit, appeared to be impregnable. Channelling Margaret Thatcher, she regularly embarrassed a wooden Mr Corbyn at weekly prime minister’s questions in the House of Commons to gales of laughter from her backbench MPs, who took to calling her ‘Mummy’ and trusted her to successfully steer Britain through the process of disengaging from Europe.

Labour was flatlining in the opinion polls, as support for the party as whole and for Mr Corbyn reached levels unseen since Michael Foot, a similarly left-wing leader, took it to an electoral disaster in 1983. The party lost a by-election in Copeland, one of its northern industrial heartlands, and many Labour MPs despaired about their chances in the next poll they feared was coming soon.

It came as no great surprise when on April 18, Mrs May called a general election to be held less than two months later. Politicians and journalists of all hues began to write Mr Corbyn’s obituaries, and those on the right of Labour who had kept their counsel about the leader since the abortive coup, started to plan for a future without the now 68-year-old at the helm of the party.

And then something rather magical happened. Despite a drubbing in local elections on May 4, which many read as confirming the forthcoming slaughter at the national polls on June 8, Mr Corbyn and his followers were stealthily enacting a political revolution.

Freed from the stuffy constraints of Westminster, the Labour leader stormed around the country, drawing crowds of thousands of young and old alike. He presented a Labour manifesto that was "extreme" for recent British political history - "but which would not raise eyebrows in much of western Europe," as The Economist drily noted – but chimed with the millions who had spent seven years of Tory and coalition rule living under a programme of austerity.

Mr Corbyn’s message was being spread by thousands of activists from the Labour-affiliated group Momentum and by a party operation that was revitalised by the hundreds of thousands of new members who had joined since he became leader after the 2015 election.

On the doorstep and the internet, through a brilliantly planned and executed social media campaign, the leader was creating a new coalition of voters; the young, yes, but he also succeeded in convincing parents and those with concerns about health care that only Labour could save public schools and the National Health Service.

Lacking genuine support from the traditional media — even newspapers such as The Guardian and Daily Mirror were lukewarm — the party's digital strategy just bypassed the "dead tree press" and spoke directly to voters through their mobile phones and computers.

Videos created by Labour were shared by millions, many of them syrupy and emotive but packing a genuine punch; platforms were created to funnel activists to the constituencies where their endeavours would be best utilised. Mr Corbyn also became an unlikely hero to the younger generation, with a succession of popular culture memes (the chant of "Oh Je-rem-y Cor-byn" to the tune of a White Stripes song was heard at festivals and football matches all year) and endorsements from artists and actors.

While Labour were fighting the election with 21st-century tools, Mr Corbyn’s Tory opponent appeared to be trying to re-enact Thatcher’s 1983 landslide. Theresa May was carted around to a succession of what appeared to be out-of-town service depots, where she parroted a line that will forever haunt her, about the "strong and stable" future she would ensure the country.

At each location, she would stand against a backdrop of faces that suggested little had changed in the United Kingdom over the last 30 years, taking few questions from a press that was beginning to see little novelty in her.

With the benefit of hindsight, it was obvious that Britain had changed during the election campaign, but the opinion polls remained steadily against Mr Corbyn. Many people lauded the energy and verve of his effort, but were still predicting that the country would wake up on June 9 to a possible Tory majority of 100 seats and Labour taking less than 200 MPs, their worst performance since the 1930s.

And then the earthquake came; Mrs May’s great gamble failed as the Tories lost seats and were denied a majority in the Commons, and Labour gained 30 MPs and ended on 262 seats.

Despite leading the party to its third consecutive defeat, Mr Corbyn had achieved a share of the vote for an avowedly socialist programme — 40 per cent of the electorate — which had seemed impossible when the party was in the low 20s. More importantly he had asserted control over Labour. Previous critics, with degrees of sincerity and enthusiasm, bent the knee to the leader, accepting that his unexpected triumph had gifted him control of the party.

And then, less than a week after the poll, came the appalling tragedy at Grenfell Tower, when upwards of 80 people died in an inferno at the building of social housing flats in an area of west London where rich and poor exist side by side.

The view of an unequal Britain that Mr Corbyn had preached on the campaign trail could not have been more horrifically illustrated; many believed that the residents of the tower had died because they were poor, and the terrible state provision for the victims of the fire seemed to emphasise this.

