James Cleverly, a former Middle East minister and one of Liz Truss's earliest backers in the race to lead Britain, has been rewarded with a promotion to foreign secretary in the new prime minister's Cabinet.
The prime minister's office tweeted: “The Rt Hon James Cleverly MP @JamesCleverly has been appointed Secretary of State for Foreign, Commonwealth and Development Affairs @FCDOGovUK.”
Mr Cleverly, an army reservist unafraid of sparring with opponents on social media, said supporting Ms Truss was an easy decision because of her small-state rhetoric and her willingness to stand up to Iran and Russia.
A junior minister during Ms Truss’s time at the Foreign Office, he was moved to education in the makeshift government that saw out Mr Johnson’s term, but when asked if he would return as foreign secretary, he said: “Who wouldn’t?”
Mr Cleverly, who turned 53 on Sunday, grew up in South London but had a frustrating time trying to make it as a Conservative in the Labour-supporting borough of Lewisham.
Defeated in his bids to be mayor of Lewisham, MP for Lewisham East and a member of Lewisham Council, he eventually made it into the London Assembly but ultimately decided to pursue his political fortunes elsewhere.
He entered Parliament in 2015 as the member for Braintree, east of London, where his pro-Brexit views went down well with constituents.
At the height of the Brexit deadlock in 2019, he briefly threw his hat in the ring for the Tory leadership but withdrew from the race within days, acknowledging MPs were not ready to make a “leap of faith” on a relatively junior MP.
Mr Cleverly joined the Cabinet as party chairman after Boris Johnson won the leadership contest, but was moved to a junior Foreign Office post in 2020 in what was regarded as a demotion.
He took on a Middle East and North Africa brief that included responsibility for dealing with Iran over the detention of Nazanin Zaghari-Ratcliffe and responding to the Taliban’s capture of Afghanistan.
In this role, Mr Cleverly travelled to the Middle East several times, including to the UAE, Kuwait, Oman and Qatar, and in 2020 he described Britain’s ties with the Gulf as their strongest ever.
He was in Bahrain when the country appointed its first ambassador to Israel under the Abraham Accords, later describing it as “genuinely a joyous occasion”.
Mr Cleverly celebrated Ms Zaghari-Ratcliffe’s release after long negotiations in March and defended the government’s payment of a £400 million ($462m) debt to Iran, insisting it would not be used to fund terrorism.
His defence of Britain’s withdrawal from Afghanistan led to a stormy encounter with voters on the BBC's Question Time, in which he was criticised for advising people to turn to charity for help, with one viewer saying: “How dare you?”
One sympathetic opposition peer said Mr Cleverly was “conscientious and determined to do his best” in his role, but overloaded by a brief that was widened to include Russia, North America, international security and development.
During his time overseeing development, Britain hosted an education conference at which $4 billion was raised from donors to prevent what Mr Cleverly called a “lost generation of girls” being left without schooling by the pandemic.
As patience wore thin with Mr Johnson's string of scandals, the loyal Mr Cleverly said in June that he was “not going to go flaky” on a leader who had led the Conservatives to a landslide election victory.
But once Mr Johnson succumbed to the pressure and resigned, Mr Cleverly was quickly out of the blocks to throw his weight behind Ms Truss before she had formally launched her campaign.
At the first of 12 party hustings in Leeds, Mr Cleverly was the warm-up act invited by Ms Truss to introduce her to party members and persuade them to choose her over rival candidate Rishi Sunak.
Mr Cleverly used his speech to plug some of the perceived weaknesses in Ms Truss’s campaign, describing her as an enthusiast for delivering Brexit benefits despite her earlier support for remaining in the European Union.
“I know that she knows what it takes to fight for every vote,” Mr Cleverly said. “I know that she knows that you don’t get anything for free and that you have to work hard for everything.”
He now faces the challenge of stepping into Ms Truss’s shoes at the Foreign Office as the war in Ukraine drags on, bringing the economic crises in its wake that are set to dominate the new government’s tenure.
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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.”
Roll of honour 2019-2020
Dubai Rugby Sevens
Winners: Dubai Hurricanes
Runners up: Bahrain
West Asia Premiership
Winners: Bahrain
Runners up: UAE Premiership
UAE Premiership
}Winners: Dubai Exiles
Runners up: Dubai Hurricanes
UAE Division One
Winners: Abu Dhabi Saracens
Runners up: Dubai Hurricanes II
UAE Division Two
Winners: Barrelhouse
Runners up: RAK Rugby
PROFILE OF STARZPLAY
Date started: 2014
Founders: Maaz Sheikh, Danny Bates
Based: Dubai, UAE
Sector: Entertainment/Streaming Video On Demand
Number of employees: 125
Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners
Our legal columnist
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Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
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ETFs explained
Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.
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Tips for used car buyers
- Choose cars with GCC specifications
- Get a service history for cars less than five years old
- Don’t go cheap on the inspection
- Check for oil leaks
- Do a Google search on the standard problems for your car model
- Do your due diligence. Get a transfer of ownership done at an official RTA centre
- Check the vehicle’s condition. You don’t want to buy a car that’s a good deal but ends up costing you Dh10,000 in repairs every month
- Validate warranty and service contracts with the relevant agency and and make sure they are valid when ownership is transferred
- If you are planning to sell the car soon, buy one with a good resale value. The two most popular cars in the UAE are black or white in colour and other colours are harder to sell
Tarek Kabrit, chief executive of Seez, and Imad Hammad, chief executive and co-founder of CarSwitch.com
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The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
Match info
Uefa Champions League Group C
Liverpool v Napoli, midnight
THE BIO
Mr Al Qassimi is 37 and lives in Dubai
He is a keen drummer and loves gardening
His favourite way to unwind is spending time with his two children and cooking