A visit to Iraq by the leader of the world's Catholics will help to bring a spirit of unity and reconciliation to revive the war-torn country, a senior bishop told The National.
The visit from March 5 to 8 will be the first trip abroad by Pope Francis since the outbreak of the coronavirus pandemic.
It will also be the first time Iraq welcomes the sovereign of the Vatican City.
"Every step in this visit is significant and has its value in encouraging people to be united and work together to achieve peace," said Auxiliary Bishop Basel Yaldo of Baghdad, who is the Catholic Church's general coordinator for the trip covering four provinces.
Many of Iraq's Christians left the country following the US-led invasion of 2003, when sectarian warfare prompted them to flee. Attacks by ISIS on minority groups in 2014 delivered a major blow for Iraq's multi-denomination Christian communities, and many have not returned to their homes in Mosul and other cities.
From around 1.5 million Christians prior to the US-led invasion, only estimated 250,000 Christians remain in the country today.
“We hope to see the outcome of this visit [as helping] Iraq to be an open-minded nation, especially by restoring the spirit of youth to live happily together, building their country and securing a better future for the next generation,” Bishop Yaldo said.
The bishop is one of the two Auxiliary Bishops of Chaldean Patriarch Louis Raphael Sako.
“The visit will guarantee visibility to Christians by giving great significance and relevance to their presence in this part of the world and their suffering throughout history,” he said.
Iraq is home to many different eastern rite churches, both Catholic and Orthodox. The Catholic Church hopes the Pope's visit will encourage Iraqi Christians to return to their homes, he said.
The first papal visit to Iraq comes at the invitation of the Iraqi government, led by President Barham Salih and the head of Iraq’s Catholic Church, Cardinal Sako.
Baghdad described it as a “historic event” that sends a message of peace to Iraq and the whole region.
It will see Pope Francis stop in several cities across the country, including Baghdad, Erbil, Mosul and the ancient southern city of Ur, home of the patriarch Abraham, the father of the three monotheistic religions Christianity, Judaism and Islam.
“Ur is the highlight of the visit because Abraham represents the sign of unity for all of us who inhabit this land,” Bishop Yaldo said.
While there, Pope Francis will pray and meet representatives of all religions in Iraq to promote dialogue and coexistence.
“Seeing Abraham’s house will be a great symbol of unity for all religions that have this element in common,” he said.
The Pope had hoped to make the trip last year but his plans were cancelled, first by security concerns and then because of the coronavirus.
Bishop Yaldo said there were still concerns on these two elements but the Church’s main worry is to “secure the safety of everyone,” he said.
Pope Francis is also expected to meet Grand Ayatollah Ali Al Sistani in the southern holy city of Najaf.
The bishop said it would be a "private visit" between the two religious figures which the Church expects to be based on “solidarity and coexistence”.
“We are waiting for peace to prevail from this trip as Iraq has suffered immensely throughout the years,” he said.
The two religious figures are expected to sign a document on "human fraternity for world peace" – an interfaith text condemning extremism that Pope Francis signed with the leading Sunni cleric, the Grand Imam of Al Azhar, Sheikh Ahmed Al Tayeb, in 2019.
Pope Francis's visit to Iraq - daily agenda
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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.”
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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How to keep control of your emotions
If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.
Greed
Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.
Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.
Fear
The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.
Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.
Hope
While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.
Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.
Frustration
Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.
Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.
Boredom
Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.
Tip: Open an online demo account and get your thrills without risking real money.
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Experience: Prosecutor in Egypt with more than 40 years experience across the GCC.
Education: Ain Shams University, Egypt, in 1978.
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$1,000 award for 1,000 days on madrasa portal
Daily cash awards of $1,000 dollars will sweeten the Madrasa e-learning project by tempting more pupils to an education portal to deepen their understanding of math and sciences.
School children are required to watch an educational video each day and answer a question related to it. They then enter into a raffle draw for the $1,000 prize.
“We are targeting everyone who wants to learn. This will be $1,000 for 1,000 days so there will be a winner every day for 1,000 days,” said Sara Al Nuaimi, project manager of the Madrasa e-learning platform that was launched on Tuesday by the Vice President and Ruler of Dubai, to reach Arab pupils from kindergarten to grade 12 with educational videos.
“The objective of the Madrasa is to become the number one reference for all Arab students in the world. The 5,000 videos we have online is just the beginning, we have big ambitions. Today in the Arab world there are 50 million students. We want to reach everyone who is willing to learn.”
