Greg Hands has been appointed Energy Minister. Alamy
Greg Hands has been appointed Energy Minister. Alamy
Greg Hands has been appointed Energy Minister. Alamy
Greg Hands has been appointed Energy Minister. Alamy

Greg Hands appointed UK energy chief in Boris Johnson's government shake-up


Jamie Prentis
  • English
  • Arabic

UK Prime Minister Boris Johnson continued the overhaul of his government on Thursday, with Greg Hands appointed Energy Minister and Penny Mordaunt removed from her Paymaster General role.

Ms Mordaunt was replaced by Michael Ellis, who had been serving as the acting Attorney General.

The appointment of Mr Hands, whose official title will be Minister of State at the Department for Business, Energy and Industrial Strategy, comes at a particularly important time.

Glasgow is set to host the UN climate summit, known as Cop26, in November as the international community assembles to discuss action against global warming.

“Energy, clean growth and climate change – some of the biggest challenges and opportunities for the government as we approach Cop26,” Mr Hands said upon his appointment.

Mr Johnson is expected to continue overhauling the ministerial ranks in the coming days, after a Cabinet reshuffle on Wednesday.

Dominic Raab was replaced as Foreign Secretary by Liz Truss, who had been in charge of international trade. He was removed from the role after facing intense criticism for his conduct during the rapid takeover of Afghanistan’s provincial capitals last month by the Taliban. Mr Raab was on holiday in Crete when the militants toppled Kabul.

Mr Raab, a lawyer by trade, was moved to Justice Secretary and given the title of Deputy Prime Minister.

Gavin Williamson was sacked as Education Secretary after his handling of the school exams fiasco during the Covid-19 pandemic.

Ben Wallace, who retained his role as Defence Secretary, on Thursday said the Prime Minister did not sack any of his top team due to incompetence and said treatment of Mr Williamson had been “unfair”.

“He has removed people from government not because they’re incompetent, not because they weren’t loyal enough et cetera, which are often the narratives you see, but often he has to refresh his team and move people out the way,” Mr Wallace told the BBC.

He insisted his Mr Raab’s holiday was not the reason for his removal.

“Dominic is by trade a lawyer, he started his life in the Foreign Office as a human rights lawyer and he’s gone to the Ministry of Justice which is actually a very, very important role and a role he desperately understands.”

Our family matters legal consultant

Name: Hassan Mohsen Elhais

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

Pox that threatens the Middle East's native species

Camelpox

Caused by a virus related to the one that causes human smallpox, camelpox typically causes fever, swelling of lymph nodes and skin lesions in camels aged over three, but the animal usually recovers after a month or so. Younger animals may develop a more acute form that causes internal lesions and diarrhoea, and is often fatal, especially when secondary infections result. It is found across the Middle East as well as in parts of Asia, Africa, Russia and India.

Falconpox

Falconpox can cause a variety of types of lesions, which can affect, for example, the eyelids, feet and the areas above and below the beak. It is a problem among captive falcons and is one of many types of avian pox or avipox diseases that together affect dozens of bird species across the world. Among the other forms are pigeonpox, turkeypox, starlingpox and canarypox. Avipox viruses are spread by mosquitoes and direct bird-to-bird contact.

Houbarapox

Houbarapox is, like falconpox, one of the many forms of avipox diseases. It exists in various forms, with a type that causes skin lesions being least likely to result in death. Other forms cause more severe lesions, including internal lesions, and are more likely to kill the bird, often because secondary infections develop. This summer the CVRL reported an outbreak of pox in houbaras after rains in spring led to an increase in mosquito numbers.

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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Manchester City 1 Sheffield United 0
Man City:
Jesus (9')

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Thursday December 27

Men's quarter-finals

Kevin Anderson v Hyeon Chung 4pm

Dominic Thiem v Karen Khachanov 6pm

Women's exhibition

Serena Williams v Venus Williams 8pm

Friday December 28

5th place play-off 3pm

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Rafael Nadal v Anderson/Chung 5pm

Novak Djokovic v Thiem/Khachanov 7pm

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3rd place play-off 5pm

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Cold War (Poland)

Never Look Away (Germany)

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Huddersfield Town 1 Manchester City 2
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Man City: Agüero (47' pen), Sterling (84')

Man of the match: Christopher Schindler (Huddersfield Town)

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How to wear a kandura

Dos

  • Wear the right fabric for the right season and occasion 
  • Always ask for the dress code if you don’t know
  • Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work 
  • Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts 

  • Wear hamdania for work, always wear a ghutra and agal 
  • Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Updated: September 16, 2021, 10:39 AM