MUMBAI // The world’s tiny but hugely successful Zoroastrian community will confront a demographic crisis which threatens its very existence when it gathers en masse in its spiritual home of Mumbai this week.
The four-day World Zoroastrian Congress, beginning on Friday, brings together followers of one of the world’s oldest religions, many of whom are descended from Persians who fled to India to escape persecution more than 1,000 years ago.
Known as the Parsis, this group went on to become one of India’s wealthiest communities, closely linked to the rise of financial capital Mumbai. Famed members have included the industrialist Tata family and the late Queen singer Freddie Mercury, the son of Parsi migrants to Zanzibar.
But the population of Parsis is quickly diminishing, with members divided over how best to preserve their religion and culture.
“Demographically there’s nothing you can do. It’s going down and down and it’s eventually going to disappear,” said Jehangir Patel, editor of Parsiana, a Mumbai-based magazine for the community.
Zoroastrians believe in one god, Ahura Mazda, and follow the teachings of the ancient Prophet Zoroaster. They worship in fire temples, believing fire to be a symbol of god’s purity.
Scattered across countries including Iran, the United States and Britain, their estimated numbers have dropped by more than 10 per cent between 2004 to 2012 to fewer than 112,000 people.
In India, where most Zoroastrians live, the numbers have halved since 1940 to about 61,000.
Every year, Mumbai sees about 850 Parsi deaths and roughly 200 births, with the largely well-educated and well-off group tending to marry late — or not at all — and opting for smaller families, said Mr Patel.
Alarmed by the figures, and despite worries about a boom in the wider population, India’s government is about to launch an IVF scheme for the Parsis, who have earned a reputation for good business sense and honesty.
“It’s a step in the right direction,” said gynaecologist Anahita Pandole, who has worked on a similar fertility scheme for Parsis in Mumbai for nearly a decade, and said they often waited until their mid-to-late 30s to have children.
But some believe more drastic action is needed to boost the traditionally closed community — being a Parsi-Zoroastrian is currently inherited only through the male line.
If a Parsi woman marries a non-Zoroastrian, her children are barred from entering Mumbai’s fire temples or the Towers of Silence, where Parsi bodies are laid after death to be consumed by vultures.
“It’s basically politics of apartheid. It’s discrimination on the basis of race and sex,” said Mr Patel.
Traditionalists, however, say the rules are essential to preserve their identity, which combines religion and ethnicity.
The Bombay Parsi Punchayet, the leading Parsi organisation, is one of Mumbai’s largest landlords with 5,500 apartments offered at subsidised rates exclusively for Parsi-Zoroastrians, discouraging intermarriage.
“We want to increase the number of Parsis and if our community members marry out, in four generations the ethnicity of the community is going to disappear,” said Khojeste Mistree, a Punchayet trustee.
“These are the rules of the religious club and you have to follow them. You have every right to opt out of the club and leave.”
The Punchayet has banned two priests for performing religious initiations for the children of women who married out, and ceremonies for Zoroastrians who chose to be cremated. A high court quashed the decision and the matter is with India’s Supreme Court.
Held every four years, this is the first congress to be held in Mumbai since 1990. Around 1,000 delegates are expected to attend the event at the National Sports Club of India.
The theme of the congress is “Nurturing Growth and Affirming Identity” while the agenda includes panel discussions entitled “Demography and Way Forward: Issues of Fertility and Solutions” and “The Zoroastrian World — a Demographic Picture.”
Benafsha Shroff, a US-born Zoroastrian who moved to Mumbai two years ago, said the younger generation were increasingly indifferent to controversies facing the community, and preferred to use Parsi gatherings for socialising.
The 26-year-old said many were turned off by the “hype” over the falling population — “it makes them feel they’re just another number”, she said.
Schemes to encourage young Zoroastrian couples have included Parsi pin-up calendars, speed-dating nights and other social events.
Shroff, a proud and practising Zoroastrian, said she would like to marry within the fold, but explained that it was hard for women to find a partner when Parsi men could marry out and remain part of the community.
“Women see it as a sacrifice, while men feel they can be accommodated,” she said.
*Agence France-Presse
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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.”
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Hamilton’s 2017
Australia - 2nd; China - 1st; Bahrain - 2nd; Russia - 4th; Spain - 1st; Monaco - 7th; Canada - 1st; Azerbaijan - 5th; Austria - 4th; Britain - 1st; Hungary - 4th; Belgium - 1st; Italy - 1st; Singapore - 1st; Malaysia - 2nd; Japan - 1st; United States - 1st; Mexico - 9th
How Apple's credit card works
The Apple Card looks different from a traditional credit card — there's no number on the front and the users' name is etched in metal. The card expands the company's digital Apple Pay services, marrying the physical card to a virtual one and integrating both with the iPhone. Its attributes include quick sign-up, elimination of most fees, strong security protections and cash back.
What does it cost?
Apple says there are no fees associated with the card. That means no late fee, no annual fee, no international fee and no over-the-limit fees. It also said it aims to have among the lowest interest rates in the industry. Users must have an iPhone to use the card, which comes at a cost. But they will earn cash back on their purchases — 3 per cent on Apple purchases, 2 per cent on those with the virtual card and 1 per cent with the physical card. Apple says it is the only card to provide those rewards in real time, so that cash earned can be used immediately.
What will the interest rate be?
The card doesn't come out until summer but Apple has said that as of March, the variable annual percentage rate on the card could be anywhere from 13.24 per cent to 24.24 per cent based on creditworthiness. That's in line with the rest of the market, according to analysts
What about security?
The physical card has no numbers so purchases are made with the embedded chip and the digital version lives in your Apple Wallet on your phone, where it's protected by fingerprints or facial recognition. That means that even if someone steals your phone, they won't be able to use the card to buy things.
Is it easy to use?
Apple says users will be able to sign up for the card in the Wallet app on their iPhone and begin using it almost immediately. It also tracks spending on the phone in a more user-friendly format, eliminating some of the gibberish that fills a traditional credit card statement. Plus it includes some budgeting tools, such as tracking spending and providing estimates of how much interest could be charged on a purchase to help people make an informed decision.
* Associated Press
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
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ESSENTIALS
The flights
Emirates flies direct from Dubai to Rio de Janeiro from Dh7,000 return including taxes. Avianca fliles from Rio to Cusco via Lima from $399 (Dhxx) return including taxes.
The trip
From US$1,830 per deluxe cabin, twin share, for the one-night Spirit of the Water itinerary and US$4,630 per deluxe cabin for the Peruvian Highlands itinerary, inclusive of meals, and beverages. Surcharges apply for some excursions.
Email sent to Uber team from chief executive Dara Khosrowshahi
From: Dara
To: Team@
Date: March 25, 2019 at 11:45pm PT
Subj: Accelerating in the Middle East
Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.
Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.
I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.
This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.
It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.
Uber on,
Dara
Brief scores:
Manchester City 3
Aguero 1', 44', 61'
Arsenal 1
Koscielny 11'
Man of the match: Sergio Aguero (Manchester City)
Company%20Profile
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The specs: 2018 Maserati GranTurismo/GranCabrio
Price, base Dh485,000 (GranTurismo) and Dh575,000 (GranCabrio)
Engine 4.7L V8
Transmission Six-speed automatic
Power 460hp @ 7,000rpm
Torque 520Nm @ 4,750rpm
Fuel economy, combined 14.3L (GranTurismo) and 14.5L (GranCabrio) / 100km
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5