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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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
The biog
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Qualifications: Diploma in engineering from TSI Technical Institute, bachelor’s degree in accounting from Dubai’s Al Ghurair University, master’s degree in human resources from Abu Dhabi University, currently third years PHD in strategy of human resources.
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Women & Power: A Manifesto
Mary Beard
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The biog
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From: Alberta, western Canada
Record fish: 56kg sailfish
Member of: International Game Fish Association
Company: Arabian Divers and Sportfishing Charters
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The specs: 2018 Nissan 370Z Nismo
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Fuel consumption, combined: 10.5L / 100km
MATCH INFO
Uefa Champions League last 16, second leg
Liverpool (0) v Atletico Madrid (1)
Venue: Anfield
Kick-off: Thursday, March 12, midnight
Live: On beIN Sports HD
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Director: M. Night Shyamalan
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TRAP
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Director: M Night Shyamalan
Rating: 3/5
LIGUE 1 FIXTURES
All times UAE ( 4 GMT)
Friday
Nice v Angers (9pm)
Lille v Monaco (10.45pm)
Saturday
Montpellier v Paris Saint-Germain (7pm)
Bordeaux v Guingamp (10pm)
Caen v Amiens (10pm)
Lyon v Dijon (10pm)
Metz v Troyes (10pm)
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Saint-Etienne v Rennes (5pm)
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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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.”
Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi
Yadoo’s House Restaurant & Cafe
For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.
Golden Dallah
For the cappuccino, luqaimat and aseeda.
Al Mrzab Restaurant
For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.
Al Derwaza
For the fish hubul, regag bread, biryani and special seafood soup.
UAE currency: the story behind the money in your pockets
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UAE currency: the story behind the money in your pockets
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Company profile
Name: Back to Games and Boardgame Space
Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)
Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)
Based: Dubai and Abu Dhabi
Industry: Back to Games (retail); Boardgame Space (wholesale and distribution)
Funding: Back to Games: self-funded by Mr Azzam with Dh1.3 million; Mr Azzam invested Dh250,000 in Boardgame Space
Growth: Back to Games: from 300 products in 2015 to 7,000 in 2019; Boardgame Space: from 34 games in 2017 to 3,500 in 2019
