It was a sight to behold: Pope Francis, the leader of the world's estimated one billion Roman Catholics, celebrating Mass in a stadium in Abu Dhabi. Please read that sentence again and reflect upon what it means.
It is easy to lose sight of the importance of what took place in the capital this week. Consider the repeated embraces between the pontiff and Dr Ahmed Al Tayeb, the Grand Imam of Al Azhar – two great men, two great faiths, one enormously significant display of brotherly affection, understanding and respect. The declaration that they signed in Abu Dhabi enshrines this relationship and calls for a more peaceful world.
Think about the warmth of the welcome extended by the UAE's leaders and their grace and generosity in inviting Pope Francis to the UAE and making this historic celebration of religious freedom and fraternity a reality.
Picture the child who rushed to the popemobile before the Mass to hand a letter to Pope Francis. She embodies the joy, the exuberance, the thirst for the Pope’s attention that Catholic children and adults have displayed this week, and felt to their core during this momentous time.
Then – if you will – consider me. My mother still has hope for me, trying to nourish my spiritual side and encourage me to be a better, more active Catholic. Her intentions are of course for the best. The reality is that I attend Mass infrequently, but always do when in her company.
I have a great affection for the faith I was born into. Many years ago, I worked for the Catholic Herald, a British weekly of great repute. I have liked and respected the priests and bishops I have got to know over the years. Thankfully, none of the clergy I have met have been embroiled in recent abuse scandals. The churches I have either worshipped in or seen as a tourist, and much of the culture that surrounds Catholicism, all have a place in my life and in some cases my heart. I am not, however, a good Catholic, observant or regular in my attendance of church. So much so that only during a recent conversation – or perhaps confession – did my mother discover that there are churches in the UAE. I had possibly failed to mention this in the year that I have lived here.
Growing up in Scotland in the mid-20th century, my mother lived through the worst of the Christian sectarianism that existed there and still stubbornly persists, albeit to a lesser degree. As a young woman, she knew that if a Protestant employer was aware of her faith, it could cost her the job. To be openly Catholic was, in certain quarters at that time, a relatively brave thing to do. She remains in awe of my grandmother for bringing up her three daughters in the faith. What was needed then was tolerance, but it was in short supply.
The visit of Pope Francis – the first by a head of the Catholic church to the Arabian Peninsula – the Mass he celebrated and the welcome he received from Christians and Muslims alike should give us all great hope, regardless of our personal faith. With the world in flux, the message of the UAE’s Year of Tolerance is a welcome one.
I found the entire papal visit deeply touching. At the Founder's Memorial on Monday evening, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, walked between Pope Francis and Dr Al Tayeb, holding their hands as they approached the stage to speak. For me, this was the moment that the Year of Tolerance began in earnest. It was a demonstration of understanding and common purpose between two great religions; a hugely symbolic illustration of the good will to all non-Muslims who live in this country, and a message, delivered on the global stage, that the UAE is a place where the world's great debates can play out and be shaped for the better.
My mother visits this country for the first time next week. I will also enjoy a first: I will go with her to Mass at St Joseph's Cathedral in Abu Dhabi every week while she is here, and – like so many millions of others – experience, once again, the freedom that the UAE offers its residents. I will light a candle in memory of loved ones and give thanks for a special moment that will be remembered for years to come: the visit of Pope Francis to Abu Dhabi.
Joe Jenkins is an assistant editor in chief at The National
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France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
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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.”
