Next phase of UAE-funded revival of Mosul landmarks to start in weeks

The next phase of the restoration of a historic minaret and churches in the Iraqi city of Mosul, which were devastated when ISIS took control of the area, will begin within weeks through a joint project carried out by the UAE and Unesco, the UN agency said in a statement on Tuesday.

Conservationists have for three years been preparing the site of the Al Hadba minaret, part of Al Nouri Mosque, as well as Al Saa’a and Al Tahera churches in an effort to revive Mosul’s old city, the majority of which was destroyed in the ISIS era.

ISIS leader Abu Bakr Al Baghdadi famously announced the creation of his so-called caliphate from Al Nouri mosque. The 800-year-old landmark and its famed leaning minaret were destroyed as one of the group’s last acts upon leaving Mosul in 2017.

Noura Al Kaabi, UAE Minister of Culture and Youth, thanked the many engineers and conservationists involved in the project, which she said would benefit the estimated 1.7 million residents of Iraq’s second-largest city.

“The progress made on this project strengthens the resolve of the community and aids in bolstering the local economy by instilling confidence and engaging Iraqis in rebuilding their historical treasures,” Ms Al Kaabi said in the Unesco statement.

During preparations, researchers made significant “archaeological discoveries” under Al Nouri Mosque, which served to raise “our understanding of this historic monument”, Ms Al Kaabi added.

“Consultations are under way to finalise the design of the mosque, incorporating these precious discoveries,” the minister said.

Audrey Azoulay, Unesco’s director-general, will travel to Mosul when reconstruction begins in March, the UN agency for culture, education and science said in a statement on Tuesday.

Unesco had initially partnered with the UAE to rebuild Al Nouri Mosque and Al Hadba minaret, though the project was expanded to include the damaged churches. The agency has also partnered with the EU to rebuild 122 historic houses.

Work started on the sites towards the end of 2018, but involved the clearing of rubble and removal of “booby traps, hazardous materials and unexploded ordinance” that were left over after the ISIS extremists were pushed out, Unesco said.

Excavation work at Al Nouri Mosque revealed four rooms, water basins and drainage channels that were likely used for ritual ablutions. The coins, jars and fragments of pottery found suggest the rooms date from about the 12th century during the Atabeg period.

The removal of old stones from the damaged sites uncovered “valuable pieces” that will be used in the reconstruction, the UN agency said. The project brought international experts together with University of Mosul archaeology students.

Ernesto Ottone Ramirez, an assistant Unesco director-general, said “large numbers of youths” were involved in reconstruction work in a nation where high unemployment rates, particularly among the young, have given rise to protests.

The Great Mosque has always held a deep significance for Mosul residents and Iraqis in general. The leaning minaret became popularly known as Al Hadba, or “the hunchback”, and the image of the mosque features on the Iraqi 10,000 dinar note.

How has net migration to UK changed?

The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.

It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.

The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.

The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.

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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.”

Next phase of UAE-funded revival of Mosul landmarks to start in weeks

Leaning Al Hadba minaret and other sites are famous throughout the region

How has net migration to UK changed?

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