If Penny Mordaunt was not too familiar to the British public before the Conservative Party leadership contest began, she will be by the time the race is run.
Flyers with her picture were placed on seats at the Michelin-starred Cinnamon Club in Westminster — as if guests at the launch of her campaign would need a reminder of who she is.
Only a few minutes later, they were in no doubt.
Amid a heatwave in Britain, Ms Mordaunt displayed her cool demeanour in a well-received speech on Wednesday.
If the trade minister achieves enough MP votes to be one of the final two candidates, her opponents will have reason to be concerned as she is currently most popular among the Conservative grassroots.
The Royal Navy reservist has demonstrated that she can hold a room as well as tear a strip off the opposition. This was shown by her evisceration of the deputy leader of the opposition Labour Party, Angela Rayner, in a House of Commons debate last year.
That could explain why the survey of the ConservativeHome members’ panel, that has proven accurate in the past, found Ms Mordaunt would beat the former chancellor Rishi Sunak by 58 per cent to 31 per cent, and Foreign Secretary Liz Truss by 51 per cent to 33 per cent.
In a survey by YouGov, she achieved 12 per cent, followed by Mr Sunak on 10 per cent and Ms Truss on 8 per cent.
In the first round of the Tory leadership vote on Wednesday night, Ms Mordaunt's credentials were confirmed when she received 67 votes to finish second behind Mr Sunak (88). Ms Truss came third with 50 votes before the next ballot on Thursday.
Until Wednesday, Ms Mordaunt had largely remained silent, apart from releasing a slightly pedestrian video announcing her candidacy.
But, after largely winning over the press with her presentation, Ms Mordaunt is rapidly emerging as the dark horse who could win the race to become Britain’s next prime minister.
Speaking largely without notes, the former defence secretary delivered calm, measured arguments that did not over-promise.
“Whitehall is broken and trust had to be restored,” she said, speaking from a lectern with her catching “PM4PM” logo and with a rather tattered — perhaps battle-scarred — British union flag behind her.
A mark of her growing power was the mass assembly of leading Westminster commentators packed in shoulder-to-shoulder in a small room.
Ms Mordaunt did not overstate her service background, but did refer to witnessing as a 9-year-old the Falklands task force set sail from Portsmouth to retake the South Atlantic islands from Argentina in 1982.
“My country stood up to bullies,” she said to applause. "[Britain] does not need a new role in the world, we just need to be ourselves."
On defence, where she briefly served as secretary of state in 2019, Ms Mordaunt vowed to “take tasks off the armed forces” by introducing a new “civil defence force”.
She also pledged to slash fuel tax and raise the tax-threshold of 40 per cent in line with inflation.
Whether she has the chance to deliver on her policies could prove the most fascinating fight in the coming days. Many commentators believe Ms Mordaunt is likely to reach at least the last three candidates during MPs’ voting.
Her pitch without notes was brave and she had distinct breaks between making points, showing the polish of speech-training that instructs the famous “Obama pause” during oration.
Also, without referring to a written narrative is something that could charm Conservative Party members, as it did for former prime minister David Cameron in 2005. Those 200,000 activists are the path to power as they will vote for one of the last two remaining candidates that the parliamentary party puts forward.
Ms Mordaunt was introduced by fellow Brexiteer Andrea Leadsom, who came second in the 2016 leadership race. She was supported by a broad range of MPs from veteran Brexiteer David Davis, the outspoken Alicia Kearns, and the eccentric Michael Fabricant.
Who will replace Boris Johnson?
Ms Mordaunt has several advantages over her current closest rivals, Mr Sunak and Ms Truss.
She did not serve in Boris Johnson’s Cabinet, distancing herself from the toxicity of scandal and untruths. She is an original Brexiteer, unlike the convert Ms Truss. She does not carry Mr Sunak’s baggage of a police fine for coronavirus lockdown rule-breaking or questions over his wife’s tax status.
She also has strong social liberal views, that might appeal to One Nation Tories, although her apparent “woke” comments on transgender people have not endeared her to the right wing.
Asked about sexist comments currently being made behind-the-scenes about her, Ms Mordaunt stridently responded: “It’s because I’m a threat to their campaign.”
But she was also gracious in thanking Mr Johnson “for delivering Brexit”.
On the Cinnamon Club performance, it became clear why she is rapidly becoming the candidate to fear.
Towards the end of her fluent, 12-minute speech, Ms Mordaunt insisted she would be the “candidate that Labour fear most”. As the cheers faded, there must have consternation among the opposition ranks.
UK Conservatives on the leadership campaign trail - in pictures
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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
The specs: 2018 Maserati Levante S
Price, base / as tested: Dh409,000 / Dh467,000
Engine: 3.0-litre V6
Transmission: Eight-speed automatic
Power: 430hp @ 5,750rpm
Torque: 580Nm @ 4,500rpm
Fuel economy, combined: 10.9L / 100km
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Company Profile
Company name: Yeepeey
Started: Soft launch in November, 2020
Founders: Sagar Chandiramani, Jatin Sharma and Monish Chandiramani
Based: Dubai
Industry: E-grocery
Initial investment: $150,000
Future plan: Raise $1.5m and enter Saudi Arabia next year
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
How to report a beggar
Abu Dhabi – Call 999 or 8002626 (Aman Service)
Dubai – Call 800243
Sharjah – Call 065632222
Ras Al Khaimah - Call 072053372
Ajman – Call 067401616
Umm Al Quwain – Call 999
Fujairah - Call 092051100 or 092224411
UAE currency: the story behind the money in your pockets
Countries recognising Palestine
France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
The Beach Bum
Director: Harmony Korine
Stars: Matthew McConaughey, Isla Fisher, Snoop Dogg
Two stars
Profile of Tamatem
Date started: March 2013
Founder: Hussam Hammo
Based: Amman, Jordan
Employees: 55
Funding: $6m
Funders: Wamda Capital, Modern Electronics (part of Al Falaisah Group) and North Base Media
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
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Investment stage: Series A
Investors: Core42
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Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
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Sector: Transport
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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.”
How Alia's experiment will help humans get to Mars
Alia’s winning experiment examined how genes might change under the stresses caused by being in space, such as cosmic radiation and microgravity.
Her samples were placed in a machine on board the International Space Station. called a miniPCR thermal cycler, which can copy DNA multiple times.
After the samples were examined on return to Earth, scientists were able to successfully detect changes caused by being in space in the way DNA transmits instructions through proteins and other molecules in living organisms.
Although Alia’s samples were taken from nematode worms, the results have much bigger long term applications, especially for human space flight and long term missions, such as to Mars.
It also means that the first DNA experiments using human genomes can now be carried out on the ISS.