As soon as I set foot in Myeongdong Street, Seoul’s most popular shopping and street food district, my senses were immediately overwhelmed – in the best way possible.
The aroma of sizzling meats and the chatter of customers and vendors under the bright lights of the street stalls created a magnetic energy that kept me going back day after day during my brief visit to the South Korean capital for a journalists' conference. But it was one specific sign on a takoyaki cart that truly reeled me in.
It bore the greeting “Alsalam ealaykum,” written both in English and Arabic. Underneath was a placard with prices and a note at the bottom that read: “Muslims can eat.”
It’s my way of welcoming people here and letting them know my food is for everyone
Street food vendor in Seoul
Takoyaki, which is Japanese for grilled octopus, is a savoury, ball-shaped snack made of a wheat flour batter and typically stuffed with octopus, tempura scraps, pickled ginger and green onion. The fact that it tasted divine and was also halal, permissible under Islamic law, was a win-win situation.
“Do you know what that means?” I asked the vendor, as I placed my order and watched him prepare it.
“Of course, it’s a greeting for Muslims and means 'peace be with you',” he answered, confidently. “It’s my way of welcoming people here and letting them know my food is for everyone.”
A market for the masses
Myeongdong Street began introducing halal food options in 2016, around the same time South Korea set a plan in motion to attract and better serve Muslim travellers. While pork and alcohol are a huge part of the country’s culture and people’s lifestyle, officials have seen the potential in the halal tourism market and have taken measures to cater to it.
With everything clearly marked as halal, and the country’s efforts to accommodate Muslims with food, skincare and other products, we feel welcome, so we’ll definitely be back again soon
Hamad Al Harbi,
Saudi tourist in Seoul
Over the past decade, South Korea has increased the number of halal-certified restaurants, introduced a comprehensive guidebook to help tourists easily locate these establishments and set up more prayer rooms in key locations around cities.
The country has also introduced initiatives like the Salam Seoul Festival, an annual event celebrating Islamic culture and showcasing the capital’s commitment to inclusivity, and Halal Restaurant Week Korea, another annual festival where hundreds of halal restaurants host events as a gesture to make South Korea a Muslim-friendly destination.
By 2019, the number of annual Muslim visitors to South Korea had surpassed one million, only to plummet the following year with arrival of the pandemic. But it has been rising since then, reaching 985,000 in 2023 − a 33 per cent increase from 2022 − and was projected to have crossed one million last year.
‘I come back for the food’
Queuing at one of the halal-certified food stalls in Myeongdong was Hamad Al Harbi, a Saudi tourist who was on his sixth trip to Seoul.
“This is one of my all-time favourite cities, I never get bored of it,” the 44-year-old engineer told The National. His first visit to Seoul was in 2014, during which he said he lived off Italian food for lack of halal options.
“The past few trips have been different though,” said Mr Al Harbi. “I don’t worry about what to eat any more, and I keep coming back for the food experience.”
Wanting his family to experience the magic of Seoul, Mr Al Harbi travelled to the South Korean capital with his wife and two children for Eid Al Fitr, and made sure to stay in a hotel near Myeongdong Street.
“We visit the street market every night, and we enjoy all the food they offer, from the tteokbokki [simmered rice cake] and Korean fried chicken to the hotteok [sweet Korean pancakes],” he said.
“With everything clearly marked as halal, and the country’s efforts to accommodate Muslims with food, skincare and other products, we feel welcome, so we’ll definitely be back again soon.”
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
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Countries recognising Palestine
France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
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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.”
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5