From the reflected glory of a successful Paris Olympics to the urgent need to salvage a viable new government from political turmoil, France is coming down to earth with an uncomfortable bump.
It was a smart call on the part of French President Emmanuel Macron to promise an “Olympics truce”, placing the unifying qualities of the Games ahead of nagging domestic and international issues.
Dating from Ancient Greece and a treaty signed by three city-state kings – Iphitos, Cleisthenes and Lycurgus – the truce originally provided for a laying down of arms, suspending incessant hostilities to allow spectators safe travel to and from Olympic events.
From the opening on July 26 to Sunday’s closing ceremony, its 2024 version in France has been impressively observed.
After mixed reactions to the bold, lavish and occasionally challenging inaugural ceremony beneath heavy rainfall on the Seine, the achievements of competing athletes have been inspiring, sometimes breathtaking.
The enthusiastic responses of those watching in Paris, or from afar on their screens, suggest that the Olympics broadly lived up to Mr Macron’s hopes for top-quality Games. France showed its ability to organise a major international event without serious hitches.
Much had been left to prove after the debacle of a botched handling of the 2022 Champions League final between Liverpool and Real Madrid in Paris. Ministers shamefully blamed ticketless Liverpool fans but an official report showed this to be false, citing woeful organisation by the European football body UEFA and French policing failures as responsible for the chaos.
With France’s unenviable record of terrorist attacks and street disorder, there were plenty of security concerns ahead of the Games. Threats potentially arose from the extremes of left and right as well as lone wolves with allegiance to ISIS.
In the event, policing and anti-terror tactics held up well, apart from the eve-of-opening disruption caused by sabotage of the French rail network. The only clue to the culprits remains an unverified admission of responsibility from a hitherto unknown, seemingly leftist or anarchist group.
The Games ultimately met Mr Macron’s desire for “a time for diplomacy and peace” inside his country
The national mood in France was helped to no end by the triumphs of its participants. The aim was top five in the medals table and fifth place was achieved.
Leon Marchand became only the sixth swimmer in Olympic history to win four individual gold medals at a single Games. The judo champion Teddy Riner won three golds, one individual and two in team efforts.
As the country’s best-loved sporting figure, known affectionally as Teddy Bear, Riner had already been a popular choice to run with the former Olympic gold-winning sprinter Marie-Jose Perec as the last bearer of the Olympic flame before the Games opened. In a country desperately in need of positive signs of vivre-ensemble – different ethnic communities cohabiting in mutual tolerance – the sight of two black Guadeloupe-born stars performing this symbolic role was uplifting.
Now the Games are over, the artistic director Thomas Jolly’s inventive if arguably disjointed closing spectacle somehow blending class and clutter, ecstasy and excess.
The Games ultimately met Mr Macron’s desire for “a time for diplomacy and peace” inside his country. But as athletes and spectators leave for home, France now faces an unsettled future.
Just weeks before the Olympics began, an unseemly political mess was created by the snap election called by the President after voting for the European parliament produced resounding successes for Marine Le Pen’s far-right National Rally. Her candidates amassed more than 31 per cent of the vote, double that of Macronist contenders.
Mr Macron hoped legislative elections on June 30 and July 7 would provide “clarity”, by which he meant voters joining forces in a traditional “republican front”, with natural ideological enemies swallowing differences to keep the far right out of office.
It was a presidential call much less smart than the pledge of an Olympic truce. The strategy backfired, almost catastrophically, with Le Penists winning more than 10 million votes in each round. Just when far-right victory seemed alarmingly likely, a surge of tactical voting, withdrawals by left-wing and Macronist candidates foiling otherwise well-placed RN rivals pushed Ms Le Pen’s party into third place behind the left-green alliance New Popular Front (NFP) and Mr Macron’s Ensemble.
The problem was that the outcome produced no working majority. The NFP has the most seats, 193 out of a total of 577, but is already creaking with internal rifts between its three components parts: mainstream socialists, greens and the far-left France Unbowed (LFI). What is more, the President has almost as much distaste for the idea of a government led by an out-and-out left-winger as for the RN’s Jordan Bardella as Prime Minister.
A premier from his own party would be politically untenable given its poor performance at the ballot box. The word in presidential circles is that Mr Macron will declare his choice immediately after the coming weekend’s 80th anniversary of Allied landings in Provence and the liberation of Bormes-les-Mimosas, the commune in which is found the Fort de Bregancon, official Mediterranean retreat of French presidents.
It is at that eye-catching summer residence that Mr Macron and his family have been spending time since the Olympics opening, the President interrupting his working holiday to fly to Olympics events or the Elysee palace. It remains to be seen what progress he has made in seeking to avoid total deadlock in parliament.
