Disciples of the iconoclastic British academic Frank Furedi are taught to despise the sin of denialism above all else.
Until Thursday, Mr Furedi’s most prominent protege in public life in the UK was Munira Mirza, head of the Downing Street policy unit. The manner of her departure was, in tone, fully fitting with the output of the professor’s school of writers over the decades.
Her resignation letter contained no florid passages about policy differences, as is typical.
Instead, Mirza opened both barrels on Boris Johnson about his deviation from a known truth, in this instance, his efforts to tag the opposition leader, a former state prosecutor, with official failures to stop the crimes of the child-abusing BBC presenter Jimmy Savile.
Ms Mirza studied under Mr Furedi, a founder of the Revolutionary Communist Party, for a doctorate in sociology. While at Oxford, she contributed to its magazine Living Marxism.
Since then, she has worked with Mr Johnson as a close aide off and on for 13 years, resulting in a CV with an uncommon fusion of the far Left and nationalist Conservatism. It should be noted that when he was editor of The Spectator, Mr Furedi’s contrarian views were regularly featured in Mr Johnson’s editions.
Ms Mirza was nothing if not strident in letter, which read like a missive on Spiked Online — another pillar of the controversialist collective.
“I believe it was wrong for you to imply this week that Keir Starmer was personally responsible for allowing Jimmy Savile to escape justice,” she said.
“There was no fair or reasonable basis for that assertion. This was not the usual cut and thrust of politics; it was an inappropriate and partisan reference to a horrendous case of child sex abuse.
“You tried to clarify your position today but, despite my urging, you did not apologise for the misleading impression you gave.
“You are a better man than many of your detractors will ever understand, which is why it is so desperately sad that you let yourself down by making a scurrilous accusation against the leader of the opposition.”
The back story of Ms Mirza has nothing that points to her important role in modern Conservatism. She is the youngest daughter of Pakistani immigrants, her father a factory worker and her mother a homemaker and Urdu teacher.
Ms Mirza grew up in Oldham and attended state schools before winning a place at Mansfield College, Oxford.
While Ms Mizra’s role has been to act as Mr Johnson’s policy brain, there has been criticism that the government has failed to produce a pipeline of Conservative ideas. Right-wing MPs welcomed her demise on Thursday.
Married to Doug Smith, who has been a Downing St adviser since the days of David Cameron, Ms Mirza had every opportunity to put her stamp on Britain when the party won an 80-seat majority in late 2019. It has since been sideswiped by the coronavirus pandemic and a cost-of-living crisis.
Nikki da Costa, a former No 10 colleague, suggests that Ms Mirza had been marginalised over the past 12 months.
The policy unit moved out of the heart of the Downing St buildings into the Cabinet office. She blamed the new role of departing chief of staff Dan Rosenfield, who also quit on Thursday.
“There has been a culture in which if you aren’t somebody who says yes and falls into line, then you quickly find yourself marginalised, and if you deliver bad news then you feel marginalised,” Ms da Costa said.
Speculation on Friday surrounded the networks close to Ms Mirza that cluster around Mr Johnson’s increasingly rivalrous Chancellor of the Exchequer, Rishi Sunak.
Ms Mirza is reportedly a friend of The Spectator’s James Forsyth, who broke the story of her quitting. Mr Forsyth is married to Mr Johnson’s former press secretary Allegra Stratton, who resigned at the beginning of the “Partygate” saga.
Before moving to the prime minister’s team, Ms Stratton had been director of strategic communications for Mr Sunak. Mr Forsyth and the chancellor have been friends since attending the public school, Winchester College, and are godparents to each other’s children.
Lord Ashcroft, who wrote a biography of the chancellor, previously said Mr Forsyth helped Mr Sunak to enter politics by introducing him to Ms Mirza’s husband, Mr Smith.
Speaking on Thursday, Mr Sunak described Ms Mirza as a “valued colleague” who he would miss at the heart of government. He then added a clear dig at the prime minister.
“Being honest, I wouldn’t have said it and I am glad that the prime minister clarified what he meant,” he said.
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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.”
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The past Palme d'Or winners
2018 Shoplifters, Hirokazu Kore-eda
2017 The Square, Ruben Ostlund
2016 I, Daniel Blake, Ken Loach
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2014 Winter Sleep (Kış Uykusu), Nuri Bilge Ceylan
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2012 Amour, Michael Haneke
2011 The Tree of Life, Terrence Malick
2010 Uncle Boonmee Who Can Recall His Past Lives (Lung Bunmi Raluek Chat), Apichatpong Weerasethakul
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Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
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