It was January 8, 2020 when Prince Harry and Meghan Markle announced they would be stepping down as senior members of Britain's royal family.
The move wasn’t perhaps quite as shocking as the British tabloids, which went into collective meltdown over the news, made out.
As far back as 2016, Prince Harry had indicated feelings of discontent, particularly with the treatment of his then-girlfriend at the hands of the media.
In November that year, Kensington Palace released a statement, saying: “[Harry’s] girlfriend, Meghan Markle, has been subject to a wave of abuse and harassment. Some of this has been very public – the smear on the front page of a national newspaper; the racial undertones of comment pieces; and the outright sexism and racism of social media trolls and web article comments.”
And the couple followed up in April 2020 by writing to the editors of UK publications The Mail Online, The Mirror, The Express and The Sun, stating they would no longer work with them or allow them access to their schedules and tours.
“It is gravely concerning that an influential slice of the media, over many years, has sought to insulate themselves from taking accountability for what they say or print – even when they know it to be distorted, false, or invasive beyond reason,” the statement said.
After announcing their intent to step down in January, the couple officially parted ways with The Firm on March 31, 2020.
Here are some key events that have taken place in the past year.
Blindsided Palace scrambles over ‘complicated’ split
Taking to Instagram on January 8, 2020, Harry, 36, and Meghan, 39, announced they were stepping down as senior royals, saying the decision had come “after many months of reflection and internal discussions”.
“We intend to step back as 'senior' members of the Royal Family and work to become financially independent, while continuing to fully support Her Majesty The Queen,” they said, insisting that despite quitting the UK for North America, they were “continuing to honour our duty to the Queen, the Commonwealth and our patronages.”
However, it was believed that Queen Elizabeth II and other royals had not been expecting the announcement and were left blindsided by the Duke and Duchess of Sussex’s statement.
This led to Buckingham Palace rushing out its own statement the following day, declaring: “Discussions with the Duke and Duchess of Sussex are at an early stage. We understand their desire to take a different approach, but these are complicated issues that will take time to work through.”
“I think it indicates a real strength of feeling in the palace tonight – maybe not so much about what has been done, but about how it has been done – and the lack of consultation I think will sting,” said BBC royal correspondent Jonny Dymond.
From Canada to California
One month after their announcement, the pair were ordered to cease using the title “royal”, meaning they had to rebrand their SussexRoyal Instagram and rethink a host of initiatives under the name.
The pair, along with baby Archie, then moved to Canada in March 2020, opting to stay at a private residence on Vancouver Island, while diplomats from both Britain and Canada fought over who would be footing their security bill.
However, less than one month later, the couple quit the Commonwealth country for Los Angeles, holing up at the mansion of Hollywood actor and producer Tyler Perry. They then snapped up a nine-bedroom $14.7 million home in Santa Barbara, California, which Prince Charles is said to have helped them buy.
"They were always heading to LA, that was the master plan," Vanity Fair's royal correspondent, Katie Nicholl, said. "Meghan wants to be near her mum, which is understandable at this time, and they clearly have projects in the pipeline and wanted to get to LA as quickly as possible."
$135 million in endorsement deals and charity work
Before they quit the British royal family, together, Meghan and Harry were said to be worth around $30 million, with Harry bringing $25 million from his inheritance from Princess Diana and an annual allowance from Prince Charles.
The pair’s first step towards financial independence came in the form of a deal with streaming giant Netflix, which they signed in September 2020. Rumoured to be worth around $100 million, in a statement, the couple said: “Our focus will be on creating content that informs but also gives hope. As new parents, making inspirational family programming is also important to us.”
In between taking on new charitable endeavours for LA's baby2baby, as well as delivering food to vulnerable people during the height of the pandemic, the duke and duchess also signed a deal with Swedish audio streamer, Spotify, said to be worth $35 million.
Harry said the purpose of the podcasts and interviews he and Meghan will be releasing through their Archewell Audio concept will be “to bring forward different perspectives and voices that perhaps you haven't heard before and find our common ground.”
