Al Ain church will rise out of the desert by year end


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AL AIN // For nearly 40 years, the members of St Dionysius Orthodox church have gathered at homes, hospitals and during odd hours at nearby churches for services.

But by the end of the year, the congregation of 250 families will have its own worship space, a 1,000 square metre facility on land donated by the Government.

On a dusty, desolate parcel out past Bawadi Mall in the Mezyad district, a church styled using Indian and Arabic architecture will rise.

"From 1974, we have been working for this," said Dr Jacob George, a paediatrician and convener of the construction finance committee. "It is a great pleasure to us to know we will have our own place to worship."

The Indian Orthodox church's foundation stone will be laid on April 20 and the facility, including church and parsonage, is expected to be completed by December 15.

The church was allocated the plot in 2010 by Sheikh Khalifa, President of the UAE and Ruler of Abu Dhabi, and approvals for the project were granted this year.

During a visit to the site last week, Father Saji Abraham, the parish priest, said he was humbled by the generosity of the emirate's rulers.

"We are very, very thankful to the leadership of Abu Dhabi," he said. "It shows how open-minded they are to be allowing freedom to all allegiances in a Muslim country. All have the freedom to worship."

St Dionysius will join three neighbouring churches near the same plot of land, all catering to Keralite worshippers.

The Dh13 million project is being funded by donations from members and local and international benefactors. Sister churches in other emirates have also been major contributors.

The church held its first service in Al Ain in 1969 as a branch of St George Orthodox cathedral in Abu Dhabi. Officially established in 1974 but not declared a parish until 2002, the church has grown to about 700 members.

In 2003, the church was the first to be named for Vattasseril Geevarghese Mar Dionysius, on the same day he was canonised a saint.

Worshippers currently gather at the parsonage for evening prayers and services and special events are held at other churches in the city, including St Mary's Catholic church.

The dedicated group of parishioners rarely choose their own hours, working around activities and services at their host churches.

"Of course we are grateful for their help, but we need our own space," said Dr George. "It was difficult to work around the timings of the other churches or to travel to Abu Dhabi to worship all the time. This will make all the difference."

Father Abraham and members of the construction committee said they hoped that their new white, gold and copper church helps build up the congregation.

"I'm very, very proud, very, very happy and very, very anxious," said Alexander George, one of the parish's longtime members. "We think we will see our congregation grow to 1,000 or 2,000 people after the church is complete."

St Dionysius will have three altars and will be able to accommodate 1,200 in the church.

A separate 2,000-person auditorium and assorted other buildings are also part of the long-term plan and will be constructed in several phases.

Father Abraham had a simple response when asked how he will preside over the first weddings and baptisms in St Dionysius's own church. "With a smile," he said.

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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Online grocer Ocado revealed retail sales fell 5.7 per cen in its first quarter as customers switched back to pre-pandemic shopping patterns.

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The group added that a 15 per cent drop in customer basket size offset an 11.6. per cent rise in the number of customer transactions.

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