Yousef Al Otaiba, UAE ambassador to the US and Rabbi Dr Elie Abadie. Jewish Council of the Emirates
Yousef Al Otaiba, UAE ambassador to the US and Rabbi Dr Elie Abadie. Jewish Council of the Emirates
Yousef Al Otaiba, UAE ambassador to the US and Rabbi Dr Elie Abadie. Jewish Council of the Emirates
Yousef Al Otaiba, UAE ambassador to the US and Rabbi Dr Elie Abadie. Jewish Council of the Emirates

Government

Refugee who left Middle East as a boy returns to UAE as senior rabbi

Rabbi Elie Abadie, who will take up his post on November 1, is fluent in Arabic

The National

October 21, 2020

  • English
  • Arabic

A Jewish refugee who left the Middle East as a young boy will return to the UAE as a senior official to serve his community.

Rabbi Dr Elie Abadie will assume the role of a senior rabbi in residence of the Jewish Council of the Emirates, which represents the Jewish community in the Emirates.

He will take up his post on November 1, 2020.

“I feel like I’m coming home to my roots, to the region where I was born, to the language that I first spoke, and to the beautiful traditions and customs with which I grew up,” said Rabbi Abadie.

He will work at the council with chief rabbi, Yehuda Sarna, and will provide spiritual guidance to the Jewish community in the UAE.

“The Jewish community of the Emirates deserves nothing less than a true ‘renaissance rabbi’, [who is] a doctor, scholar, pastor and visionary leader,” said Rabbi Sarna.

“I can think of no better candidate to fill this role and I look forward to working together to serve the UAE’s Jewish community and cultivate a more peaceful, inclusive and harmonious region.”

Rabbi Abadie is fluent in Arabic and six other languages. He was born in Beirut and his family left Lebanon in 1971 when he was only 6. He moved to the US after eight years.

He belongs to a rabbinical lineage that dates back to the 15th century and has roots in Spain and France.

He is also the founder and rabbi of the Manhattan East Synagogue. He is a university professor of Sephardic Judaism, history, philosophy and comparative traditional law.

“The appointment of Rabbi Abadie shows how the JCE is building as an institution and how the Jewish community is thriving in the UAE,” said Ross Kriel, president of JCE.

  • Israel's Prime Minister Benjamin Netanyahu welcomes the UAE delegation at Ben Gurion Airport in Tel Aviv on October 20, 2020. Courtesy: UAE Ministry of Foreign Affairs
    Israel's Prime Minister Benjamin Netanyahu welcomes the UAE delegation at Ben Gurion Airport in Tel Aviv on October 20, 2020. Courtesy: UAE Ministry of Foreign Affairs
  • UAE Minister of State for Financial Affairs Obaid Al Tayer, with US Secretary of the Treasury Steven Mnuchin, left, and Israeli Prime Minister Benjamin Netanyahu, centre, in Tel Aviv in October. Courtesy: UAE Ministry of Foreign Affairs
    UAE Minister of State for Financial Affairs Obaid Al Tayer, with US Secretary of the Treasury Steven Mnuchin, left, and Israeli Prime Minister Benjamin Netanyahu, centre, in Tel Aviv in October. Courtesy: UAE Ministry of Foreign Affairs
  • Mr Netanyahu said an agreement would be struck to allow for visa-free travel between the two countries: Courtesy: UAE Ministry of Foreign Affairs
    Mr Netanyahu said an agreement would be struck to allow for visa-free travel between the two countries: Courtesy: UAE Ministry of Foreign Affairs
  • Emirati and American officials board an Etihad flight in Abu Dhabi ahead of a flight to Tel Aviv. Courtesy: Hend Al Otaiba / Ministry of Foreign Affairs
    Emirati and American officials board an Etihad flight in Abu Dhabi ahead of a flight to Tel Aviv. Courtesy: Hend Al Otaiba / Ministry of Foreign Affairs

Rabbi Sarna will continue his work of connecting the council with Jews around the world.

He will also help increase co-operation with UAE authorities and international stakeholders.

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  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
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What are the regulations?
  • Fly it within visual line of sight
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  • Users must avoid flying over restricted areas listed on the UAE Drone app
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Results

1. Lewis Hamilton (Mercedes) 1hr 32mins 03.897sec

2. Max Verstappen (Red Bull-Honda) at 0.745s

3. Valtteri Bottas (Mercedes) 37.383s

4. Lando Norris (McLaren) 46.466s

5.Sergio Perez (Red Bull-Honda) 52.047s

6. Charles Leclerc (Ferrari) 59.090s

7. Daniel Ricciardo (McLaren) 1:06.004

8. Carlos Sainz Jr (Ferrari) 1:07.100

9. Yuki Tsunoda (AlphaTauri-Honda) 1:25.692

10. Lance Stroll (Aston Martin-Mercedes) 1:26.713,

RESULT

Valencia 3

Kevin Gameiro 21', 51'

Ferran Torres 67'

Atlanta 4

Josip Llicic 3' (P), 43' (P), 71', 82'

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.”

While you're here
UAE currency: the story behind the money in your pockets
While you're here
World record transfers

1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m

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TCL INFO

Teams:
Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC
Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan

Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
When December 14-17

UAE currency: the story behind the money in your pockets
While you're here
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