Herman Narula has built a career on the imagination of alternative worlds. Right now, in the real world, he's looking elsewhere beyond London.
Mr Narula, 37, whose wealth is estimated at £780 million ($1.05 billion), said he has no confidence at all in Prime Minister Keir Starmer’s government, especially since the Treasury let slip it had been considering an "exit tax" in next week's budget.
The chief executive of tech company Improbable, which has been valued at £2.5 billion, has told us he is moving to Dubai, not only because of this threat but also what he sees as a UK government without vision, overseeing a system that takes the incentive away from job-creating risk-takers.
“It's less about the exit tax and more about not knowing what the next five budgets are going to hold, and what random things are going to be placed inside them," he said. "I think in that context, I would rather pursue opportunities elsewhere until the situation improves.”
He believes the UK Treasury “sees only money to pilfer in the short term” from successful entrepreneurs.
Herman Narula is quitting the UK. Bloomberg via Getty Images
Mr Narula joins a growing list of high-profile people to leave Britain and head to the UAE, including property billionaire Asif Aziz, FinTech exec Nik Storonsky and Aston Villa FC co-owner Nassef Sawiris.
Labour's first year in power has seen a broader departure of wealth creators. Until now we had anecdotal evidence of the type above. Now there is some hard evidence. Revised figures released on Tuesday showed 257,000 British citizens emigrated last year, compared with 143,000 who returned.
This is part of a roller-coaster of movement in and out of the UK. Net migration hit a peak of 944,000 in the year ending March 2023. By the year ending December 2024, the net figure is now estimated at 345,000.
Tax changes already introduced, such as the abolition of non-dom status, have fuelled departures. Now there is the expectation of a further toughening of the tax regime by Chancellor Rachel Reeves.
That said, I think the feverish hunt for let-down in the British government shouldn't blind us to change. Today sees the end of the five-day walk-out by resident doctors in the National Health Service.
The figures are showing about 20,000 of the 77,000 doctors joined the walk-out. Across the 50 days of strikes since 2023, the industrial action has diminished in effectiveness. In fact, the Institute for Government estimates that cancelled procedures have dropped from two for each doctor taking part to below 0.7 cancellations in July.
As I found from attending hospital on the first day, Wes Streeting's attempt to keep operations as normal as possible looks pretty realistic.
Farmer Oliver Baines spent Tuesday carrying a banner for Palestine Action in Truro, south-west England. He views the proscription of the group as linking Palestinian solidarity with terrorism, and wrongly so.
Since the proscription was announced in early autumn, nearly 2,000 people have been arrested at mass demonstrations, during which people defied the ban by openly expressing support for the group, and 170 have been charged.
Palestine Action backers in Nottingham, outside the city's central library. PA
Sympathisers have now embarked on a week-long 'Lift the Ban' campaign to coincide with renewed court cases related to Palestine Action. “We're trying to reveal the violence and repression that comes if you speak out against genocide,” said Tim Crosland, a former government lawyer and founder of campaign group Defend Our Juries, which has been organising the protests.
“This will not be forgotten,” he told The National. “Already 2,000 people have been arrested for holding signs opposing genocide. There has not been anything like this in modern British history.”
David Miliband, the former foreign secretary who now runs the International Rescue Committee, has been in London explaining the impact of the rise of a fractured world.
He points out the result is 60 active conflicts, the number of people living in extreme poverty rising to 830 million, and 125 million refugees and internally displaced people around the world. There are now two famines, and six countries with the highest levels of food insecurity.
David Miliband speaks at an international aid event. Thomas Harding / The National
His point is that among the jockeying between powers, critical global public needs such as open markets and security are not provided.
Speaking on the quashing of international aid contributions – not only by US President Donald Trump but many rich nations – he counselled that humanitarian relief charities could not wither away.
“Let's not fall for the claim that when the money goes down we go out of business, because the needs don't go away,” he told the launch of Promising Development: The Future of Aid in an Uncertain World, a collection of essays.
“The really big lesson of losing $400 million is that you can stew about it or you can do something about it,” he told an event chock-full of Labour parliamentarians.
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Global state-owned investor ranking by size
1.
United States
2.
China
3.
UAE
4.
Japan
5
Norway
6.
Canada
7.
Singapore
8.
Australia
9.
Saudi Arabia
10.
South Korea
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
How being social media savvy can improve your well being
Next time when procastinating online remember that you can save thousands on paying for a personal trainer and a gym membership simply by watching YouTube videos and keeping up with the latest health tips and trends.
As social media apps are becoming more and more consumed by health experts and nutritionists who are using it to awareness and encourage patients to engage in physical activity.
Elizabeth Watson, a personal trainer from Stay Fit gym in Abu Dhabi suggests that “individuals can use social media as a means of keeping fit, there are a lot of great exercises you can do and train from experts at home just by watching videos on YouTube”.
Norlyn Torrena, a clinical nutritionist from Burjeel Hospital advises her clients to be more technologically active “most of my clients are so engaged with their phones that I advise them to download applications that offer health related services”.
Torrena said that “most people believe that dieting and keeping fit is boring”.
However, by using social media apps keeping fit means that people are “modern and are kept up to date with the latest heath tips and trends”.
“It can be a guide to a healthy lifestyle and exercise if used in the correct way, so I really encourage my clients to download health applications” said Mrs Torrena.
People can also connect with each other and exchange “tips and notes, it’s extremely healthy and fun”.
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), EsekaiaDranibota (Harlequins), Matt Mills (Exiles), JaenBotes (Exiles), KristianStinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), EmosiVacanau (Harlequins), NikoVolavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), ThinusSteyn (Exiles)
GROUPS
Group Gustavo Kuerten
Novak Djokovic (x1)
Alexander Zverev (x3)
Marin Cilic (x5)
John Isner (x8)
Group Lleyton Hewitt
Roger Federer (x2)
Kevin Anderson (x4)
Dominic Thiem (x6)
Kei Nishikori (x7)
SQUADS
Bangladesh (from): Shadman Islam, Mominul Haque, Soumya Sarkar, Shakib Al Hasan (capt), Mahmudullah Riyad, Mohammad Mithun, Mushfiqur Rahim, Liton Das, Taijul Islam, Mosaddek Hossain, Nayeem Hasan, Mehedi Hasan, Taskin Ahmed, Ebadat Hossain, Abu Jayed
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
UAE currency: the story behind the money in your pockets
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
White hydrogen: Naturally occurring hydrogen Chromite: Hard, metallic mineral containing iron oxide and chromium oxide Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
