Mukesh Ambani
Mukesh Ambani, Asia’s richest person, joined Jeff Bezos and Elon Musk in the world’s most exclusive wealth club with a fortune of at least $100 billion.
The chairman of India’s Reliance Industries entered the rarefied group of 11 men as his conglomerate’s stock recently climbed to a record high. He is now worth $100.6bn, according to the Bloomberg Billionaires Index, after his wealth increased by $23.8bn this year.
Since inheriting the oil-refining and petrochemicals businesses of his late father’s empire in 2005, Mr Ambani, 64, has been seeking to transform the energy giant into a retail, technology and e-commerce titan.
His telecommunications unit, which started services in 2016, is now the dominant carrier in the Indian market. His retail and technology ventures raised about $27bn last year, selling stakes to investors ranging from Facebook and Google to KKR & Co and Silver Lake.
Mr Ambani unveiled an ambitious push into green energy in June, with a planned investment of about $10bn over three years. And last month, the mogul said his company would aggressively pursue production of cheaper green hydrogen. The plan aligns with Indian Prime Minister Narendra Modi’s ambitions of turning India into a global manufacturing hub for the cleaner fuel to combat climate change and slash energy imports by the world’s third-biggest oil consumer.
“Mukesh Ambani is at the forefront of creating new businesses with new emerging technologies,” says Chakri Lokapriya, chief investment officer at TCG Asset Management in Mumbai. “Creating businesses of scale at speed brings execution challenges, but he has demonstrated his capabilities.”
The story of Reliance dates back to the late 1960s, when Dhirubhai Ambani, who started out as a petrol station attendant in Yemen, began building his polyester business into a vast empire. When he died of a stroke in 2002 without leaving a will, a succession feud erupted between his two sons, Mukesh and Anil, 62, which was eventually settled by the siblings’ mother, Kokilaben, in 2005.
Mukesh Ambani is at the forefront of creating new businesses with new emerging technologies
Chakri Lokapriya,
chief investment officer at TCG Asset Management
Under the truce agreement, Mr Mukesh got control of the flagship oil refining and petrochemicals businesses, while his younger brother got newer areas such as power generation, financial services and telecommunications services. Anil – once a billionaire – told a London court last year that his net worth was zero.
India’s billionaires are some of the largest climbers on the world’s rich list, as Asia’s best-performing major stock market this year gets a boost from a surge in initial public offerings.
Gautam Adani, founder of coal power and renewable energy conglomerate Adani Group, has added $39.5bn to his fortune this year, while the country’s third-richest person, technology tycoon Azim Premji, saw his wealth grow by $12.8bn.
Elon Musk
Elon Musk wants Jeff Bezos to know he No1. Tesla's co-founder responded to a tweet from Mr Bezos on October 11 with a silver medal emoji after the gap between the world’s two richest people increased last week as a result of the surging valuation of Mr Musk’s rocket company SpaceX. His net worth is now $222bn, while Amazon’s Mr Bezos is at $190.8bn, according to the Bloomberg Billionaires Index.
The jab escalates the public spat between the two billionaires, who are both trying to revolutionise the space industry.
Mr Bezos’s Blue Origin is challenging a US government contract with SpaceX to develop technology to land people on the Moon again, while Mr Musk has previously taken to Twitter to call Amazon’s founder a “copy cat” for his e-commerce company’s space-focused ventures. In a recent filing with US regulators, Amazon’s satellite subsidiary accused Mr Musk and his companies of flouting regulations with a general attitude that “rules are for other people”.
Mr Musk, 50, added about $9bn to his fortune on October 8 after an agreement with investors valued SpaceX in excess of $100bn, more than quadruple the size of Blue Origin, according to Bloomberg’s wealth index.
Mr Musk still derives about three quarters of his wealth from Tesla, which he co-founded in 2003 after making a fortune from the sale of e-commerce site PayPal to eBay for $1.5bn.
Andrew Forrest
Billionaire mining magnate Andrew Forrest is planning an enormous factory to build equipment to produce green hydrogen in a key Australian coal centre.
Fortescue Metals Group's energy unit will build a plant with initial capacity to make two gigawatts of electrolysers a year in Gladstone, Queensland, home to one of the world’s largest coal-export terminals. Construction will start in February with manufacturing expected to begin in early 2023, the company said.
The initial capacity would make the plant among the largest in the world and vault Australia into early competition with China as a leading producer of the equipment. When paired with renewable energy, electrolysers can make hydrogen that can be stored and transported and eventually converted into carbon-free energy for power or transport.
“This initiative is a critical step in Fortescue’s transition from a highly successful pure play iron ore producer to an even more successful green renewables and resources powerhouse,” Mr Forrest says.
Investment by Fortescue Future Industries, initially $83 million and potentially rising to $650m, is part of a boom for the equipment, which runs an electric current through water to separate it into hydrogen and oxygen. About 16 gigawatts of manufacturing capacity could come online by 2024, according to BloombergNEF, which will probably leave the market oversaturated.
Soichiro Swimmy Minami
Soichiro Swimmy Minami came under the wing of Japanese billionaire Hiroshi Mikitani, the founder of the e-commerce Rakuten Group, when he worked at Rakuten’s professional baseball team in 2004.
Mr Mikitani told him businesses must fix a social problem – and Mr Minami took his words to heart.
In April, Mr Minami listed his own company, Visional, on the Tokyo Stock Exchange. The entrepreneur is now worth $1.1bn, according to the Bloomberg Billionaires Index, taking his place alongside Mr Mikitani in the ranks of billionaires.
It is another example of how the boom in IPOs is creating vast fortunes for founders around the world.
