A view of the destroyed Al Nuri Great Mosque. Zaid al-Obeidi / AFP
A view of the destroyed Al Nuri Great Mosque. Zaid al-Obeidi / AFP
A view of the destroyed Al Nuri Great Mosque. Zaid al-Obeidi / AFP
A view of the destroyed Al Nuri Great Mosque. Zaid al-Obeidi / AFP

Al Nuri is about more than resurrecting a building. It will also rebuild an ideology and social cohesion


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Last week, the UAE announced its commitment to rebuilding the Al Nuri Great Mosque and Al Hadba minaret of Mosul, a project that is slated to be the largest feat of cultural reconstruction in Iraq. With the damage wrought by years of war and ISIS targeted attacks on Iraqi historical sites, the project is much-needed.

Strategically, it is a stroke of genius. Last week, the UAE's Minister of Culture Noura Al Kaabi signed the first memorandum of understanding on cultural affairs between the UAE and Iraq in four decades. It comes at a time of improving UAE-Iraq relations and at a time when Iraq is looking to expand its ties with the Arab world. Local, regional and international collaboration is ensured with the involvement of Unesco, the Organisation for Islamic Cooperation and Iccrom-Athar Regional Conservation Centre in Sharjah. A project based on knowledge transfer, cultural exchanges and restoring Arab heritage provides the perfect foundation for the post-ISIS era. Among the aims of the $50.4 million endeavour is the creation of 1,000 local job opportunities, the revival of the surrounding area and providing the cornerstone for international cooperation to help areas hit by ISIS to recover. Cultural diplomacy is at its best when it immediately serves people on the ground.

The signing ceremony for the project took place at the National Museum of Iraq in Baghdad. Images of halls filled with Iraqi relics from various eras, ranging from the prehistoric to the Abbasid dynasty, had previously become synonymous with looting and loss. Images broadcast 15 years ago from the museum showed looting and destruction of artefacts thousands of years old in the immediate aftermath of the 2003 war. Last week, the image of the museum inched closer to that renewal.

The needs in Mosul are huge – from the urgency of clearing bombs planted by ISIS to helping thousands of orphans in Iraq's second city. This has led to some questions about putting aside tens of millions of dollars to rebuild a mosque. However, Al Nuri's and Al Hadba's reconstruction are about much more than physical structures. While they have both historic and religious symbolism, the real significance is reviving Mosul and not allowing its famed minaret to remain fallen at the hands of terrorism. The reconstruction is not only of a building but of an ideology and social cohesion.

Placing cultural revival and historic restoration at the heart of efforts to revive areas affected by ISIS strikes at the heart of the terrorists' message of destruction. Al Nuri mosque was the location of ISIS leader Abu Bakr Al Baghdadi proclaiming his false caliphate in 2014. To make it the central point of cultural renewal puts Al Nuri mosque back where it belongs as a beacon of light against the darkness of terrorism. Ever since ISIS went into Mosul, its fighters sought to erase the city's cosmopolitan identity, from targeting Christians and Yazidis to burning its famed library. Weeks before their defeat in Mosul, ISIS fighters blew up Al Nuri Mosque and the famed minaret which had adorned Mosul's skies for more than 800 years. The intention was to deal a final blow to the city's identity. Instead, the Al Nuri mosque has become the home of a vision for revival in Mosul and Iraq.

The five-year feat won’t be an easy one. In speaking to various Iraqis from different generations, it was striking to find that the majority were concerned that the funds allocated to the project could be squandered or tarnished by local and international corruption. While too many local officials have made a business of aid allocations, the aid industry that has become rooted in Iraq since 2003 has created an internal dependency that obstructs the rise of local capacity.

In this well-thought out project, these concerns have been taken into consideration. With two committees overseeing the project – both a steering committee and a technical committee – will come quarterly audits to ensure the correct spending of funds. Engaging both local experts with knowledge of the site and city will be central to the project while Unesco will be bringing its world class know-how to the table.

Other practical challenges include the fear from explosives left behind by ISIS fighters and the lack of infrastructure to secure the project. In addition to the practical obstacles that might face the design and rebuilding process, there will be those intent on derailing it and keeping the UAE and other Arab countries far from Iraq. Extremists from various backgrounds – whether ISIS terrorists or pro-Iran militants – want to keep Iraq isolated.

The visit of Noura Al Kaabi, the most senior official from the UAE to visit Iraq since the fall of ISIS, came at a time of improving Iraqi-Gulf relations. In addition to high level talks at the Iraqi Ministry of Culture, the UAE official requested a meeting with Iraqi students. While logistical difficulties meant students from Mosul couldn’t attend the meeting, undergraduate and postgraduate students from Baghdad university met Ms Al Kaabi at the Iraqi national museum. Questions and comments were centred around the need for transferable skills and the desire of people to connect with the UAE and learn from its experiences. The open exchange was important and one that needs to continue in the coming months and years as Iraq regains its place among its Arab neighbours.

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Born: Kuwait in 1986
Family: She is the youngest of seven siblings
Time in the UAE: 10 years
Hobbies: audiobooks and fitness: she works out every day, enjoying kickboxing and basketball

Young women have more “financial grit”, but fall behind on investing

In an October survey of young adults aged 16 to 25, Charles Schwab found young women are more driven to reach financial independence than young men (67 per cent versus. 58 per cent). They are more likely to take on extra work to make ends meet and see more value than men in creating a plan to achieve their financial goals. Yet, despite all these good ‘first’ measures, they are investing and saving less than young men – falling early into the financial gender gap.

While the women surveyed report spending 36 per cent less than men, they have far less savings than men ($1,267 versus $2,000) – a nearly 60 per cent difference.

In addition, twice as many young men as women say they would invest spare cash, and almost twice as many young men as women report having investment accounts (though most young adults do not invest at all). 

“Despite their good intentions, young women start to fall behind their male counterparts in savings and investing early on in life,” said Carrie Schwab-Pomerantz, senior vice president, Charles Schwab. “They start off showing a strong financial planning mindset, but there is still room for further education when it comes to managing their day-to-day finances.”

Ms Schwab-Pomerantz says parents should be conveying the same messages to boys and girls about money, but should tailor those conversations based on the individual and gender.

"Our study shows that while boys are spending more than girls, they also are saving more. Have open and honest conversations with your daughters about the wage and savings gap," she said. "Teach kids about the importance of investing – especially girls, who as we see in this study, aren’t investing as much. Part of being financially prepared is learning to make the most of your money, and that means investing early and consistently."

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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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