Women of South Vietnam at the 39th "Immigrants Parade - International Cultures Celebration" in New York City, on June 8. AFP
Women of South Vietnam at the 39th "Immigrants Parade - International Cultures Celebration" in New York City, on June 8. AFP
Women of South Vietnam at the 39th "Immigrants Parade - International Cultures Celebration" in New York City, on June 8. AFP
Women of South Vietnam at the 39th "Immigrants Parade - International Cultures Celebration" in New York City, on June 8. AFP


In a time of rising bigotry, let's not forget what made America great in the first place


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June 18, 2024

June is National Immigration Month in the US – an appropriate time to reflect on the special role immigrants have played and continue to play in enriching this country.

Far from being a threat to the vitality of America, immigration has been a life-giving force that in every generation has helped the country grow. This fact is on display in communities across America as new immigrants and refugees come not only with their hopes and dreams for a better life, but also with their energy and determination to prosper and provide for their families. They also have brought their unique cultural characteristics that contribute to making America the country it is today.

Demonstrators asking for immigration reform in June 2022, in Los Angeles. AP
Demonstrators asking for immigration reform in June 2022, in Los Angeles. AP

All of this is too often forgotten in times of economic stress or political polarisation, as xenophobic bigots rise up demanding that America’s doors be closed. Immigrants are presented as a threat to the economic well-being of citizens. They argue that there is an “American culture” that the immigrants do not share. They raise slogans like “you will not replace us” or “immigrants don’t share our values or culture” or they’ll “pollute the blood of the country".

What these anti-immigrant bigots forget is that their own ancestors were often greeted by the same fears and exclusionary slogans when they first came to America. And they forget that that there is no uniquely American culture without the contributions of immigrants who made our culture what it is today.

Far from being a threat to the vitality of America, immigration has been a life-giving force that in every generation has helped the country grow

What would American culture be without the Scots-Irish and African Americans who brought their music and dance, or the Italians, Chinese, Mexicans, Greeks and Arabs who contributed their food, or the Eastern European Jewish people who gave us their arts and humour, not to speak of the countless others belonging to different nationalities whose contributions to science, medicine, art and business have made the US the country it is today.

It’s important to understand that these two competing visions of the country have come in successive waves. And it’s particularly sad to see the descendants of the earlier waves of immigrants who were reviled a century ago now becoming the xenophobes of this era. But thankfully, the bigots of every period, after doing short-term damage, have always lost as the more inclusive spirit of America has triumphed. And when inclusion wins, America wins.

Immigrants in America are often presented as a threat to the economic well-being of citizens. What anti-immigrant bigots forget is that their own ancestors were often greeted by the same fears and exclusionary slogans when they first came to America. AFP
Immigrants in America are often presented as a threat to the economic well-being of citizens. What anti-immigrant bigots forget is that their own ancestors were often greeted by the same fears and exclusionary slogans when they first came to America. AFP

I saw this on display during a recent visit to my hometown of Utica, New York. For most of its more than two centuries of existence, Utica has been a community of immigrants. First came the Germans, Welsh, and then the Irish – to dig the canals and work in the city’s factories. Then, beginning with the turn of the past century, came a massive influx of immigrants from Italy, Eastern and Central Europe and Lebanon. By mid-century Utica had a population of more than 100,000. They lived in ethnic neighbourhoods, and worked in the factories of East and West Utica, where their wages put them squarely in that period’s middle class.

The neighbourhood in which I lived was largely Italian, with pockets of Poles and remnants of Utica’s dwindling population of German descent. When the factories closed in the second half of the century, moving their production to the non-unionised south or overseas, the city began a slow, steady decline. The population was halved, homes were abandoned, neighbourhoods left in ruin, and businesses closed.

It was at that point that Utica did something very American. It opened a refugee centre beckoning immigrants and refugees from far and wide. It welcomed newcomers, helped them resettle and find employment, and provided them with services needed to speed up their acculturation into their new environment. The success of this endeavour is evident.

After decades of decline, Utica’s population grew back to 64,000. Thousands of Bosnians, Burmese, Russians, Vietnamese, Africans, Latin Americans and Arabs (from Iraq, Sudan, Somalia and Yemen) have settled in Utica.

My sister provided me with a look at the rich cultural diversity that now makes up her street with families from Sudan, Burma, Poland and Bosnia, and African-American and Latino families, all living next to one another.

Businesses that had been boarded up have reopened, homes and neighbourhoods that one might have thought unsalvageable have been restored to their original beauty. Gardens are growing everywhere, and children are playing in the streets and parks. The city has come back to life.

The last census shows that almost one in five Uticans are foreign-born, and there are 40 different languages spoken in the city. Within less than a generation, all of these diverse groups will become American. They’ll become Democrats or Republicans. They’ll follow their favourite baseball or football teams.

Their children will listen to popular music. Not only will they become American, but also America itself will be transformed by them and their contributions. A friend of mine, Mike Baroody, a Lebanese American who served in the Reagan administration, calls this the wonderful alchemy of becoming American – immigrants become American and America changes as a result of their addition to our cultural fabric.

A final word to the xenophobes: it is this absorptive and transformative quality that has made America great, not any sort of exclusionary bigotry.

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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.”

Ziina users can donate to relief efforts in Beirut

Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”

Updated: June 18, 2024, 7:22 AM