Trump's problematic pastor stirs controversy in Jerusalem

The Christian minister tasked with blessing the inauguration of the US embassy in Jerusalem has a troubling history of controversial comments.

Robert Jeffress was among the dignitaries present at Monday's embassy opening ceremony, alongside White House senior adviser Ivanka Trump, Treasury Secretary Steven Mnuchin and Deputy Secretary of State John Sullivan.

The Southern Baptist preacher was, until recently, unknown beyond the confines of his hometown of Dallas. But his unapologetic support of President Donald Trump over the past two years has brought him out of the shadows and into the light. Though not without controversy.

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Surreal scenes as US opens Jerusalem embassy

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The right-wing pastor has in past called Islam a "false religion", threatened Jews with hell and likened homosexuality to a "perversion".

“Historic Christianity has taught for 2,000 years that salvation is through faith in Christ alone," Mr Jeffres tweeted in defence of his previous comments. "The fact that I, along with tens of millions of evangelical Christians around the world, continue to espouse that belief, is neither bigoted nor newsworthy."

Historic Christianity has taught for 2,000 years that salvation is through faith in Christ alone. The fact that I, along with tens of millions of evangelical Christians around the world, continue to espouse that belief, is neither bigoted nor newsworthy.

But on Monday Israel seemingly overlooked Mr Jeffress' anti-Semitism and belief that "you can't be saved by being a Jew", in return for America's full-fledged support.

Mr Jeffress, the head of a 13,000-member church, is one of President Trump's most avid and outspoken supporters in America's conservative Christendom. His presence in Jerusalem signalled the Trump administration's renewed appeal to the conservative Christian community - a large portion of Mr Trump's support base.

The preacher campaigned with President Trump in 2016 and his influence was key to Mr Trump winning an overwhelming majority of the evangelical vote. Last October, the president called the controversial pastor a "wonderful man."

The White House on Monday sought to distance itself from the man, with spokesman Raj Shah saying he did not know who had invited Mr Jeffress to give an embassy blessing.

"I haven't seen those remarks, but obviously those aren't remarks that the president agrees with," said Mr Shah.

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DUBAI WORLD CUP RACE CARD

6.30pm Meydan Classic Trial US$100,000 (Turf) 1,400m

7.05pm Handicap $135,000 (T) 1,400m

7.40pm UAE 2000 Guineas Group Three $250,000 (Dirt) 1,600m

8.15pm Dubai Sprint Listed Handicap $175,000 (T) 1,200m

8.50pm Al Maktoum Challenge Round-2 Group Two $450,000 (D) 1,900m

9.25pm Handicap $135,000 (T) 1,800m

10pm Handicap $135,000 (T) 1,400m

The National selections

6.30pm Well Of Wisdom

7.05pm Summrghand

7.40pm Laser Show

8.15pm Angel Alexander

8.50pm Benbatl

9.25pm Art Du Val

10pm: Beyond Reason

MATCH RESULT

Liverpool 4 Brighton and Hove Albion 0
Liverpool: Salah (26'), Lovren (40'), Solanke (53'), Robertson (85')

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

The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km

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.”