When he finally strode on to the pitch this week, the stadium was drowned in applause. Africa's leading player, this year's African Footballer of the Year, Didier Drogba, wasn't cleared to play until the last minute. But his appearance at Port Elizabeth Stadium with his arm in a cast was enough to leave Ivory Coast fans confident that he alone could turn around their lacklustre performance. He couldn't.
It's bad form to mix politics and sport. Yet in the same week the World Cup started, the world's richest prize was also up for grabs in Africa - and yet no African was able to claim it. The reason why matters, as much for football fans as for the continent. Start with the prize. The Ibrahim Prize for Achievement in African Leadership is the world's most valuable, worth US$5 million over 10 years, plus $200,000 a year after that. The criteria are strict and the prize can only be awarded to democratically-elected leaders who leave office after serving their term within the limits of the country's constitution. Having previously honoured former presidents of Mozambique and Botswana, this week, for the second year in a row, it was not awarded.
To most observers, the reason is obvious. Africa is the lost continent, a hinterland of starvation and infection. Yet that image is woefully incorrect. The continent is thriving - from Kenyan wind farms, to Nigerian entrepreneurs, to South African banks, the economic outlook has rarely looked as positive. The continent's economy is expected to grow up to six per cent this year, despite the downturn.
Mo Ibrahim, the Sudanese entrepreneur who founded the prize, is living proof of the continent's potential: he made his fortune with a company that operated primarily in Africa. But even as the continent's economy speeds up, its politics appear to have stalled. To see why, take the five (sub-Saharan) African nations in the World Cup: South Africa, Nigeria, Ghana, Cameroon and Ivory Coast. Every single one has been dominated by one political party for more than a decade.
True, that situation isn't entirely unusual, even in mature democracies - both France and Britain have been dominated by one political party for most of the past decade. But neither of those parties could hope to poll the 60 per cent-plus support these African political parties enjoy on a regular basis. Moreover in some countries, such as South Africa and Nigeria, the dominant party exerts such influence it is hard to conceive of a transfer of power. The African National Congress in South Africa has never been out of power since the country became a democracy in 1994.
It is not much more heartening elsewhere. In Ethiopia, the political party of the prime minister Meles Zenawi won a commanding victory in last month's parliamentary elections - his party hasn't been out of power since 1991. In Uganda, the president Yoweri Museveni hasn't left office since 1986. With such a situation, it's hardly surprising that the prize hasn't been awarded. No point asking where all the good leaders have gone - the problem is, they've never left. Mo Ibrahim acknowledged as much this week, explaining that the prize was not awarded because it has to go to an African leader who leaves office - and no African leaders left office last year. Yet what the Ibrahim Prize really wants to do is not just reward good leadership, but encourage good governance. And that's where it gets hard.
For in the swirl of theories about governance, there has yet to emerge a simple, proven way to clean politics. Good governance is a combination of many factors - social, economic, legal and political. It requires not just efforts in African countries, but political will abroad. Foreign nations who trade with Africa have to ensure their companies don't pay bribes, or, if they do, that governments clamp down on them legally. Governments are reluctant: as with the arms trade, the justification runs that there is always someone else willing to pay the bribe.
Worse, good governance is not high on the priority list of many of Africa's leaders - and with good reason, given the wounds Africa needs to recover from. In the past two decades, conflict has torn across the continent. It has been just 16 years since the Rwandan genocide, the killing of 800,000 people in a hundred days. Liberia is coming out of the shadow of the civil war that tore the country apart in the 1990s, killing 250,000 people. The Democratic Republic of the Congo is only just emerging from what has been dubbed Africa's world war, the Second Congo War, a conflict that involved eight countries and killed millions of people. It took Europe, one of the richest parts of the world, decades to rebuild itself after the Second World War; the Congo has only been stable since 2003. No other continent faces challenges on that scale.
In such circumstances, the priorities of most leaders, even the most selfless, are not necessarily the priorities of the watching world. Leadership has to take second place to governing. As corrupt as most Africans think their politicians are, it is the case that many, many leaders across the vast continent are trying to make the best of a bad system. And that goes to the heart of the matter: that, for too many Africans in too many places, clean government is a low priority, far below food, clothing and shelter. Clean government matters - but clean water matters more.
The dilemma was summed up last month by Paul Kagame, the president of Rwanda, when he told a newspaper: "It doesn't matter how much you talk about democracy or human rights. Tell me about a family who spends the whole night looking at each other and wondering whether they will have something to eat. Are they thinking about anything else? They are just not listening." The leadership prize, then, is more of an aspiration than an answer, but aspiration can be an important motivator - especially to those just below the leader. Africa has a strong tradition of political parties: it now needs good team players, a tradition of activism that creates layers of leaders. Think back to Didier Drogba on the pitch and it becomes clear that no matter how much you reward the front man (and Drogba is estimated to earn $150,000 per week), he needs a strong team behind him.
The Ibrahim Foundation has recognised this, moving in a new direction and creating a Leadership Fellows programme to "identify and prepare" the next generation of African leaders. It is a vital signal: for as important as it is to encourage the few at the top to step down, it is essential to prepare those further down to step up. Faisal al Yafai is a journalist. He received the Ibn Battuta Award for Media in London this spring and is a Churchill Fellow for 2009/2010
What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
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.
A Bad Moms Christmas
Dir: John Lucas and Scott Moore
Starring: Mila Kunis, Kathryn Hahn, Kristen Bell, Susan Sarandon, Christine Baranski, Cheryl Hines
Two stars
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.”
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
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Alaan%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Parthi%20Duraisamy%20and%20Karun%20Kurien%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20%247%20million%20raised%20in%20total%20%E2%80%94%20%242.5%20million%20in%20a%20seed%20round%20and%20%244.5%20million%20in%20a%20pre-series%20A%20round%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
Quick%20facts
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Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
Brief scores:
Manchester City 2
Gundogan 27', De Bruyne 85'
Crystal Palace 3
Schlupp 33', Townsend 35', Milivojevic 51' (pen)
Man of the Match: Andros Townsend (Crystal Palace)
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
COMPANY PROFILE
Name: Mamo Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua Based: Dubai, UAE Number of employees: 28 Sector: Financial services Investment: $9.5m Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors. Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Miss Granny
Director: Joyce Bernal
Starring: Sarah Geronimo, James Reid, Xian Lim, Nova Villa
3/5
(Tagalog with Eng/Ar subtitles)
