• View of the Notre-Dame Cathedral towers from the forecourt in Paris. EPA
    View of the Notre-Dame Cathedral towers from the forecourt in Paris. EPA
  • Pressure rises on French authorities after an NGO files a lawsuit accusing them of failing to quickly contain the risks of lead poisoning after the fire that ravaged Notre-Dame cathedral in Paris last April. AFP
    Pressure rises on French authorities after an NGO files a lawsuit accusing them of failing to quickly contain the risks of lead poisoning after the fire that ravaged Notre-Dame cathedral in Paris last April. AFP
  • This file photo taken on July 17, 2019 shows damage on the nave and rubble during preliminary work in the Notre-Dame de Paris Cathedral three months after a major fire in Paris. AFP
    This file photo taken on July 17, 2019 shows damage on the nave and rubble during preliminary work in the Notre-Dame de Paris Cathedral three months after a major fire in Paris. AFP
  • The service entrance of the construction site of the Notre-Dame Cathedral in Paris. The yard has been stopped since analyzes proving an excessive presence of lead and the risks taken by the workers three months after the Cathedral was badly damaged by a huge fire last April. EPA
    The service entrance of the construction site of the Notre-Dame Cathedral in Paris. The yard has been stopped since analyzes proving an excessive presence of lead and the risks taken by the workers three months after the Cathedral was badly damaged by a huge fire last April. EPA
  • A worker sprays an anti lead decontamination treatment at the St Benoit Elementary School in Paris, France. EPA
    A worker sprays an anti lead decontamination treatment at the St Benoit Elementary School in Paris, France. EPA
  • Workers have started decontaminating some Paris schools tested with unsafe levels of lead following the blaze at the Notre Dame Cathedral, as part of efforts to protect children from risks of lead poisoning. AP photo
    Workers have started decontaminating some Paris schools tested with unsafe levels of lead following the blaze at the Notre Dame Cathedral, as part of efforts to protect children from risks of lead poisoning. AP photo
  • Worker directs a mechanical shovel grabbing pieces of destroyed surfacing to gather up the lead particles in the school yard of Saint Benoit primary school in Paris, France. AP photo
    Worker directs a mechanical shovel grabbing pieces of destroyed surfacing to gather up the lead particles in the school yard of Saint Benoit primary school in Paris, France. AP photo
  • A worker holds a canvas bag as he takes part in a clean-up operation at Saint Benoit school near Notre-Dame cathedral in Paris during a decontamination operation over lead poisoning fears. AFP
    A worker holds a canvas bag as he takes part in a clean-up operation at Saint Benoit school near Notre-Dame cathedral in Paris during a decontamination operation over lead poisoning fears. AFP
  • A worker sprays a gel on the ground to absorb lead as he takes part in a clean-up operation at Saint Benoit school near Notre-Dame Cathedral in Paris during a decontamination operation. AFP
    A worker sprays a gel on the ground to absorb lead as he takes part in a clean-up operation at Saint Benoit school near Notre-Dame Cathedral in Paris during a decontamination operation. AFP
  • Paris officials moved to downplay the risk of lead poisoning from the massive fire that tore through Notre-Dame Cathedral in April, as tests continue to show worrying levels of the toxic metal at nearby schools. AFP
    Paris officials moved to downplay the risk of lead poisoning from the massive fire that tore through Notre-Dame Cathedral in April, as tests continue to show worrying levels of the toxic metal at nearby schools. AFP
  • A worker stands next to asphalt waste materials as he takes part in a clean-up operation at Saint Benoit school. AFP
    A worker stands next to asphalt waste materials as he takes part in a clean-up operation at Saint Benoit school. AFP
  • This picture taken on August 6, 2019 shows asphalt waste materials during a clean-up operation over lead poisoning fears at Saint Benoit school. AFP
    This picture taken on August 6, 2019 shows asphalt waste materials during a clean-up operation over lead poisoning fears at Saint Benoit school. AFP
  • An excavator removes the ground of Saint Benoit elementary school on August 8, 2019 during a clean-up operation over lead poisoning fears. AFP
    An excavator removes the ground of Saint Benoit elementary school on August 8, 2019 during a clean-up operation over lead poisoning fears. AFP

Europe

Emmanuel Macron vows to reconstruct Notre Dame within five years

French President wants the Paris cathedral open in time for the 2024 Olympics

Jamie Prentis
Jamie Prentis
London

April 16, 2020

  • English
  • Arabic

French President Emmanuel Macron has vowed to reconstruct Notre-Dome Cathedral on time, 12 months since large parts of the Paris landmark were destroyed in a devastating blaze that shook France.

Mr Macron’s pledge to rebuild the cathedral within five years, already seen as overly optimistic by experts, has been made harder by the coronavirus onset, which suspended reconstruction works.

  • The Emmanuel bell of Notre-Dame Cathedral, 1685 was put on the UNESCO World Heritage List in 1991. Photo: Getty Images
    The Emmanuel bell of Notre-Dame Cathedral, 1685 was put on the UNESCO World Heritage List in 1991. Photo: Getty Images
  • Statue in Notre-Dame de Paris cathedral. Descent of the Cross. Getty
    Statue in Notre-Dame de Paris cathedral. Descent of the Cross. Getty
  • This file photo taken on February 1, 2004 shows the organ of Notre Dame de Paris Cathedral, one of the most famous in the World. Photo: AFP
    This file photo taken on February 1, 2004 shows the organ of Notre Dame de Paris Cathedral, one of the most famous in the World. Photo: AFP
  • Sculpture representing Saint Theresa of the Baby Jesus (Alencon, 1873 ­ Lisieux, 1897), French nun, canonised in 1925, Basilica of Notre-Dame of Montreal. Photo: Getty
    Sculpture representing Saint Theresa of the Baby Jesus (Alencon, 1873 ­ Lisieux, 1897), French nun, canonised in 1925, Basilica of Notre-Dame of Montreal. Photo: Getty
  • The Catholic cathedral Notre Dame de Paris, on the edges of the Seine on September 20, 2015 in Paris, France. Photo: Getty Images
    The Catholic cathedral Notre Dame de Paris, on the edges of the Seine on September 20, 2015 in Paris, France. Photo: Getty Images
  • Kings’ Gallery, Notre-Dame de Paris cathedral. Getty
    Kings’ Gallery, Notre-Dame de Paris cathedral. Getty

More than 17,000 people have been killed in France by the pandemic, which has “usurped” the lives and thoughts of the French people Mr Macron said. The sole commemoration on Wednesday was a bell in the building’s south tower ringing out at 8pm on Wednesday.

"We will reconstruct the Notre-Dame in five years, I promised. We will do everything to meet this deadline. Yes, construction is at a halt for the moment due to the health crisis, but it will resume as soon as possible," Mr Macron said in a video message.

"If the restoration of Notre-Dame is important to us all, it is clearly also because it is a symbol of the resilience of our people, of their ability to overcome trials, and to recover."

He has pledged to get the cathedral, which saw its steeple fall and roof ablaze, back up and running by the Paris Olympics in 2024.

More than 300 tonnes of lead from the roof melted in the blaze, covering the site in toxic particles.

The fragile structure remains at risk, and massive wooden beams are propping up the arches and gables.

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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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