The day after the disaster, both Mrs May and Mr Corbyn visited the scene. The Labour leader looked prime ministerial as he hugged residents and walked among the community, clearly moved, while the actual prime minister was heavily guarded and escorted around stiffly by senior police officers.

The optics of the three months since the election have continued to reinforce this bizarre inversion of roles. Mr Corbyn has been feted wherever he has gone; his address to the Glastonbury festival in June drew immense crowds; the prime minister has seemed cold and aloof, and has lost her previous edge in PMQs exchanges.

The Tory party has essentially told their leader that she will be around for as long as they say she is worth keeping as a human shield on Brexit; Labour has allowed Mr Corbyn and his allies to change rules to allow for the strain of his politics to continue long after he has retired. Their relative personal ratings in opinion polls have also flipped; with 40 per cent of respondents viewing the Labour leader as being of sound judgment compared with 36 per cent for Mrs May, a swing of 15 per cent in his favour.

Although no one inside Labour is taking anything for granted, the party is in possession of that absolute essential in politics: momentum, fittingly enough. Labour appears to be the party with the ideas; the compromise offered by Mrs May in Florence last Friday was originally suggested by Sir Keir Starmer, the shadow Brexit secretary.

While many felt that Brexit could become Labour’s Achilles heel, with the millions of europhiles who voted for the party in June potentially defecting to the Liberal Democrats, the dominance of the left held by Mr Corbyn means that few have departed the fold.

The ultimate victor in this unlikely turnaround has been the British public, whose quixotic nature over the past two years has been well-documented. Mr Corbyn has displayed an authenticity that has eluded his political opponents: where once he was seen as an ideological anachronism, he is now viewed as a cussed survivor, a man who stuck to his guns in the face of societal changes that were not what the British people wanted. They changed their minds about him, and they delivered a revolution at the ballot box.

Whether his success reflects a post-Trump rejection of populism or a reassuring rebuttal of the political "truth" that voices outside the establishment view will not appeal to the electorate, Mr Corbyn has injected excitement and uncertainty into the British body politic, for better or worse.

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.
 

What is Folia?

Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.

Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."

Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.

In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love". 

There are also plans to take Folia to several more locations throughout the Middle East and Europe.

While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."

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

COMPANY%20PROFILE
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Company Profile:

Name: The Protein Bakeshop

Date of start: 2013

Founders: Rashi Chowdhary and Saad Umerani

Based: Dubai

Size, number of employees: 12

Funding/investors:  $400,000 (2018) 

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.”

The Cairo Statement

 1: Commit to countering all types of terrorism and extremism in all their manifestations

2: Denounce violence and the rhetoric of hatred

3: Adhere to the full compliance with the Riyadh accord of 2014 and the subsequent meeting and executive procedures approved in 2014 by the GCC  

4: Comply with all recommendations of the Summit between the US and Muslim countries held in May 2017 in Saudi Arabia.

5: Refrain from interfering in the internal affairs of countries and of supporting rogue entities.

6: Carry out the responsibility of all the countries with the international community to counter all manifestations of extremism and terrorism that threaten international peace and security

Recent winners

2002 Giselle Khoury (Colombia)

2004 Nathalie Nasralla (France)

2005 Catherine Abboud (Oceania)

2007 Grace Bijjani  (Mexico)

2008 Carina El-Keddissi (Brazil)

2009 Sara Mansour (Brazil)

2010 Daniella Rahme (Australia)

2011 Maria Farah (Canada)

2012 Cynthia Moukarzel (Kuwait)

2013 Layla Yarak (Australia)              

2014 Lia Saad  (UAE)

2015 Cynthia Farah (Australia)

2016 Yosmely Massaad (Venezuela)

2017 Dima Safi (Ivory Coast)

2018 Rachel Younan (Australia)

What is the definition of an SME?

SMEs in the UAE are defined by the number of employees, annual turnover and sector. For example, a “small company” in the services industry has six to 50 employees with a turnover of more than Dh2 million up to Dh20m, while in the manufacturing industry the requirements are 10 to 100 employees with a turnover of more than Dh3m up to Dh50m, according to Dubai SME, an agency of the Department of Economic Development.

A “medium-sized company” can either have staff of 51 to 200 employees or 101 to 250 employees, and a turnover less than or equal to Dh200m or Dh250m, again depending on whether the business is in the trading, manufacturing or services sectors. 

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