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A Lutheran church in Bethlehem is displaying a sombre Christmas message, with a nativity scene that depicts an infant Jesus surrounded by rubble to reflect the devastation in Gaza.
Inside the West Bank church, a model of baby Jesus lies swaddled in a kaffiyeh, the distinctive patterned Palestinian scarf, as a light glows from amid the stones.
Rev Munther Isaac, pastor of the Evangelical Lutheran Christmas Church in Bethlehem, said that the image was intended to portray the suffering of families in Gaza.
“We came with the idea of a manger in the rubble and it’s inspired from the difficult images we see on a daily basis on our television screens of children being pulled from under the rubble in Gaza,” he told The National.
“These images break us and are devastating.
“We are tired of the world rationalising and justifying the killing of our children in Gaza.”
Message from 'homeland of Christmas'
He said that the church – which was built in the 19th century and is one of the oldest Lutheran churches in Palestine – wanted to remind people of the ongoing tragedy in Gaza.
“While the world celebrates Christmas with big festivities, in the homeland of Christmas, children are being killed, homes are being destroyed and families displaced,” Rev Isaac said.
“We want to remind the world of the suffering of Palestinians, the injustice we go through so it can hopefully challenge the world to work for peace.
“Our only wish and prayer this Christmas is that this genocide will be over.”
Like a traditional nativity scene, the tableau has shepherds and wise men bringing gifts for Jesus, but while the baby lies in the rubble, the wooden carvings have been placed outside.
“We brought stones and put Jesus on it and the magi and shepherds are watching from the outside,” the pastor said.
“They are searching for Jesus just like we see on TV every day.
“People daily are trying to find any sign of life under the rubble in Gaza.
“It’s a difficult image but as it’s Christmas, we also have kept a burning light inside to show hope.”
No celebrations in Bethlehem
Bethlehem, believe to be the birthplace of Jesus, was more than 86 per cent Christian more than 70 years ago. These numbers drastically fell after the 1948 war, known as the Nakba by Palestinians, when many Palestinians were forced out of their homes.
There are about 47,000 Christians living in Palestine across the West Bank, East Jerusalem and Gaza, according to Palestinian Authority statistics from 2017. The majority, more than 98 per cent, reside in the West Bank, with a tiny community of a little more than 1,000 living in Gaza.
Churches in the West Bank have held daily prayers to show solidarity with the residents of Gaza since the recent war began.
Rev Isaac said there could be no Christmas celebrations in Palestine this year.
“People are broken, sad and we are afraid,” he said.
“It’s impossible to celebrate with what is happening in Gaza.
“There will be no street parades, no Christmas lights, nothing this year.
“Everything will be confined to prayers in churches only.”
More than 17,000 Palestinians have been killed in Gaza, most of them women and children, since the outbreak of the Israel-Gaza war on October 7.
Israeli air strikes have damaged or destroyed whole areas of the enclave, and many more people are suspected to be trapped under rubble.
Israel vowed to wipe out Hamas following the October 7 attack by the group that killed about 1,200 people, mostly civilians, and took 240 hostage.
Since a seven-day truce between Hamas and Israel expired last week, Israel has intensified its ground operations and shelling in areas across Gaza.
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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.”
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Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
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Company info
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Co-founders: Vidyuth Srinivasan, co-founder/chief executive, Ashlesh Sharma, co-founder/chief technology officer, Lakshmi Subramanian, co-founder/chief scientist
Based: New York, New York
Sector/About: Entrupy is a hardware-enabled SaaS company whose mission is to protect businesses, borders and consumers from transactions involving counterfeit goods.
Initial investment/Investors: Entrupy secured a $2.6m Series A funding round in 2017. The round was led by Tokyo-based Digital Garage and Daiwa Securities Group's jointly established venture arm, DG Lab Fund I Investment Limited Partnership, along with Zach Coelius.
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Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets.
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