Follow the latest news on the US midterm elections 2022
Governor Ron DeSantis's landslide re-election in Florida has solidified his status as the fastest-rising star in the Republican Party.
Mr DeSantis is considered the biggest rival to Donald Trump in 2024, should both men seek the party's nomination for president.
After winning his state by more than 19 per cent — a better showing than the Republicans managed in many other parts of the country — conservatives are beginning to circle around Mr DeSantis as their best shot at winning back the White House.
Conservative television outlet Fox News heralded the governor as “the new Republican Party leader”. The New York Post, a conservative tabloid, called Mr DeSantis “DeFUTURE”, while Mr Trump became “Trumpty Dumpty”.
At the same time, former associates of Mr Trump are reportedly urging him to delay his speculated “big announcement”, originally scheduled for next week.
'Two more years'
Mr Desantis's 19.4 per cent margin of victory was the largest in Florida's history. It also eclipsed Mr Trump's victory during the 2020 presidential election, where he carried the state by a little north of three points.
A notable win for Mr DeSantis was in Miami-Dade County, which has a large Latino population. It was the first time a Republican governor candidate won the county.
He also won Palm Beach County, another Democratic stronghold.
It was further proof that Florida is now firmly in the control of Republicans after Mr Trump won the state in 2020 and 2016.
“We not only won election, we have rewritten the political map,” a victorious Mr DeSantis declared on Tuesday night.
Possibly even more impressive was that Mr DeSantis carried Republicans down-ballot in elections across the state, showing his political clout. And all six school-board candidates that he endorsed won.
In the weeks leading up to election night, the Florida governor travelled across the country to attend events of other Republican candidates, an unmistakable sign of his national ambition and recognition. During his election night watch party, supporters chanted “two more years”, egging him on to run for president in 2024.
Mr DeSantis has not publicly said if he will run.
A populist in Florida
In his first term as Florida governor, Mr DeSantis echoed many of the populist sentiments espoused by then-president Trump.
During the height of the coronavirus pandemic in 2020, Mr DeSantis opposed the social distancing and quarantining guidelines advised by the Centres of Disease Control and Prevention. As metropolitan cities across the US were shuttered, Florida's residents were seen flocking to its beaches.
The governor also fought back against the use of face masks and said receiving the Covid-19 vaccine was a personal choice, pitting him against infectious disease expert Dr Anthony Fauci.
Also winning him plaudits in Republican circles was signing a bill into law that restricted teaching gender identity and sexual orientation in schools. And he revoked the special district status of Disney, one of the state's largest private employers, after the company pledged to challenge the law.
“We will never, ever surrender to the woke mob,” Mr DeSantis told supporters, using a term used to describe advocates of progressive policies.
He also sought to position himself as one of the most vocal opponents of President Joe Biden's immigration policies, a long-standing central issue for Republican voters.
In September, Mr DeSantis pitted himself squarely against the Democratic president by transporting about 50 Venezuelan migrants from Texas to wealthy Martha's Vineyard in Massachusetts.
The White House condemned Mr DeSantis for treating migrants as “political pawns”.
Mr Biden met his potential 2024 challenger for the first time last month after Hurricane Ian, which destroyed part of the state's infrastructure and left more than 100 people dead.
“Mr President, welcome to Florida. We appreciate working together across various levels of government,” Mr DeSantis said during a news conference in the beach town of Fort Myers.
It was a highly anticipated in-person meeting between the Democratic presidential incumbent and the conservative rising star. After Mr DeSantis's high-profile election win on November 8, it may also be a precursor to the 2024 presidential election.
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
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Fixtures
Tuesday - 5.15pm: Team Lebanon v Alger Corsaires; 8.30pm: Abu Dhabi Storms v Pharaohs
Wednesday - 5.15pm: Pharaohs v Carthage Eagles; 8.30pm: Alger Corsaires v Abu Dhabi Storms
Thursday - 4.30pm: Team Lebanon v Pharaohs; 7.30pm: Abu Dhabi Storms v Carthage Eagles
Friday - 4.30pm: Pharaohs v Alger Corsaires; 7.30pm: Carthage Eagles v Team Lebanon
Saturday - 4.30pm: Carthage Eagles v Alger Corsaires; 7.30pm: Abu Dhabi Storms v Team Lebanon
MATCH INFO
Euro 2020 qualifier
Fixture: Liechtenstein v Italy, Tuesday, 10.45pm (UAE)
TV: Match is shown on BeIN Sports
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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.”