A GCC-UK trade deal could bring investment in the critical infrastructure needed to transform the regions between Oxford and Cambridge universities into a tech hub, said a British business leader who is part of UK Chancellor Rachel Reeves' delegation to Riyadh.
Ms Reeves is in Riyadh this week seeking to close the long-negotiated trade deal, as well as new partnerships and investment for the UK’s universities, and plans to develop its tech infrastructure.
There had been a “series of conversations” about the Oxford-Cambridge corridor during the trip so far, said Andrew Roughan, chief executive of co-working space, accelerator and tech consultancy Plexal. State-owned investment funds in the region were particularly interested in investing in the infrastructure, he told The National.
“It's quite clear from some of the conversations with particularly the sovereign wealth communities within the Middle East, that actually the role of infrastructure growth in all countries but also in the UK, is very attractive for them to invest behind,” he said.
“That's led to a series of conversations about the Oxford-Cambridge arc, which is … a target for investment of those sovereign wealth communities,” he said. This includes “the opportunities around housing, around rail and road infrastructure.”
Ms Reeves spoke of the corridor at an event at the Future Investment Forum on Tuesday.
“We're developing that corridor between those two universities to create … greater links and greater opportunities to expand those cities and their research capabilities and the businesses that come out of them,” she said.
Expanding university partnerships
University partnerships are also being pursued and expanded.
Ed Bussey, chief executive of the fund Oxford Science Enterprises which has a portfolio of companies spun out of Oxford University, told audiences at the FII of how these companies are having an impact in the GCC through the science breakthroughs made in the energy market.
Mr Bussey is part of Ms Reeves’ delegation as is Andrew Williamson, managing partner of the multibillion pound fund Cambridge Innovation Capital, who has just been appointed to the board of King Abdallah University of Science and Technology.
The University of Strathclyde is to open a satellite campus in Riyadh. “The life sciences and engineering capability that Strathclyde has will be helpful in driving trade and the movement of talent and research,” Mr Roughan said.
Mr Roughan said he was impressed by the “sense of positivity” about the UK since arriving in Riyadh on Monday – despite domestic pressure on the UK government to improve the economy.
“The sense of positivity is quite palpable here, which is a nice break from some of the normal UK feeling. It feels like the world of opportunities, certainly opening up,” he said. “The UK is both valued and can have a material future impact.”
Plexal is based in London’s Olympic Park and works with the UK government on its programmes, including in the Middle East. It has organised the UK’s cybersecurity fellowship for women in the Gulf, and the British embassy in Oman’s cyber security training programme for small to medium sized businesses.
It will also publish a report on the opportunities for areas designated for high technology industries to be “twinned” with other tech hubs around the world.
Aligning strategies
There are efforts to find common ground between the UK’s recently announced 10-year industrial plan and Saudi Arabia’s Vision 2030.
Mr Roughan said an “alignment” between the two government strategies were there. “There’s a lot of conversations around how we can use that alignment for both public and private sector investment,” he said.
“So, particularly role of technology and AI, the importance of infrastructure, not only in acting as a foundation for industrial growth, but also as an investment product itself,” he said.
Conversations were also centred around how the UK’s financial services could support Riyadh’s Vision 2030, through dual listing of Saudi companies in London.
Seeking talent
But Ms Reeves was challenged on Tuesday about the tightening of UK borders since the Brexit vote in 2016, and asked whether this clashed with her efforts to attract foreign investment.
“We need to do more to stop illegal migration, but we're very much open to the top talent from around the world,” she said.
“Just recently, we've doubled the number of visas for all of our global talent visas. That's for high net worth individuals, graduates from the best universities around the world, and also for researchers, particularly in some of those growth sectors like AI and life sciences, to our universities,” she said.
She was confident the UK would “fill those places”.
Mr Roughan said recruitment was an “age old challenge” for the tech industry in the UK, and that the private sector will always want more talent in the country. University collaborations were one way to bridge this.
“There's a lot of talk about university collaboration going on at the moment, which inherently brings with it, obviously the high end of talent that comes from universities within collaborative projects that can then drive research into products,” he said.
“I don't suppose there will ever be a permanent solution to attracting talent, because with the global marketplace comes a global competition. But certainly the chancellor has been speaking very positively about the potential to fill those visa slots that have been released now,” he said.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
RESULT
Fifth ODI, at Headingley
England 351/9
Pakistan 297
England win by 54 runs (win series 4-0)
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Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
The biog
Name: Salem Alkarbi
Age: 32
Favourite Al Wasl player: Alexandre Oliveira
First started supporting Al Wasl: 7
Biggest rival: Al Nasr
Company Profile
Company name: OneOrder
Started: October 2021
Founders: Tamer Amer and Karim Maurice
Based: Cairo, Egypt
Industry: technology, logistics
Investors: A15 and self-funded
GRAN%20TURISMO
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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.”
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
New process leads to panic among jobseekers
As a UAE-based travel agent who processes tourist visas from the Philippines, Jennifer Pacia Gado is fielding a lot of calls from concerned travellers just now. And they are all asking the same question.
“My clients are mostly Filipinos, and they [all want to know] about good conduct certificates,” says the 34-year-old Filipina, who has lived in the UAE for five years.
Ms Gado contacted the Philippines Embassy to get more information on the certificate so she can share it with her clients. She says many are worried about the process and associated costs – which could be as high as Dh500 to obtain and attest a good conduct certificate from the Philippines for jobseekers already living in the UAE.
“They are worried about this because when they arrive here without the NBI [National Bureau of Investigation] clearance, it is a hassle because it takes time,” she says.
“They need to go first to the embassy to apply for the application of the NBI clearance. After that they have go to the police station [in the UAE] for the fingerprints. And then they will apply for the special power of attorney so that someone can finish the process in the Philippines. So it is a long process and more expensive if you are doing it from here.”
Why seagrass matters
- Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
- Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
- Biodiversity: Support species like sea turtles, dugongs, and seabirds
- Coastal protection: Reduce erosion and improve water quality
Turkish Ladies
Various artists, Sony Music Turkey
Naga
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Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Saudi Cup race day
Schedule in UAE time
5pm: Mohamed Yousuf Naghi Motors Cup (Turf), 5.35pm: 1351 Cup (T), 6.10pm: Longines Turf Handicap (T), 6.45pm: Obaiya Arabian Classic for Purebred Arabians (Dirt), 7.30pm: Jockey Club Handicap (D), 8.10pm: Samba Saudi Derby (D), 8.50pm: Saudia Sprint (D), 9.40pm: Saudi Cup (D)
'Moonshot'
Director: Chris Winterbauer
Stars: Lana Condor and Cole Sprouse
Rating: 3/5
England World Cup squad
Eoin Morgan (capt), Moeen Ali, Jofra Archer, Jonny Bairstow, Jos Buttler (wkt), Tom Curran, Liam Dawson, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, James Vince, Chris Woakes, Mark Wood
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
