Major companies in the City of London are planning a three-day week post-pandemic as the Square Mile considers how to lure office workers back to the capital.
The financial district is currently “empty” amid England’s third national lockdown, according to William Russell, the lord mayor of the City of London, who hopes the 500,000-strong workforce will stop working from home once lockdown is lifted to help revive the area.
"Most corporations I'm talking to are looking at three days a week," Mr Russell told The National shortly after delivering an online speech at Abu Dhabi Sustainability Week.
“Then I spoke to somebody the other day, who's really keen to get everyone back into the office five days a week because they feel really strongly about the collaborative nature. But you can never coerce anyone back, there is going to be adapting.”
Mr Russell, who heads the City of London Corporation that oversees operations in the Square Mile, took on the unpaid role in 2019 and decided to stay on for a second term in November to provide continuity during the pandemic, becoming only the second mayor to do so.
The former Merrill Lynch investment banker has spent most of his second term working from home just south of Cambridge, last visiting his official London home, the 18th century Mansion House, in December before England was plunged into lockdown again this month.
However, he said he has reached more people as “virtual Lord Mayor” than during a typical year in which he would spend 100 days travelling and visit up to 30 countries.
“In a way you could argue that’s worked out better for the City,” he said.
While Mr Russell is optimistic the Square Mile will recover from the pandemic and “build back better” through green finance and the FinTech sector, he conceded work hard is needed to attract employees because working from home has turned out better than expected for many.
“Working from home has almost been too successful, which has meant people haven't found the need to come back into the City,” said Mr Russell, who caught coronavirus from his wife Hilary last March and suffered mild symptoms.
While the home-working trend cannot change in the near term as England remains locked-down until mid-February at the earliest, Mr Russell plans to lead a reopening campaign to encourage workers back to the office.
An initial "back to work week" was scheduled to take place in April to boost restaurants, cafes and other venues that rely on offices occupied by workers, however, he said this may be delayed until May or even June, depending on the success of the UK's vaccination drive.
“Will [the number of employees] go back to where we were in February 2020? No, not in the near term. We had more than 500,000 people coming into the City of London every day and it's going to take some time to get back to that,” he said.
However, he insisted that "the office is not dead" and the City "will bounce back" because collaboration, creativity and idea generation works best in the office.
Having staff back at work is also key for the small-to-medium enterprises that rely on their presence – and comprise 99 per cent of the businesses in the Square Mile. To date, cafes and sandwich shops have been forced to rely on business rates relief and other government support measures to survive the cycle of lockdowns.
“We don't want boarded-up coffee shops in the City; that would be awful. So we're trying to work closely with them and help out where we can," said Mr Russell.
“There are some ideas around some voucher schemes where companies give vouchers to employees to go and spend money with the local businesses.”
Another challenge for cities now is that they are now competing with "localism", as employees prefer to stay close to home and avoid travelling to work.
“Our village shop has never had a better time of it," he said.
However, he stressed that the drive to attract workers will not only focus on staffing offices by opening up transport services into the City, but also on encouraging them to eat out locally for lunch and go out after work too, say, the theatre.
One idea being mooted is for reopening week to focus on the young “because all our surveys say the younger kids want to come back, because a lot of them are sharing rooms and they're finding it very frustrating”, said Mr Russell.
The fall-out from Brexit is another challenge facing the nation's financial centre.
About $6 billion in European share trading left the City for the continent on the first business day after the transition period because the EU trade deal, which came into effect on January 1, does not cover financial services.
Extensions are in place to avoid disruption to the market until discussions over equivalence, an arrangement governing cross-border financial services, are complete. However, Bank of England governor Andrew Bailey said earlier this month that up to 7,000 City jobs were lost to Brexit.
Mr Russell, the 692nd lord mayor, said this figure was far less than the 85,000 jobs touted by consultancies in the run-up to Britain’s final departure from the EU, and that the City can adapt to change by focusing on key growth areas such as FinTech.
“We are the FinTech centre of the world and that's not just the City of London – it's across the whole of the UK. There are 146 FinTech companies in Scotland alone,” he said.
“Yes, we've lost a bit from Brexit but we will recover and let's see what happens with our negotiations over the next few months with our friends in Brussels.”
Mr Russell is also expecting a surge in new listings on the London Stock Exchange with about 20 that he knows of already in the pipeline over the next 12 to 18 months.
Another opportunity for the City is green finance, he said, particularly as the UK is aiming for a net-zero economy by 2050.
In his speech at ADSW, he said that the world is fast approaching a time when every financial decision will take climate change into account, with the pandemic renewing the world’s focus on sustainability.
