King Charles III records his Christmas message at the Fitzrovia Chapel in London. Getty Images
King Charles III records his Christmas message at the Fitzrovia Chapel in London. Getty Images
King Charles III records his Christmas message at the Fitzrovia Chapel in London. Getty Images
King Charles III records his Christmas message at the Fitzrovia Chapel in London. Getty Images

King Charles says his thoughts are with those suffering 'devastating' effects of war in Middle East


Tariq Tahir
  • English
  • Arabic

King Charles has used his Christmas Day address to say his thoughts are with those suffering “devastating” effects of wars around the world, including the Middle East.

In his annual message to the UK and Commonwealth, the king also spoke about his "deep sense of pride" at how communities responded to the riots over the summer in which mosques and hotels housing asylum seekers were targeted by far-right inspired mobs.

For the first time in more than a decade, the Christmas speech was recorded in a setting that isn't in a royal palace or estate.

In his speech, King Charles talked about how moved he was talking to surviving veterans on the 80th anniversary of D-Day, the invasion of France by allied armies in the Second World War.

"During previous commemorations we were able to console ourselves with the thought that these tragic events seldom happen in the modern era,” he said.

"But, on this Christmas Day, we cannot help but think of those for whom the devastating effects of conflict – in the Middle East, in Central Europe, in Africa and elsewhere – pose a daily threat to so many people's lives and livelihoods.”

King Charles’s referencing of the Middle East follows his address last year in which he made a plea for humanity to “protect each other” during a time of increasing global conflict. He also outlined the common values of the “Abrahamic family of religions”, which emphasised service to others, during his televised address.

Children sweep up outside a mosque that was attacked in Southport, UK. Getty Images
Children sweep up outside a mosque that was attacked in Southport, UK. Getty Images

The monarch also talked about this summer’s riots across the UK, which followed the murder of three young girls at a dance class in Southport. During the disturbances Southport mosque came under attack and a hotel housing asylum in Rotherham was targeted. They were denounced as "far-right thuggery" by Prime Minister Sir Keir Starmer.

A few days ago the king and Queen Camilla visited Waltham Forest Town Hall in north-east London to celebrate the community cohesion shown by Walthamstow residents, who took to the streets to stage a peaceful counter-protest in the wake of riots following the Southport stabbings.

At the time, the king was briefed daily about the situation and was engaging privately in the issues generated by the outbreak of violence across the country. Local communities came out to protect mosques, while footage was shown of people sweeping the streets and collecting bricks in a clear-up operation.

"I felt a deep sense of pride here in the United Kingdom when, in response to anger and lawlessness in several towns this summer, communities came together, not to repeat these behaviours, but to repair," he said.

"To repair not just buildings, but relationships. And, most importantly, to repair trust; by listening and, through understanding, deciding how to act for the good of all."

The king paid tribute to the "selfless" doctors and nurses who provided "strength, care and comfort" during cancer treatment for himself and the Princess of Wales, in keeping with his open approach to his illness, which saw him publicise his diagnosis in February.

“From a personal point of view, I offer special, heartfelt thanks to the selfless doctors and nurses who, this year, have supported me and other members of my family through the uncertainties and anxieties of illness, and have helped provide the strength, care and comfort we have needed,” he said.

The year’s message was delivered from Fitzrovia Chapel in central London, once served as the chapel of the Middlesex Hospital, in a year in which the king has been undergoing cancer treatment. The king is understood to have wanted a location with a connection to those working in healthcare.

The ornately decorated 19th Century building is now used for exhibitions and community events for people of any faiths and none.

Highlights of the royal year were shown from the king being hugged by a group of New Zealand female rugby players, the Princess Royal at an event, scenes from Kate's annual carol concert and crowds outside Sydney Opera House meeting the king and queen during their visit to Australia earlier this year.

The king referenced his visit to a Commonwealth summit in Samoa in October and suggested the institution's strength lay in its "diversity of culture, ethnicity and faith", and how its member states listened to each other – something that allowed people to "learn to respect our differences" and "defeat prejudice".

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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.”

Updated: December 25, 2024, 4:39 PM