While no one can miss London's The Shard tower, standing at 309 metres tall and visible from 80 kilometres away, what is less easy to see from street level is the fact that much of it remains unoccupied.
When the building opened in 2012, its developers famously boasted that they could sell the 10 luxury apartments at the top of the tower with no more than “20 phone calls”. But six years later, the flats, which occupy the 53rd to the 65th floors and carry a price tag of up to $65 million each, still appear to be vacant.
When Qatar backed the project to build Britain’s tallest tower back in 2007, it was the highlight of a swathe of investment by Doha in Britain, as the state accumulated trophy assets around the world. Qatar owns more property in London than even Queen Elizabeth II.
“The Shard itself wasn’t a good investment…it was the wrong project in the wrong location. It’s a nice building but location wise it just doesn’t make sense,” Ghanem Nuseibeh, founder of London-based management consultancy Cornerstone Global, said. The building is designed to appear like a spire emerging from the Thames river, but critics claimed it would be "a shard of glass through the heart of historic London", which provided the inspiration for its name.
“The Shard could end up being like Centre Point,” Mr Nuseibeh says, naming another London tower that stood empty for more than a decade after completion.
But the bigger problem for Qatar, Mr Nuseibeh says, is the impact of an economic and political boycott by its Arabian Gulf neighbours and other countries. Saudi Arabia and the UAE together with Bahrain and Egypt cut ties with the country last June, accusing Doha of supporting terrorism.
“Prices are going up in Qatar because of the sanctions, and of course there are cash flow issues, so that’s why they have to repatriate as much cash as possible,” Mr Nuseibeh says.
“Even before the boycott, things weren’t going well, but the actions by the Arab quartet obviously hastened things.”
The list of divestitures made by the Qatar Investment Authority (QIA) sovereign wealth fund since last June is growing rapidly.
_______________
Read more:
Qatar year in review: isolation casts a shadow over economic prospects for 2018
Qatar draws on sovereign wealth fund to support struggling economy
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The QIA did not respond to The National's comment request about its recent activity. But Ali Shareef Al Emadi, the country's finance minister, told the Financial Times last October that the fund, whose assets under management are estimated to stand at about $300 billion, had brought back more than $20bn (Dh73.46bn) into the country since the boycott began in June.
"Qatar's economy for sure is under pressure with this [boycott] situation," Professor Javier Capapé, director of the Sovereign Wealth Lab at Madrid's IE Business School, told The National. "Sovereign wealth funds like the Qatar Investment Authority are designed for purposes like this, they are vehicles to balance the whole economy. So the government can draw on them when the economy needs additional support."
Qatar has sought to explain its recent offloading and asset sales as natural portfolio adjustments, coupled with a desire to refocus on the US and emerging markets.
Yet industry experts say the selling spree could also be due to mounting financial pressures.
"Is the reduction of interests in some assets, such as Credit Suisse or Rosneft, driven by liquidity needs, or rather by the desire to rebalance the portfolio? Could be both," Sven Behrendt, managing director of GeoEconomica in Geneva, told The National.
No one knows for sure if the Qataris are rebalancing their portfolio, or whether they are taking their assets back home, Professor Capapé added.
“If it’s true that they’re rebalancing to the US, it would make sense,” he said. “But the other theory clearly is that they are pulling as much money back into the domestic economy, due on one hand to the lower oil prices, and on the other hand, of course, because of this situation they have with [their neighbours].”
Since the boycott began, liquidity in Qatar’s banking system has come under increasing strain. Ratings agency Moody’s Investors Service estimated last September that the country had burnt through $38.5bn (Dh141bn) of its financial reserves in June and July alone.
Other projects have seemingly been delayed, such as Chelsea Barracks, a luxury residential project near London’s Sloane Square.
Staff on site insist all is going to plan, pointing to a countdown clock in the office which says there are 43 weeks to go until it is ready.
Local residents are less convinced. “It’s an eyesore,” said one, who asked not to be named, at the plush Daylesford organic café that sits opposite the project. “It’s been dragging on years and years.”
Qatari Diar, the QIA's real estate company, declined to comment when asked by The National whether the project remains on track.
Employees at Qatar-owned Al Jazeera English had planned a 24-hour strike on May 9 at the broadcaster’s office in The Shard before it was suspended at the 11th hour. The protesters were to oppose the channel being starved of resources by its owner, arguing that pay and conditions for its employees have suffered as a result.
Trade union officials said staff at Al Jazeera in London have not received a pay rise in four years.
Staff who planned to walk out of the London bureau “haven’t had pay increases year after year, so their salaries have been overtaken by the market,” said Gerry Carr, assistant national secretary for the UK's media and entertainment union, Bectu.
The strike was touted as a last resort as efforts to meet with Al Jazeera’s management and explore a way for the company to increase their salaries proved unsuccessful.
