Priyanka Gandhi. AFP
Priyanka Gandhi. AFP

Newsmaker: Priyanka Vadra



The reappearance of Priyanka Vadra on the campaign trail might be the proverbial shot in the arm needed for the beleaguered Indian National Congress party. The granddaughter of Indira Gandhi – the country’s first female prime minister and possibly the most controversial – Vadra has always shunned the limelight. But even as she continues to take a back seat to her older brother, Congress vice-president Rahul Gandhi, fellow party members hold her in high esteem, especially for her negotiating skills and diplomacy.

Vadra put her talents to good use last month, bringing about an important seat-sharing alliance between Congress and the Samajwadi Party, which holds the local government in the northern state of Uttar Pradesh. With the state in the middle of constituency elections, it’s a strategic move by Congress, as it continues to flounder against the ruling Bharatiya Janata Party (BJP), which won the 2014 general elections in a landslide.

Vadra was born Priyanka Gandhi in Delhi on January 12, 1972, into a famous dynasty of politicians. Her great-grandfather, Jawaharlal Nehru, was sworn in as the first prime minister of India on August 15, 1947; since then, the clan, and the Congress party, which was established in 1885, have been in power for much of the time.

But the family is perhaps best known for the double tragedy they have endured: the assassinations of Indira and her son Rajiv Gandhi, Vadra’s father, in 1984 and 1991. Both were prime ministers when they were killed, and their untimely deaths are widely speculated to be the reason why Vadra isn’t interested in becoming a fully fledged politician. In that regard, she’s less like her mother, Sonia Gandhi, an Italian who quietly adopted the language and land of her politician husband. Sonia joined Congress after Rajiv was killed by a suicide bomber. She’s currently the party’s president, and is always in the public eye, engaging in political rallies alongside her son.

But Vadra’s definitive reason for her passive approach to politics, in her own words, is domestic bliss. She’s devoted to her two children, Rehan (also spelt Reihan) and Miraya, and husband of 20 years, businessman Robert Vadra. While the couple’s disparate personalities make their marriage the focus of much speculation, the flamboyant entrepreneur has always been a staunch supporter of his wife’s occasional political forays: last month, he accused a member of parliament of sexism and misogyny after a BJP politician made disparaging remarks about Vadra’s physical appearance.

In a 2009 interview with Outlook India magazine, Vadra offered a rare, if humdrum, insight into her private life, talking at length about baking cupcakes for her children and shopping for groceries at New Delhi's Khan Market. But behind the sanguine statements lie memories of a sequestered childhood in New Delhi: she and her brother were homeschooled after their grandmother was shot by her Sikh bodyguards, an act of revenge brought on by her orders that the military storm a Sikh temple during an insurgency in Punjab.

Vadra is a staunch Buddhist – her way of making peace with the family’s blood-spattered past – and has a master’s in Buddhist studies. Unlike her brother, she is an excellent orator, and gave her first public speech at the age of 16. She also has a strong command of Hindi; she says she owes this, and her love of Hindi literature, to her tutor, the late Teji Bachchan, a stage actress, one-time confidante of Indira and the mother of Bollywood superstar Amitabh Bachchan.

Vadra is also a devout follower of the meditational technique vipassana, which she has practised since 1997. A few years ago, in a televised, seemingly informal chat with Indian journalist and author Barkha Dutt, with the women comfortably seated on the grass in the grounds of the Vadra home in Delhi, she revealed that vipassana helped her “find herself” and emerge from the shadow of her grandmother, whom she idolised: “I grew up in a household where [Indira] was the head and she was an extremely powerful woman. Being a little girl and seeing this woman who … stood for so much, it had an effect on me. I think I was confused about my identity until a certain point … And I realised that this [politics] is not for me.”

Yet she hasn’t completely rejected the political arena, surfacing to back her brother during Congress’s successful campaign in the 2004 general elections and the failed bid in 2014.

Critics point out that the siblings are surrounded by sycophants and purveyors of the Gandhi name. It’s true that party members idolise Vadra, because they see in her glimpses of her wilful grandmother. Eloquent, charismatic, spirited and quick-tempered, she even looks like the former prime minister, with similar bobbed hair and a penchant for cotton saris. This simplicity also endears Vadra to the people, especially those in the family strongholds of Uttar Pradesh’s Rae Bareli and Amethi. These districts are among the only constituencies Vadra visits when campaigning. In Amethi, despite steadfastly refusing to stand for elections, she remains the favourite, as seen in this popular party slogan: “Amethi ka danka, bitiya Priyanka” (“Amethi’s clarion call for a leader is for our daughter Priyanka”).

