Follow the latest news on Pope Francis' visit to Bahrain
Pope Francis condemned the “monstrous and senseless reality of war” as he began a four-day trip to Bahrain that will focus on peace between religions and dialogue between the East and West.
The leader of the world's 1.3 billion Catholics criticised military spending on conflicts, at a time when there are millions starving.
“Let us reject the logic of weapons and change course, diverting enormous military expenditures to investments in combating hunger and the lack of health care and education,” he said.
The pontiff spoke at Sakhir Royal Palace outside Manama, where members of Bahrain's royal family, government officials and hundreds of media outlets gathered.
May we never allow opportunities for encounter between civilisations, religions and cultures to evaporate, or the roots of our humanity to become desecrated and lifeless
Pope Francis
The occasion marks only the second time in history that a pope has visited the Arabian Peninsula.
On Friday, he will attend a multi-faith event between religious leaders and on Saturday celebrate a Mass for 28,000 Catholics at the country's largest stadium.
Pope Francis did not single out current conflicts, but warned against escalating military spending on “senseless war”.
“May we never allow opportunities for encounter between civilisations, religions and cultures to evaporate, or the roots of our humanity to become desecrated and lifeless,” he said in a translation from Latin.
Clash of weapons
“Let us work together. Let us work in the service of togetherness and hope.”
He briefly spoke of the turmoil in Yemen, where his thoughts were with a place “torn by a forgotten war that, like every war, issues not in victory but only in bitter defeat for everyone”.
He prayed for civilians, children, the elderly and the sick and begged for “an end to the clash of weapons”.
On religion, he said that we are in a period of greater understanding between faiths today.
“These days mark a precious stage in the journey of friendship that has intensified in recent years with various Islamic religious leaders — a fraternal journey that, beneath the gaze of heaven, seeks to foster peace on earth,” he said.
Pope Francis used Bahrain as an example of a multi-faith nation where millions worship in accordance with their own beliefs.
“To all, I express my joy to be in your midst,” he said.
'This multicultural island nation'
“Here, where the waters of the sea surround the sands of the desert, and imposing skyscrapers rise beside traditional Oriental markets, very different realities come together: ancient and modern converge; tradition and progress mix; and above all, people from various backgrounds create a distinctive mosaic of life.”
Using the example of the majestic acacia tree, or Shajarat-al-Hayat, that survives in the desert with very little rainfall, he connected it to a country that has welcomed people over thousands of years.
“We see how Bahrain’s geographical position, the talents and commercial abilities of its people, together with historical events, have enabled it to take shape as a crossroads of mutual enrichment between peoples,” he said.
“One thing stands out in the history of this land: it has always been a place of encounter between different peoples.
“On these islands, we can admire a composite, multi-ethnic and multi-religious society, capable of overcoming the risk of isolation. This is so important in our time.”
He stressed these commitments should be constantly put into practice, “so that religious freedom will be complete and not limited to freedom of worship; that equal dignity and equal opportunities will be concretely recognised for each group and for every individual; that no forms of discrimination exist and that fundamental human rights are not violated but promoted.”
He also spoke of the contribution made by immigrants in a country where they account for 50 per cent of the 1.5 million population.
Touching on dehumanising labour conditions globally, he said this posed the risk of social instability and was a threat to human dignity.
“Let us guarantee that working conditions everywhere are safe and dignified, that they foster rather than hinder people’s cultural and spiritual growth; and that they serve to advance social cohesion, to the benefit of common life and the development of each country,” he said.
King Hamad hailed the Pope’s presence as historic and blessed.
He said the Pope’s visit would leave “a great moral and spiritual legacy in the hearts of admirers in our Gulf and the Arab region.”
King Hamad echoed the Pope’s call for peace by calling on world powers to end the“Russian-Ukrainian war and to begin serious negotiations between the two parties.”
On climate change, the Pope said he hoped the United Nations Climate Change Conference — Cop27 — that will take place from Sunday would mark a step forward.
Pope gives King Hamad a medal
Pope Francis gave a unique medal to King Hamad that records the ancient connections and deep bond between the people of the country and the Catholic church.
Designed by an Italian artist, the work has an image of the country’s famed tree of life, a majestic acacia tree. The roots of the tree frame an archaeological site in Bahrain that was the capital of Dilmun, a kingdom that flourished thousands of years ago in the fourth millennium BCE.
At the centre of the coin is the statue of Our Lady of Arabia that was recently built in a cathedral of the same name in Awali, near Bahrain’s capital Manama.
The cathedral was built on land donated by King Hamad.
