QASR AL YAHUD // Thousands of pilgrims flocked this week to Israel's latest tourist attraction, touted as the place where Jesus was baptised in the River Jordan.
Visitors to Qasr al Yahud, in the Jordan Valley, received an unusual welcome, however. They had to pass through a fenced-off corridor warning that landmines surrounded them on all sides. And at the river's edge, they were watched over by armed Israeli soldiers in watchtowers with orders to stop anyone trying to cross the short stretch of water that marks the border with Jordan.
Some 15,000 pilgrims arrived at Qasr al Yahud on Tuesday to celebrate the Feast of the Epiphany, when Orthodox Christians traditionally mark Jesus' baptism,- despite a warning from a local landmine action group that the site could be dangerous.
Faith, tensions with Arab neighbours and commerce, like many other religious sites in the Holy Land, are inexorably bundled together at Qasr al Yahud, which has already more tensions and controversy than brotherly love.
Israeli government ministers who were due to attend the celebrations cancelled their participation at the last minute after it was decided to postpone the site's official opening until next month.
The delay came after the leaking to the Israeli media last week of a letter from the tourist minister, Stas Meseznikov, warning that opening Qasr al Yahud with too much fanfare could inflame regional tensions with Jordan and the Palestinians and upset the international community and churches. He said the site could rapidly turn into a "bone of contention".
With competition intense for the tourist dollars of Christian pilgrims coming to the Holy Land, Jordan has been developing its own site around the location of Jesus' reputed baptism. Known as Wadi Kharrar, it is on the opposite bank of the River Jordan from Qasr al Yahud. It now attracts 800,000 visitors a year.
Mr Meseznikov said he preferred to increase tourism at the location quietly.
He is reported to be opposed by Silvan Shalom, the regional development minister. On a recent trip to Qasr al Yahud, Mr Shalom said the government hoped the Israeli-developed site would soon challenge Jordan's success, particularly by appealing to Eastern Europe's large Orthodox Christian population.
Israel has spent more than US$2 million (Dh7.3m) renovating the area. Avner Goren, an archaeologist for the tourism ministry, said Israel's long-term goal was to attract more than a million pilgrims a year to Qasr al Yahud.
A source in the ministry, who asked not to be named, said that many government officials were fearful that, if Israel did not "liberalise" its policy at Qasr al Yahud, Jordan's claim to the baptismal site would eventually win the Christian world's blessing.
Pope John Paul II visited the baptism sites on both sides of the river on his tour of the Holy Land in 2000. His successor, Benedict XVI, however, visited only the Jordan side in 2009.
The Israeli decision unilaterally to develop Qasr al Yahud has been sharply criticised by Palestinian officials, who point out that the area is located in the West Bank, only a few kilometres from the Palestinian city of Jericho.
Under the Oslo accords, Qasr al Yahud falls in so-called "Area C," which is territory under full Israeli military control. But Palestinians expect the Jordan Valley to be part of their future state in a peace agreement.
Gerias Kumsiyeh, a spokesman for the Palestinian Authority's tourism ministry in Ramallah, said Qasr al Yahud's opening had been undertaken without the co-operation of Palestinian officials.
"This important site is occupied by Israel and is being developed unilaterally by them. The extra tourists will benefit Israel's tourism industry but won't help the Palestinian economy," he said.
Israel angered Palestinian officials last year by declaring two locations in the West Bank - Rachel's tomb, next to Bethlehem, and the Tomb of the Patriarchs in Hebron - as Israeli "national heritage sites".
Despite the importance to some Christians of the baptismal site, close to where the River Jordan empties into the Dead Sea, decades of the Arab-Israeli conflict have overshadowed efforts to develop it.
The army declared the River Jordan a closed military zone in 1967 and later laid mines along much of its length to deter "infiltrators" from Jordan, both Palestinian refugees seeking to return to their homes in the West Bank and Arab fighters trying to launch attacks.
The Israeli army said it had removed 8,000 landmines in the Jordan Valley last year and that the Qasr al Yahud area was entirely safe.
But Dhyan Or, the Israel director of Roots of Peace, a global advocacy group opposed to landmines, said half a million remained in the Valley. He added that mines could drift from fenced-off areas during storm-floods, putting worshippers at risk if they strayed off marked paths.
Faced with the problems at Qasr al Yahud, the Israeli tourism ministry has for many years offered an alternative baptismal site on the River Jordan known as Yardenit, inside Israel and a few hundred metres south of the Sea of Galilee.
Although a popular stop for pilgrims who want a full-body immersion, the site has been recognised by neither Biblical scholars nor the main Christian denominations.
Attention has focused instead on an ancient crossing point on the river 40km further south, where John the Baptist is believed to have preached. The site is marked on the oldest map of the Holy Land: a sixth-century floor mosaic in Saint George's church, close to the town of Madaba in Jordan.
Remains of early churches have been found on both banks of the River Jordan at the site. Qasr al Yahud also has nearby a largely complete fifth-century Greek Orthodox monastery dedicated to John the Baptist.
Jordan, unlike Israel, rushed to develop the area after the signing of a peace agreement between the two countries in 1994. It demined Wadi Kharrar and King Abdullah, Jordan's ruler, donated land to various Christian denominations to build churches close by.
Middle East Friends of the Earth have warned that both Qasr al Yahud and Wadi Kharrar are unsuitable as baptismal sites because of severe pollution in that stretch of the River Jordan.
Gidon Bromberg, the group's director in Israel, said the Israeli National Parks Authority had lowered water quality standards to ensure the site remained open.
He said the flow of the river had diminished by 98 per cent in recent decades because Syria, Jordan and Israel had diverted feeder streams for agriculture.
Given the meagre flow of water, tourists on both sides of the river are able to call out to each other.
Mr Meseznikov has made the growth of Christian tourism a top priority. Rates were up last year to a record 3.4 million visitors, two thirds of them Christians. The government has set a target of 5 million visitors by 2015.
foreign.desk@thenational.ae
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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.”
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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