File photo of US Marine Corps General John Kelly, commander of the US southern command who has been appointed by Donald Trump as the new head of homeland security. Mandel Ngan/AFP
File photo of US Marine Corps General John Kelly, commander of the US southern command who has been appointed by Donald Trump as the new head of homeland security. Mandel Ngan/AFP

‘Goldman, generals and gazillionaires’ make up Trump’s team



NEW YORK // President-elect Donald Trump is building a cabinet of generals and billionaires, shaping the administration in his own image and provoking criticism it is out of touch with the voters who backed his insurgent campaign.
On Tuesday, he announced that ExxonMobil chief, Rex Tillerson, would be the next secretary of state, saying he "knows how to manage a global enterprise, which is crucial to running a successful state department".
Mr Trump selected General John Kelly on Monday as his pick to lead the department of homeland security and last week named billionaire Linda McMahon, CEO of World Wrestling Entertainment and former pro-wrestling magnate, to head the small business administration.
Critics fear that prominent business leaders will struggle to abandon awkward corporate ties in favour of national interest and that Mr Trump's obsession with military men risks undermining the principle of civilian control of the armed forces.
It is almost as if the president-elect is building an administration in his own image, according to some commentators.
Jeanne Zaino, professor of political science at Iona College, New York, said he had selected appointees who were known to be strong-willed and successful in their fields — whether military or business — but with little political experience.
"He is picking people who he feels comfortable with, on a personal level and he understands their backgrounds," she said. "It is similar to the way Donald Trump is."
Some of the appointments are not final as cabinet jobs must be approved by the senate. Already Mr Trump has picked retired Marine General James Mattis as defence secretary and retired Army Lieutenant General Michael Flynn as national security adviser.
Another retired general, David Petraeus, was an outside chance for secretary of state, while retired Admiral Michael Rogers has been linked to the job of director of national intelligence.
One more three or four-star general "and we can start referring to a Trump junta rather than a Trump administration", the former Army Lieutenant Colonel Andrew Bacevich told Time magazine.
Senior military figures offer an uncomplicated choice for Mr Trump. Most kept their political feelings to themselves during the bad tempered election campaign.
In contrast, several senior Republicans were outspoken in their criticism of Mr Trump's bombastic style and policy positions, effectively ruling themselves out of a position in his government.
At the same time, Mr Trump made clear his respect for the top brass. He frequently avoided making foreign policy or military commitments on the stump instead suggesting he would let US generals devise strategy once he was in office.
He has made no apologies for the make-up of his cabinet, saying he has selected individuals with a history of public service.
Last week, at a victory rally in Iowa, he compared his picks with elite athletes.
"I want people that made a fortune because now they're negotiating with you. It's not different than a great baseball player or a great golfer," he said.
His selection includes tycoons worth more than US$14.5 billion (Dh53.25bn) including billionaire investor Wilbur Ross as his commerce secretary, Betsy Devos, a billionaire philanthropist, as his education secretary, and Wall Street banker Steven Mnuchin as his treasury secretary.
Both Mr Mnuchin and Mr Ross have worked for Goldman Sachs, marking a bitter irony as Mr Trump savaged Hillary Clinton for giving paid speeches to the bank.
Their inclusion led one opponent, the Democrat Senator Claire McCaskill, to describe the cabinet as made up of "Goldman, generals and gazillionaires".
Prof Zaino points out while Wall Street executives and generals may in some cases be political neophytes, they are hardly the sort of anti-establishment figures that Mr Trump said he would bring in.
"Are people that voted for him in a year going to turn around and say this was an administration that promised one thing and did another, following an establishment, conservative, Republican agenda?" she said.
Left-wing opponents have also taken issue with the composition.
LeeAnn Hall, co-director of People's Action, said: "What Trump's cabinet appointees have in common is a track record of working in their own self-interest, not public service, and amassing personal fortunes, not fighting for working families."
Rex Tillerson, in particular, has been singled out for the baggage he would bring to the state department. As chief executive of ExxonMobil, his experience at striking deals makes him a cabinet member in the Trump mould, but his stint working in Russia for the company saw him develop ties with President Vladimir Putin and Igor Sechin, a former KGB associate who runs the country's state-controlled oil company Rosneft.
Bob Menendez, senior member of the Senate foreign relations committee, said those links made his nomination "alarming and absurd".
"The term conflict of interest doesn't even begin to describe the web of dubious business interests and bank accounts that Tillerson and his company Exxon shares with Vladimir Putin and Russian oil companies," he said.
Mr Trump is expected to unveil more appointments this week.
foreign.desk@thenational.ae

The specs
Engine: 4.0-litre flat-six
Power: 510hp at 9,000rpm
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Price: From Dh801,800
SPECS

Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now

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
MATCH INFO

Watford 2 (Sarr 50', Deeney 54' pen)

Manchester United 0

MWTC info

Tickets to the MWTC range from Dh100 and can be purchased from www.ticketmaster.ae or by calling 800 86 823 from within the UAE or 971 4 366 2289 from outside the country and all Virgin Megastores. Fans looking to attend all three days of the MWTC can avail of a special 20 percent discount on ticket prices.

