The Iraq-based leader of the Chaldean Catholic Church, Louis Sako, will leave Baghdad and settle in the northern autonomous Kurdish region, he said on Saturday, amid heightened tension with a powerful Christian militia leader.
For months, Mr Sako, has been embroiled in a war of words with a Christian lawmaker and militia leader, Rayan Al Kildani. Both accused each other of exploiting their clout to illegally seizing Christian-owned properties.
Mr Al Kildani is the leader of the Babylon Movement, whose militia fought ISIS within the state-linked Popular Mobilisation Forces, a network of largely pro-Iran paramilitaries. Since then, he forged strong alliances with powerful Tehran-allied Shiite militias.
In his statement on Saturday, the cardinal condemned the government's "silence" over what he described as a campaign against him by the Babylon Movement.
He has "decided to withdraw from the seat of the patriarchate in Baghdad", the statement said, and would instead settle at one of the monasteries in Kurdistan in the country’s north.
Tensions have intensified since early July, drawing in President Abdul Latif Rashid who cited constitutional grounds in his decision to revoke a 2013 presidential decree that recognised Mr Sako as head of the Chaldean Church, allowing him to administer the community's endowment.
The presidency justified its decision, saying the decree had no "constitutional or legal basis" as the president "only issues appointment decrees for employees of government institutions".
Mr Sako considered the decision was an attack against him. But Mr Rashid rejected the claims, saying the decision "is not intended to undermine the religious or legal stature of the cardinal".
In his statement, Mr Sako dubbed the tensions a "dirty game", sarcastically suggesting the "protector of the constitution" – President Rashid – entrust the administration of the church's assets to Mr Al Kildani and his brothers.
Mr Sako is a key interlocutor between the Iraqi government and its Christian minority and is outspoken about the grievances the Christian community has faced since the US-led invasion that toppled Saddam Hussein’s regime.
He was the architect of Pope Francis' historic visit to the country in 2021.
In 2019, the US imposed sanctions on Mr Al Kildani and another Shiite militia leader, calling them "perpetrators of serious human rights abuse and corruption".
Mr Al Kildani is the leader of the 50th Brigade Babylon militia and the US has accused him of "serious human rights abuses", including cutting the ear off of a handcuffed prisoner.
Christians in Iraq trace their roots back to the beginning of the faith nearly 2,000 years ago, but with the rise of extremism after the 2003 invasion, targeted killings and kidnappings for ransom against the community forced many to flee the country.
The houses and businesses of those who fled have since been taken over illegally, mainly by gangs using forged property documents.
Community leaders estimate that the number of Christians in Iraq has dropped to about a third of the estimated 1.5 million who lived in the country before 2003.
Many have fled the violence that has plagued the country over the past 20 years.
In northern Iraq, where much of its Christian population lives, entire villages were forced to flee as ISIS took over large swathes of land in 2014. The terror group has now been almost entirely defeated, but many displaced Christians do not wish to return.
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