More than 50 towns that have been “overlooked and undervalued” will each receive £20 million to help address issues including half-empty high streets, rundown shopping centres and antisocial behaviour.
The scheme, backed by £1 billion ($1.22 billion) of investment, aims to put "funding in the hands of local people" to improve their communities, said Prime Minister Rishi Sunak.
In total, 55 towns, including seven in Scotland and four in Wales, will each receive an endowment-style fund to be spent over a decade.
The money must be used on local priorities such as reviving high streets, tackling antisocial behaviour, improving transport, boosting visitor numbers and growing the local economy.
The investment in towns such as Grimsby in Lincolnshire, Wrexham in Wales and Dumfries in Scotland comes on the eve of the Conservative Party conference in Manchester.
Mr Sunak said: "Towns are the place most of us call home and where most of us go to work.
"But politicians have always taken towns for granted and focused on cities.
"The result is the half-empty high streets, rundown shopping centres and antisocial behaviour that undermine many towns' prosperity and hold back people's opportunity – and without a new approach, these problems will only get worse.
"That changes today. Our Long-Term Plan for Towns puts funding in the hands of local people themselves to invest in line with their priorities, over the long-term. That is how we level up."
As part of the investment, the towns will each set up a board, bringing together community leaders, employers, local authorities and the local MP to help deliver a plan for consultation.
The Department for Levelling Up, Housing and Communities said the town boards would be able to use a range of regeneration powers while using the new funding.
Officials suggested more private-sector investment could be unlocked by auctioning empty high-street shops, reforming licensing rules on shops and restaurants, and supporting more housing in urban centres.
They said research showed communities want to see more green spaces created and market days established to enhance town centres, with policing hotspots implemented to make public spaces safer.
Levelling Up Secretary Michael Gove said: "We know that in our towns the values of hard work and solidarity, common sense and common purpose, endeavour and quiet patriotism have endured across generations.
"But for too long, too many of our great British towns have been overlooked and undervalued.
"We are putting this right through our Long-Term Plan for Towns backed by over £1 billion of levelling-up funding.
"This will empower communities in every part of the UK to take back control of their future, taking long-term decisions in the interests of local people.
"It will mean more jobs, more opportunities and a brighter future for our towns and the people who live and work in them."
Ministers have promised central government support for the town boards as they formulate their vision.
A Towns Taskforce, sitting in the Department for Levelling Up and reporting directly to the Prime Minister and Mr Gove, will help them develop their plans and advise on how best to take advantage of government policies, unlock private and philanthropic investment and work with communities.
The department said towns had been chosen according to the Levelling-Up Needs Index, taking into account such aspects as skills, pay, productivity and health, as well as the Index of Multiple Deprivation, to ensure funding goes directly to urban areas that will benefit most.
Mr Gove's department said the government would work with local councils and the devolved administrations to determine how towns in Scotland and Wales would benefit.
Officials said they "look forward" to working with a restored executive, with power-sharing currently collapsed in Stormont, to determine the approach for providing support to Northern Ireland's towns.
Angela Rayner, Labour's shadow levelling up secretary, said: "It takes a special kind of arrogance for a Prime Minister caught on tape boasting that he had swiped money from 'deprived urban areas' to now expect local people to be grateful for a promise to hand a tiny fraction of it back.
"Levelling-up announcements from this government amount to barely more than shiny headlines, chaos and delays.
"While the Tories force communities to go cap in hand to Whitehall begging for their own money back, the next Labour government will spread power, wealth and opportunity to all parts of our country."
The 55 towns benefitting from £20 million of funding are: Mansfield; Boston; Worksop; Skegness; Newark-on-Trent; Chesterfield; Clifton (Nottingham); Spalding; Kirkby-in-Ashfield; Clacton-on-Sea; Great Yarmouth; Eston; Jarrow; Washington; Blyth (Northumberland); Hartlepool; Spennymoor; Darwen; Chadderton; Heywood; Ashton-under-Lyne; Accrington; Leigh (Wigan); Farnworth; Nelson (Pendle); Kirkby; Burnley; Hastings; Bexhill-on-Sea; Ryde; Torquay; Smethwick; Darlaston; Bilston (Wolverhampton); Dudley; Grimsby; Castleford; Doncaster; Rotherham; Barnsley; Scunthorpe; Keighley; Dewsbury; Scarborough; Merthyr Tydfil; Cwmbran; Wrexham; Barry (Vale of Glamorgan); Greenock; Irvine; Kilmarnock; Coatbridge; Clydebank; Dumfries; and Elgin.
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.”
FIGHT INFO
Men’s 60kg Round 1:
Ahmad Shuja Jamal (AFG) beat Krisada Takhiankliang (THA) - points
Hyan Aljmyah (SYR) beat Akram Alyminee (YEM) - retired Round 1
Ibrahim Bilal (UAE) beat Bhanu Pratap Pandit (IND) - TKO Round 1
Men’s 71kg Round 1:
Seyed Kaveh Soleyman (IRI) beat Abedel Rahman (JOR) - RSC round 3.
Amine Al Moatassime (UAE) walk over Ritiz Puri (NEP)
Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Profile of RentSher
Started: October 2015 in India, November 2016 in UAE
Founders: Harsh Dhand; Vaibhav and Purvashi Doshi
Based: Bangalore, India and Dubai, UAE
Sector: Online rental marketplace
Size: 40 employees
Investment: $2 million
BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
MATCH INFO
What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany
Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)
Frida%20
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ECarla%20Gutierrez%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Frida%20Kahlo%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
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