“Our members are at the end of their tethers, really,” said Mr Carr. “We have very hard working and dedicated staff. I have no idea why management don’t think they deserve a pay award…but we know Doha is where the key decisions are made in the company.”
With strike action stalled for now, Al Jazeera staff will be briefed at a meeting on Tuesday with union representatives. “We can't say any more before then, I'm afraid,” said the union representative.
Al Jazeera has around 130 staff in London. According to trade union officials, a substantial amount of the office was to take part in the walkout, including presenters, reporters, producers, studio technical staff and camera operators. Programmes broadcast from the London office were also to be affected by any industrial action.
Even though it was called off at the last minute, experts say the dispute is telling of a wider slowdown as the country fights fires on multiple fronts.
"I'm not surprised," Mr Nuseibeh told The National of the planned strike. "Can they [Qatar] not even afford to pay their staff now? That's hardly a good sign."
All of this spells bad news for Britain. With Brexit looming, Prime Minister Theresa May is desperate to retain stable investment and hold on to trade partners outside of Europe.
Qatar currently has around £35bn (Dh173bn) of investments in Britain and, last March, Doha pledged to invest another £5bn (Dh24.85bn) in the UK over the next three to five years as the country leaves the European Union.
At the time, the promise was hailed by ministers as a vote of confidence in post-Brexit Britain. But the boycott on Qatar has called this commitment into question, according to Prof Capapé.
“It’s hard to see now whether they will fulfil their commitment,” he said. “It completely depends on the duration of the embargo. If the embargo ends in two months, for sure, they may look to restart the investment spree again.
“On the other hand, it depends on oil prices. Sadly, I don’t have a crystal ball…but I wouldn’t be surprised if they’re more cautious on their investment decisions in future, based on those two risks.”
If Qatar finds itself forced to liquidate some or all of its British assets to sustain its own economy, this would deal a body blow to Mrs May’s hopes of keeping a flow of foreign funding into the domestic economy in post-Brexit Britain.
So, like the Shard and its developers when they first launched in London, the Qataris now have the tall task of maintaining their relevance in London, Britain and the wider world as the boycott continues to bite.
Related
About Proto21
Date started: May 2018
Founder: Pir Arkam
Based: Dubai
Sector: Additive manufacturing (aka, 3D printing)
Staff: 18
Funding: Invested, supported and partnered by Joseph Group
British Grand Prix free practice times in the third and final session at Silverstone on Saturday (top five):
1. Lewis Hamilton (GBR/Mercedes) 1:28.063 (18 laps)
2. Sebastian Vettel (GER/Ferrari) 1:28.095 (14)
3. Valtteri Bottas (FIN/Mercedes) 1:28.137 (20)
4. Kimi Raikkonen (FIN/Ferrari) 1:28.732 (15)
5. Nico Hulkenberg (GER/Renault) 1:29.480 (14)
Overall standings
1. Christopher Froome (GBR/Sky) 68hr 18min 36sec,
2. Fabio Aru (ITA/AST) at 0:18.
3. Romain Bardet (FRA/ALM) 0:23.
4. Rigoberto Uran (COL/CAN) 0:29.
5. Mikel Landa (ESP/SKY) 1:17.
Anxiety and work stress major factors
Anxiety, work stress and social isolation are all factors in the recogised rise in mental health problems.
A study UAE Ministry of Health researchers published in the summer also cited struggles with weight and illnesses as major contributors.
Its authors analysed a dozen separate UAE studies between 2007 and 2017. Prevalence was often higher in university students, women and in people on low incomes.
One showed 28 per cent of female students at a Dubai university reported symptoms linked to depression. Another in Al Ain found 22.2 per cent of students had depressive symptoms - five times the global average.
It said the country has made strides to address mental health problems but said: “Our review highlights the overall prevalence of depressive symptoms and depression, which may long have been overlooked."
Prof Samir Al Adawi, of the department of behavioural medicine at Sultan Qaboos University in Oman, who was not involved in the study but is a recognised expert in the Gulf, said how mental health is discussed varies significantly between cultures and nationalities.
“The problem we have in the Gulf is the cross-cultural differences and how people articulate emotional distress," said Prof Al Adawi.
“Someone will say that I have physical complaints rather than emotional complaints. This is the major problem with any discussion around depression."
Daniel Bardsley
Book%20Details
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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
The biog
Name: James Mullan
Nationality: Irish
Family: Wife, Pom; and daughters Kate, 18, and Ciara, 13, who attend Jumeirah English Speaking School (JESS)
Favourite book or author: “That’s a really difficult question. I’m a big fan of Donna Tartt, The Secret History. I’d recommend that, go and have a read of that.”