The region’s oldest Sacred Heart Church features to the right of the cathedral, the first Catholic church to be built in the region in the late 1930s.
A Latin inscription commemorates the visit with the date of the Pope’s visit to Bahrain.
THE BIO
Mr Al Qassimi is 37 and lives in Dubai
He is a keen drummer and loves gardening
His favourite way to unwind is spending time with his two children and cooking
STAGE 4 RESULTS
1 Sam Bennett (IRL) Deceuninck-QuickStep - 4:51:51
2 David Dekker (NED) Team Jumbo-Visma
3 Caleb Ewan (AUS) Lotto Soudal
4 Elia Viviani (ITA) Cofidis
5 Matteo Moschetti (ITA) Trek-Segafredo
General Classification
1 Tadej Pogacar (SLO) UAE Team Emirates - 12:50:21
2 Adam Yates (GBR) Teamn Ineos Grenadiers - 0:00:43
3 Joao Almeida (POR) Deceuninck-QuickStep - 0:01:03
4 Chris Harper (AUS) Jumbo-Visma - 0:01:43
5 Neilson Powless (USA) EF Education-Nippo - 0:01:45
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COMPANY%20PROFILE
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What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
More on animal trafficking
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 President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Tips on buying property during a pandemic
Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.
While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.
While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.
Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.
Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.
Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.
Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.
Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.
MATCH INFO
Liverpool v Manchester City, Sunday, 8.30pm UAE
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Kandahar%20
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Sustainable Development Goals
1. End poverty in all its forms everywhere
2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture
3. Ensure healthy lives and promote well-being for all at all ages
4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all
5. Achieve gender equality and empower all women and girls
6. Ensure availability and sustainable management of water and sanitation for all
7. Ensure access to affordable, reliable, sustainable and modern energy for all
8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation
10. Reduce inequality within and among countries
11. Make cities and human settlements inclusive, safe, resilient and sustainable
12. Ensure sustainable consumption and production patterns
13. Take urgent action to combat climate change and its effects
14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development
15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss
16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels
17. Strengthen the means of implementation and revitalise the global partnership for sustainable development
Heather, the Totality
Matthew Weiner,
Canongate
About Tenderd
Started: May 2018
Founder: Arjun Mohan
Based: Dubai
Size: 23 employees
Funding: Raised $5.8m in a seed fund round in December 2018. Backers include Y Combinator, Beco Capital, Venturesouq, Paul Graham, Peter Thiel, Paul Buchheit, Justin Mateen, Matt Mickiewicz, SOMA, Dynamo and Global Founders Capital
What is the definition of an SME?
SMEs in the UAE are defined by the number of employees, annual turnover and sector. For example, a “small company” in the services industry has six to 50 employees with a turnover of more than Dh2 million up to Dh20m, while in the manufacturing industry the requirements are 10 to 100 employees with a turnover of more than Dh3m up to Dh50m, according to Dubai SME, an agency of the Department of Economic Development.
A “medium-sized company” can either have staff of 51 to 200 employees or 101 to 250 employees, and a turnover less than or equal to Dh200m or Dh250m, again depending on whether the business is in the trading, manufacturing or services sectors.
SERIE A FIXTURES
Saturday
AC Milan v Sampdoria (2.30pm kick-off UAE)
Atalanta v Udinese (5pm)
Benevento v Parma (5pm)
Cagliari v Hellas Verona (5pm)
Genoa v Fiorentina (5pm)
Lazio v Spezia (5pm)
Napoli v Crotone (5pm)
Sassuolo v Roma (5pm)
Torino v Juventus (8pm)
Bologna v Inter Milan (10.45pm)
The fake news generation
288,000 – the number of posts reported as hate speech that were deleted by Facebook globally each month in May and June this year
11% – the number of Americans who said they trusted the news they read on Snapchat as of June 2017, according to Statista. Over a quarter stated that they ‘rarely trusted’ the news they read on social media in general
31% - the number of young people in the US aged between 10 and 18 who said they had shared a news story online in the last six months that they later found out was wrong or inaccurate
63% - percentage of Arab nationals who said they get their news from social media every single day.
British Grand Prix free practice times in the third and final session at Silverstone on Saturday (top five):
1. Lewis Hamilton (GBR/Mercedes) 1:28.063 (18 laps)
2. Sebastian Vettel (GER/Ferrari) 1:28.095 (14)
3. Valtteri Bottas (FIN/Mercedes) 1:28.137 (20)
4. Kimi Raikkonen (FIN/Ferrari) 1:28.732 (15)
5. Nico Hulkenberg (GER/Renault) 1:29.480 (14)