Volvo ES90 Specs

Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)

Power: 333hp, 449hp, 680hp

Torque: 480Nm, 670Nm, 870Nm

On sale: Later in 2025 or early 2026, depending on region

Price: Exact regional pricing TBA

Karwaan

Producer: Ronnie Screwvala

Director: Akarsh Khurana

Starring: Irrfan Khan, Dulquer Salmaan, Mithila Palkar

Rating: 4/5

Pupils in Abu Dhabi are learning the importance of being active, eating well and leading a healthy lifestyle now and throughout adulthood, thanks to a newly launched programme 'Healthy Lifestyle'.

As part of the Healthy Lifestyle programme, specially trained coaches from City Football Schools, along with Healthpoint physicians have visited schools throughout Abu Dhabi to give fun and interactive lessons on working out regularly, making the right food choices, getting enough sleep and staying hydrated, just like their favourite footballers.

Organised by Manchester City FC and Healthpoint, Manchester City FC’s regional healthcare partner and part of Mubadala’s healthcare network, the ‘Healthy Lifestyle’ programme will visit 15 schools, meeting around 1,000 youngsters over the next five months.

Designed to give pupils all the information they need to improve their diet and fitness habits at home, at school and as they grow up, coaches from City Football Schools will work alongside teachers to lead the youngsters through a series of fun, creative and educational classes as well as activities, including playing football and other games.

Dr Mai Ahmed Al Jaber, head of public health at Healthpoint, said: “The programme has different aspects - diet, exercise, sleep and mental well-being. By having a focus on each of those and delivering information in a way that children can absorb easily it can help to address childhood obesity."

A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

COMPANY%20PROFILE%20
%3Cp%3EName%3A%20DarDoc%3Cbr%3EBased%3A%20Abu%20Dhabi%3Cbr%3EFounders%3A%20Samer%20Masri%2C%20Keswin%20Suresh%3Cbr%3ESector%3A%20HealthTech%3Cbr%3ETotal%20funding%3A%20%24800%2C000%3Cbr%3EInvestors%3A%20Flat6Labs%2C%20angel%20investors%20%2B%20Incubated%20by%20Hub71%2C%20Abu%20Dhabi's%20Department%20of%20Health%3Cbr%3ENumber%20of%20employees%3A%2010%3C%2Fp%3E%0A
Profile

Co-founders of the company: Vilhelm Hedberg and Ravi Bhusari

Launch year: In 2016 ekar launched and signed an agreement with Etihad Airways in Abu Dhabi. In January 2017 ekar launched in Dubai in a partnership with the RTA.

Number of employees: Over 50

Financing stage: Series B currently being finalised

Investors: Series A - Audacia Capital 

Sector of operation: Transport

RESULT

Bournemouth 0 Southampton 3 (Djenepo (37', Redmond 45' 1, 59')

Man of the match Nathan Redmond (Southampton)

MATCH INFO

Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid

When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid

The Bio

Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity

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.”

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
Results

Stage seven

1. Tadej Pogacar (SLO) UAE Team Emirates, in 3:20:24

2. Adam Yates (GBR) Ineos Grenadiers, at 1s

3. Pello Bilbao (ESP) Bahrain-Victorious, at 5s

General Classification

1. Tadej Pogacar (SLO) UAE Team Emirates, in 25:38:16

2. Adam Yates (GBR) Ineos Grenadiers, at 22s

3. Pello Bilbao (ESP) Bahrain-Victorious, at 48s

Get Out

Director: Jordan Peele

Stars: Daniel Kaluuya, Allison Williams, Catherine Keener, Bradley Whitford

Four stars

The specs: 2018 Jeep Compass

Price, base: Dh100,000 (estimate)

Engine: 2.4L four-cylinder

Transmission: Nine-speed automatic

Power: 184bhp at 6,400rpm

Torque: 237Nm at 3,900rpm

Fuel economy, combined: 9.4L / 100km

Tottenham's 10 biggest transfers (according to transfermarkt.com):

1). Moussa Sissokho - Newcastle United - £30 million (Dh143m): Flop

2). Roberto Soldado - Valencia -  £25m: Flop

3). Erik Lamela - Roma -  £25m: Jury still out

4). Son Heung-min - Bayer Leverkusen -  £25m: Success

5). Darren Bent - Charlton Athletic -  £21m: Flop

6). Vincent Janssen - AZ Alkmaar -  £18m: Flop

7). David Bentley - Blackburn Rovers -  £18m: Flop

8). Luka Modric - Dynamo Zagreb -  £17m: Success

9). Paulinho - Corinthians -  £16m: Flop

10). Mousa Dembele - Fulham -  £16m: Success

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A