Pope Francis cancels Cop28 visit to Dubai


Holly Johnston
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Pope Francis will not attend the Cop28 summit in Dubai because of ill health, the Vatican says.

“Although the general clinical picture of the Holy Father in relation to the state of influenza and inflammation of the respiratory tract has improved, the doctors have asked the Pope not to make the trip planned for the next few days to Dubai,” the Vatican statement said.

Pope Francis accepted the doctor’s advice “with much regret", it said.

The Pope, 86, was due to begin a three-day visit to Dubai on Friday.

He has travelled less in recent years because of health concerns.

The Pope was due to arrive in the UAE on Friday evening and receive an official welcome before meetings with various heads of state on Saturday.

On Sunday, he was due to attend the inauguration ceremony of the Cop28 Faith Pavilion.

The Vatican is looking at ways for the Pope to remain involved in the summit, according to the statement released by Matteo Bruni, director of the Holy See's press office.

10 years of Pope Francis - in pictures

  • It is 10 years since Pope Francis became head of the Roman Catholic Church. The National looks back at that decade. Getty Images
    It is 10 years since Pope Francis became head of the Roman Catholic Church. The National looks back at that decade. Getty Images
  • Pope Francis attends the funeral mass for Pope Emeritus Benedict XVI in January 2023 at St Peter's square in Vatican City. Getty Images
    Pope Francis attends the funeral mass for Pope Emeritus Benedict XVI in January 2023 at St Peter's square in Vatican City. Getty Images
  • Pope Francis leads mass with the new cardinals in August 2022 at Vatican City. Getty Images
    Pope Francis leads mass with the new cardinals in August 2022 at Vatican City. Getty Images
  • Pope Francis in March 2021 conducts mass at the Franso Hariri Stadium in Erbil, Iraq. Getty Images
    Pope Francis in March 2021 conducts mass at the Franso Hariri Stadium in Erbil, Iraq. Getty Images
  • Pope Francis arrives at the Franso Hariri Stadium in Erbil, Iraq, March 2021. Getty Images
    Pope Francis arrives at the Franso Hariri Stadium in Erbil, Iraq, March 2021. Getty Images
  • St Peter's Square stands empty while Pope Francis celebrates the Easter Mass in an empty St Peter's Basilica during the coronavirus pandemic in April 2020. Getty Images
    St Peter's Square stands empty while Pope Francis celebrates the Easter Mass in an empty St Peter's Basilica during the coronavirus pandemic in April 2020. Getty Images
  • Pope Francis drives around Tokyo Dome before conducting mass during a visit to Japan in November 2019. Getty Images
    Pope Francis drives around Tokyo Dome before conducting mass during a visit to Japan in November 2019. Getty Images
  • Sheikh Mohamed bin Zayed, who was Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces at the time, with Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai and Pope Francis at the Presidential Palace in Abu Dhabi, in February 2019. Photo: Ministry of Presidential Affairs
    Sheikh Mohamed bin Zayed, who was Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces at the time, with Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai and Pope Francis at the Presidential Palace in Abu Dhabi, in February 2019. Photo: Ministry of Presidential Affairs
  • Pope Francis celebrates mass at Zayed Sport City, Abu Dhabi, in February 2019. Getty Images
    Pope Francis celebrates mass at Zayed Sport City, Abu Dhabi, in February 2019. Getty Images
  • Pope Francis attends the festival of families at Croke Park in August 2018 in Dublin, Ireland. Getty Images
    Pope Francis attends the festival of families at Croke Park in August 2018 in Dublin, Ireland. Getty Images
  • Pope Francis during the Stations of the Cross at the Colosseum in March 2018 in Rome. Getty Images
    Pope Francis during the Stations of the Cross at the Colosseum in March 2018 in Rome. Getty Images
  • The Pope at a public engagement in November 2017 in Yangon, Myanmar. Getty Images
    The Pope at a public engagement in November 2017 in Yangon, Myanmar. Getty Images
  • Pope Francis at the Celebration of the Lord's Passion at St Peter's Basilica, Vatican City, April 14, 2017. Getty Images
    Pope Francis at the Celebration of the Lord's Passion at St Peter's Basilica, Vatican City, April 14, 2017. Getty Images
  • Pope Francis at Easter Mass at St Peter's Square, Vatican City, April 2017. Getty Images
    Pope Francis at Easter Mass at St Peter's Square, Vatican City, April 2017. Getty Images
  • Pope Francis with Prince Charles, Prince of Wales during the British royal's visit to the Vatican in April 2017. Getty Images
    Pope Francis with Prince Charles, Prince of Wales during the British royal's visit to the Vatican in April 2017. Getty Images
  • Pope Francis meets migrants at the Moria detention centre in Lesbos, Greece, April 2016. Getty Images
    Pope Francis meets migrants at the Moria detention centre in Lesbos, Greece, April 2016. Getty Images
  • Father Paschal Mwijage of the St Joseph the Worker Parish in Nairobi's Kangemi slum wears a T-shirt featuring Pope Francis in Kenya in November 2015. Getty Images
    Father Paschal Mwijage of the St Joseph the Worker Parish in Nairobi's Kangemi slum wears a T-shirt featuring Pope Francis in Kenya in November 2015. Getty Images
  • Pope Francis after conducting mass at Tacloban Airport in the Philippines, January 2015. Getty Images
    Pope Francis after conducting mass at Tacloban Airport in the Philippines, January 2015. Getty Images
  • Pope Francis greets Pope Emeritus Benedict XVI at St Peter's Basilica in September 2014. Getty Images
    Pope Francis greets Pope Emeritus Benedict XVI at St Peter's Basilica in September 2014. Getty Images
  • Pope Francis meets football legend Diego Maradona during an audience in Rome in September 2014. Getty Images
    Pope Francis meets football legend Diego Maradona during an audience in Rome in September 2014. Getty Images
  • Pope Francis prays by the Western Wall in Jerusalem, Israel, May 2014. Getty Images
    Pope Francis prays by the Western Wall in Jerusalem, Israel, May 2014. Getty Images
  • Pope Francis welcomes Britain's Queen Elizabeth II for a private audience in Rome, April 2014. Getty Images
    Pope Francis welcomes Britain's Queen Elizabeth II for a private audience in Rome, April 2014. Getty Images
  • Pope Francis during his weekly audience in St Peter's Square, the Vatican, in March 2014. Getty Images
    Pope Francis during his weekly audience in St Peter's Square, the Vatican, in March 2014. Getty Images
  • Pope Francis during the Inauguration Mass for the Pope in St Peter's Square in March 2013. Getty Images
    Pope Francis during the Inauguration Mass for the Pope in St Peter's Square in March 2013. Getty Images
  • Women read a special edition of L'Osservatore Romano newspaper, which carries a photograph of the newly elected Pope Francis, March 2013. Getty Images
    Women read a special edition of L'Osservatore Romano newspaper, which carries a photograph of the newly elected Pope Francis, March 2013. Getty Images
  • Pope Francis on the central balcony of St Peter's Basilica in March 2013. Getty Images
    Pope Francis on the central balcony of St Peter's Basilica in March 2013. Getty Images

