Experience Emirati culture this Ramadan on Saadiyat Island

Get a chance to experience Emirati culture this Ramadan as part of a new event to take place on Saadiyat Island. Ramadan Evenings will host a daily iftar meal of Arabic and Emirati fusion cuisine, which will be followed by a variety of cultural events changing as the month progresses.

Every Friday, there will be performances by Bait Al Oud musicians, live reading of stories from the Quran every Sunday, talks on Islamic architecture every Tuesday, and poetry sessions every Saturday. The festival programme will also include a book corner which will feature recitals by popular authors for families to enjoy from Sunday to Friday during the event, board games, vintage video games, an interactive mosaic mural as well as an interactive puppet show, a Ramadan Souq and a wide selection of dining options.

Throughout the event, visitors will also be able to learn while traditional handcrafts such as talli embroidery, palm frond strand braiding (khos) and colourful sadu weaving – which are all deeply embedded in Emirati culture and heritage.

In addition, UAE-based artists will produce beautifully designed wood and acrylic art pieces inspired by Islamic geometrical patterns to be auctioned for charity, and a selection of artworks from the Proud Expressions Exhibition, a touring public art exhibition honouring the nation’s heroes, will also be exhibited.

Saif Saeed Ghobash, Director General of Abu Dhabi Tourism & Culture Authority (TCA Abu Dhabi), organisers of the event, said: “Manarat Al Saadiyat Ramadan Evenings is a community event that will encourage individuals and families to share unique experiences together and enjoy an inspiring daily programme that reflects Emirati culture. We hope to offer a holistic experience that will give families and residents the chance to experience Ramadan in a way that promotes the values and cultural heritage of the UAE.”

Open daily between 7.30-11.30pm from June 4-17 at Manarat Al Saadiyat, the full programme of activities, workshops and recitals can be found at abudhabievents.ae

Key facilities

Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
Premier League-standard football pitch
400m Olympic running track
NBA-spec basketball court with auditorium
600-seat auditorium
Spaces for historical and cultural exploration
An elevated football field that doubles as a helipad
Specialist robotics and science laboratories
AR and VR-enabled learning centres
Disruption Lab and Research Centre for developing entrepreneurial skills

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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