It is hard not to emit a yawn when hearing about the plans for a third runway at Heathrow Airport.
To say we have been here before is an understatement. Yet Rachel Reeves and her colleagues are madly excited about the project, as if it represents dramatic progress and is an economic lifesaver. Already, the eco arguments are rearing up. The number of flights across west London will increase hugely and with them, the accompanying noise and emissions. The Chancellor assures us that aviation has moved on since airport expansion was last on the agenda and that new planes are being developed that are much more environmentally friendly.
Over which there must be doubt. What Ms Reeves says takes no account of how quickly these planes will come on stream and whether airlines will view them as economically viable; if indeed, they will buy them and in sufficient volume as to achieve a genuine difference. Rather overlooked so far have been the more localised issues surrounding the disruption to road traffic on the affected M25 and the rerouting of rivers that criss-cross the area. Unlike other major international airports, Heathrow directly abuts London’s orbital motorway, the busiest in the UK. The motorway was not there, not even as an idea when the airport's first terminal was first built, but it is now and that presents a huge obstacle.
The UK must make a cultural shift and begin enabling not obstructing
Put all that and more together, and it is difficult to imagine a new runway being operational in the next 15 years, let alone a decade or sooner as Ms Reeves envisions. The government is promising to bulldoze planning laws to accelerate construction but the legal system remains. Whatever is mooted will leave space for challenge and review.
What this highlights yet again is the sheer impossibility of getting anything done in the UK. Ours is an overcrowded island, one that is covered in hills and valleys, none more so than in the south-east. Boris Johnson recognised this, which is why he proposed building a new airport in the Thames Estuary. The popular press, as is its wont, immediately dubbed the notion “Boris Island” and the whole thing became the object of ridicule and TV panel jokes.
For Heathrow see HS2, nuclear power stations, a bridge between Scotland and Northern Ireland (another Johnson proposal), a second Channel Tunnel. These are just the flagships. Lesser schemes, ones that are more vital, such as new NHS hospitals and state schools, are equally hindered by delays, disputes, inquiries and reviews.
Money is an issue but there are ways of structuring funding, so the private sector can participate and achieve a return. It is about something extra and currently insurmountable.
We should face facts and accept it is no one’s fault. We want Britain’s infrastructure to improve, to keep pace with the times, to reflect a nation that is modern, offering the very latest facilities, boosting the lives of its people and visitors, making it appealing to investors, rivalling overseas competitors.
Short-termism
For that, we must move away from the short-termism of our politics, in which everything suggested is instantly countered. The UK head of state is above, but outside, the political arena and is not involved in decision-making. In other places, it is often the president or king or queen who is closely identified with a landmark addition. They make it their own, they can knock heads together and get it over the line. That cannot, and does not, occur in the UK.
Instead, there is a sea of officialdom, reporting to ministers who change frequently – Labour has been in power eight months and already we are on to our second transport secretary. The clock is ticking towards the next general election, when everything might change again. That is allowing, too, for Prime Minister Keir Starmer surviving until then. He could depart and his successor may have an alternative view. Look at what took place under the Tories. They had a rapid-fire movement of premiers and each one brought another perspective and their own priorities. There was Johnson, talking up his "grands projets", only to have them quashed by his successors Liz Truss and Rishi Sunak.
Mr Starmer is sitting on a substantial majority but that does not mean he is unassailable, either before or at the polls. In four years, Heathrow could slip down the list and where will we be? Probably, airport capacity would only then reappear at some later date. On we go, which is the UK pattern to date.
There is a case for a body that is removed from the hurly-burly, the in and out, and is dedicated to developing national transport and public facilities. It should have weight and authority, and as much as possible remain independent of Westminster. That sounds great but is not so attainable in a democracy that conducts itself to daily fire and fury. It feels, too, like a recipe for yet more central expense and bureaucracy, just when we want less not more.
It is true that Elon Musk, for one, might condemn such an organisation, but something must give. You only need to examine what has been constructed or is under construction in Britain recently, and currently, to realise how sclerotic we have become. All there is at present in terms of large-scale works is a truncated fast-rail link between London and Birmingham. Mr Johnson said 20 new hospitals would be added. Clearly, they would have filled a void but they have been scrapped. Energy plants take an age, and Britain’s fuel requirements and security continue to worsen. There is only one motorway across the Pennines. This week, the closure of another, albeit lesser, road, Snake Pass, was recommended because it is vulnerable to landfall. There is no motorway along the eastern side, connecting London with Newcastle and Edinburgh, and points in between. Likewise, entire regions are served by outdated, poor rail and road links. In west London, Hammersmith Bridge has been closed to vehicles for almost six years with no date for its reopening. Children must endure classes in crumbling buildings. Asbestos is an abiding problem.
