Vivek Ramaswamy was one of eight candidates who took to the state on Wednesday night for the first Republican primary debate.
He, along with his rivals, aimed to use the debate to reach voters who have been frequently distracted by the activities of the current front-runner – former president Donald Trump, who did not participate in the event.
Here, The National takes a look at Mr Ramaswamy and his platform.
Who is Vivek Ramaswamy and what is his net worth?
Mr Ramaswamy was born in Cincinnati, Ohio, to Indian immigrant parents.
He graduated with a bachelor's degree in biology from Harvard, and interned and worked at a handful of major hedge funds before founding his own company, biotechnology firm Roivant Sciences.
Forbes has estimated his net worth at about $950 million.
Mr Ramaswamy is married and has two children. He is a Hindu, a vegetarian and is fluent in Tamil.
What is the major focus of his campaign?
Mr Ramaswamy has based his campaign on a series of “truths”, which include “God is real”, “human flourishing requires fossil fuels” and “an open border is no border”.
He has also made it a point to tackle “wokeism”, with his “truths” outlining his stance on topics such as gender and racism. He also called the climate crisis a “hoax” during the debate.
And of course, he has also espoused the tried-and-true, diehard patriotism popular among Republicans, calling the US Constitution “the strongest guarantor of freedoms in history”.
Republican rivals show support for Donald Trump – video
“We are a young country – just three lifetimes separate us from the revolution,” he wrote in an op-ed for The New York Post.
“Fourscore years from now, I hope 2023 is remembered as the beginning of a new revolution to ensure that once again the people of this country are sovereign.”
His similarities to Mr Trump have been frequently noted.
“If you have wondered what Trumpism after Trump looks like, ask no further,” political writer David Freedlander wrote on X, the site formerly known as Twitter.
How did he do in the debate?
Mr Ramaswamy not only launched the most attacks on his rivals during the debate, he was also the target of most of their jibes.
Former New Jersey governor Chris Christie compared him to ChatGPT, suggesting that Mr Ramaswamy spit out fast answers that did not always make sense, according to The New York Times.
“You have no foreign policy experience, and it shows,” former UN envoy Nikki Haley told Mr Ramaswamy, blasting him over his suggestion the US should cut military aid to Ukraine.
But Mr Ramaswamy hit back, saying, “I’m the only person on the stage who isn’t bought and paid for”, accusing Mr Christie of angling for a cable news contributor contract and sarcastically wishing Ms Haley good luck “in your future career on the boards of [defence contractors] Lockheed [Martin] and Raytheon”.
Mr Ramaswamy made a number of remarks about his youth – he is only 38 – and has throughout his campaign suggested that it was time for the younger generation to take control of the Republican Party.
He also spoke more than every other candidate except former vice president Mike Pence.
The former entrepreneur was the only candidate to gain some ground on Mr Trump, receiving a 0.8 per cent bump following the debate.
Rajasthan Royals 153-5 (17.5 ov)
Delhi Daredevils 60-4 (6 ov)
Rajasthan won by 10 runs (D/L method)
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Champions parade (UAE timings)
7pm Gates open
8pm Deansgate stage showing starts
9pm Parade starts at Manchester Cathedral
9.45pm Parade ends at Peter Street
10pm City players on stage
11pm event ends
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.”
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
Mohammed bin Zayed Majlis