“Sustainable investments have proven to be resilient during this unstable economic period,” he told delegates.
“The core thesis of ESG (environmental, social, and corporate governance) – managing risk – has been validated, as ESG strategies outperform in a global economic downturn.”
Abu Dhabi's sustainability event comes two months after the City of London hosted the Green Horizon Summit, which saw former central bank governor Mark Carney outline his private finance strategy ahead of Cop 26, the UN climate summit set to be hosted by the UK in Glasgow later this year.
Mr Carney called on banks, insurers and fund managers to invest in private sector initiatives and profit from "the greatest commercial opportunity of our time" to help companies transition to a net-zero future.
The same month, UK Finance Minister Rishi Sunak unveiled the UK's first Sovereign Green Bond, due to go live this year, to finance climate change projects, infrastructure investment and create green jobs across the country.
Mr Sunak also unveiled more robust environmental disclosure standards to ensure investors and businesses better understand the material financial effects of their exposure to climate change.
The UK will become the first country in the world to make Task Force on Climate-related Financial Disclosures-aligned disclosures mandatory across the economy by 2025.
Mr Russell said the UK’s green agenda will also help the City navigate its way out of the pandemic as the financial district can help stakeholders around the world filter investments into green projects.
“I refer to myself as the green lord mayor and talk about it being the green brick road to Glasgow so there are huge opportunities,” he said.
“The UK economy is in a dire position but jobs will be created through these green projects through the sustainable agenda.”
Mr Russell also commended the UAE and wider Gulf region for their efforts to tackle climate change.
“It’s so positive. They are investing in solar, they’re investing in wind farms, and they’ve made some very positive statements about a 25 per cent reduction in emissions by 2030,” he said.
Mr Russell said he has spent more time in the UAE and wider Gulf region during his tenure as Lord Mayor than any other part of the world because it’s “a very important trading partner”.
“We already have a great relationship and a GCC trade deal will just enhance that even more. Hopefully, it will happen sooner rather than later," he said.
“We do more with GCC than we do with China. There’s a great history with our friends in the GCC and whenever I go there I'm so bowled over by how welcoming everyone is and how keen they are to continue to do business with the UK.”
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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.”
BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
Calls
Directed by: Fede Alvarez
Starring: Pedro Pascal, Karen Gillian, Aaron Taylor-Johnson
4/5
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
UAE currency: the story behind the money in your pockets
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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THE%20SPECS
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Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
More from Rashmee Roshan Lall
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
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Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
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UAE currency: the story behind the money in your pockets
West Indies v India - Third ODI
India 251-4 (50 overs)
Dhoni (78*), Rahane (72), Jadhav (40)
Cummins (2-56), Bishoo (1-38)
West Indies 158 (38.1 overs)
Mohammed (40), Powell (30), Hope (24)
Ashwin (3-28), Yadav (3-41), Pandya (2-32)
India won by 93 runs
The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
The specs: 2018 Bentley Bentayga V8
Price, base: Dh853,226
Engine: 4.0-litre twin-turbo V8
Transmission: Eight-speed automatic
Power: 550hp @ 6,000pm
Torque: 770Nm @ 1,960rpm
Fuel economy, combined: 11.4L / 100km
THE BIO
Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Favorite food: seafood
Favorite place to travel: Lebanon
Favorite movie: Braveheart
The Greatest Royal Rumble card
50-man Royal Rumble - names entered so far include Braun Strowman, Daniel Bryan, Kurt Angle, Big Show, Kane, Chris Jericho, The New Day and Elias
Universal Championship Brock Lesnar (champion) v Roman Reigns in a steel cage match
WWE World Heavyweight ChampionshipAJ Styles (champion) v Shinsuke Nakamura
Intercontinental Championship Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe
United States Championship Jeff Hardy (champion) v Jinder Mahal
SmackDown Tag Team Championship The Bludgeon Brothers (champions) v The Usos
Raw Tag Team Championship (currently vacant) Cesaro and Sheamus v Matt Hardy and Bray Wyatt
Casket match The Undertaker v Rusev
Singles match John Cena v Triple H
Cruiserweight Championship Cedric Alexander v Kalisto
Results
5pm: UAE Martyrs Cup (TB) Conditions Dh90,000 2,200m
Winner: Mudaarab, Jim Crowley (jockey), Erwan Charpy (trainer).
5.30pm: Wathba Stallions Cup (PA) Handicap Dh70,000 1,400m
Winner: Jawal Al Reef, Richard Mullen, Hassan Al Hammadi.
6pm: UAE Matyrs Trophy (PA) Maiden Dh80,000 1,600m
Winner: Salima Al Reef, Jesus Rosales, Abdallah Al Hammadi.