Ever extending, the roll-call of shame goes on. On as well, does the lack of replacement and improvement. The UK must make a cultural shift and begin enabling not obstructing. It requires coupling with a system, a formalised structure, that is designed to be "can do" as opposed to "cannot".
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.”
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UAE-based players
Goodlands Riders: Jamshaid Butt, Ali Abid, JD Mahesh, Vibhor Shahi, Faizan Asif, Nadeem Rahim
Rose Hill Warriors: Faraz Sheikh, Ashok Kumar, Thabreez Ali, Janaka Chathuranga, Muzammil Afridi, Ameer Hamza
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
EMERGENCY PHONE NUMBERS
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
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Scoreline
Man Utd 2 Pogba 27', Martial 49'
Everton 1 Sigurdsson 77'
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The Transfiguration
Director: Michael O’Shea
Starring: Eric Ruffin, Chloe Levine
Three stars
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
UAE currency: the story behind the money in your pockets
Left Bank: Art, Passion and Rebirth of Paris 1940-1950
Agnes Poirer, Bloomsbury
The Vile
Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah
Director: Majid Al Ansari
Rating: 4/5
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The specs
Engine: 3.0-litre 6-cyl turbo
Power: 435hp at 5,900rpm
Torque: 520Nm at 1,800-5,500rpm
Transmission: 9-speed auto
Price: from Dh498,542
On sale: now
Normcore explained
Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.
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Sunday's games
All times UAE:
Tottenham Hotspur v Crystal Palace, 4pm
Manchester City v Arsenal, 6.15pm
Everton v Watford, 8.30pm
Chelsea v Manchester United, 8.30pm
Smart words at Make Smart Cool
Make Smart Cool is not your usual festival. Dubbed “edutainment” by organisers Najahi Events, Make Smart Cool aims to inspire its youthful target audience through a mix of interactive presentation by social media influencers and a concert finale featuring Example with DJ Wire. Here are some of the speakers sharing their inspiration and experiences on the night.
Prince Ea
With his social media videos accumulating more half a billion views, the American motivational speaker is hot on the college circuit in the US, with talks that focus on the many ways to generate passion and motivation when it comes to learning.
Khalid Al Ameri
The Emirati columnist and presenter is much loved by local youth, with writings and presentations about education, entrepreneurship and family balance. His lectures on career and personal development are sought after by the education and business sector.
Ben Ouattara
Born to an Ivorian father and German mother, the Dubai-based fitness instructor and motivational speaker is all about conquering fears and insecurities. His talk focuses on the need to gain emotional and physical fitness when facing life’s challenges. As well managing his film production company, Ouattara is one of the official ambassadors of Dubai Expo2020.
MATCH INFO
Uefa Champions League semi-finals, first leg
Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome
How the bonus system works
The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.
The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.
There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).
All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.
RESULT
Argentina 0 Croatia 3
Croatia: Rebic (53'), Modric (80'), Rakitic (90' 1)
Stamp duty timeline
December 2014: Former UK finance minister George Osbourne reforms stamp duty, replacing the slab system with a blended rate scheme, with the top rate increasing to 12 per cent from 10 per cent:
Up to £125,000 - 0%; £125,000 to £250,000 – 2%; £250,000 to £925,000 – 5%; £925,000 to £1.5m: 10%; Over £1.5m – 12%
April 2016: New 3% surcharge applied to any buy-to-let properties or additional homes purchased.
July 2020: Rishi Sunak unveils SDLT holiday, with no tax to pay on the first £500,000, with buyers saving up to £15,000.
March 2021: Mr Sunak decides the fate of SDLT holiday at his March 3 budget, with expectations he will extend the perk unti June.
April 2021: 2% SDLT surcharge added to property transactions made by overseas buyers.
UAE currency: the story behind the money in your pockets
Our family matters legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Cracks in the Wall
Ben White, Pluto Press
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Mubalada World Tennis Championship 2018 schedule
Thursday December 27
Men's quarter-finals
Kevin Anderson v Hyeon Chung 4pm
Dominic Thiem v Karen Khachanov 6pm
Women's exhibition
Serena Williams v Venus Williams 8pm
Friday December 28
5th place play-off 3pm
Men's semi-finals
Rafael Nadal v Anderson/Chung 5pm
Novak Djokovic v Thiem/Khachanov 7pm
Saturday December 29
3rd place play-off 5pm
Men's final 7pm
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The specs: 2019 Audi A7 Sportback
Price, base: Dh315,000
Engine: 3.0-litre V6
Transmission: Seven-speed automatic
Power: 335hp @ 5,000rpm
Torque: 500Nm @ 1,370rpm
Fuel economy 5.9L / 100km
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Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
It is located adjacent to Al Maktoum International Airport in Dubai South
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MATCH INFO
Sheffield United 0 Wolves 2 (Jimenez 3', Saiss 6)
Man of the Match Romain Saiss (Wolves)
Fire and Fury
By Michael Wolff,
Henry Holt