It’s in Rae Bareli and Amethi that Vadra seems most at ease, but this frequently presents a security nightmare when she casually steps outside the cordon to shake hands with supporters, cuddle babies and allow the elderly to cup her face in their hands.

Despite her popularity, Vadra maintains that her brother is more politically astute. In her interview with Outlook India, she describes him as a "sophisticated thinker" with a "brilliant mind", a portrayal that is at odds with his public image: critics dismiss Rahul as a naive idealist; his speeches, in public and in parliament, are frequently ridiculed; and he's the constant butt of jokes on Twitter. But Vadra's loyalty remains steadfast, as seen in her most recent appearance with her brother in Rae Bareli last week. Television channels showed them arriving at the rally in a helicopter as surging crowds held up garlands and chanted "Priyanka". But to their dismay, it was Rahul who gave the speech – a meandering attack on the BJP government, complete with puerile Bollywood references – while the crowds slowly thinned, and his sister listened silently.

With the next general elections in two years’ time, there’s a lot at stake for Congress, and by association, Vadra. Burdened with the party’s failing fortunes, it might be time for this reluctant heir to embrace a role that does justice to her family’s legacy and her inherent political instincts.

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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.”

RACE SCHEDULE

All times UAE ( 4 GMT)

Friday, September 29
First practice: 7am - 8.30am
Second practice: 11am - 12.30pm

Saturday, September 30
Qualifying: 1pm - 2pm

Sunday, October 1
Race: 11am - 1pm

Company%20Profile
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The Perfect Couple

Starring: Nicole Kidman, Liev Schreiber, Jack Reynor

Creator: Jenna Lamia

Rating: 3/5

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PROFILE OF SWVL

Started: April 2017

Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh

Based: Cairo, Egypt

Sector: transport

Size: 450 employees

Investment: approximately $80 million

Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani

Naga
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The%20specs
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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)
RESULTS

Women:

55kg brown-black belt: Amal Amjahid (BEL) bt Amanda Monteiro (BRA) via choke
62kg brown-black belt: Bianca Basilio (BRA) bt Ffion Davies (GBR) via referee’s decision (0-0, 2-2 adv)
70kg brown-black belt: Ana Carolina Vieira (BRA) bt Jessica Swanson (USA), 9-0
90kg brown-black belt: Angelica Galvao (USA) bt Marta Szarecka (POL) 8-2

Men:

62kg black belt: Joao Miyao (BRA) bt Wan Ki-chae (KOR), 7-2
69kg black belt: Paulo Miyao (BRA) bt Gianni Grippo (USA), 2-2 (1-0 adv)
77kg black belt: Espen Mathiesen (NOR) bt Jake Mackenzie (CAN)
85kg black belt: Isaque Braz (BRA) bt Faisal Al Ketbi (UAE), 2-0
94kg black belt: Felipe Pena (BRA) bt Adam Wardzinski (POL), 4-0
110kg black belt final: Erberth Santos (BRA) bt Lucio Rodrigues (GBR) via rear naked choke

Analysis

Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more

What can you do?

Document everything immediately; including dates, times, locations and witnesses

Seek professional advice from a legal expert

You can report an incident to HR or an immediate supervisor

You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline

In criminal cases, you can contact the police for additional support

The specs

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

57%20Seconds
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The Birkin bag is made by Hermès. 
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.

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About Seez

Company name/date started: Seez, set up in September 2015 and the app was released in August 2017  

Founder/CEO name(s): Tarek Kabrit, co-founder and chief executive, and Andrew Kabrit, co-founder and chief operating officer

Based in: Dubai, with operations also in Kuwait, Saudi Arabia and Lebanon 

Sector:  Search engine for car buying, selling and leasing

Size: (employees/revenue): 11; undisclosed

Stage of funding: $1.8 million in seed funding; followed by another $1.5m bridge round - in the process of closing Series A 

Investors: Wamda Capital, B&Y and Phoenician Funds 

The Brutalist

Director: Brady Corbet

Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn

Rating: 3.5/5