6.30pm: Sheikha Fatima bint Mubarak (IFAHR) Apprentice Championship (PA) Prestige Dh100,000 1,600m
Winner: Bainoona, Ricardo Iacopini, Eric Lemartinel.
7pm: Sheikha Fatima bint Mubarak (IFAHR) Ladies World Championship (PA) Prestige Dh125,000 1,600m
Winner: Assyad, Victoria Larsen, Eric Lemartinel.
8pm: Sheikh Zayed bin Sultan Al Nahyan Jewel Crown (PA) Group 1 Dh5,000,000 1,600m
Winner: Mashhur Al Khalediah, Jean-Bernard Eyquem, Phillip Collington.
US tops drug cost charts
The study of 13 essential drugs showed costs in the United States were about 300 per cent higher than the global average, followed by Germany at 126 per cent and 122 per cent in the UAE.
Thailand, Kenya and Malaysia were rated as nations with the lowest costs, about 90 per cent cheaper.
In the case of insulin, diabetic patients in the US paid five and a half times the global average, while in the UAE the costs are about 50 per cent higher than the median price of branded and generic drugs.
Some of the costliest drugs worldwide include Lipitor for high cholesterol.
The study’s price index placed the US at an exorbitant 2,170 per cent higher for Lipitor than the average global price and the UAE at the eighth spot globally with costs 252 per cent higher.
High blood pressure medication Zestril was also more than 2,680 per cent higher in the US and the UAE price was 187 per cent higher than the global price.
The specs: 2018 BMW X2 and X3
Price, as tested: Dh255,150 (X2); Dh383,250 (X3)
Engine: 2.0-litre turbocharged inline four-cylinder (X2); 3.0-litre twin-turbo inline six-cylinder (X3)
Power 192hp @ 5,000rpm (X2); 355hp @ 5,500rpm (X3)
Torque: 280Nm @ 1,350rpm (X2); 500Nm @ 1,520rpm (X3)
Transmission: Seven-speed automatic (X2); Eight-speed automatic (X3)
Fuel consumption, combined: 5.7L / 100km (X2); 8.3L / 100km (X3)
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Know your Camel lingo
The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home
Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless
Asayel camels - sleek, short-haired hound-like racers
Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s
Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
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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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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THE SPECS
Engine: 3.5-litre V6
Transmission: six-speed manual
Power: 325bhp
Torque: 370Nm
Speed: 0-100km/h 3.9 seconds
Price: Dh230,000
On sale: now
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Pox that threatens the Middle East's native species
Camelpox
Caused by a virus related to the one that causes human smallpox, camelpox typically causes fever, swelling of lymph nodes and skin lesions in camels aged over three, but the animal usually recovers after a month or so. Younger animals may develop a more acute form that causes internal lesions and diarrhoea, and is often fatal, especially when secondary infections result. It is found across the Middle East as well as in parts of Asia, Africa, Russia and India.
Falconpox
Falconpox can cause a variety of types of lesions, which can affect, for example, the eyelids, feet and the areas above and below the beak. It is a problem among captive falcons and is one of many types of avian pox or avipox diseases that together affect dozens of bird species across the world. Among the other forms are pigeonpox, turkeypox, starlingpox and canarypox. Avipox viruses are spread by mosquitoes and direct bird-to-bird contact.
Houbarapox
Houbarapox is, like falconpox, one of the many forms of avipox diseases. It exists in various forms, with a type that causes skin lesions being least likely to result in death. Other forms cause more severe lesions, including internal lesions, and are more likely to kill the bird, often because secondary infections develop. This summer the CVRL reported an outbreak of pox in houbaras after rains in spring led to an increase in mosquito numbers.
Four motivational quotes from Alicia's Dubai talk
“The only thing we need is to know that we have faith. Faith and hope in our own dreams. The belief that, when we keep going we’re going to find our way. That’s all we got.”
“Sometimes we try so hard to keep things inside. We try so hard to pretend it’s not really bothering us. In some ways, that hurts us more. You don’t realise how dishonest you are with yourself sometimes, but I realised that if I spoke it, I could let it go.”
“One good thing is to know you’re not the only one going through it. You’re not the only one trying to find your way, trying to find yourself, trying to find amazing energy, trying to find a light. Show all of yourself. Show every nuance. All of your magic. All of your colours. Be true to that. You can be unafraid.”
“It’s time to stop holding back. It’s time to do it on your terms. It’s time to shine in the most unbelievable way. It’s time to let go of negativity and find your tribe, find those people that lift you up, because everybody else is just in your way.”
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
Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
