Moroccan Jews lose community leader


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Moroccan Jews lose community leader

Shimon Levy, director of Casablanca's Museum of Moroccan Judaism, died on Friday at the age of 77, the pan-Arab newspaper Asharq Al Awsat reported yesterday. His is the only Jewish-themed museum in the Arab world.

Born in the ancient Moroccan city of Fez, Mr Levy breathed his last in an intensive care unit in the capital Rabat.

"Mr Levy led a politically eventful life. Barely 20, he joined the ranks of the nationalist movement for resistance against the French colonialists," Asharq Al Awsat reported.

He turned down French citizenship, which France offered to all Jews in its colonies in North Africa, preferring to live for 24 years without citizenship documents, until the Moroccan citizenship law came into effect in 1958, two years after independence.

Mr Levy is also remembered for being a fervent defender of the Palestinian cause and an advocate of the rights of the working class in Morocco. He was one of the prominent figures of Morocco's Party for Progress and Socialism, and the leader of the Jewish community in Casablanca.

In both roles, he is credited with promoting the values of tolerance between Muslims and Jews.

In 1998, he set up the Foundation of Jewish-Moroccan Cultural Heritage, that works to protect Jewish-Moroccan heritage from looting and smuggling outside the country, especially to Israel.

At age 40, UAE has big plans for the future

After 40 years of steady nation- building, which started with the establishment of the United Arab Emirates as a sovereign nation in 1971, the UAE has ambitions for the future, wrote Abdullah Al Awadi, a contributor to the Emirati newspaper Al Ittihad, in an opinion article yesterday.

At the federal level, the UAE has strategic development plans for 2021, to improve infrastructure and services across all emirates. At the emirate level, Abu Dhabi has its 2030 Vision and Dubai has plans spanning the next several decades, up until 2050.

These are "calculated ambitions", the writer said. "At 40, the UAE is already looking at the generation of peaceful nuclear power and considering renewable energy resources, namely solar power, to protect the environment."

Take Masdar City in Abu Dhabi, for instance. It will limit carbon emissions using the most advanced technologies available.

And there are other projects in the pipeline, not least a railway system connecting all the emirates, the writer added. "The authority to supervise this project has been created, and we will be seeing the results in 2015."

There is also talk about expanding this railway system to connect with other Gulf states.

Suffice it to say, the writer concluded, that "when visitors look at the achievements of the past 40 years, they think it must have taken a full century."

Egypt: give the army credit when it's due

Egypt's Supreme Council of the Armed Forces (SCAF) has been severely criticised because of its overbearing role in country's affairs since the overthrow of Hosni Mubarak's regime in February, the London-based newspaper Al Quds Al Arabi noted in a weekend editorial.

However, the newspaper noted, the SCAF did respond to some demands chanted by the protesters in Cairo's Tahrir Square. It did dissolve the cabinet of Essam Sharaf, which had been perceived by many as weak, and set a date for the much-awaited presidential elections - next summer.

The SCAF also promised to introduce other democratic reforms, but was firm in rejecting demands to postpone the current parliamentary elections, which started last Monday and will continue until next March.

Some voices had called for postponement of the parliamentary elections after a sudden outbreak of violence left more than 40 people dead only a couple of weeks before the elections.

"The SCAF was right," the newspaper said. "These [first round of elections] were fair, transparent and generally problem-free, and credit is due to the army for that … The SCAF mobilised tens of thousands of troops to protect the ballot boxes, organise the queues and pre-empt any issues."

If part of the success of these elections is owed to the SCAF, there is nothing wrong with saying so, the paper added.

Division of Palestine has lasted 64 years

Last Tuesday marked the 64th anniversary of the United Nations' resolution Number 181, which sanctioned the division of the historical land of Palestine into two states, one for Arabs and the other for Jews, lawyer Rajeh Abu Asab wrote in yesterday's edition of the West Bank-based newspaper Al Quds.

It was November 29, 1947. Under the resolution, 56 per cent of the land would go to the Jewish state, 43 per cent to the Palestinian state, and the remaining one per cent to Jerusalem, to be an international zone.

Jewish community leaders hailed the decision as a historic triumph and a recognition of their right to statehood. Palestinian and Arab leaders, except for the Communist Party, all rejected it. Little did they know, their "emotional and ungrounded" rejection would turn out to be a "fateful mistake", the writer said.

After rejecting the deal, the Palestinians and other Arabs lost the 1948 war that followed the proclamation of Israel as a state, helping the latter to even more Palestinian territories.

When the war was over, Israel had seized 78 per cent of the land, 22 per cent more than the UN resolution allowed it, the writer said.

Now Palestinians are fighting for the 1967 borders. How can their struggle be unjust?

* Digest compiled by Achraf El Bahi

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Lamine Yamal (Barcelona / Spain)

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Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)

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Men’s Coach of the Year
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Five hymns the crowds can join in

Papal Mass will begin at 10.30am at the Zayed Sports City Stadium on Tuesday

Some 17 hymns will be sung by a 120-strong UAE choir

Five hymns will be rehearsed with crowds on Tuesday morning before the Pope arrives at stadium

‘Christ be our Light’ as the entrance song

‘All that I am’ for the offertory or during the symbolic offering of gifts at the altar

‘Make me a Channel of your Peace’ and ‘Soul of my Saviour’ for the communion

‘Tell out my Soul’ as the final hymn after the blessings from the Pope

The choir will also sing the hymn ‘Legions of Heaven’ in Arabic as ‘Assakiroo Sama’

There are 15 Arabic speakers from Syria, Lebanon and Jordan in the choir that comprises residents from the Philippines, India, France, Italy, America, Netherlands, Armenia and Indonesia

The choir will be accompanied by a brass ensemble and an organ

They will practice for the first time at the stadium on the eve of the public mass on Monday evening 

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The biog

Alwyn Stephen says much of his success is a result of taking an educated chance on business decisions.

His advice to anyone starting out in business is to have no fear as life is about taking on challenges.

“If you have the ambition and dream of something, follow that dream, be positive, determined and set goals.

"Nothing and no-one can stop you from succeeding with the right work application, and a little bit of luck along the way.”

Mr Stephen sells his luxury fragrances at selected perfumeries around the UAE, including the House of Niche Boutique in Al Seef.

He relaxes by spending time with his family at home, and enjoying his wife’s India cooking. 

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.”