Pope Francis' visit to Qaraqosh, referred to as Iraq’s Christian capital, will encourage members of the country’s oldest faith to return to their homes after being driven out by ISIS.
Qaraqosh, a town also known as Hamdaniya, lies east of Mosul in the Nineveh plain. It fell to the insurgents in 2014, pushing its 50,000 residents to seek refuge in Iraq’s autonomous Kurdish region and other neighbouring states.
"The visit to Qaraqosh will be a sign of solidarity with all Christians in the Nineveh plain and will encourage people to return to their villages with hope for a better future," Auxiliary Bishop Basel Yaldo of Baghdad, who is the Catholic Church's general co-ordinator for the trip, told The National.
Preparations are well under way for the Pope's visit, including a newly crafted statue of the Virgin Mary placed on top of the Immaculate Conception Church in Qaraqosh.
During his trip, Pope Francis will take a helicopter from Mosul to Qaraqosh, where he will visit the community at the church, which is the biggest in the Nineveh plain and was once the heart of Christian worship in the town before being burned by ISIS and subsequently restored.
Most of the Christians in Nineveh are descendants of the Assyrians whose empire spread across Iraq more than 3,000 years ago. They have always felt a strong link to the land that is today Iraq.
The country once hosted around 4 million Christians but years of wars, conflict and economic hardship have eroded their status.
The Christian population shrank to about 500,000 following the US-led invasion in 2003 that toppled dictator Saddam Hussein and again after the onslaught of ISIS in 2014. It is not known exactly how many Christians now remain in Iraq.
ISIS deliberately targeted Christians in Nineveh, giving them an ultimatum – either they convert to Islam, pay a special tax or risk execution. As a result, thousands of families fled the area.
The insurgents spent two years destroying all signs of Christianity in the town, burning churches, smashing statues, and all other reminders of this once-thriving community.
Hundreds of ancient Assyrian artefacts were also destroyed in the process. "Signs of looting and devastation were evident everywhere when some people began returning," local priest Father Paul Thabit Mekko said.
In 2016, Qaraqosh was liberated by the Iraqi army but residents are still hesitant to return due to ongoing security concerns and lack of livelihood opportunities.
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.”
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