British Prime Minister Liz Truss will use a speech at the UN General Assembly in New York on Wednesday to warn democratic leaders against any complacency when it comes to defending values and preserving a world order that rewards freedom.
At the first ever session of the UNGA held in the shadow of a large-scale war in Europe, Ms Truss will highlight the threat from authoritarian states working to undermine security and stability around the world.
She will use her speech to outline her vision for this new, more competitive era, which will require like-minded democracies to fight for their ideals.
Ms Truss will say this begins with ensuring the UK and its partners have the strong economic foundations they need to constrain authoritarianism.
She will outline her plans to build a British economy that attracts growth by rewarding innovation, championing investment and enterprise, and welcoming the best talent from around the world.
Ms Truss will also pledge to ensure the British economy is free from malign interference by increasing its energy independence and protecting the security of its supply chains.
“The commitment to hope and progress must begin at home, in the lives of every citizen that we serve," she is expected to say.
"We want people to keep more of the money they earn, because we believe that freedom trumps instruction.
“We are reforming our economy to get Britain moving forward once again.
"The free world needs this economic strength and resilience to push back against authoritarian aggression and win this new era of strategic competition.
“We will no longer be strategically dependent on those who seek to weaponise the global economy."
Liz Truss's political career - in pictures
She will look to boost the resilience of the UK economy and work with other democracies to protect each other’s economic security.
Ms Truss will make the case for harnessing aspiration and creativity to deny authoritarian states the chance to manipulate the global economy.
She will tell the UNGA that the G7 and other like-minded partners must act as an economic Nato, collectively defending prosperity and coming to the aid of any partner attacked by an aggressive regime.
Ms Truss will say that economic security goes hand in hand with physical security, and that to support this she will protect the UK and its allies by increasing defence spending to 3 per cent of the country's GDP by 2030.
“Just as we are building a plan for growth at home, we are also developing a new blueprint for our engagement with the world," she will say.
“We will build resilience and collective security, because they are vital for freedom and democracy. We will be a reliable, trustworthy and dynamic partner.”
To ensure the UK’s diplomatic, military and security architecture is keeping pace with evolving threat posed by hostile nations, Ms Truss has commissioned an update to the Integrated Review.
The UK’s Integrated Review of security, defence, development and foreign policy was published in March 2021, before Mr Putin’s full-scale invasion of Ukraine created the greatest security challenge ever experienced by Nato.
Prof John Bew, Ms Truss's special adviser for foreign affairs and defence, will lead a Downing Street process to update the review.
The refreshed strategy is planned to ensure the UK is investing in the strategic capabilities and alliances it needs to stand firm against Russia and China.
The update is expected to be published by the end of this year.
Liz Truss ready to be 'unpopular' for her economic policies - video
She says that by properly investing in defence, the UK will be ready to stand up for peace, prosperity and freedom across the world.
“This is a decisive moment in British history, in the history of this organisation, and in the history of freedom," Ms Truss is expected to say.
“The story of 2022 could have been that of an authoritarian state rolling its tanks over the border of a peaceful neighbour and subjugating its people.
“Instead, it is the story of freedom fighting back … but this must not be a one off. Britain’s commitment to this is total.
“Together with our friends and allies around the world, we will continue to champion freedom, sovereign and democracy, and we will define this new era as one of hope and progress."
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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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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Company profile
Name: Tratok Portal
Founded: 2017
Based: UAE
Sector: Travel & tourism
Size: 36 employees
Funding: Privately funded
FROM%20THE%20ASHES
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The bio
Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district
Was a middle distance state athletics champion in school
Enjoys driving to Fujairah and Ras Al Khaimah with family
His dream is to continue working as a social worker and help people
Has seven diaries in which he has jotted down notes about his work and money he earned
Keeps the diaries in his car to remember his journey in the Emirates
The years Ramadan fell in May
The biog
Favourite food: Tabbouleh, greek salad and sushi
Favourite TV show: That 70s Show
Favourite animal: Ferrets, they are smart, sensitive, playful and loving
Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can
Name of first pet: Eddy, a Persian cat that showed up at our home
Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big
The specs
Engine: 3.8-litre, twin-turbo V8
Transmission: eight-speed automatic
Power: 582bhp
Torque: 730Nm
Price: Dh649,000
On sale: now
Juventus v Napoli, Sunday, 10.45pm (UAE)
Match on Bein Sports
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COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
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UAE squad to face Ireland
Ahmed Raza (captain), Chirag Suri (vice-captain), Rohan Mustafa, Mohammed Usman, Mohammed Boota, Zahoor Khan, Junaid Siddique, Waheed Ahmad, Zawar Farid, CP Rizwaan, Aryan Lakra, Karthik Meiyappan, Alishan Sharafu, Basil Hameed, Kashif Daud, Adithya Shetty, Vriitya Aravind
UAE Falcons
Carly Lewis (captain), Emily Fensome, Kelly Loy, Isabel Affley, Jessica Cronin, Jemma Eley, Jenna Guy, Kate Lewis, Megan Polley, Charlie Preston, Becki Quigley and Sophie Siffre. Deb Jones and Lucia Sdao – coach and assistant coach.
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
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
Company%20profile
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The specs: Lamborghini Aventador SVJ
Price, base: Dh1,731,672
Engine: 6.5-litre V12
Gearbox: Seven-speed automatic
Power: 770hp @ 8,500rpm
Torque: 720Nm @ 6,750rpm
Fuel economy: 19.6L / 100km
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
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Name: Kumulus Water
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Based: Tunisia
Sector: Water technology
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Name: Carzaty
Founders: Marwan Chaar and Hassan Jaffar
Launched: 2017
Employees: 22
Based: Dubai and Muscat
Sector: Automobile retail
Funding to date: $5.5 million
Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association