Their first podcast, released at the end of last year, featured Elton John, Deepak Chopra, James Corden, Tyler Perry and more, talking about the effect the pandemic had had upon their lives.
Paying back renovation costs
One criticism the couple drew when stepping down was the wasted cost of renovating Frogmore Cottage, their Windsor Castle residence, which had been revitalised in 2019.
In September 2020, Prince Harry repaid the £2.4 million in British taxpayers’ money that was used to renovate the property before he and Meghan moved to California.
Harry made a contribution to the Sovereign Grant, the public money that goes to the royal family, a spokesman for the couple said, adding that the donation “fully covered the necessary renovation costs".
The spokesman said Frogmore Cottage would remain the home of the Duke and Duchess of Sussex when they visit the UK.
Developing their foundation
With charity at the heart of Harry and Meghan’s work, the pair have been busy building their Archewell Foundation, which they established after leaving the royal family.
Recently posting an open letter to the site, the couple wrote: “Together, we can choose courage, healing, and connection. Together, we can choose to put compassion in action. We invite you to join us. As we work to build a better world, one act of compassion at a time.”
Harry also shared a photo of himself as a child with his mother, Diana, while Meghan shared a sweet snap of herself with her mum, Doria. The Foundation has already entered into partnerships with the Centre for Humane Technology and the World Central Kitchen, among others, while the audio and studio arms focus on their various productions.
“The decision that I have made for my wife and I to step back is not one I made lightly,” said Harry in a speech shortly after the news about Megxit broke. “It was so many months of talks after so many years of challenges. And I know I haven’t always gotten it right, but as far as this goes, there really was no other option.”
And with foundations and institutes clamouring to work with Archewell, and a continued stream of Spotify podcasts and Netflix shows on the horizon for this year, the general feeling in both the worlds of business and philanthropy is that Harry and Meghan’s brand will go from strength to strength in 2021.
Dubai World Cup Carnival Card:
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7.05pm: Handicap $135,000 (Dirt) 1,200m
7.40pm: Zabeel Turf Listed $175,000 (T) 2,000m
8.15pm: Cape Verdi Group Two $250,000 (T) 1,600m
8.50pm: Handicap $135,000 (D) 1,600m
9.25pm: Handicap $175,000 (T) 1,600m
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.”
COMPANY PROFILE
Company name: Blah
Started: 2018
Founder: Aliyah Al Abbar and Hend Al Marri
Based: Dubai
Industry: Technology and talent management
Initial investment: Dh20,000
Investors: Self-funded
Total customers: 40
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
'Midnights'
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Essentials
The flights
Etihad and Emirates fly direct from the UAE to Delhi from about Dh950 return including taxes.
The hotels
Double rooms at Tijara Fort-Palace cost from 6,670 rupees (Dh377), including breakfast.
Doubles at Fort Bishangarh cost from 29,030 rupees (Dh1,641), including breakfast. Doubles at Narendra Bhawan cost from 15,360 rupees (Dh869). Doubles at Chanoud Garh cost from 19,840 rupees (Dh1,122), full board. Doubles at Fort Begu cost from 10,000 rupees (Dh565), including breakfast.
The tours
Amar Grover travelled with Wild Frontiers. A tailor-made, nine-day itinerary via New Delhi, with one night in Tijara and two nights in each of the remaining properties, including car/driver, costs from £1,445 (Dh6,968) per person.
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
COMPANY%20PROFILE
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Pros%20and%20cons%20of%20BNPL
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If you go
The Flights
Emirates and Etihad fly direct to Johannesburg from Dubai and Abu Dhabi respectively. Economy return tickets cost from Dh2,650, including taxes.
The trip
Worldwide Motorhoming Holidays (worldwidemotorhomingholidays.co.uk) operates fly-drive motorhome holidays in eight destinations, including South Africa. Its 14-day Kruger and the Battlefields itinerary starts from Dh17,500, including campgrounds, excursions, unit hire and flights. Bobo Campers has a range of RVs for hire, including the 4-berth Discoverer 4 from Dh600 per day.
FROM%20THE%20ASHES
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