It has been ten years since the election of Argentina's Jorge Mario Bergoglio as Pope Francis. In that decade he has accomplished a remarkable undertaking: launching a profound transformation of the 2,000-year-old Catholic Church.
The very election of Pope Francis was a great novelty, for at least two reasons.
First, the pope had never before been a Jesuit - that is, a member of the Society of Jesus, a powerful religious order in the 16th and 17th centuries with a global DNA, but which was harshly attacked by the European powers, especially in the age of the Enlightenment.
Massimo Faggioli, a professor in the department of theology and religious studies at Villanova University in Philadelphia, points out that Pope Francis "thinks and acts like a Jesuit”. Throughout the history of Catholicism, the Jesuit order has always operated at the limits and frontiers of the Church, “both geographically and intellectually and ideologically," he told The National ahead of the Pope's ten-year anniversary, which takes place on Monday.
The second novelty is that in nearly 1,300 years, a man born outside Europe had never been elected pope. According to Angelo Manfredi, a priest and professor of Church history at the Higher Institute of Religious Sciences in Milan, it is no coincidence that one of the most powerful messages of Pope Francis is have a "listening, missionary spirit, capable of a healthy cultural cross-fertilisation”. He told The National the Church now “changes as she walks with the people of the five continents”.
By its very nature, the Catholic Church has always been global. The very term 'Catholic' comes from the ancient Greek 'katholikos', universal. But Pope Francis immediately made it clear, notes Prof Faggioli, "that for him, Europe and North America no longer define the cultural and theological boundaries of Catholicism. This pope's reading of the world is from the south."
10 years of Pope Francis - in pictures
Vatican sources tell The National that thanks to Pope Francis, the Eurocentric legacy of past centuries has finally been overcome. He has given much more space to interreligious dialogue than his predecessors by focusing on the non-Western world.
Roberto Catalano, professor in the department of Theology, philosophy and human sciences at the Sophia University Institute, observes: "From the very beginning, Pope Francis has spoken of a culture of dialogue and encounter, especially dialogue between religions". This is evident in the path taken to re-establish relations with Al Azhar University, the friendship with Sheikh Ahmed El Tayeb, Grand Imam of Al Azhar, the subsequent signing in Abu Dhabi of the document on human fraternity for world peace and living together, and the visit to many Muslim majority countries. "There is a whole policy and agenda that he is following, which seems to me very logical, very open and aimed at dialogue," says Prof Catalano.
Pope Francis has made the Church much more attentive to the big issue of global imbalances. According to Gino De Vecchis, honorary professor of geography at Rome's Sapienza University, "Francis's view of the world focuses on inequality. In April 2014, he tweeted that 'inequality is the root of social evils'. The Pope's thoughts dwell on the ways in which globalisation has deepened - and continues to deepen - economic divides".
The pontiff's gestures of concern for the poor and suffering around the world have been many over the past decade. Immediately after the earthquake in Turkey, for example, he sent food and aid. And the Apostolic almoner, Cardinal Konrad Krajewski, visited the country, just as he has travelled several times in the past to war-torn Ukraine.
The Pope has also made the Catholic Church greener. For Pope Francis, 'the earth is an environment to be safeguarded, a garden to be cultivated', and his encyclical letter Laudato si' (Praise be to You) was very popular not only with Catholics, but with environmentalists around the world. According to De Vecchis: "Francis exhorts everyone to see the world through the eyes of God the Creator. And this is precisely why man’s relationship with nature must not be influenced by greed and exploitation, but must preserve the divine harmony between creatures and creation."
The oldest church in the Gulf welcomes Pope Francis
In his 2013 apostolic exhortation Evangelii gaudium (The Joy of the Gospel), Pope Francis urged the Church to “embark on a new chapter of evangelism”.
Catholics expecting a revolution may have been disappointed but, according to Prof Manfredi, the pope has brought genuine change and not just put ‘his men’ into power. He has done what he theorized by "'initiating processes rather than possessing spaces”.
"He tried to overcome the top-down centralization that prevailed in Rome for historical reasons," Prof Manfredi says. "He initiated a process of transparency both in the administrative management and in the analysis of many past events, such as cases of abuse in many churches. He also offered more room to lay people and women."
Not everyone in the Catholic Church has appreciated Francis' innovations. But one thing is certain: even after the end of this papacy, the world of Catholicism will be a different place.
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What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
Developer: Ubisoft Montreal / Ubisoft Toronto
Publisher: Ubisoft
Platforms: Playstation 4, Xbox One, Windows
Release Date: April 10
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.”
Need to know
The flights: Flydubai flies from Dubai to Kilimanjaro airport via Dar es Salaam from Dh1,619 return including taxes. The trip takes 8 hours.
The trek: Make sure that whatever tour company you select to climb Kilimanjaro, that it is a reputable one. The way to climb successfully would be with experienced guides and porters, from a company committed to quality, safety and an ethical approach to the mountain and its staff. Sonia Nazareth booked a VIP package through Safari Africa. The tour works out to $4,775 (Dh17,538) per person, based on a 4-person booking scheme, for 9 nights on the mountain (including one night before and after the trek at Arusha). The price includes all meals, a head guide, an assistant guide for every 2 trekkers, porters to carry the luggage, a cook and kitchen staff, a dining and mess tent, a sleeping tent set up for 2 persons, a chemical toilet and park entrance fees. The tiny ration of heated water provided for our bath in our makeshift private bathroom stall was the greatest luxury. A standard package, also based on a 4-person booking, works out to $3,050 (Dh11,202) per person.
When to go: You can climb Kili at any time of year, but the best months to ascend are January-February and September-October. Also good are July and August, if you’re tolerant of the colder weather that winter brings.
Do not underestimate the importance of kit. Even if you’re travelling at a relatively pleasant time, be geared up for the cold and the rain.
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
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Zidane's managerial achievements
La Liga: 2016/17
Spanish Super Cup: 2017
Uefa Champions League: 2015/16, 2016/17, 2017/18
Uefa Super Cup: 2016, 2017
Fifa Club World Cup: 2016, 2017