Egyptian architect Salah El Din Hareedy, along with a team of seven architects, won the design for the reconstruction of the Al-Nouri mosque and Al-Manara Al-Hadba in Mosul, Iraq. Courtesy Hassan Nadhem via Twitter
Egyptian architect Salah El Din Hareedy, along with a team of seven architects, won the design for the reconstruction of the Al-Nouri mosque and Al-Manara Al-Hadba in Mosul, Iraq. Courtesy Hassan Nadhem via Twitter
Egyptian architect Salah El Din Hareedy, along with a team of seven architects, won the design for the reconstruction of the Al-Nouri mosque and Al-Manara Al-Hadba in Mosul, Iraq. Courtesy Hassan Nadhem via Twitter
Egyptian architect Salah El Din Hareedy, along with a team of seven architects, won the design for the reconstruction of the Al-Nouri mosque and Al-Manara Al-Hadba in Mosul, Iraq. Courtesy Hassan Nadh

Mosul restoration shows the UAE is standing by Maslawis


Damien McElroy
  • English
  • Arabic

Work is on track to begin restoration of the destroyed historic monuments of old Mosul by December in a milestone step for a city recovering from the ravages of ISIS control.

Noura Al Kaabi, Minister for Culture and Youth, told a meeting of the Emirates Society in London it was important to stick to a five-year timetable culminating in the sites brought back to the Maslawis by 2023, "so that the Maslawis know that we stand by them and we will be there for them".

The UAE is funding a Unesco project to rebuild three historic religious sites in central Mosul, destroyed by ISIS terrorists who held the city. These include restoration of the Al Nouri Mosque and its Al Hadba Minaret and the Al Tahera church.

The UAE partnership with Unesco has provided funding of $50 million (Dh183.6m) as part of a package of support for rebuilding the historic landmarks of the city. As a result it has become the first country to restore Christian churches in Iraq that were destroyed by the terrorists.

The minister pointed out the benefits to residents of the city from the restoration work, which reached an important milestone when an international competition for the design of the project was completed.

"This project has thus far employed over 600 Maslawis and is set to exceed a target of 1,000 employment and training opportunities by its conclusion in 2023," she said. "The skills gained from training and employment on the sites will give Maslawis valuable experience to continue preserving the heritage of their city and lead to other future employment opportunities."

The visit of Pope Francis to the city in March helped raise the profile of the project to a global level. "When His Holiness Pope Francis visited the Abrahamic church on his historic visit to Iraq a few months ago, it was a matter of great delight and pride for all of us engaged in the restoration project.

"Al Tahera church is significant to Mosul, Iraq, and the wider international community. We are so proud to be part of efforts to revive it.

"For decades the UAE has contributed to many World Heritage restoration projects, including the restoration of the Palace of Fontainebleau in Paris, the Museum of Islamic Art in Egypt and the revival of the ancient library of Alexandria.

“The personal visit back in 1951 by the nation's founding father Sheikh Zayed to the Vatican and several other religious centres in Europe is worth remembering in our present context. The UAE's respect for the acceptance of other others has deep historical roots."

Ernesto Ottone, assistant director general for culture at Unesco, said the winning bid of the international competition was an important step in the restoration of the diverse historical treasures of Iraq.

"Our shared vision is to strengthen the foundation of peace by reviving Iraq's outstanding heritage and its educational system," he said. "We are fine-tuning the winning design and construction is planned to start, as it was mentioned, in December of this year."

Jwan Khiola, the deputy Iraqi ambassador to the UK, told the Emirates Society that Isis wanted to destroy the heart of Mosul because the city was a symbol of coexistence of all Iraqi communities.

"We were used to living in peace, all together, because all Iraq had this wonderful civilisation, which was not only for Iraq but was for the whole world," she said.

"The injuries we suffered under ISIS will stay in our conscious for generations to come but what we are witnessing now from our friends in the UAE and Unesco is a message not only for Iraqis but for all that we were not abandoned by our brothers and sisters."

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What should do investors do now?

What does the S&P 500's new all-time high mean for the average investor? 

Should I be euphoric?

No. It's fine to be pleased about hearty returns on your investments. But it's not a good idea to tie your emotions closely to the ups and downs of the stock market. You'll get tired fast. This market moment comes on the heels of last year's nosedive. And it's not the first or last time the stock market will make a dramatic move.

So what happened?

It's more about what happened last year. Many of the concerns that triggered that plunge towards the end of last have largely been quelled. The US and China are slowly moving toward a trade agreement. The Federal Reserve has indicated it likely will not raise rates at all in 2019 after seven recent increases. And those changes, along with some strong earnings reports and broader healthy economic indicators, have fueled some optimism in stock markets.

"The panic in the fourth quarter was based mostly on fears," says Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management Company. "The fundamentals have mostly held up, while the fears have gone away and the fears were based mostly on emotion."

Should I buy? Should I sell?

Maybe. It depends on what your long-term investment plan is. The best advice is usually the same no matter the day — determine your financial goals, make a plan to reach them and stick to it.

"I would encourage (investors) not to overreact to highs, just as I would encourage them not to overreact to the lows of December," Mr Schutte says.

All the same, there are some situations in which you should consider taking action. If you think you can't live through another low like last year, the time to get out is now. If the balance of assets in your portfolio is out of whack thanks to the rise of the stock market, make adjustments. And if you need your money in the next five to 10 years, it shouldn't be in stocks anyhow. But for most people, it's also a good time to just leave things be.

Resist the urge to abandon the diversification of your portfolio, Mr Schutte cautions. It may be tempting to shed other investments that aren't performing as well, such as some international stocks, but diversification is designed to help steady your performance over time.

Will the rally last?

No one knows for sure. But David Bailin, chief investment officer at Citi Private Bank, expects the US market could move up 5 per cent to 7 per cent more over the next nine to 12 months, provided the Fed doesn't raise rates and earnings growth exceeds current expectations. We are in a late cycle market, a period when US equities have historically done very well, but volatility also rises, he says.

"This phase can last six months to several years, but it's important clients remain invested and not try to prematurely position for a contraction of the market," Mr Bailin says. "Doing so would risk missing out on important portfolio returns."

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

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Dos

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  • Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts 

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Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

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