Recently I was browsing at a bookstore when I stumbled across a copy of A World I Loved by Wadad Cortas. The book’s cover had a black-and-white picture depicting the author’s family and a caption that read: “The Story of an Arab Woman.” I ended up buying it. Two days later and half way through the book, I had to pause and confirm that it wasn’t a work of fiction. It wasn’t.
On the contrary, it is a personal account of the Middle East’s history between 1917 and the late 1970s. The reason I was almost convinced that this was fiction was due to the account provided by the author of the early 20th century Middle East.
An educator and a descendant of a prominent Lebanese-Christian family living in Beirut in 1917, the author speaks of a Middle East unrecognisable by today’s standards, one unimaginable to my generation of Arabs.
It seems that a moment existed in Arab history, albeit brief, when the region was united in the love of homeland – the larger Arab homeland. And apparently, this passion transcended nationality, religion and sect.
Despite the turmoil then, hopes were high. Dreams of independent, postcolonial nations were real and a future of moderation and tolerance seemed within reach. It was particularly fascinating to learn how Arabs then lived through the “Palestine question” that shaped the political scene in the Middle East during the first half of the 20th century.
From the political stance of Arab governments all the way to the pulse on the Arab street, the Palestinian issue dominated the hearts and minds of Arabs and united them.
The second half of the 20th century and the first years of this century read very differently.
More recently, one can’t seem to find any reference to a larger Arab homeland, let alone a shared passion for one. The chances of a future of moderation and tolerance seem so slight today in the midst of the sectarian frenzy we live in. The “Palestine question”, one that is personal for me (I am Palestinian), is a question that no one really wants to raise any more.
Growing up as a Palestinian refugee had a stigma attached to it. I arrived in this world long after the initial years of pan-Arab nationalism and the honour it extended to the collective Palestinian cause.
In the Arab world I came into, the burden Palestinian refugees were placing on their host nations was at its height. And it was a burden in all possible ways.
The Palestinian refugees had an effect on the social fabric of the communities. In general, Palestinians lacked education and wealth that would have elevated them to a more “welcome” status. They arrived with different norms and customs, and although these differences were subtle in most cases, they were there all the same.
I came into an Arab world where host nations were announcing that they could no longer economically sustain refugees. As a result, these refugees were banned from assuming certain jobs and in some cases were confined to refugee camps. Palestinian refugees were seen as posing a serious threat to the security of their host nations.
By the time I was born, the Palestinian cause had been appropriated by many factions. For Palestinian refugees, all of this manifests itself in the form of emotional and practical challenges.
From being denied certain jobs all the way to restriction on the freedom of movement, the cycle of stigma seems perpetual.
But why bring all this up now? As I watch news reports on the TV and skim through articles in newspapers and magazines, I see the pictures of a new generation of refugees of the Arab world.
And although their plight may seem different from that of their Palestinian predecessors, the similarities are striking. Their cause no longer evokes the spirit of Arab nationalism.
They too bring social, economic and political baggage with them to their host nations. They too reel under the stigma of being refugees, further fuelled by a time of heightened intolerance and economic pressures. They too seem to be on a course leading nowhere.
Before we engage in a dialogue on how to restore lost homelands, lost property and lost possessions, perhaps we are better off discussing how to restore Arab nationalism.
If the Arab Spring has proved anything, it is that any of us can one day be reduced to refugee status, where losing self-worth becomes the highest price one has to pay. The resurrection of Arab nationalism seems today like the only window of hope, the only chance we have at a better Middle East.
Rana Askoul is a Dubai-based writer with a focus on Middle East issues
www.ranaaskoul.com
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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.”
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