The omens are not encouraging. Three distinct groups dominate the national assembly but have no common ground to make effective coalition seem possible. It may take another round of legislative elections to break the impasse but this cannot constitutionally take place before next summer.
Mr Macron will welcome whatever kudos come his way from perceptions of a memorable, well-run Olympics. Early polling suggests the number of French voters trusting him to deal effectively with the country’s pressing needs has risen modestly in the past month, up by two points to 27 per cent. The proportion of those feeling no such trust fell sharply, five points to 39, the lowest since January. But these ratings hardly signal a renewed wave of support for a president whose popularity has been in decline since he won his first mandate with a thumping victory over Ms Le Pen in 2017.
Whether the Olympic spirit of togetherness can help improve brittle relations between communities in France is also open to doubt. The notions of vivre-ensemble and a sense of belonging on the part of those of immigrant origin have rarely seemed more unattainable.
City officials talk of an extraordinary boost for the image of Paris that will give the capital a worthy legacy. But some residents of the poorer Parisian banlieues, or outer suburbs, voice scepticism. “We were the forgotten people of the republic before the Games and we will be forgotten after the Games,” one woman in the Seine-Saint-Denis banlieue and home to the Stade de France, the 2024 Olympic Stadium, told Britain’s Observer newspaper.
Mr Macron has drawn comparison between the Games and another massive event staged at the Stade de France, the 1998 World Cup final, in which France defeated Brazil 3-0.
The multiracial composition of the French squad led to it being nicknamed black-blanc-beur (black, white, Arab), a powerful evocation of unity but pitifully short-lived.
Anyone with knowledge of post-1998 France, and interested in healing the wounds of a divided country, will hope the same laudable sentiment has been generated by the Olympic medallists’ rich mix of ethnic backgrounds. But also that it proves more lasting.
England squad
Goalkeepers: Jordan Pickford, Nick Pope, Aaron Ramsdale
Defenders: Trent Alexander-Arnold, Conor Coady, Marc Guehi, Reece James, Harry Maguire, Tyrone Mings, Luke Shaw, John Stones, Ben White
Midfielders: Jude Bellingham, Conor Gallagher, Mason Mount, Jordan Henderson, Declan Rice, James Ward-Prowse
Forwards: Tammy Abraham, Phil Foden, Jack Grealish, Harry Kane, Bukayo Saka, Emile Smith Rowe, Raheem Sterling
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Sand storm
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- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
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- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
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), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
FIXTURES
Nov 04-05: v Western Australia XI, Perth
Nov 08-11: v Cricket Australia XI, Adelaide
Nov 15-18 v Cricket Australia XI, Townsville (d/n)
Nov 23-27: 1ST TEST v AUSTRALIA, Brisbane
Dec 02-06: 2ND TEST v AUSTRALIA, Adelaide (d/n)
Dec 09-10: v Cricket Australia XI, Perth
Dec 14-18: 3RD TEST v AUSTRALIA, Perth
Dec 26-30 4TH TEST v AUSTRALIA, Melbourne
Jan 04-08: 5TH TEST v AUSTRALIA, Sydney
Note: d/n = day/night
Pakistan v New Zealand Test series
Pakistan: Sarfraz (c), Hafeez, Imam, Azhar, Sohail, Shafiq, Azam, Saad, Yasir, Asif, Abbas, Hassan, Afridi, Ashraf, Hamza
New Zealand: Williamson (c), Blundell, Boult, De Grandhomme, Henry, Latham, Nicholls, Ajaz, Raval, Sodhi, Somerville, Southee, Taylor, Wagner
Umpires: Bruce Oxerford (AUS) and Ian Gould (ENG); TV umpire: Paul Reiffel (AUS); Match referee: David Boon (AUS)
Tickets and schedule: Entry is free for all spectators. Gates open at 9am. Play commences at 10am
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Martin Sabbagh profile
Job: CEO JCDecaux Middle East
In the role: Since January 2015
Lives: In the UAE
Background: M&A, investment banking
Studied: Corporate finance
The Vile
Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah
Director: Majid Al Ansari
Rating: 4/5
MATCH INFO
Manchester United 1 (Greenwood 77')
Everton 1 (Lindelof 36' og)
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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.”
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
UAE squad to face Ireland
Ahmed Raza (captain), Chirag Suri (vice-captain), Rohan Mustafa, Mohammed Usman, Mohammed Boota, Zahoor Khan, Junaid Siddique, Waheed Ahmad, Zawar Farid, CP Rizwaan, Aryan Lakra, Karthik Meiyappan, Alishan Sharafu, Basil Hameed, Kashif Daud, Adithya Shetty, Vriitya Aravind
6 UNDERGROUND
Director: Michael Bay
Stars: Ryan Reynolds, Adria Arjona, Dave Franco
2.5 / 5 stars
UAE%20v%20West%20Indies
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