Egypt’s Coptic Orthodox Christians celebrate Christmas on Friday, nearly two weeks after most of Christendom’s other denominations.
Of the world’s Christian communities, the orthodox churches in Russia, Ethiopia, Serbia and Ukraine are the major ones that join Egypt’s Orthodox Copts in celebrating Christmas on January 7.
One of the world’s oldest Christian communities, Egypt’s Christians account for 10 per cent of the country’s predominantly Muslim population. Most of the country’s Christians are Orthodox, with tiny Catholic and Anglican communities.
Here is what you need to know about Egypt’s Christians:
Who are Egypt's Christians?
The Coptic Orthodox Church traces its origins to the first century AD when the Apostle Mark is said to have visited Egypt. Mark is regarded by Egypt’s Christians as the first Pope of Alexandria, the original seat of the church.
Early Christians in Egypt suffered persecution under Roman rule and continued to suffer systematic, albeit intermittent, persecution for centuries afterward.
Egypt was almost entirely Christian on the eve of the Muslim Arab conquest around 640AD. It remained majority Christian until around the 13th century.
The genesis of the word “Coptic” is the Greek word for Egypt, Aeygyptus.
Who is the head of Egypt's Orthodox Christians?
Pope Tawadros II, 69, is currently the spiritual leader of Egypt’s Orthodox Christians. He is the 118th pontiff of the Coptic Orthodox church. He ascended the “throne” of St Mark the Apostle in 2012 following the death of his predecessor, Pope Shenouda III.
Why do Coptic Christians celebrate Christmas on January 7?
Primarily because of the difference between the Julian and Gregorian calendars. The emergence of two Christian calendars is steeped in a complex process that dates back to the early days of Christianity. In some ways, the two calendars are also a reflection of the centuries-old “schism” between the Catholic Church in Rome and the eastern churches.
What do Coptic Christians do at Christmas?
They celebrate Christmas in much the same way as other Christians, but with some of the western, modern-era traditions such as the decorated tree and exchange of gifts embraced only by the well-to-do rather than everyone.
The Christmas Mass begins around 8pm and ends at midnight, when worshippers go home to break their 43-day vegan-pescatarian fast with indigenous meat dishes such as the fatah, which is made of white rice, meat cubes and crispy bread soaked in soup and covered with a layer of garlicky yoghurt.
Will the pandemic affect Mass?
Yes, it will, but not much more than it has over the past two years.
After a period of total closure, churches in Egypt have since the summer of 2020 introduced a set of rules to prevent the spread of the coronavirus among members of their congregations. Face masks are obligatory and social distancing is diligently observed. Because of the reduced capacity of churches, the first-come-first served rule is applicable. Late comers to the Christmas service will be turned away.
Pope Tawadros will lead the service in the seldom-used cathedral built in Egypt's new capital in the desert east of Cairo. The number of people allowed to attend that service will be severely limited, but it will be broadcast live.
January 6 has been declared a national holiday in lieu of Christmas day, which falls on the Egyptian Friday-Saturday weekend.
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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Company profile
Name: Tratok Portal
Founded: 2017
Based: UAE
Sector: Travel & tourism
Size: 36 employees
Funding: Privately funded
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