The family fortune is estimated to be in excess of £300bn, based on ownership of 6 per cent of the globe’s oil reserves, which has been invested in a diverse range of industries including Elon Musk’s Space X adventures, Rihanna’s beauty brand, Waymo self-driving taxis and Manchester City football club.
This billionaire has built up a massive collection of cars, split across several museums and including some of the strangest vehicles on Earth such as a giant replica of a Second World War jeep. These also include the world’s biggest truck, which sounds like a palace on wheels with its four air-conditioned bedrooms, a living room, bathrooms and even a patio.
Yet this dynastic regime is not just investing in glitzy realms such as space rockets and overpaid footballers. For Abu Dhabi’s sovereign wealth fund, scanning the world for the most lucrative places to put its immense energy wealth, has alighted also on our children’s homes and special needs schools. So now it is raking in millions from two of the most cash-starved, crisis-ridden and neglected parts of Britain’s public sector.
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Despite such costs, however, an Ofsted report six months ago found many “do not have a positive learning experience” with a “significant minority” left feeling unsafe since “bullying, prejudiced behaviour, threats of violence and physical aggression are commonplace” and excessive use of restraint meant some were “held by staff in restrictive physical interventions multi-times per day”. The inspectors concluded that inadequate management left both pupils and staff at risk of harm.
This newspaper reported earlier this year how three Ofsted reports in quick succession criticised the firm for overuse of physical restraint, leaving the Children’s Commissioner “really concerned” and eight families preparing to sue over “traumatised” children.
Although it reported hefty losses, the indefatigable campaigner Martin Barrow spotted £26m going to banks in debt payments and another £51.5m to preference shareholders – who are mainly Mubadala and a pair of private equity firms listed as minority investors.
Bear in mind that more than one in four of the people in prison spent time in care as children, compared with one in 50 of the wider population. And it should be stated that some private providers are good while some state provision is awful.
It is profoundly depressing to witness the repeated myopia of Westminster as it focuses on short-term sticking-plaster solutions to fiscal struggles rather than daring to tackle the cancer of profiteering in public services – let alone to confront the most blatant iniquities of unfettered capitalism exemplified by the private equity barons loading up debt on companies while milking vast profits.
If anything symbolises the glaring gulf between politicians and voters, it is surely the negligence that allows the world’s wealthiest dynasty to grow even richer from a floundering system of special needs education that is failing so many British families.
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