Geoff Cook, the chief executive of Jersey Finance (an arm of the island protectorate's international financial centre) is in the UAE promoting his offshore locale. He sees the Middle East as important to Jersey for a couple of reasons: first, because it serves as a "tax-neutral" place for wealthy families to station their assets (a well-developed legal structure for executing estates and enforcing succession planning makes it attractive, he says). Second, because it provides Middle Eastern companies with a nice conduit for acquiring assets in Europe. When you buy a portfolio of assets through Jersey, he says, you get better tax treatment - and much less bureaucratic hassle - than you would dealing directly with varying regulatory regimes all over the continent
"You tend to find investors use banking centres according to where their wealth is," he said. "If they are buying European assets, they will do that in the European centres."
Cook said Jersey hasn't been affected in a major way by the global financial crisis, as its financial operations are concentrated in trusteeships and asset management, neither of which has taken a death-knell-level hit during the past year. While it never made up a large slice of Jersey's financial pie, though, the offshore securitisation business has basically ground to a halt.
Overall, Cook sounded pretty bullish about the Middle East. He said some Jersey companies had even developed Sharia-compliant structures aimed squarely at investors in the region. He also spoke of a "cultural affinity" between the Middle East and Europe: many wealthy families in the region go on holiday and send children to school in Europe. He's even
considering opening up a local office somewhere in the region -
probably in Bahrain, Dubai or Abu Dhabi.
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
How Alia's experiment will help humans get to Mars
Alia’s winning experiment examined how genes might change under the stresses caused by being in space, such as cosmic radiation and microgravity.
Her samples were placed in a machine on board the International Space Station. called a miniPCR thermal cycler, which can copy DNA multiple times.
After the samples were examined on return to Earth, scientists were able to successfully detect changes caused by being in space in the way DNA transmits instructions through proteins and other molecules in living organisms.
Although Alia’s samples were taken from nematode worms, the results have much bigger long term applications, especially for human space flight and long term missions, such as to Mars.
It also means that the first DNA experiments using human genomes can now be carried out on the ISS.
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.
The five pillars of Islam
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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
The%20specs
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Company%20Profile
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