Welcome to The National's weekly newsletter Beshara, where we share the most positive stories of the week.
Pope Leo XIV meets Lebanese President Joseph Aoun at the presidential palace in Baabda. Reuters
"Your Holiness, tell the world that we will not die, we will not leave, we will not despair and we will not surrender ..."
Lebanese President Joseph Aoun's welcoming words to Pope Leo XIV when he arrived in the country have brought tears to my eyes.
As a journalist and Lebanese expat, covering the Pope's historic visit to my home country as part of his first overseas trip has made me feel sentimental.
Lebanon has been reeling from compounding crises since 2019, the cumulative effects of which forced me to pack up and leave five years ago. But last year's war with Israel was truly Lebanon's final straw ‐ thousands killed, homes destroyed, villages razed and reconstruction efforts obstructed.
Despite a fragile ceasefire, Israel has yet to cease fire. Near-daily attacks on Lebanon continue while the country attempts to heal and recover. I know none of this sounds like very good news – but that's where the significance of the Pope's visit comes in.
With a message of peace and perseverance, the pontiff landed in Beirut on Sunday. Despite the heavy rain, he was greeted by crowds of people from different faiths and backgrounds waving Lebanese and Vatican flags, as well as a traditional dabke performance.
And just like that, watching the celebrations in real time on my phone screen – as I once watched the destruction of the war – replaced the hurt with hope, and the pain with pride.
"There is a shining quality that distinguishes the Lebanese. You are a people who do not give up, but in the face of trials, always know how to rise again with courage," Pope Leo said. "You have suffered greatly ... but you have always wanted, and known how, to start again."
The pontiff called this "the language of hope". Despite feeling let down by my country one too many times, I still find reasons for hope, and I still choose to hold on to them – as should you.
A popemobile used by Pope Francis has been turned into a mobile health clinic to support children in Gaza. AP
One of Pope Francis's popemobiles has been transformed into a mobile health clinic for children in Gaza, fulfilling one of the late pontiff's final wishes.
The "Vehicle of Hope" has been repurposed to deliver care to children displaced and injured by the war. It aims to reach areas of the enclave that are inaccessible for ordinary ambulances.
Pope Leo, who was elected in May following the death of Pope Francis, hailed the move for bringing "healing and compassion to children in conflict zones, particularly in Gaza". He said the popemobile's new mission "reflects the love and solidarity embodied in Pope Francis’s legacy". Pope Francis, who died in April, was known for his vocal support for Palestinians.
“The Vehicle of Hope is another step in easing the suffering of the most vulnerable, especially children," said Anton Asfar, secretary general of Caritas Jerusalem and head of the project. "It will play a vital role in delivering qualified medical care, while also standing as a symbol of hope."
Quoted
'Today, political change in Syria means hope and I wish to ... contribute, even in a very modest way, to the country’s reconstruction'
– Iyad Jaber, 38, left his dream job as a French diplomat to set up a new life in Damascus after the downfall of former president Bashar Al Assad's regime
Young Gazans attend the film festival, which is to run until December 20. AFP
Children in Gaza are enjoying a rare moment of relief as a film festival aims to help them recover from the effects of Israel's war on the enclave.
The first Gaza Children’s Film Festival opened last week with a screening of Albert Lamorisse’s 1956 Palme d’Or-winning short film The Red Balloon. The film is set in a dark and grey post-Second World War Paris, with the balloon serving as a symbol of hope and light.
Held under the theme “We Love Life, Tomorrow", the festival is to run in several parts of Gaza until December 20, bringing cinema to children whose lives have been upended by two years of violence.
Organisers described the event as “a true window of hope amid difficult circumstances". They said the festival showed the enduring ability of art to foster life and resilience, even in times of destruction.
Snapshot
Palestinians at Al Shati refugee camp enjoy the entertainment at the Gaza Children's Film Festival. AFP
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The Library: A Catalogue of Wonders
Stuart Kells, Counterpoint Press
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.”
Cryptocurrency Investing for Dummies – by Kiana Danial
There are several primers for investing in cryptocurrencies available online, including e-books written by people whose credentials fall apart on the second page of your preferred search engine.
Ms Danial is a finance coach and former currency analyst who writes for Nasdaq. Her broad-strokes primer (2019) breaks down investing in cryptocurrency into baby steps, while explaining the terms and technologies involved.
Although cryptocurrencies are a fast evolving world, this book offers a good insight into the game as well as providing some basic tips, strategies and warning signs.
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood. Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues. Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity. Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