“He mentored me in a way,” Mr Minami, 45, says. He “taught me that business is meant to solve issues in society and make society better.”
As Mr Minami tells it, that is exactly what Visional is trying to do.
The businessman set up Visional, which operates the BizReach recruiting platform, in 2009 because he saw Japan’s lifetime employment system as a huge deterrent to the country’s growth.
Only about 2 per cent of full-time workers in Japan changed jobs last year, Mr Minami says, citing government data. The ratio of workers who have stayed in one post for more than 10 years was 48 per cent in Japan in 2017, the highest among 35 countries including the US, France and the UK, according to OECD data.
By contrast, a recent PwC survey in the US found that 65 per cent of employees are looking for a new job.
“I just felt that this outdated work style in Japan needed to be changed,” Mr Minami says. “There’s a lot of room to grow, a lot of room for improvement. And that’s what I’m betting on.”
BizReach allows job seekers to post their resumes on its site and be contacted directly by employers and headhunters. It targets full-time workers who make an annual salary of more than 6 million yen ($54,000), according to Mr Minami. It had about 1.4 million job seekers registered on the platform as of July 2021, according to a company presentation, with more than 17,000 employers subscribing to the service.
Visional’s stock is up 43 per cent since listing in April – most of which came from a first-day pop. That compares with a gain of about 8 per cent for Japan’s benchmark Topix index.
I just felt that this outdated work style in Japan needed to be changed
Soichiro Swimmy Minami,
founder of Visional
Investors are waiting to see if the company’s earnings growth is sustainable, says Tomoichiro Kubota, a senior market analyst at Matsui Securities in Tokyo. If not, “it’ll probably be difficult to anticipate greater upside”, he says.
Visional reported revenue of 28.7bn yen for the 12 months ended July, an 11 per cent increase from the previous year. Operating profit was 2.4bn yen, 8.3 per cent higher than a year earlier.
Whatever happens with the stock, Mr Minami says he is just getting started in his plan to change the Japanese labour force, and by doing so make the country more productive.
“It’s very inefficient,” he says. “But if you could make it efficient, I think we’re back in business.”
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
THE%20SPECS
%3Cp%3EEngine%3A%203-litre%20V6%20turbo%20(standard%20model%2C%20E-hybrid)%3B%204-litre%20V8%20biturbo%20(S)%0D%3Cbr%3EPower%3A%20350hp%20(standard)%3B%20463hp%20(E-hybrid)%3B%20467hp%20(S)%0D%3Cbr%3ETorque%3A%20500Nm%20(standard)%3B%20650Nm%20(E-hybrid)%3B%20600Nm%20(S)%0D%0D%3Cbr%3EPrice%3A%20From%20Dh368%2C500%0D%3Cbr%3EOn%20sale%3A%20Now%3C%2Fp%3E%0A
THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
MISSION: IMPOSSIBLE – FINAL RECKONING
Director: Christopher McQuarrie
Starring: Tom Cruise, Hayley Atwell, Simon Pegg
Rating: 4/5
Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
Key products and UAE prices
iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229
iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649
iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179
Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.
UAE currency: the story behind the money in your pockets
KILLING OF QASSEM SULEIMANI
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
MATCH INFO
Manchester City 6 Huddersfield Town 1
Man City: Agüero (25', 35', 75'), Jesus (31'), Silva (48'), Kongolo (84' og)
Huddersfield: Stankovic (43')
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
'The%20Alchemist's%20Euphoria'
%3Cp%3E%3Cstrong%3EArtist%3A%3C%2Fstrong%3E%20Kasabian%3Cbr%3E%3Cstrong%3ELabel%3A%20%3C%2Fstrong%3EColumbia%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
The specs: Lamborghini Aventador SVJ
Price, base: Dh1,731,672
Engine: 6.5-litre V12
Gearbox: Seven-speed automatic
Power: 770hp @ 8,500rpm
Torque: 720Nm @ 6,750rpm
Fuel economy: 19.6L / 100km
SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%20Dual%20electric%20motors%20with%20102kW%20battery%20pack%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E570hp%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20890Nm%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERange%3A%3C%2Fstrong%3E%20Up%20to%20428km%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh1%2C700%2C000%3C%2Fp%3E%0A
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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.
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
Step by step
2070km to run
38 days
273,600 calories consumed
28kg of fruit
40kg of vegetables
45 pairs of running shoes
1 yoga matt
1 oxygen chamber
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
If you go
The flights Etihad (www.etihad.com) and Spice Jet (www.spicejet.com) fly direct from Abu Dhabi and Dubai to Pune respectively from Dh1,000 return including taxes. Pune airport is 90 minutes away by road.
The hotels A stay at Atmantan Wellness Resort (www.atmantan.com) costs from Rs24,000 (Dh1,235) per night, including taxes, consultations, meals and a treatment package.
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
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
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
List of alleged parties
May 12, 2020: PM and his wife Carrie attend 'work meeting' with at least 17 staff
May 20, 2020: They attend 'bring your own booze party'
Nov 27, 2020: PM gives speech at leaving party for his staff
Dec 10, 2020: Staff party held by then-education secretary Gavin Williamson
Dec 13, 2020: PM and his wife throw a party
Dec 14, 2020: London mayoral candidate Shaun Bailey holds staff event at Conservative Party headquarters
Dec 15, 2020: PM takes part in a staff quiz
Dec 18, 2020: Downing Street Christmas party
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
Points tally
1. Australia 52; 2. New Zealand 44; 3. South Africa 36; 4. Sri Lanka 35; 5. UAE 27; 6. India 27; 7. England 26; 8. Singapore 8; 9. Malaysia 3