Mr Bruni on Tuesday said his meetings with world leaders would be "relatively brief" and focus on climate change, which is close to the pontiff's heart.

Pope Francis had previously visited the UAE in 2019 where he signed the Document on Human Fraternity, along with Dr Ahmed Al Tayeb, Grand Imam of Al Azhar.

This year, the pontiff said the document was a road map for peace.

“The greatness of any country is not measured solely by its wealth but by its substantial role in spreading the values of peace, brotherhood, coexistence, and defending them,” Pope Francis told Al Ittihad newspaper in June.

His landmark visit to the UAE in 2019, meanwhile, was the first time a pontiff visited the country.

He led a huge open-air Mass at Zayed Sports City in the capital, which was attended by more than 100,000 people.

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Fixture: Thailand v UAE, Tuesday, 4pm (UAE)

TV: Abu Dhabi Sports

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Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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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.”

The five types of long-term residential visas

Obed Suhail of ServiceMarket, an online home services marketplace, outlines the five types of long-term residential visas:

Investors:

A 10-year residency visa can be obtained by investors who invest Dh10 million, out of which 60 per cent should not be in real estate. It can be a public investment through a deposit or in a business. Those who invest Dh5 million or more in property are eligible for a five-year residency visa. The invested amount should be completely owned by the investors, not loaned, and retained for at least three years.

Entrepreneurs:

A five-year multiple entry visa is available to entrepreneurs with a previous project worth Dh0.5m or those with the approval of an accredited business incubator in the UAE.  

Specialists

Expats with specialised talents, including doctors, specialists, scientists, inventors, and creative individuals working in the field of culture and art are eligible for a 10-year visa, given that they have a valid employment contract in one of these fields in the country.

Outstanding students:

A five-year visa will be granted to outstanding students who have a grade of 95 per cent or higher in a secondary school, or those who graduate with a GPA of 3.75 from a university. 

Retirees:

Expats who are at least 55 years old can obtain a five-year retirement visa if they invest Dh2m in property, have savings of Dh1m or more, or have a monthly income of at least Dh20,000.

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Company Fact Box

Company name/date started: Abwaab Technologies / September 2019

Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO

Based: Amman, Jordan

Sector: Education Technology

Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed

Stage: early-stage startup 

Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.

Updated: November 29, 2023, 3:17 PM