Tunisia on Tuesday approved a cabinet reshuffle that included Jewish businessman Rene Trabelsi as minister of tourism.
The reshuffle of 10 new ministers was proposed by Prime Minister Youssef Chahed last week, in hope of injecting fresh names into his government amid a political and economic crisis.
Mr Trabelsi is the third member of the country's small minority of 2,000 Jews to join Tunisia’s cabinet since its independence in 1956.
Albert Bessis served in the 1955 government that led to the country's independence, while Andre Barouch was a close aid to president Habib Bourguiba in 1956.
The tourism minister is from the island of Djerba, known as the heartland of Tunisia's Jewish community and site of pilgrimage, which attracts a number of tourists every year.
The island is recovering from a 2002 terrorist attack on the famous Ghriba synagogue that killed 21 people, including German tourists.
Mr Trabelsi's father, Perez Trabelsi, is the president of the synagogue and has been the leader of the community since 1985.
He has played a vital role in organising the pilgrimages and is known for efforts to promote Jewish-Muslim coexistence in the region.
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Tunisia is home to one of North Africa's largest Jewish community. The group has lived in the country since the Roman era and their community once numbered 100,000.
But fear and poverty pushed several waves of emigration after the creation of Israel in 1948. Many Jews left the country after the 1967 Arab-Israeli war, with most going to France or Israel.
Mr Trabelsi studied management in France and set up a travel agency in 1990s, which now caters to almost 300,000 travellers a year, mostly from France to Tunisia.
However, a string of terrorist attacks have had an impact on the country's vital tourism sector.
In 2015, extremists attacked the National Bardo Museum in Tunis killing 22 people and leaving more than 50 injured. The landmark was known to be one of the capital's principal tourist attractions.
Another attack targeted a beach resort in Sousse, killing 59 foreign tourists and a Tunisian guard.
However, Mr Chahed said on Monday that he expected tourist visits to reach nine million for the first time next year — about 6.2 million tourists visited the country in the first nine months of this year, up 16.9 per cent from the same period last year, in a rebound from the impact of the 2015 attack.
Although Tunisia has been hailed for its domestic transition since 2011, the North African country has since been beset by an economic crisis and a series of terrorist attacks.
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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.”
MATCH INFO
Newcastle United 3
Gayle (23'), Perez (59', 63')
Chelsea 0
ZAYED SUSTAINABILITY PRIZE
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
RESULT
Los Angeles Galaxy 2 Manchester United 5
Galaxy: Dos Santos (79', 88')
United: Rashford (2', 20'), Fellaini (26'), Mkhitaryan (67'), Martial (72')
Company%20Profile
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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COMPANY%20PROFILE
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