The Festival of the Advent of the Holy Family in Egypt is a one-day event held at the beginning of June annually. Photo: Ministry of Tourism and Antiquities
The Festival of the Advent of the Holy Family in Egypt is a one-day event held at the beginning of June annually. Photo: Ministry of Tourism and Antiquities
The Festival of the Advent of the Holy Family in Egypt is a one-day event held at the beginning of June annually. Photo: Ministry of Tourism and Antiquities
The Festival of the Advent of the Holy Family in Egypt is a one-day event held at the beginning of June annually. Photo: Ministry of Tourism and Antiquities

Two Egyptian Coptic festivals added to Unesco's Intangible Cultural Heritage list


Kamal Tabikha
  • English
  • Arabic

Two festivals held annually to commemorate the journey of Jesus, Joseph and Mary from Bethlehem to Egypt while fleeing King Herod have been added to Unesco’s Intangible Cultural Heritage list, the UN agency said on Wednesday.

The first is the Festival of the Advent of the Holy Family in Egypt, a one-day event held at the beginning of June annually. The second, the Nativity of the Virgin, is a feast celebrated between May and August of each year in several localities in Cairo as well as in various provinces.

Egyptian Christians, the majority of whom are Coptic Orthodox, are joined by their Muslim counterparts each year to celebrate both festivals, a fact Unesco highlighted as an important reason for their inscription, because they promote unity between the country’s two largest religious groups.

“The festivities are replete with social functions and cultural meanings, including the unified social and cultural fabric between Coptic Christians and Muslims evidenced during the preparations and festivities. The events are also associated with the provision of voluntary services to visitors by local residents and the exchange of gifts,” it said.

Egyptian Christians are joined by their Muslim counterparts each year to celebrate both festivals, a fact Unesco highlighted as an important reason for their inscription. Photo: Ministry of Tourism and Antiquities
Egyptian Christians are joined by their Muslim counterparts each year to celebrate both festivals, a fact Unesco highlighted as an important reason for their inscription. Photo: Ministry of Tourism and Antiquities

The festivities include singing, traditional games, body painting, re-enactments of the journey, religious processions, artistic performances and the sharing of traditional foods.

Though it is known for its preservation of physical monuments all over the world, Unesco also does a lot of work to preserve traditions and ways of living that are at threat of being erased amid increasing levels of globalisation.

The agency considers “oral traditions, performing arts, social practices, rituals, festive events, knowledge and practices concerning nature and the universe” as intangible heritage that it seeks to preserve.

As opposed to physical monuments, intangible heritage is not merely important as a cultural manifestation, but rather because it constitutes essential knowledge, skills or ethics transmitted from one generation to the next.

The inscription was announced amid the 17th session of the Intergovernmental Committee for the Safeguarding of the Intangible Cultural Heritage, which this year is being held in Rabat, Morocco until Thursday.

UAE's 12 traditions on Unesco's lists of intangible cultural heritage — in pictures

  • Arabic calligraphy is the latest addition from the UAE, among other countries, to Unesco's intangible cultural heritage lists. AFP
    Arabic calligraphy is the latest addition from the UAE, among other countries, to Unesco's intangible cultural heritage lists. AFP
  • Falconry has been practised in the Arab region for 4,000 years, mainly by desert-dwelling Bedouins as an important form of hunting and fishing in a land with scarce natural resources. Pawan Singh / The National
    Falconry has been practised in the Arab region for 4,000 years, mainly by desert-dwelling Bedouins as an important form of hunting and fishing in a land with scarce natural resources. Pawan Singh / The National
  • Learn more about al aflaj system in Al Ain in 'Emirates from Above', a National Geographic film. The traditional irrigation network system in the UAE has been added to Unesco's list.
    Learn more about al aflaj system in Al Ain in 'Emirates from Above', a National Geographic film. The traditional irrigation network system in the UAE has been added to Unesco's list.
  • Camel racing, an age-old tradition in the region, is still as popular today. EPA
    Camel racing, an age-old tradition in the region, is still as popular today. EPA
  • Date palms have been used for centuries for myriad purposes around the Gulf, including the UAE. It was added by Unesco in 2019. Antonie Robertson / The National
    Date palms have been used for centuries for myriad purposes around the Gulf, including the UAE. It was added by Unesco in 2019. Antonie Robertson / The National
  • Al azi poetry has been offered protected status by Unesco to develop a clear national identity in the UAE.
    Al azi poetry has been offered protected status by Unesco to develop a clear national identity in the UAE.
  • Al rafza is a traditional art form performed by men during special occasions, from weddings to national festivals. Reem Mohammed / The National
    Al rafza is a traditional art form performed by men during special occasions, from weddings to national festivals. Reem Mohammed / The National
  • The serving of Arabian coffee is a vital part of hospitality in the region and 'considered a ceremonial act of generosity', says the Unesco inscription. Khushnum Bhandari / The National
    The serving of Arabian coffee is a vital part of hospitality in the region and 'considered a ceremonial act of generosity', says the Unesco inscription. Khushnum Bhandari / The National
  • The majlis, a cultural and social space prevalent throughout the region, was added in 2015 on behalf of the UAE, Saudi Arabia, Oman and Qatar. Jaime Puebla / The National
    The majlis, a cultural and social space prevalent throughout the region, was added in 2015 on behalf of the UAE, Saudi Arabia, Oman and Qatar. Jaime Puebla / The National
  • Al ayyala is a cultural performance practised in north-western Oman and throughout the UAE. It was added in 2014.
    Al ayyala is a cultural performance practised in north-western Oman and throughout the UAE. It was added in 2014.
  • Al taghrooda, traditional Bedouin chanted poetry, was added in 2012. Mona Al Marzooqi / The National
    Al taghrooda, traditional Bedouin chanted poetry, was added in 2012. Mona Al Marzooqi / The National
  • Sadu, a traditional weaving technique, is on the list twice, once for the UAE and once for Saudi Arabia and Kuwait. It was added for the UAE in 2011. Reem Mohammed / The National
    Sadu, a traditional weaving technique, is on the list twice, once for the UAE and once for Saudi Arabia and Kuwait. It was added for the UAE in 2011. Reem Mohammed / The National
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UAE currency: the story behind the money in your pockets
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UAE currency: the story behind the money in your pockets
Barings Bank

 Barings, one of Britain’s oldest investment banks, was
founded in 1762 and operated for 233 years before it went bust after a trading
scandal. 

Barings Bank collapsed in February 1995 following colossal
losses caused by rogue trader Nick Lesson. 

Leeson gambled more than $1 billion in speculative trades,
wiping out the venerable merchant bank’s cash reserves.  

Winners

Best Men's Player of the Year: Kylian Mbappe (PSG)

Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)

TikTok Fans’ Player of the Year: Robert Lewandowski

Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)

Best Women's Player of the Year: Alexia Putellas (Barcelona)

Best Men's Club of the Year: Chelsea

Best Women's Club of the Year: Barcelona

Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)

Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)

Best Coach of the Year: Roberto Mancini (Italy)

Best National Team of the Year: Italy 

Best Agent of the Year: Federico Pastorello

Best Sporting Director of the Year: Txiki Begiristain (Manchester City)

Player Career Award: Ronaldinho

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Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

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UAE currency: the story behind the money in your pockets
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You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

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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.”

Key findings of Jenkins report
  • Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
  • Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
  • Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
  • Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Updated: November 30, 2022, 3:12 PM