New Catholic church to open in Ras Al Khaimah next week



RAS AL KHAIMAH // The emirate's Catholic community will get a new place of worship when a second church opens its doors next week.

The church, dedicated to Saint Anthony of Padua, will be consecrated to coincide with the saint's feast day on Thursday.

The ceremony will be performed by Archbishop Petar Rajic, Apostolic Nuncio to the Arabian Peninsula, the UAE's Bishop Paul Hinder and Cardinal Fernando Filoni, a senior Vatican figure who spent many years in Iraq.

Dignitaries from the Vatican and priests from neighbouring emirates and the GCC will also attend.

The church will be open to all  from this Friday. Masses will be conducted in English with services in Malayalam, Tagalog, Tamil, Konkani, Arabic and Sinhalese.

The old chapel, in Al Nakheel area, was built to accommodate 500 parishioners but serves more than 5,000 Catholics of various nationalities.

After noting the growth of the Catholic community, the government of RAK made plots available to the diocese in 2007.

The new church in Al Jazeera and Al Hamra area is 30 kilometres south of the old location, making it more easily accessible to worshippers from northern areas.

It has been built to accommodate about 1,500 worshippers and a basement hall will be used for other church activities. Accommodation for priests and support staff has also been built.

A third building will be used for prayer meetings and catechism classes.

Saint Anthony, a 13th century Franciscan priest, is celebrated as the patron saint of lost items and people.

Canon Andy Thompson, of St Andrew's Anglican church in Abu Dhabi, said the Government was very generous with all faiths and had gifted land to build places of worship.

"There are about 40 centres of worship in the UAE," Canon Thompson said. "This is much more than any other GCC country at the moment.

"If this is taken as a measurement, the UAE's religious tolerance is a mountain higher than any other GCC country."

aahmed@thenational.ae

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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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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.”

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