Pope Benedict XVI waves from the 'Annonciature' after the evening prayer service, Sept 12 2008 in Paris, France. The four day trip by the Pope to Paris and Lourdes is seen as an attempt to reinvigorate Catholicism in France.
Pope Benedict XVI waves from the 'Annonciature' after the evening prayer service, Sept 12 2008 in Paris, France. The four day trip by the Pope to Paris and Lourdes is seen as an attempt to reinvigoratShow more

French welcome pope's first visit



Pope Benedict XVI is expected to lead an 200,000 followers in an open-air mass in Paris today to celebrate his first official visit to France, the "eldest daughter" of the Catholic Church. Following the ceremony at the historic Invalides complex south of the River Seine, the 81-year-old pontiff will leave on a pilgrimage to the Marian shrine of Lourdes, where another 200,000 people are set to flock for his visit.

The leader of the world's one billion Roman Catholics arrived yesterday on a four-day trip which comes as France faces a free-fall in the number of churchgoers despite its deep Christian heritage. He received a triumphant welcome on the first day of his trip, with 40,000 people turning out to hear him lead evening prayers at the emblematic Notre Dame cathedral in Paris. Yesterday the pope threw his weight behind a call by the French president, Nicolas Sarkozy, to rethink the strict separation of religion and state.

Mr Sarkozy, a twice-divorced lapsed Catholic, broke a French taboo during a trip to the Vatican last year by calling for a "positive secularism" that would allow space for religion in public life. In reply, Pope Benedict agreed that it was "fundamental" to "insist on the distinction between the political realm and that of religion" but also to recognise religion's role in building an "ethical" society.

While Catholicism remains by far France's number one religion, the country is also home to Europe's biggest Muslim and Jewish communities and staunchly upholds a 1905 law enshrining the separation of Church and State. Following a reception hosted by Mr Sarkozy and his wife Carla Bruni, the pope met with French Jewish leaders, telling them that "to be anti-Semitic was also to be anti-Christian", before holding brief talks with leaders of France's five-million strong Muslim community.

France's former chief rabbi, Joseph Sitruk, spoke afterwards of "a historic rapprochement between Judaism and the Church." In a keynote speech later before some 700 politicians, artists and religious leaders, at a majestic Cistercian college in central Paris, the pope warned that humanity faced "disaster" if it turned away from religion. "What gave Europe's culture its foundation, the search for God and the readiness to listen to Him, remains today the basis of any genuine culture," Pope Benedict said.

This is Pope Benedict's first trip to France since his election in 2005 following the death of John Paul II and his 10th trip abroad after Australia in July. Known as the Church's "eldest daughter" since Frankish King Clovis converted in the fifth century, France is home to 35 million baptised Catholics, although polls show few feel a strong sense of belonging to the Church. Fifty-one per cent say they consider themselves Catholic, down from 80 per cent in the early 1990s, and only 10 per cent attend mass regularly.

Late yesterday, tens of thousands of people took part in a candlelight procession from Notre Dame to the Invalides, many carrying sleeping bags and food to keep them going until the mass. After Saturday's mass, the pope flies to Lourdes for commemorations of the 150th anniversary of the Vatican-recognised apparitions of the Virgin Mary to a peasant girl. More than 200,000 people are expected to descend on the southwestern town where Bernadette Soubirous is said to have seen the Virgin Mary 18 times over a period of a few months in 1858.

While you're here

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.”

The bio

Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district

Was a middle distance state athletics champion in school

Enjoys driving to Fujairah and Ras Al Khaimah with family

His dream is to continue working as a social worker and help people

Has seven diaries in which he has jotted down notes about his work and money he earned

Keeps the diaries in his car to remember his journey in the Emirates