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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Funding stage: Pre-seed funding of Dh1.5m in 2017 and an initial seed round of Dh2m in 2019
Investors: Friends and family
Tamkeen's offering
Option 1: 70% in year 1, 50% in year 2, 30% in year 3
Option 2: 50% across three years
Option 3: 30% across five years
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Biog
Mr Kandhari is legally authorised to conduct marriages in the gurdwara
He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada
Father of two sons, grandfather of six
Plays golf once a week
Enjoys trying new holiday destinations with his wife and family
Walks for an hour every morning
Completed a Bachelor of Commerce degree in Loyola College, Chennai, India
2019 is a milestone because he completes 50 years in business
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
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
A timeline of the Historical Dictionary of the Arabic Language
2018: Formal work begins
November 2021: First 17 volumes launched
November 2022: Additional 19 volumes released
October 2023: Another 31 volumes released
November 2024: All 127 volumes completed
UAE currency: the story behind the money in your pockets
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
Miss Granny
Director: Joyce Bernal
Starring: Sarah Geronimo, James Reid, Xian Lim, Nova Villa
