epa06318434 British Member of Parliament Penny Mordaunt arrives at 10 Downing Street in London, Britain, 09 November 2017. British Prime Minister Theresa May has appointed Penny Mordaunt  as the new  international development secretary after Priti Patel resigned on 08 November 2017 over her Israel meetings controversy.  EPA/ANDY RAIN
British Prime Minister Theresa May has appointed Penny Mordaunt as the new international development secretary after Priti Patel resigned on 08 November 2017 over her Israel meetings controversy. EShow more

May names replacement for minister ousted over secret Israel meetings


The National

British Prime Minister Theresa May on Thursday promoted a junior minister to replace ousted secretary Priti Patel, avoiding a major personnel shuffle and maintaining the delicate Brexit balance in her cabinet.

The Conservative leader named Penny Mordaunt, a minister in the welfare department and a strong supporter of Britain's withdrawal from the European Union, as her new international development secretary.

On Wednesday evening, Ms Patel became the second minister to quit within a week, after a row over unauthorised meetings she had during a holiday to Israel in August, including with Prime Minister Benjamin Netanyahu.

Ms Patel, who had harboured leadership aspirations, failed to tell officials in advance of the meetings and was accused of misleading the prime minister about the full extent of her contacts with Israeli politicians.

She returned home early from a trip to Uganda and handed in her notice shortly afterwards during a meeting at Downing Street with Mrs May.

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Ms Patel is a prominent Brexit supporter, and some Conservative MPs had pressed for a replacement that would maintain the political - and gender - balance.

Mordaunt had initially been tipped to replace Michael Fallon as defence secretary when he quit on November 1 following allegations of sexual harassment, but that job went to one of May's close aides, Gavin Williamson.

"The Queen has been pleased to approve the appointment of Penny Mordaunt MP as secretary of state for international development," a statement from Downing Street said.

Ms Mordaunt, a 44-year-old Royal Navy reservist, is the MP for the English naval town of Portsmouth, and served as a junior defence minister before becoming minister for disabled people last year.

Elected in 2010 after a career in business and media, including as head of foreign press for George W. Bush's 2000 presidential campaign, Ms Mordaunt has cut a rather different path from many of her fellow MPs.

She took part in a celebrity television diving show in 2014, giving her appearance fee to a local swimming pool.

She also delivered a bizarre speech in the House of Commons in 2013 about Easter and poultry, reportedly a response to a bet by navy colleagues to use the word "cock" as many times as she could in parliament.

Prominent Brexit supporter and Conservative MP Jacob Rees-Mogg had earlier called for a replacement for Patel who was enthusiastic about leaving the European Union.

"As long as it's somebody who has accepted that Brexit is happening and will support it properly... I don't think there will be a problem," he told the BBC.

But leading pro-European lawmaker Chuka Umunna, of the opposition Labour party, tweeted: "This is the same minister who falsely claimed Turkey was about to join the EU [during the referendum]. Words fail me."

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Director: Juan Carlos Medina
Cast: Olivia Cooke, Bill Nighy, Douglas Booth
Three stars

UAE currency: the story behind the money in your pockets
Abu Dhabi GP starting grid

1 Lewis Hamilton (Mercedes)

2 Valtteri Bottas (Mercedes)

3 Sebastian Vettel (Ferrari)

4 Kimi Raikkonen (Ferrari)

5 Daniel Ricciardo (Red Bull)

6 Max Verstappen (Red Bull)

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8 Charles Leclerc (Sauber)

9 Esteban Ocon (Force India)

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Director: Shawn Levy

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.”

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NEW ARRIVALS

Benjamin Mendy (Monaco) - £51.75m (Dh247.94m)
Kyle Walker (Tottenham Hotspur) - £45.9m
Bernardo Silva (Monaco) - £45m
Ederson Moraes (Benfica) - £36m
Danilo (Real Madrid) - £27m
Douglas Luiz (Vasco de Gama) - £10.8m

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The story of Edge

Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, established Edge in 2019.

It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.

Edge has an annual revenue of $5 billion and employs more than 12,000 people.

Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab

 

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal

Rating: 2/5

Fixtures

Saturday, May 28, United States v Scotland
Sunday, May 29, United States v Scotland
Tuesday, May 31, UAE v Scotland
Wednesday, June 1, UAE v United States
Friday, June 3, UAE v Scotland
Saturday, June 4, UAE v United States

UAE squad: Ahmed Raza (captain), Chirag Suri, Muhammad Waseem, Vriitya Aravind, CP Rizwan, Basil Hameed, Rohan Mustafa, Kashif Daud, Karthik Meiyappan, Zahoor Khan, Junaid Siddique, Alishan Sharafu, Akif Raja, Rahul Bhatia

Table
1. Oman 32 19 11 40 +0.156
2. Scotland 16 11 3 24 +0.574
3. UAE 18 10 6 22 +0.22
4. Namibia 14 7 7 14 +0.096
5. United States 16 7 9 14 -0.229
6. Nepal 12 6 6 12 +0.113
7. Papua New Guinea 20 1 19 2 -0.856

Children who witnessed blood bath want to help others

Aged just 11, Khulood Al Najjar’s daughter, Nora, bravely attempted to fight off Philip Spence. Her finger was injured when she put her hand in between the claw hammer and her mother’s head.

As a vital witness, she was forced to relive the ordeal by police who needed to identify the attacker and ensure he was found guilty.

Now aged 16, Nora has decided she wants to dedicate her career to helping other victims of crime.

“It was very horrible for her. She saw her mum, dying, just next to her eyes. But now she just wants to go forward,” said Khulood, speaking about how her eldest daughter was dealing with the trauma of the incident five years ago. “She is saying, 'mama, I want to be a lawyer, I want to help people achieve justice'.”

Khulood’s youngest daughter, Fatima, was seven at the time of the attack and attempted to help paramedics responding to the incident.

“Now she wants to be a maxillofacial doctor,” Khulood said. “She said to me ‘it is because a maxillofacial doctor returned your face, mama’. Now she wants to help people see themselves in the mirror again.”

Khulood’s son, Saeed, was nine in 2014 and slept through the attack. While he did not witness the trauma, this made it more difficult for him to understand what had happened. He has ambitions to become an engineer.

Company profile

Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices

Our legal consultant

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Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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Company Profile

Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed

THE STRANGERS' CASE

Director: Brandt Andersen
Starring: Omar Sy, Jason Beghe, Angeliki Papoulia
Rating: 4/5

UAE Warriors 45 Results

Main Event : Lightweight Title
Amru Magomedov def Jakhongir Jumaev - Round 1 (submission)
Co-Main Event : Bantamweight
Rany Saadeh def Genil Franciso - Round 2 (submission)
Catchweight 150 lbs
Walter Cogliandro def Ali Al Qaisi - Round 1 (TKO)
Bantamweight
Renat Khavalov def Hikaru Yoshino - Round 2 (TKO)
Flyweight
Victor Nunes def Nawras Abzakh - Round 1 (TKO)
Flyweight
Yamato Fujita def Sanzhar Adilov - Round 1 (submission)
Lightweight
Abdullo Khodzhaev def Petru Buzdugen - Round 1 (TKO)
Catchweight 139 lbs
Razhabali Shaydullaev def Magomed Al-Abdullah - Round 2 (submission)
Flyweight
Cong Wang def Amena Hadaya - Points (unanimous decision)
Middleweight
Khabib Nabiev def Adis Taalaybek Uulu - Round 2 (submission)
Light Heavyweight
Bartosz Szewczyk def Artem Zemlyakov - Round 2 (TKO)

COMPANY PROFILE

Company name: CarbonSifr
Started: 2022
Based: Dubai
Founders: Onur Elgun, Mustafa Bosca and Muhammed Yildirim
Sector: Climate tech
Investment stage: $1 million raised in seed funding

Tell-tale signs of burnout

- loss of confidence and appetite

- irritability and emotional outbursts

- sadness

- persistent physical ailments such as headaches, frequent infections and fatigue

- substance abuse, such as smoking or drinking more

- impaired judgement

- excessive and continuous worrying

- irregular sleep patterns

 

Tips to help overcome burnout

Acknowledge how you are feeling by listening to your warning signs. Set boundaries and learn to say ‘no’

Do activities that you want to do as well as things you have to do

Undertake at least 30 minutes of exercise per day. It releases an abundance of feel-good hormones

Find your form of relaxation and make time for it each day e.g. soothing music, reading or mindful meditation

Sleep and wake at the same time every day, even if your sleep pattern was disrupted. Without enough sleep condition such as stress, anxiety and depression can thrive.

The Year Earth Changed

Directed by:Tom Beard

Narrated by: Sir David Attenborough

Stars: 4

COMPANY PROFILE

Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside


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