Pope Francis visiting Iraq is the story we all need
The apostolic visit brings hope and optimism to regular Iraqis in that it comes as a fightback against terrorism, political dysfunction and the coronavirus pandemic
On March 5, Pope Francis will make history once again. He will be the first Catholic Pope to visit Iraq, at a time when the country and its people are in need of hope and external engagement. The Pope has had an affinity with Iraq for some time. He named the Patriarch of Babylon of the Chaldeans a cardinal in 2018. In January 2020, he received the country's President, Barham Salih, in the Vatican – and it was during that meeting that the wheels for this trip started turning. In February, he prayed for the country as he addressed a general audience in St Peter's Square. He spoke to Iraqis directly in his address, saying: "I say to you, citizens of Iraq, I am very close to you. Your country is a battlefield with wars on each side. I pray for you and pray for peace in your country."
"A battlefield with wars on each side" is an apt way of framing the troubles haunting Iraq. In every part of the country that Pope Francis will visit there are scars – scars of war, of loss, of trauma. Today Iraq is a battlefield fighting terrorism, corruption, Covid-19, militias and foreign intervention seeking to weaken the country at every level. Despite these wars, or perhaps in spite of them, the Pope has decided to embark on a four-day journey that will have him crisscross the country and reinforce the historic and natural place of Christians in Iraq and the Arab world.
Pope Francis arrives at Zayed Sports City, Abu Dhabi, in February 2019. Victor Besa / The National
The apostolic visit brings hope and optimism to regular Iraqis in that it comes as a fightback against terrorism, political dysfunction and the coronavirus pandemic. Despite security fears from terrorist attacks, despite political dysfunction in a country that rarely received senior foreign dignitaries, and despite the very real threat from the virus, the Pope is going to Iraq. It is the story of hope that we all need. The fact that he will hold mass and have in-person meetings, despite Covid-19, is also a sign of hope against the despair brought about by the pandemic. On Monday, 3,864 cases were recorded in Iraq, with 23 deaths in one day. Human connection at such a difficult time, and seeing the Pope around Iraq, will provide a sign of hope for life despite the difficulties.
Unlike most officials who turn up in unannounced trips and remain within the confines of the Green Zone or military bases, the Pope will be visiting four provinces and will meet with a whole host of people. The Vatican released the agenda of the trip weeks in advance, which includes a public mass, in addition to meeting with bishops and priests at Our Lady of Salvation Church in Baghdad. That very church was targeted by six suicide bombers in October 2010, in an attack that shook all of Iraq and was intended to end the presence of Christians in the heart of its capital. The presence of Pope Francis at that church is an apt recognition of the 58 worshippers who were killed on that fateful night. It is also a victory for those who fought terrorism and an endorsement for all those who remained in the country despite efforts to expel them from their homeland. More than one million Christians have left Iraq over the past two decades. Hopefully, after this visit, more will be convinced to stay and some may feel the possibility of returning home.
Equally significant in defeating extremism will be the Papal visit to one of the oldest Christian communities in the world, in Qaraqosh, where the ancient Assyrian cities of Nimrud and Nineveh were once the centres of global civilisation. It was in Nineveh that ISIS wanted to eliminate the presence of Christians, attacking them and destroying Assyrian artefacts. Once again, the Pope's presence in Mosul will represent a further nail in the coffin for ISIS and for all those who sought to annihilate Mosul's cosmopolitan make-up.
It is a moment that all Iraqis, except the most bigoted, will laud
Pope Francis will visit Ur, the birthplace of Prophet Abraham, the patriarch of the Abrahamic religions of Islam, Christianity and Judaism. In a region where religion continues to hold much sway, bringing a religious focus to what unites people rather than divides them is hugely significant. This visit builds on the historic visit of Pope Francis to the UAE in 2019, the first by a pontiff to the Arabian Peninsula, where he signed the Human Fraternity Document with the Grand Imam of Al Azhar, Sheikh Ahmed Al Tayeb. It is hoped that when Pope Francis goes to Najaf and meets with Ayatollah Ali Al Sistani, there will be a similar signing of the document. The visit to Najaf will hold great symbolism, especially as it continues to be the holiest of cities for Shiite Muslims, despite Iranian attempts to move that authority to Qom.
It would be remiss to assume that Pope Francis visiting Iraq is an occasion of importance only to Iraq’s Christians. Undoubtedly it holds a special significance for Catholics, but it is a moment that all Iraqis, except the most bigoted, will laud. The carefully planned stops in Baghdad, Mosul, Nasiriya, Najaf and Erbil reflect the depth of influence this trip holds.
After years of war and instability, Iraq remains largely closed off to the world. Despite having some of the most important historical sites in the region and the world, much of ancient Mesopotamia remains undiscovered. The Pope’s visit will remind the world of Iraq’s riches in history, cultural diversity and potential.
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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.”
