If a week is a long time in politics, July might feel like an aeon for Keir Starmer.
Following the Labour Party’s landslide election victory last week, Britain’s new Prime Minister will be in the spotlight on Wednesday for his first foray on to the global stage.
Mr Starmer’s visit to the Nato summit in Washington has generated more buzz in the US capital than recent visits by British leaders, after Brexit, aid cuts and successive domestic crises under the Conservative Party saw the UK’s international relevance shrink.
A sense of intrigue has sprung up in Washington over Mr Starmer, whose victory runs counter to a narrative that far-right populism is surging across western Europe and in the US, where an embattled President Joe Biden appears increasingly likely to lose to Republican rival Donald Trump in November.
The Nato summit, which comes as the 32-member alliance marks its 75th anniversary, will also provide western leaders with an opportunity to assess how a Labour government may position itself on defence spending and support to Ukraine.
Mr Starmer “will be somebody who is very much in demand from our policymakers and other Nato leaders,” said Robin Quinville, a career US diplomat and Nato expert who now runs the Wilson Centre's Global Europe Programme.
“They're also going to be very interested in what a Labour government would do,” added Ms Quinville, who served primarily in Europe including a posting to Nato.
Mr Starmer’s has said his “first duty” is defence and security, and his government has pledged to conduct a full defence and security review to assess the most pressing challenges for the UK in an era of global instability.
“People are going to wonder … what does this mean for the capabilities that the UK fields. Not just for the size of your military forces, but the capabilities that you bring to the alliance and their investment in those capabilities,” Ms Quinville told The National.
During the election campaign, Labour stressed it would adopt fairly traditional security policies, with Mr Starmer saying he would use Britain's nuclear arsenal if he needed to.
Before departing for the US on Tuesday night, the Prime Minister said he would demonstrate Britain’s “unshakeable” support for Nato.
Similar statements are likely from other leaders, wary of a return of Trump, a Nato sceptic whose browbeating of countries not paying the agreed-upon 2 per cent of GDP towards defence has nonetheless helped see an increase in funding for the alliance.
Mr Starmer is also expected to stress his support for Ukraine, which has been given unprecedented Nato backing since Russia’s full-scale invasion in February 2022.
The Labour leader will meet Ukrainian President Volodymyr Zelenskyy, who is pushing for Kyiv to be invited to join Nato, and a crucial outcome of the summit, which runs through Thursday, will be the extent to which the military alliance offers Ukraine a timetable to join.
The Biden administration has voiced concerns about corruption in Kyiv and has said Ukraine should be offered a “bridge to membership”, while Nato's departing Secretary General Jens Stoltenberg has gone further, saying Ukraine is on an “irreversible path” to joining.
British Defence Secretary John Healey and Foreign Secretary David Lammy will be joining Mr Starmer in Washington.
Mr Healey and Mr Lammy wrote in The Telegraph on Monday that Britain would begin paying 2.5 per cent in Nato dues “as soon as possible” and urged all other members to do the same.
“We will have a 'Nato first' defence strategy. European security will be our foreign and defence priority,” the UK Cabinet members wrote.
Mr Healey has already visited Ukraine since the election, promising more artillery and shells, along with nearly 100 long-range Brimstone missiles.
Ukraine will no doubt be a key talking point when Mr Biden hosts Mr Starmer at the White House on Wednesday.
White House press secretary Karine Jean-Pierre said the leaders would also discuss other topics including Iran, reaching a ceasefire and hostage release deal in Gaza and the threat of Yemen's Houthi rebels to commercial shipping in the Red Sea.
The Nato summit is being held as domestic turmoil roils several member nations, including France and Germany, where President Emmanuel Macron and Chancellor Olaf Scholz have been weakened by recent elections.
If Mr Starmer is feted as an optimistic fresh face, Mr Biden will no doubt hope some of that attention rubs off favourably on him. The 81-year-old President is trying to recover from a disastrous debate performance that highlighted what appears to be a significant cognitive decline.
The White House says he underperformed because of a cold, but several big-name Democrats want him to step aside.
