Saudi Press

Saudi Arabia and the world
Monday, May 27, 2024

Egypt-born billionaire makes £5m donation to UK Conservative Party

Egypt-born billionaire makes £5m donation to UK Conservative Party

An Egyptian billionaire has given the UK Conservative Party its largest donation in 20 years.
Mohamed Mansour told The Telegraph he believes Prime Minister Rishi Sunak is “very capable” and “understands how growth is generated in the modern economy.”

Mansour donated £5 million ($6.2 million) to the party — the joint-second largest individual donation in UK political history after Lord Sainsbury of Turville gave £8 million to the Liberal Democrats in 2019 — arresting a decline in funding that had seen it overtaken by the opposition Labour Party in its ability to generate cash.

Between July and September, the Conservatives raked in just £3 million, compared to Labour’s £5.4 million, led in part by the defections of major donors such as millionaire Gareth Quarry after the departure of Boris Johnson as prime minister. Quarry accused the Tories of being “riven with arrogance and complacency.”

Mansour, though, said Sunak “gets the importance of technology and innovation. He can make a modern economy work for all citizens.”

Mansour said he valued stability in government, having lived through the upheaval of former Egyptian President Gamal Abdel Nasser’s rise to power.

Mansour wrote in The Telegraph: “When I was a teenager, my family’s assets were confiscated by the state. Egypt’s President Gamal Abdel Nasser, under the influence of his Soviet mentors, nationalized the cotton industry, taking my father’s business from him.

“But he did not stop there. Nasser was convinced that private property rights should not stand in the way of his socialist creed and took my family’s land, homes and other assets.

“My life changed overnight. I was already at university in the United States, but from this moment on, my family could not support me. I had to trade in my car, knuckle down and work as a waiter to pay my way through college. I came to know what it is like to go hungry and to struggle to pay for food and utilities.

“This experience left me with a lifelong belief in the importance of political stability, property rights and the rule of law.”

He called the UK “a place where the rule of law is paramount, property rights are respected, and with an enviable record of political stability.”

He wrote: “I want to give (Sunak) the best chance of having a full five-year term, and so have donated £5 million to the party’s election fighting fund. I look at what he has achieved in his first months in office and think what he could do in five years.

“I love and respect this country, which has welcomed my family and me so warmly. It has a proud history and noble traditions. I believe that it has great days ahead of it. I want to do what I can to help this country — the place where I am watching my grandchildren grow up — achieve its great potential.”

The Conservative Party currently lags around 17 percent behind Labour across UK opinion polls, with the next general election expected some time in late 2024.

Mansour has previously given donations amounting to £600,000 to the party, and sits on the government’s advisory investment council.

He is the chair of the $6 billion conglomerate the Mansour Group, and is personally valued at being worth around $2.9 billion.

In the past he served as Egypt’s transport minister from 2006 to 2009 under Hosni Mubarak, the late Egyptian president forced from office in 2011.

Related Articles

Saudi Press
US and UK to Reject ICJ Ruling on Israel's Rafah Offensive
World Court Orders Immediate Halt to Israeli Offensive in Gaza
Global Life Expectancy Dropped By 2 Years Due To COVID-19
US Refuses World Court Jurisdiction
Norway, Ireland, and Spain Recognize Palestinian State
Iran President Ebrahim Raisi's Death Alters Succession Dynamics
ICC Seeks Arrest Warrants for Israeli and Hamas Leaders
Death of Iran's President Raisi Stirs Succession Race for Supreme Leader
Saudi Arabia's Flourishing Venture Capital Sector Attracts International Investments
Saudi Aviation Sector Boosts Economy with $21 Billion Contribution
Blinken orders crackdown on Israel-Hamas leaks
Future Aviation Forum 2024 to Propel Saudi Arabia’s Vision 2030
What Happens If an Iranian President Dies in Office?
Iranian President Ebrahim Raisi Reportedly Killed in Helicopter Crash
Saudi Arabia Advances Procurement and Supply Chain Innovation
Saudi Arabia’s Holdings in US Treasuries Rise to $135.9 Billion
Saudi Arabia Emerges as a Hub for Sustainable Technology Manufacturing
UN General Assembly Approves Palestinian Membership Bid
Teens Forming Friendships with AI Chatbots
WhatsApp Rolls Out Major Redesign
Neuralink's First Brain Implant Experiences Issue
Apple Unveils New iPad Pro with M4 Chip, Misleading AI Claims
OpenAI to Announce Google Search Competitor
Apple Apologizes for Controversial iPad Pro Ad Featuring Instrument Destruction
FedEx Airlines Boeing 767 cargo plane lands on nose at Istanbul Airport
Apple Faces Significant Sales Decline Amid AI Integration Delay
Netanyahu's Firm Stance Amid Rafah Hostage Talks
BlackRock to Establish Saudi Investment Firm
Dubai's New Al Maktoum International Airport: World's Largest with ₹2900 Crores Investment, 5 Runways, and 260 Million Annual Capacity
New UK Laws: Banning Weak Passwords for Internet-Connected Devices to Enhance Cybersecurity
Blinken on Gaza: Ceasefire is Key to Humanitarian Crisis Resolution
UAE Prime Minister Announces $544M for Home Repairs after Historic Rains, Vows to Learn from Experience
Germany Sends New Frigate to Red Sea to Protect Ships Amid Houthi Attacks
Isfahan Explosions: US Media Reports Israel's Retaliatory Strikes on Iran
Four Dead, Dubai Airport Disrupted: UAE's Heaviest Rains in 75 Years Cause Flooding and Flight Chaos
Dubai's Historic Flooding: Homes Ruined, Airport Disrupted Due to Lack of Storm Drains
Meteorologist Warns of 'Weather Wars' Amid Debate over Dubai Rain and Cloud Seeding
Saudi Arabia Leads in Artificial Intelligence Development: Ranked First by Stanford University Index
Dubai's Airport and Roads Disrupted for Third Day Amid Heavy Rain and Flooding: 1,285 Flights Cancelled or Diverted
Doha Hamad Overtakes Singapore Changi as World's Best Airport in Skytrax Awards 2024
Dubai Airports: Stranded Tourists 'Living on Duty Free,' Desperate for Food and Water
Turkish President Erdogan to Host Hamas Leader Haniyeh Amidst Israel Tensions
Creative menu of a Pizza restaurant..
Heavy Rains Cause Flooding in UAE and Oman: 18 Lives Lost
Look at this weather in Dubai. It looks like the end of days
You can be a very successful player, but a player with character is another level!
Come to Dubai, ya Habibi
Stay safe, ya Habibi
Dubai underwater, Influencers are stranded in their Rolls Royces in flooded roads as skies turn black in apocalyptic scenes as storm hits region.