If there is one word that would be best associated with Ramadan, it would be “giving”.
Millions of Muslims around the world give more to the less fortunate, give more time to spend with family members and give more time to prayers and worship during the holy month.
Ramadan encourages us to test our limits and put our best selves forward.
While many of us focus on giving back to the community, the needy and to give more time to our families and loved ones, it is also important to give back to our businesses and our work.
But how do we do that?
I was inspired to indulge in this exercise a few years ago.
Every year, weeks before the holy month commences, I would draft a plan detailing my targets for the month.
Just like how I plan my work day, I would plan my Ramadan days to ensure I make the most of it spiritually.
I would ensure that certain hours are dedicated to reading the Quran, while others, such as the late hours of the night, are dedicated to prayers.
This spiritual planning made me think about my business.
If every aspect of my life is supposed to be positively inspired by the spirit of the holy month, then my work and business shouldn’t be spared either.
The fact that working hours are less during the month should inspire us to give back to our work even more.
As Muslims, we believe that every good deed multiplies during the month. Therefore, giving back to my business should yield the same result in the long run.
I gave back to my business by investing in non-monetary ways.
I would spend the month doing a mid-year check to assess what was serving my business growth and what wasn’t.
We often dwell too much on day-to-day operations that we miss out on matters that could be negatively impacting our work’s progress.
That’s why Ramadan is the best time to focus on what is working well and shed the extra weight of what is not working.
Just as I would dedicate time to nurture my spirit during Ramadan, I would allocate some time to my business learning.
The shorter working hours and lighter work schedule mean that I have an extra hour or two during the day, which I could dedicate to learning.
Ramadan Wonders at Global Village — in pictures
I prefer the early morning hours, especially after sunrise, to read and nurture my brain.
I would focus on industry-related material and a course that I could sign up for during the holy month that would help my business in the long run.
The right network could make your business soar. Ramadan encourages us to strengthen our connections and our businesses should also be included.
We should make it a habit to check in on our business partners, our support groups, people who help us grow, people we want to learn from and our clients.
If you haven’t found enough time to do that during the year, then Ramadan can be a great start.
Since I ventured into entrepreneurship more than a decade ago, I had high expectations for my business.
Through my journey, I learned, grew, built a life that I love and met amazing people.
My business and work gave me so much, and for any relationship to work in the long run, giving should be mutual.
Manar Al Hinai is an award-winning Emirati writer and communications consultant based in Abu Dhabi.
COMPANY%20PROFILE
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Tank warfare
Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks.
“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.
“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”
MATCH INFO
Liverpool 2 (Van Dijk 18', 24')
Brighton 1 (Dunk 79')
Red card: Alisson (Liverpool)
Gifts exchanged
- King Charles - replica of President Eisenhower Sword
- Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
- Donald Trump - hand-bound leather book with Declaration of Independence
- Melania Trump - personalised Anya Hindmarch handbag
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.”
Results
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INDIA'S%20TOP%20INFLUENCERS
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UAE%20SQUAD
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The specs
Engine: 4.0-litre V8
Power: 503hp at 6,000rpm
Torque: 685Nm at 2,000rpm
Transmission: 8-speed auto
Price: from Dh850,000
On sale: now
UAE currency: the story behind the money in your pockets