Keir Starmer begins work as Prime Minister – in pictures
All about the Sevens
Cape Town Sevens on Saturday and Sunday: Pools A – South Africa, Kenya, France, Russia; B – New Zealand, Australia, Spain, United States; C – England, Scotland, Argentina, Uganda; D – Fiji, Samoa, Canada, Wales
HSBC World Sevens Series standing after first leg in Dubai 1 South Africa; 2 New Zealand; 3 England; 4 Fiji; 5 Australia; 6 Samoa; 7 Kenya; 8 Scotland; 9 France; 10 Spain; 11 Argentina; 12 Canada; 13 Wales; 14 Uganda; 15 United States; 16 Russia
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 LOWDOWN
Romeo Akbar Walter
Rating: 2/5 stars
Produced by: Dharma Productions, Azure Entertainment
Directed by: Robby Grewal
Cast: John Abraham, Mouni Roy, Jackie Shroff and Sikandar Kher
Profile of Tamatem
Date started: March 2013
Founder: Hussam Hammo
Based: Amman, Jordan
Employees: 55
Funding: $6m
Funders: Wamda Capital, Modern Electronics (part of Al Falaisah Group) and North Base Media
Spec%20sheet
%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%204.7%22%20Retina%20HD%2C%201334%20x%20750%2C%20625%20nits%2C%201400%3A1%2C%20True%20Tone%2C%20P3%3Cbr%3E%3Cstrong%3EChip%3A%3C%2Fstrong%3E%20Apple%20A15%20Bionic%2C%206-core%20CPU%2C%204-core%20GPU%2C%2016-core%20Neural%20Engine%3Cbr%3E%3Cstrong%3ECamera%3A%3C%2Fstrong%3E%2012MP%2C%20f%2F1.8%2C%205x%20digital%20zoom%2C%20Smart%20HDR%2C%20Deep%20Fusion%3Cbr%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%204K%2B%40%2024%2F30%2F60fps%2C%20full%20HD%2B%40%2030%2F60fps%2C%20HD%2B%40%2030%20fps%3Cstrong%3E%3Cbr%3EFront%20camera%3A%20%3C%2Fstrong%3E7MP%2C%20f%2F2.2%2C%20Smart%20HDR%2C%20Deep%20Fusion%3B%20HD%20video%2B%40%2030fps%3Cbr%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%20Up%20to%2015%20hours%20video%2C%2050%20hours%20audio%3B%2050%25%20fast%20charge%20in%2030%20minutes%20with%2020W%20charger%3B%20wireless%20charging%3Cbr%3E%3Cstrong%3EBiometrics%3A%3C%2Fstrong%3E%20Touch%20ID%3Cbr%3E%3Cstrong%3EDurability%3A%3C%2Fstrong%3E%20IP67%2C%20dust%2C%20water%20resistant%20up%20to%201m%20for%2030%20minutes%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh1%2C849%3C%2Fp%3E%0A
EU Russia
The EU imports 90 per cent of the natural gas used to generate electricity, heat homes and supply industry, with Russia supplying almost 40 per cent of EU gas and a quarter of its oil.
Results:
CSIL 2-star 145cm One Round with Jump-Off
1. Alice Debany Clero (USA) on Amareusa S 38.83 seconds
2. Anikka Sande (NOR) For Cash 2 39.09
3. Georgia Tame (GBR) Cash Up 39.42
4. Nadia Taryam (UAE) Askaria 3 39.63
5. Miriam Schneider (GER) Fidelius G 47.74
Five%20calorie-packed%20Ramadan%20drinks
%3Cp%3E%3Cstrong%3ERooh%20Afza%3C%2Fstrong%3E%0D%3Cbr%3E100ml%20contains%20414%20calories%0D%3Cbr%3E%3Cstrong%3ETang%20orange%20drink%3C%2Fstrong%3E%0D%3Cbr%3E100ml%20serving%20contains%20300%20calories%0D%3Cbr%3E%3Cstrong%3ECarob%20beverage%20mix%3C%2Fstrong%3E%0D%3Cbr%3E100ml%20serving%20contains%20about%20300%20calories%0D%3Cbr%3E%3Cstrong%3EQamar%20Al%20Din%20apricot%20drink%3C%2Fstrong%3E%0D%3Cbr%3E100ml%20saving%20contains%2061%20calories%0D%3Cbr%3E%3Cstrong%3EVimto%20fruit%20squash%3C%2Fstrong%3E%0D%3Cbr%3E100ml%20serving%20contains%2030%20calories%3C%2Fp%3E%0A
