Yemen’s Socotra on World Monuments Fund 2022 watch list


Mina Aldroubi
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Yemen’s Socotra, one of the world’s most isolated continental fragments, was selected for the World Monuments Fund’s watch list for 2022.

Socotra, about 340 kilometres south-west of Yemen, is known for its centuries-old umbrella-shaped dragon blood trees and is known as the Galapagos of the Indian Ocean because of its biodiversity.

Storms, changing temperatures and rising sea waters are putting its ecology, heritage, cultural traditions and livelihoods on the line.

The island is now part of the WMF’s biennial selection of 25 of the world’s most significant heritage and endangered sites in need of immediate attention.

Buildings in Beirut, Lebanon, and Benghazi, in Libya, are among the sites on the list.

The nomination was put forward by the Royal Botanic Garden Edinburgh in collaboration with Socotri, Yemeni and global partners.

Yemenis inspect a ship wrecked after Cyclone Mekunu hit the island of Socotra, in the Indian Ocean, in 2018. EPA
Yemenis inspect a ship wrecked after Cyclone Mekunu hit the island of Socotra, in the Indian Ocean, in 2018. EPA

Simon Milne, Regius Keeper of RBGE, said he was delighted that the island had been recognised by WMF, and called it “an important step in the protection of this globally significant heritage”.

“The Soqotra Archipelago is an area of outstanding biological diversity where an incredible 37 per cent of plant species can be found nowhere else on Earth,” he said.

“This astonishing biodiversity is part of a rich cultural heritage, unique to the region, where nature and the environment are inextricably linked with the culture, language and traditions of the Socotran people.”

The recognition by WMF will push to raise awareness, identify and develop programmes that will place heritage conservation at the heart of Socotri society and livelihoods, the organisation said.

It will also “conserve its distinctive heritage for local and global benefits”.

Socotra, which means “island abode of bliss” in Sanskrit, was named a World Heritage Site in 2008.

The UN’s cultural agency, Unesco, described the main island as one of the world’s “most biodiversity-rich and distinct”.

It is home to more than 50,000 people and has remained relatively untouched by Yemen’s civil war.

It lies in turquoise seas between Arabia and Africa, about 350 kilometers south of the country’s coast.

“Highlighting the rich cultural history and traditions of Socotra is an important step forward,” Dr Julian Jansen van Rensburg, Socotra Heritage Project and Research Associate at RBGE, said.

It will help “the Socotra Heritage Project foster a greater sense of awareness of a culture that has long been overlooked – allowing this unique heritage to be protected, preserved and shared with the world,” he said.

“The impacts of climate change and conflict have already had a significant effect on Socotra’s heritage and we welcome this nomination.”

The project is a partnership between Socotri heritage experts and international advisers.

Led by the Royal Botanic Garden Edinburgh, it has begun to document heritage places and traditions around the island and raised awareness of threats and potential conservation action.

This list will helps conserve the chosen sites by raising awareness and funds.

World Monument Watch sites 2022 - the full list

Kinchela Aboriginal Boys Training Home, Kinchela, Australia

Mosque City of Bagerhat, Bangladesh

Cultural landscape of the Bunong People, Mondulkiri Province, Cambodia

Fortified manors of Yongtai, Fujian Province, China

Sumba Island, Indonesia

Heritage buildings of Beirut, Lebanon

Hitis (water fountains) of the Kathmandu Valley, Nepal

Tomb of Jahangir, Lahore, Pakistan

Nuri, Sudan

Hurst Castle, Hampshire, UK

Lamanai, Indian church village, Belize

Monte Alegre State Park, Brazil

La Maison du Peuple, Ouagadougou, Burkina Faso

Abydos, Egypt

Asante traditional buildings, Ghana

Tiretta Bazaar, Kolkata, India

Benghazi historic city centre, Libya

Koagannu mosques and cemetery, Maldives

Teotihuacan, San Juan Teotihuacan, Mexico

Yanacancha-Huaquis cultural landscape, Miraflores District, Peru

Alcantara and Rocha do Conde de Obidos, Marine Stations (Almada Negreiros Murals), Lisbon, Portugal

Fabric Synagogue and Jewish heritage of Timisoara, Romania

Africatown, Mobile, Alabama, US

Garcia Pasture, Brownsville, Texas, US

Socotra Archipelago, Yemen

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.”

VEZEETA PROFILE

Date started: 2012

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Updated: March 02, 2022, 10:00 AM