Dream: “It would be to continue to have fun and to work with really interesting people, which I have been very fortunate to do for a lot of my life. I just enjoy working with very smart, fun people.”
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
Western Clubs Champions League:
- Friday, Sep 8 - Abu Dhabi Harlequins v Bahrain
- Friday, Sep 15 – Kandy v Abu Dhabi Harlequins
- Friday, Sep 22 – Kandy v Bahrain
Women%E2%80%99s%20Asia%20Cup
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Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
LIGUE 1 FIXTURES
All times UAE ( 4 GMT)
Friday
Nice v Angers (9pm)
Lille v Monaco (10.45pm)
Saturday
Montpellier v Paris Saint-Germain (7pm)
Bordeaux v Guingamp (10pm)
Caen v Amiens (10pm)
Lyon v Dijon (10pm)
Metz v Troyes (10pm)
Sunday
Saint-Etienne v Rennes (5pm)
Strasbourg v Nantes (7pm)
Marseille v Toulouse (11pm)
KILLING OF QASSEM SULEIMANI
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Killing of Qassem Suleimani
Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
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UAE currency: the story behind the money in your pockets
More from Neighbourhood Watch:
UAE currency: the story behind the money in your pockets
Arabian Gulf League fixtures:
Friday:
- Emirates v Hatta, 5.15pm
- Al Wahda v Al Dhafra, 5.25pm
- Al Ain v Shabab Al Ahli Dubai, 8.15pm
Saturday:
- Dibba v Ajman, 5.15pm
- Sharjah v Al Wasl, 5.20pm
- Al Jazira v Al Nasr, 8.15pm
Takreem Awards winners 2021
Corporate Leadership: Carl Bistany (Lebanon)
Cultural Excellence: Hoor Al Qasimi (UAE)
Environmental Development and Sustainability: Bkerzay (Lebanon)
Environmental Development and Sustainability: Raya Ani (Iraq)
Humanitarian and Civic Services: Women’s Programs Association (Lebanon)
Humanitarian and Civic Services: Osamah Al Thini (Libya)
Excellence in Education: World Innovation Summit for Education (WISE) (Qatar)
Outstanding Arab Woman: Balghis Badri (Sudan)
Scientific and Technological Achievement: Mohamed Slim Alouini (KSA)
Young Entrepreneur: Omar Itani (Lebanon)
Lifetime Achievement: Suad Al Amiry (Palestine)
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
Bookshops: A Reader's History by Jorge Carrión (translated from the Spanish by Peter Bush),
Biblioasis
Company%20profile%20
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EElggo%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20August%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Luma%20Makari%20and%20Mirna%20Mneimneh%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Education%20technology%20%2F%20health%20technology%3Cbr%3E%3Cstrong%3ESize%3A%3C%2Fstrong%3E%20Four%20employees%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-seed%3C%2Fp%3E%0A
THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
The biog
Name: Younis Al Balooshi
Nationality: Emirati
Education: Doctorate degree in forensic medicine at the University of Bonn
Hobbies: Drawing and reading books about graphic design
How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
Know your camel milk:
Flavour: Similar to goat’s milk, although less pungent. Vaguely sweet with a subtle, salty aftertaste.
Texture: Smooth and creamy, with a slightly thinner consistency than cow’s milk.
Use it: In your morning coffee, to add flavour to homemade ice cream and milk-heavy desserts, smoothies, spiced camel-milk hot chocolate.
Goes well with: chocolate and caramel, saffron, cardamom and cloves. Also works well with honey and dates.
The specs: 2019 BMW i8 Roadster
Price, base: Dh708,750
Engine: 1.5L three-cylinder petrol, plus 11.6 kWh lithium-ion battery
Transmission: Six-speed automatic
Power: 374hp (total)
Torque: 570Nm (total)
Fuel economy, combined: 2.0L / 100km
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Zayed Sustainability Prize
KILLING OF QASSEM SULEIMANI
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
On sale: Now
TEST SQUADS
Bangladesh: Mushfiqur Rahim (captain), Tamim Iqbal, Soumya Sarkar, Imrul Kayes, Liton Das, Shakib Al Hasan, Mominul Haque, Nasir Hossain, Sabbir Rahman, Mehedi Hasan, Shafiul Islam, Taijul Islam, Mustafizur Rahman and Taskin Ahmed.
Australia: Steve Smith (captain), David Warner, Ashton Agar, Hilton Cartwright, Pat Cummins, Peter Handscomb, Matthew Wade, Josh Hazlewood, Usman Khawaja, Nathan Lyon, Glenn Maxwell, Matt Renshaw, Mitchell Swepson and Jackson Bird.
Spider-Man%202
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Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
MATCH INFO
Barcelona 2
Suarez (10'), Messi (52')
Real Madrid 2
Ronaldo (14'), Bale (72')
