Oman will mark the third anniversary of Sultan Haitham's ascension to the throne on Thursday with a national holiday.
Sultan Haitham succeeded Sultan Qaboos bin Said ― who ruled Oman for 50 years ― in January 2020.
The former ruler left a lasting legacy in the sultanate and is remembered as a moderniser who put Oman on the map as one of the fastest developing countries in the world, while still respecting its traditions.
One of the physical legacies is the Sultan Qaboos Grand Mosque in Muscat.
Sultan Haitham interacts with the people in Oman and listens to their opinions for a better future for the country and the citizens
Khalifa Al Maskery,
Omani tour guide
Built more than 20 years ago, Oman's iconic landmark stands as a symbolic bridge between the country's past and future as one of its most popular buildings.
Khalifa Al Maskery, 71, an Omani volunteer who has worked in the mosque for eight years, said that after the passing of Sultan Qaboos, people found solace in the fact that he left many lifelong memories.
“He (Sultan Qaboos) was the father figure in Oman. He taught people in the sultanate to love peace, to honour and respect themselves and others and to love their country and culture,” Mr Al Maskery told The National.
“Sultan Haitham is following the steps of the late Sultan Qaboos to make all feel secure in this beautiful country.
“Sultan Haitham interacts with the people in Oman and listens to their opinions for a better future for the country and the citizens.”
Sulaiman Al Amri, 30, an Omani tour guide, said Sultan Haitham has inspired citizens to build on the achievements of Sultan Qaboos.
“Oman’s vision 2040 is a road map for all aspirations,” he said.
“We have huge confidence in our leadership and we know that Oman will have a better future with this vision.
“Education and work are our only means of development within the context of our Islamic civilisation represented in this mosque.”
Representing Oman’s history
As a guide at the mosque, Mr Al Maskery speaks with hundreds of tourists every week about the beauty and history of the building.
“During the winter, we have more than 3,000 tourists per day visiting the mosque mostly from Europe, US, Japan and China,” he said.
“This mosque represents a lot of Oman’s history with its iconic carpet and huge chandelier.”
He described Sultan Qaboos Grand Mosque as an architectural and artistic marvel that reflects the beauty of Islamic, Oriental and Omani art.
Oman commissioned Swarovski, the Austrian crystal glass manufacturer, to design the chandelier.
Hanging from the mosque's large dome above the prayer hall, the chandelier is eight metres in diameter and 14 metres high, weighing about eight tonnes.
It has 1,000 halogen lamps surrounded by 600,000 pieces of crystal glass, which are supported by an array of gold-plated structures.
“At the time it was installed, just a few months before the grand mosque was opened in May 2001, the grandiose chandelier was the biggest in the world,” Mr Al Maskery said.
Carpet weighing 21 tonnes was brought from Iran and with Iranian women laying it on an area of 4,263 square metres.
“It contains 1,700 million knots and took 27 months to make,” he said.
“It has thousands of beautiful patterns of intricate Islamic designs beautifully woven together in great harmony.
“It is a feast for the eyes of any visitor who comes to see it.”
The mosque's square roof is surrounded by the central dome with a total height of 50 metres.
“It has five minarets that define the five pillars of Islam. The main minaret is 92 metres tall while the rest are 45 metres,” Mr Al Amri said.
The mosque has a capacity of 6,500 worshippers inside, while gardens outside can accommodate 10,000. A separate hall for women holds 4,000.
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The flights: South African Airways flies from Dubai International Airport with a stop in Johannesburg, with prices starting from around Dh4,000 return. Emirates can get you there with a stop in Lusaka from around Dh4,600 return.
The details: Visas are available for 247 Zambian kwacha or US$20 (Dh73) per person on arrival at Livingstone Airport. Single entry into Victoria Falls for international visitors costs 371 kwacha or $30 (Dh110). Microlight flights are available through Batoka Sky, with 15-minute flights costing 2,265 kwacha (Dh680).
Accommodation: The Royal Livingstone Victoria Falls Hotel by Anantara is an ideal place to stay, within walking distance of the falls and right on the Zambezi River. Rooms here start from 6,635 kwacha (Dh2,398) per night, including breakfast, taxes and Wi-Fi. Water arrivals cost from 587 kwacha (Dh212) per person.
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4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
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Started: 2019
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Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
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Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
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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.”
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