Palestinian president Mahmoud Abbas, Pope Francis and Israeli president Shimon Peres arrive in the Vatican Gardens to pray together at the Vatican on Sunday. Max Rossi / Reuters
Palestinian president Mahmoud Abbas, Pope Francis and Israeli president Shimon Peres arrive in the Vatican Gardens to pray together at the Vatican on Sunday. Max Rossi / Reuters
Palestinian president Mahmoud Abbas, Pope Francis and Israeli president Shimon Peres arrive in the Vatican Gardens to pray together at the Vatican on Sunday. Max Rossi / Reuters
Palestinian president Mahmoud Abbas, Pope Francis and Israeli president Shimon Peres arrive in the Vatican Gardens to pray together at the Vatican on Sunday. Max Rossi / Reuters

Pope hosts Vatican prayer session for Middle East peace


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VATICAN CITY // Pope Francis waded head-first into Middle East peace-making on Sunday, welcoming the Israeli and Palestinian presidents to the Vatican for an evening of peace prayers just weeks after the last round of US-sponsored negotiations collapsed.

Israeli president Shimon Peres and Palestinian president Mahmoud Abbas embraced in the foyer of the Vatican hotel where Pope Francis lives, joked together and shared a minibus with Pope Francis for the quick trip across the Vatican to the garden ceremony.

There on the lawn, Pope Francis sat between the two presidents, with the Israeli and Palestinian delegations and Vatican cardinals flanking them, as a string ensemble played.

Vatican officials have insisted that Pope Francis has no political agenda by inviting the two leaders to pray at his home other than to rekindle a desire for peace between the two parties. But the meeting could have significance beyond mere symbolism.

“In the Middle East, symbolic gestures and incremental steps are important,” noted the Reverend Thomas Reese, a veteran Vatican analyst for the National Catholic Reporter. “And who knows what conversations can occur behind closed doors in the Vatican.”

The meeting will also cement Pope Francis’ reputation as a leader unhindered by diplomatic and theological protocol who is willing to go out on a limb for the sake of peace. The enormously popular pope is the first pontiff named for the peace-loving St Francis of Assisi.

The unusual prayer summit was a feat of diplomatic and religious protocol, organised in the two weeks since Pope Francis issued the surprise invitation to Mr Peres and Mr Abbas from Manger Square in Bethlehem.

It took place in the lush Vatican gardens in the shadow of St Peter’s Basilica, the most religiously neutral place in the tiny city-state, and incorporated Jewish, Christian and Muslim prayers, delivered in Hebrew, English, Arabic and Italian.

The prayers focused on three themes common to each of the religions: thanking God for creation, seeking forgiveness for past wrongdoing and praying to God to bring peace to the region.

Mr Abbas prayed for peace with Israel at the session: “O Lord, bring comprehensive and just peace to our country and region so that our people and the peoples of the Middle East and the whole world would enjoy the fruit of peace, stability and coexistence.”

A similar sentiment was expressed by Mr Peres: “It is within our power to bring peace to our children. This is our duty, the holy mission of parents.”

Vatican officials have described the prayer evening as something of a “time-out” in political negotiations, merely designed to rekindle the desire for peace through prayers common to all the main faith traditions in the Holy Land.

But even Pope Francis’ secretary of state, Cardinal Pietro Parolin, has said the power of prayer shouldn’t be discounted for its ability to change reality.

“Prayer has a political strength that we maybe don’t even realise and should be exploited to the full,” he said at the end of Pope Francis’ Middle East trip. “Prayer has the ability to transform hearts and thus to transform history.”

That said, no concrete results are expected: Mr Peres has no formal role in peace negotiations, holds a largely ceremonial post and leaves office at the end of the month.

But Nadav Tamir, a political adviser to Mr Peres, said on Sunday the Israeli government authorised the trip and Israeli prime minister Benjamin Netanyahu was in “constant contact” with Mr Peres. Speaking on Israeli Army Radio, Mr Tamir stressed the meeting was not political, even though he said Mr Peres and Mr Abbas were expected to discuss political developments when they meet in private after the prayer.

