A British Conservative MP has been dropped from his role at a first aid charity following comments he made about two government ministers he mixed up.
James Gray confused Nadhim Zahawi, the new education secretary, and Sajid Javid, the health secretary, at a reception in Parliament to honour people who volunteer with St John Ambulance.
It was reported he then allegedly made a racist comment while trying to explain his confusion. The charity said it had removed the 66-year-old lawmaker as “commander of charity”, a position he had held since September 2020.
Mr Zahawi, 54, was born in Baghdad to Iraqi Kurdish parents and arrived in the UK with his family when he was 9, having fled during the early years of Saddam Hussein’s regime.
Mr Javid, 51, was born in Lancashire to Pakistani parents who immigrated to Britain in the 1960s.
Mr Gray had mistakenly referred to Mr Zahawi as the health secretary – which is Mr Javid’s job – when introducing him to the audience on the terrace of the Palace of Westminster. At the time, Mr Zahawi was the vaccines minister.
According to the Daily Mail, when his mix-up was pointed out, Mr Gray responded: “They all look the same to me.”
Mr Gray denies making the comment, saying: “I said: 'I am sorry to confuse the two of you. You two look very alike'. I said 'I am sorry if I got you two mixed up'.”
He said he was close friends with both men.
Mr Zahawi is said to have held a conversation with him behind closed doors immediately after.
After reports of the incident surfaced, St John Ambulance announced on Monday evening that it had asked Mr Gray to stand down.
“St John does not tolerate racism in any way, shape or form,” the charity said in a statement.
“We spoke with James Gray following the event about our values as an open, inclusive and progressive charity.”
A spokesman told The National that Mr Gray would not be taking part in any St John Ambulance activities in the future.
Mr Gray was forced to apologise last month for a “foolish remark” suggesting a bomb should be planted in a Labour frontbencher’s office.
At the time Mr Gray said he meant “no offence” with the comment about Labour Party chairwoman Anneliese Dodds, which he posted in a WhatsApp group ahead of the opposition’s conference in Brighton.
The timing of the remark particularly raised concern among MPs, because it was at the Conservative Party conference in the same city in 1984 that Margaret Thatcher was targeted by a bombing.
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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.”