Stephen Carter, the chief executive of British publishing company Informa, has reportedly moved his residency to the UAE, joining the departures from the UK to the Emirates among the wealthy and working age.
The move, first reported by the Financial Times on Friday, means the former aide to British prime minister Gordon Brown will now be running the London-listed company from the Emirates.
Moving to the UAE is likely have tax advantages, although the FT report did not make clear what other perks the decision will grant to both the company and the media executive, who is entitled to sit in the UK House of Lords as Baron Carter.
British media have reported that the move was business related. Finance website This is Money, quoting an Informa representative, said that the company “has grown fourfold over the last decade, becoming an increasingly international business”.
“The operating management are spending their time where the market is and where the growth is,” the representative added.
The Daily Telegraph, meanwhile, reported that the expansion and growth of Informa has “increasingly prevented” Lord Carter from attending and contributing in the House”.
“Although Lord Carter had a prior leave of absence, the recent expansion of Informa – combined with now working and living outside the UK for the foreseeable future – made it a sensible decision to step down from the House to concentrate on further growth of the business,” it added, quoting an Informa representative.
The UAE – which has some of the most business-friendly regulations globally – has been the most popular destination for wealthy people leaving the UK, analysis of figures compiled in recent months show. And the numbers leaving have been rising.
A look into the number of company directors changing their address this summer showed 3,790 reported to be leaving, compared with 2,712 over the same period a year earlier.
Meanwhile, with the budget deficit rising and the tax net catching more areas of income and wealth, thousands have moved out of the UK in recent years.
FinTech magnate Nik Storonsky of the bank Revolut was revealed to have shifted his residency to the UAE last month.
The departures seem bound to raise questions about the effects of tax reforms on the country’s wealthiest residents. The Treasury has defended its new regime ending non-domiciled status for internationally committed residents. The Government has faced demands for a wealth tax from its rank and file.
Prominent leavers reportedly included Nassef Sawiris, the Egyptian tycoon; Shravin Bharti Mittal, the Indian businessman; John Fredriksen, the Norwegian-Cypriot shipping magnate; and Richard Gnodde, the South African-born vice president of Goldman Sachs.
Mr Fredriksen, who told a Norwegian newspaper that Britain had “gone to hell”, was said to be putting his £250 million ($332 million) Chelsea mansion – The Old Rectory – on the market.
Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
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- Option 3: 30% across five years
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Results
5pm: Maiden (PA) Dh80,000 (Turf) 2,200m, Winner: Zalman, Pat Cosgrave (jockey), Helal Al Alawi (trainer)
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7.30pm: Handicap (TB) Dh90,000 (T) 1,600m, Winner: Shanaghai City, Fabrice Veron, Rashed Bouresly
8pm: Handicap (TB) Dh100,000 (T) 1,400m, Winner: Nayslayer, Bernardo Pinheiro, Jaber Ramadhan
The five pillars of Islam
UAE currency: the story behind the money in your pockets
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
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- 600-seat auditorium
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- An elevated football field that doubles as a helipad
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Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