Mr Netanyahu had urged the world to shun Mr Abbas’s new unity government which took office last week because it is backed by the Islamic militant group Hamas. His pleas have been ignored by the West, with both the US and the European Union saying they will give the unity government a chance.

Mr Peres’s participation thus undermines Mr Netanyahu’s attempts to isolate the Palestinians and instead adds to the growing isolation of Mr Netanyahu’s hard-line position. Mr Netanyahu’s office has declined repeated requests for comment about the Vatican summit.

Nevertheless, Mr Tamir stressed that the meeting had a different aspect to it.

“The government of Israel decided not to hold political negotiations, but we aren’t talking about political negotiations. We are talking about a different gesture, a spiritual gesture, an act of public diplomacy,” Mr Tamir said.

Mr Abbas, for his part, told Italian daily La Repubblica that Pope Francis’s invitation was “an act of great courage”.

“Nothing should stop us in the search for solutions so that both of our people can live in their own sovereign state,” he was quoted as saying in Sunday’s editions.

* Associated Press

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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

SHAITTAN
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Goalkeepers: Ahmed El Shennawy, Mohamed El Shennawy, Mohamed Abou-Gabal, Mahmoud Abdel Rehem "Genesh"
Defenders: Ahmed Elmohamady, Ahmed Hegazi, Omar Gaber, Ali Gazal, Ayman Ahsraf, Mahmoud Hamdy, Baher Elmohamady, Ahmed Ayman Mansour, Mahmoud Alaa, Ahmed Abou-Elfotouh
Midfielders: Walid Soliman, Abdallah El Said, Mohamed Elneny, Tarek Hamed, Mahmoud “Trezeguet” Hassan, Amr Warda, Nabil Emad
Forwards: Ahmed Ali, Mohamed Salah, Marwan Mohsen, Ahmed "Kouka" Hassan.

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Profile of Bitex UAE

Date of launch: November 2018

Founder: Monark Modi

Based: Business Bay, Dubai

Sector: Financial services

Size: Eight employees

Investors: Self-funded to date with $1m of personal savings

Singham Again

Director: Rohit Shetty

Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone

Rating: 3/5

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

What is graphene?

Graphene is a single layer of carbon atoms arranged like honeycomb.

It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were "playing about" with sticky tape and graphite - the material used as "lead" in pencils.

Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But as they repeated the process many times, the flakes got thinner.

By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment had led to graphene being isolated for the very first time.

At the time, many believed it was impossible for such thin crystalline materials to be stable. But examined under a microscope, the material remained stable, and when tested was found to have incredible properties.

It is many times times stronger than steel, yet incredibly lightweight and flexible. It is electrically and thermally conductive but also transparent. The world's first 2D material, it is one million times thinner than the diameter of a single human hair.

But the 'sticky tape' method would not work on an industrial scale. Since then, scientists have been working on manufacturing graphene, to make use of its incredible properties.

In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics. Their discovery meant physicists could study a new class of two-dimensional materials with unique properties. 

 

SPECS
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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.”

Washmen Profile

Date Started: May 2015

Founders: Rami Shaar and Jad Halaoui

Based: Dubai, UAE

Sector: Laundry

Employees: 170

Funding: about $8m

Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures

UAE currency: the story behind the money in your pockets
INDIA V SOUTH AFRICA

First Test: October 2-6, at Visakhapatnam

Second Test: October 10-14, at Maharashtra

Third Test: October 19-23, at Ranchi

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Turkish Ladies

Various artists, Sony Music Turkey 

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Dubai College A 50-12 Dubai College B

Race 3

Produced: Salman Khan Films and Tips Films
Director: Remo D’Souza
Cast: Salman Khan, Anil Kapoor, Jacqueline Fernandez, Bobby Deol, Daisy Shah, Saqib Salem
Rating: 2.5 stars

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COMPANY PROFILE

Company name: Blah

Started: 2018

Founder: Aliyah Al Abbar and Hend Al Marri

Based: Dubai

Industry: Technology and talent management

Initial investment: Dh20,000

Investors: Self-funded

Total customers: 40

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

WOMAN AND CHILD

Director: Saeed Roustaee

Starring: Parinaz Izadyar, Payman Maadi

Rating: 4/5