A Rabbi has joined a multi-faith committee formed by the UAE to enact the Human Fraternity Document, it was announced on Tuesday.
Rabbi M Bruce Lustig, senior Rabbi at Washington Hebrew Congregation, became the eighth member of the Higher Committee of Human Fraternity that is charged with carrying out the objectives listed in document signed by Pope Francis and Dr Ahmed Al Tayeb, Grand Imam of Al Azhar, in Abu Dhabi in February.
Members of the committee are from the UAE, Egypt, Spain and Italy and represent the Muslim, Christian and Jewish faiths.
Rabbi Lustig thanked the Committee for his nomination, saying he was pleased to see the historic declaration signed.
"It was my hope that such an event would be a watershed moment to bring new opportunities for building bridges between religious leaders and communities as well as to foster Peace and Harmony in our fractured world," Rabbi Lustig said.
"I am honoured to join such esteemed individuals working to champion love over hate, justice over injustice, and faith over fear."
Bishop Miguel Guixot, Chairman of the Higher Committee, welcomed the Rabbi as a new member, saying: "The Committee welcomes all competencies and religious and cultural personalities and all who contribute to the
achievement of the honourable goals for which the Document of Human Fraternity was established."
Rabbi Lustig has served at the Washington Hebrew Congregation for more than 25 years. He is a social activist and organised the first Abrahamic summit bringing together Christians, Jews and Muslims in the US after the 9/11 attacks, reported state news agency Wam.
The summit led to the creation of the first Abrahamic Round Table with Bishop John Chane of the Episcopal Church in Washington, Prof Akbar Ahmed, chairman of Islamic Studies at American University in Massachusetts, and himself. The trio spoke for peace and interfaith dialogue around the US.
The High Committee was formed last month to achieve the objectives of the Human Fraternity Document, through the development of an operational framework.
It will draft, carry out and oversee plans to put the goals of the document in place and meet religious leaders, heads of international organisations and others to support and spread the document's message.
The higher committee will also urge legislative authorities to adhere to the document’s provisions, which aim to instill the values of mutual respect and co-existence in national legislation.
The committee is also responsible for supervising the Abrahamic Family House – a building dedicated to interfaith harmony. The committee can bring in new members by mutual agreement
Other committee members include: Prof Mohamed Mahrasawi, president of Al Azhar University; Monsignor Yoannis Gaid, personal secretary of Pope Francis; Judge Mohamed Abdel Salam, adviser to the Grand Imam; Mohamed Al Mubarak, Chairman of the Department of Culture and Tourism — Abu Dhabi; Dr Sultan Al Rumaithi, Secretary General of the Muslim Council of Elders; and Yasser Al Muhairi, an Emirati writer and media personality.
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Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
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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