Sheikh Mohamed bin Zayed congratulates Iraqis after Pope Francis visit


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Sheikh Mohamed bin Zayed congratulated the people of Iraq after Pope Francis's landmark visit to the country.

The Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces said he hoped the pontiff's four-day visit would mark a new era of peace and prosperity for the Iraqi people.

"We greatly admire His Holiness’s efforts to strengthen unity and friendship," Sheikh Mohamed said on Twitter.

Over the past few days, Pope Francis visited Iraqi cities including the capital Baghdad, Najaf in the south, and Erbil and Mosul in the north.

The head of the Roman Catholic Church attended a meeting for interfaith dialogue in the city of Ur, the birthplace of the Prophet Abraham.

The Pope emphasised the importance of promoting human fraternity and called on all believers to revive its values.

He also held a historic meeting with leading Shiite cleric Ayatollah Ali Al Sistani.

On Monday, the Higher Committee of Human Fraternity praised Pope Francis's visit, calling it a true promotion of the values advocated by a document signed by the pontiff during his 2019 visit to the UAE.

Cardinal Ayusu Geksot, president of the Pontifical Council for Inter-religious Dialogue and a member of the higher committee, accompanied the Pope on his visit to Iraq.

Cardinal Geksot said the trip was to "promote cultural dialogue and a culture of convergence and inclusiveness, so that everyone in our society can enjoy peace in his life regardless of his race, culture or religion".

Pope Francis made his first visit to the Arabian Peninsula three years ago, on February 3.

During his three-day trip, he held talks with the UAE's rulers, and visited the Sheikh Zayed Grand Mosque and the Founder’s Memorial, where a significant moment for interfaith relations took place.

Pope Francis and the Grand Imam of Al Azhar, Dr Ahmed Al Tayeb, signed the Human Fraternity Document, which calls on people around the globe to unite for interfaith harmony and spread a message of peace.

His final day in the country was devoted to his flock, first with a blessing for the congregation at St Joseph's church and then to deliver the first public mass in the UAE.

Before about 150,000 people at Zayed Sports City, the Pope delivered a Mass that included contributions in nine different languages, from Arabic to Urdu, in a reflection of the UAE’s diversity and a gesture of respect to his hosts.

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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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Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

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