Governor of Makkah Prince Badr bin Sultan, right, descends the steps of the Kaaba. Photo: @ReasahAlharmain / X (formerly Twitter)
Governor of Makkah Prince Badr bin Sultan, right, descends the steps of the Kaaba. Photo: @ReasahAlharmain / X (formerly Twitter)
Governor of Makkah Prince Badr bin Sultan, right, descends the steps of the Kaaba. Photo: @ReasahAlharmain / X (formerly Twitter)
Governor of Makkah Prince Badr bin Sultan, right, descends the steps of the Kaaba. Photo: @ReasahAlharmain / X (formerly Twitter)

Gulf

Governor of Makkah leads ceremonial washing of Kaaba

Earlier this month the holy site was adorned with a new kiswa - a black cloth embroidered with gold

Mariam Nihal

August 02, 2023

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  • Arabic

On behalf of King Salman, the deputy governor of Makkah region Prince Badr bin Sultan led the traditional washing ceremony of the Kaaba on Wednesday morning.

The ceremony was followed by Sunnah prayers.

Last year, the washing ceremony was led by Saudi Crown Prince Mohammed bin Salman, also on behalf of King Salman.

Saudi Crown Prince Mohammed bin Salman leads ceremonial washing of the Kaaba in 2022
Saudi Crown Prince Mohammed bin Salman leads ceremonial washing of the Kaaba in 2022

The Crown Prince was accompanied by a number of government officials and dignitaries for the ceremony.

The kiswa - a large, embroidered cloth that covers the Kaaba - was lowered in preparation for the washing ceremony on Tuesday, in line with the Sunnah (traditions) of the Prophet.

Head of the Presidency for the Two Holy Mosques Sheikh Abdulrahman Al Sudais, along with a number of royals, government officials and citizens, participated in the washing ceremony, the Saudi Press Agency reported.

Saudi Arabia’s General Presidency for the Affairs of the Grand Mosque and the Prophet’s Mosque undertook the task of raising the lower part of the kiswa.

Earlier this month the Kaaba was adorned with a new kiswa, in black silk with gold embroidered details, which will cover the holy site for the rest of the year.

Two hundred technicians from the King Abdulaziz Complex for Holy Kaaba Kiswa helped replace the new kiswa.

The kiswa is made of 850kg of raw silk, 120kg of gold thread and 100kg of silver thread, and is used to cover the four sides of the Kaaba.

A gallon jug is used to store Zamzam water mixed with rose water to wash the interior of the Kaaba
A gallon jug is used to store Zamzam water mixed with rose water to wash the interior of the Kaaba

Saudi Arabia's General Presidency for the Affairs of the Grand Mosque also held a virtual exhibition to display tools used to wash the Kaaba.

After the washing of the Kabaa, the holy structure will be sprayed with the finest oud oils, roses and incense, Spa reported.

The Department of Tayeb and Incense said that it had intensified its efforts to fumigate the Grand Mosque, with more than 60 incense burners.

On Women's Day

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.”

Du Football Champions

The fourth season of du Football Champions was launched at Gitex on Wednesday alongside the Middle East’s first sports-tech scouting platform.“du Talents”, which enables aspiring footballers to upload their profiles and highlights reels and communicate directly with coaches, is designed to extend the reach of the programme, which has already attracted more than 21,500 players in its first three years.

Updated: August 02, 2023, 9:51 AM