By any standards, 2019 has been an extraordinary year for the UAE. It began with the dedication of the year to promoting the value of tolerance, the first time that any government anywhere in the world has intentionally structured its whole policy, both domestic and foreign, around promoting tolerance.
In February, Pope Francis made a three-day visit to the UAE, the first ever tour of the Gulf region by a pontiff. The papal visit culminated in a Christian act of worship attended by an estimated 180,000 Catholics. It was an historic event and an incredible statement of welcome to the Christian community residing in the UAE. During the visit, Pope Francis signed, along with the Grand Imam of Al Azhar Ahmed Al Tayeb, a document known as the Human Fraternity Declaration.
I am so proud to live in a country which is offering hope, not just as a political or religious ideal but as a lived reality
This document called on Roman Catholics and Muslims to commit to living out the teachings of faith that emphasise love and fraternity. It acknowledged that religion was both a cause of, and also a solution to, global trends of intolerance. It is a doctrine that has captured the imagination of countries outside the UAE.
Earlier this month I was in Brussels speaking to a group of politicians from the European Parliament, who were asking how the message coming from the UAE could be adapted to counteract a disturbing rise of prejudice and hate crime across Europe.
That meeting in Brussels was followed by the Forum for Peace hosted in Abu Dhabi earlier this month, in which 500 religious leaders, mainly from the Abrahamic religions, expressed their commitment to supporting religious freedom across the Middle East. It is hoped that this commitment will impact domestic policies across the region.
Reverend Andrew Thompson lead the Christmas mass service at St Andrews Church. Khushnum Bhandari / The National
An artist's illustration of the Abrahamic Family House to be built on Saadiyat Island in Abu Dhabi. Courtesy Edelman
It is noteworthy that at this moment in global history, good news is coming out of the Middle East. Set against a backdrop of resurgent nationalism, terrorism informed by extreme political and religious ideologies, a massive rise in the number of refugees, history has taught us that in dark times, hope emerges from desert lands.
Think of the messages of Moses, Jesus and the Prophet Mohammed. In such a negative climate of division and suspicion between nations and religious communities, the UAE announced its intention to build a mosque, a church and a synagogue side by side under the umbrella of the Abrahamic Family House as an iconic statement of a better way to live. I am so proud to live in a country which is offering hope, not just as a political or religious ideal but as a lived reality.
Mass in anticipation of Christmas at St Joseph's Cathedral in Mushrif, Abu Dhabi. Khushnum Bhandari / The National
The Filipino community gathers for Simbang Gabi at St Joseph's Cathedral in Mushrif, Abu Dhabi. Khushnum Bhandari / The National
For this reason, I was deeply honoured this year to receive a UAE Pioneer award from Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai. The significance of this award was an affirmation for the whole Christian community who live in the UAE. Christians in all seven of the emirates seek to be faithful followers of Jesus by blessing the nation through their diligent work and witness. It was also an affirmation of my work as an interfaith activist.
The goal of good interfaith dialogue is reconciliation. Reconciliation should lead to deeper understanding of the other, a means to confront injustice and prejudice, and ultimately to see, know and love the other in response to the divine imperative embedded in all religions, which is to love God and neighbour.
For the last decade, interfaith initiatives in the Middle East have been largely sporadic, focused mainly on commonalities, and have largely been the domain of intellectuals and academics. While this seems a limitation of the movement so far, at least it is a starting place and things are beginning to change.
Relationships are morphing into deep friendships, trust is being established and from there I can see the next decade evolving into interfaith dialogue, which will be translated into grassroots action in the form of communities mutually rejecting any unacceptable and harmful ideologies and behaviour.
I would want religious communities around the world to examine the Human Fraternity Declaration and allow it to speak to them as an invitation to join in by living out their faiths with authenticity and faithfulness. There is mileage in getting this document discussed in a wider setting, involving local communities and seeing it not only as a declaration of ideals but as the basis for an agreement between communities in which, like a marriage covenant, we are invited to say: “I do”. There is great power released when individuals and groups make a promise to one another.
This is one action that can be taken to counter the suspicion held by fundamentalists in all religions that interfaith dialogue means compromise, a loosening of deeply held religious convictions in order to accommodate the other.
Such a negative suspicion of interfaith activity is always fuelled by fear. This has not been my experience. In fact, the more I open myself to learning about other faiths, the deeper my friendship are with them, the more I cherish my own faith. The antidote to fear is knowledge and love.
Effective interfaith activism is very simple. It starts with education. We need to encourage people, including children, to learn about the great world faiths. The best attitude for learning is that one is open and generous to study not for the sake of criticising the other but rather, to cultivate what has come to be termed a “holy envy”, in which we learn to value that which is good, true and honourable in the beliefs of others.
On Christmas Day, as Christians around the world celebrate the birth of Jesus, we are reminded again of the message of the Christmas angels who thronged the skies of the Middle East and declared: “Glory to God in the highest and on Earth, peace to all his favour rests upon”.
Reverend Canon Andrew Thompson is the chaplain of St Andrew’s Anglican Church in Abu Dhabi and the author of Jesus of Arabia, which is available in English and Arabic
Match info
Deccan Gladiators 87-8
Asif Khan 25, Dwayne Bravo 2-16
Maratha Arabians 89-2
Chadwick Walton 51 not out
Arabians won the final by eight wickets
Turkish Ladies
Various artists, Sony Music Turkey
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
One for Asia-Pacific Group (traditionally Arab state or Tunisia)
One for Latin America and Caribbean Group
One for Eastern Europe Group
Countries so far running:
UAE
Albania
Brazil
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.”
Match info
What: Fifa Club World Cup play-off Who: Al Ain v Team Wellington Where: Hazza bin Zayed Stadium, Al Ain When: Wednesday, kick off 7.30pm
Iraq negotiating over Iran sanctions impact
US sanctions on Iran’s energy industry and exports took effect on Monday, November 5.
Washington issued formal waivers to eight buyers of Iranian oil, allowing them to continue limited imports. Iraq did not receive a waiver.
Iraq’s government is cooperating with the US to contain Iranian influence in the country, and increased Iraqi oil production is helping to make up for Iranian crude that sanctions are blocking from markets, US officials say.
Iraq, the second-biggest producer in the Organization of Petroleum Exporting Countries, pumped last month at a record 4.78 million barrels a day, former Oil Minister Jabbar Al-Luaibi said on Oct. 20. Iraq exported 3.83 million barrels a day last month, according to tanker tracking and data from port agents.
Iraq has been working to restore production at its northern Kirkuk oil field. Kirkuk could add 200,000 barrels a day of oil to Iraq’s total output, Hook said.
The country stopped trucking Kirkuk oil to Iran about three weeks ago, in line with U.S. sanctions, according to four people with knowledge of the matter who asked not to be identified because they aren’t allowed to speak to media.
Oil exports from Iran, OPEC’s third-largest supplier, have slumped since President Donald Trump announced in May that he’d reimpose sanctions. Iran shipped about 1.76 million barrels a day in October out of 3.42 million in total production, data compiled by Bloomberg show.
Benchmark Brent crude fell 47 cents to $72.70 a barrel in London trading at 7:26 a.m. local time. U.S. West Texas Intermediate was 25 cents lower at $62.85 a barrel in New York. WTI held near the lowest level in seven months as concerns of a tightening market eased after the U.S. granted its waivers to buyers of Iranian crude.
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
