Home Secretary Suella Braverman is understood to be flying to Rwanda in a bid to strengthen support for the UK government’s plan to send illegal immigrants there.
The UK has tendered a £78 million ($94.75 million) contract for the transport of migrants to partner countries, although so far only Rwanda has signed up.
Ms Braverman was due to touch down in the landlocked African nation on Friday, according to media reports, a week after the UK signed a fresh deal with France to “stop the boats”.
A representative for Ms Braverman declined to comment on the reports, citing security reasons.
The Home Secretary has staunchly defended the Conservative government’s plan to fly asylum seekers who enter the UK illegally to Rwanda while their claims are being processed.
Campaigners and opposition MPs argue the plan would represent a breach of human rights.
The UK has so far paid the Rwandan government £140 million ($148 million) for the programme. Further costs are expected to crop up when flights begin, including for transport, food, accommodation, access to translators and legal advice.
The new tender is for the “contract for the provision of in-country and overseas escorting services in relation to Migration and Economic Development Partnerships (MEDP) and other immigration services”.
A potential three-year contract has an estimated value of £78 million. Britain's only current MEDP is with Rwanda.
Removing people from the UK by charter flight cost more than £13,000 per person in 2020.
The UK-Rwanda deal was struck by Boris Johnson and former home secretary Priti Patel last year.
Since entering No 10 Downing Street in October, Prime Minister Rishi Sunak has pushed forward with the vision and has made ending illegal immigration one of the five key pledges of his premiership.
So far, no one has been sent to Rwanda under the policy, which has come up against numerous legal challenges and a last-minute intervention by the European Court of Human Rights.
Mr Sunak is under enormous pressure from MPs in his own party to get on top of the Channel migrant crisis, following a record-breaking 12 months in which more than 45,000 people crossed from France in small boats.
Tory backbench MP Marco Longhi told The National that the Rwanda plan will serve as a powerful deterrent to anyone considering risking their life by crossing the Channel.
“The clear message has to be, if you come to the UK illegally you go to Rwanda, or you go to the Ascension Islands or you go wherever else,” he said.
Mr Sunak recently unveiled his Illegal Immigration Bill, through which Channel migrants will be detained for 28 days without bail or judicial review. Legal challenges or appeals for them to be allowed to remain in the UK will also be severely restricted under the legislation.
Ms Braverman earlier this week said Rwanda “has the capacity to resettle tens of thousands of people if necessary”.
She spoke to MPs on illegal migrants' detention in the UK, saying: “We are expanding detention capacity with two new immigration removal centres, but clearly we are not building capacity to detain 40,000 people, nor do we need to. The aim of this bill is not to detain people, but to swiftly remove them.”
The Prime Minister signed a new deal on migration with French President Emmanuel Macron last week at an Anglo-French summit in Paris.
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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.”
Innotech Profile
Date started: 2013
Founder/CEO: Othman Al Mandhari
Based: Muscat, Oman
Sector: Additive manufacturing, 3D printing technologies
Size: 15 full-time employees
Stage: Seed stage and seeking Series A round of financing
Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now.
Persuasion
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Company profile
Company name: Dharma
Date started: 2018
Founders: Charaf El Mansouri, Nisma Benani, Leah Howe
Based: Abu Dhabi
Sector: TravelTech
Funding stage: Pre-series A
Investors: Convivialite Ventures, BY Partners, Shorooq Partners, L& Ventures, Flat6Labs
Bio:
Favourite Quote: Prophet Mohammad's quotes There is reward for kindness to every living thing and A good man treats women with honour
Favourite Hobby: Serving poor people
Favourite Book: The Alchemist by Paulo Coelho
Favourite food: Fish and vegetables
Favourite place to visit: London