Five mosques in Saudi Arabia, including several that date back to the foundation of Islam, are to be renovated in a project to safeguard the kingdom's heritage.
Saudi engineers will pick through original features and seek to safeguard the cultural significance of each.
The move is part of the broader project by Crown Prince Mohammed bin Salman. Announced in 2018, work has been under way to restore 130 mosques across Saudi Arabia.
During its first phase, 30 were renovated at a cost of nearly 50 million riyals ($13.3m).
Phase two this year covers 30 more, including five of special significance in Makkah, Saudi Press Agency reported.
First to be renovated is Al Bay'ah Mosque that was built at the request of Caliph Abu Jaafar Al Mansur in 144 AH, which was 761AD in the Gregorian calendar.
It was constructed at the site where Prophet Mohammed met with his supporters and they took the pledge, which means bay’ah’ in Arabic.
Located below the Wadi Mina, the mosque’s unique architectural features were unearthed 16 years ago during the expansion project of the Jamrat Al Aqaba, the site where devil stoning ritual is performed during pilgrimage.
Occupying an estimated area of 457.5 square metres, the mosque can accommodate just 68 worshippers.
Renovations will also include Al Khidr Mosque, which is located about 66km from Makkah's Grand Mosque and dates back to more than 700 years. It accommodates about 355 worshippers.
It is said that the mosque was named because Al Khidr who was mentioned in the Quran as the man taught divine knowledge that Allah only grants to his righteous servants, was the first person to step foot in the site.
Surah Al Kahf in the Quran describes how Al Khidr was sought after by Prophet Moses who wanted to learn from him.
Other narratives say a man who lived in the area centuries ago and was carrying a similar name built the mosque and gave it his name.
Al Fath Mosque, which was built after the conquest (meaning Fath in Arabic) of Muslims in the Battle of the Trench (Al Ahzab), will be restored and expanded.
It was named after Prophet Mohammed prayed in that spot during the battle that took place in the fifth hijri year — 627 AD.
The area of the mosque, which was subject to neglect, will be increased from 455.7 square metres to 553.5 square metres to accommodate 333 worshippers.
The area of 300-year old Al Jubail mosque in the Saudi city of Taif will also be upsized to 310 square metres.
Two more mosques in Jeddah, including Abu Anaba Mosque in Harat Alsham, in historic Jeddah, will be restored.
Stories say the site was a "grape pergola” before a man named Othman Zaki Omar transformed it into a mosque nearly 900 years ago.
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Global state-owned investor ranking by size
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China
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Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
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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.”
if you go
The flights
Etihad and Emirates fly direct to Kolkata from Dh1,504 and Dh1,450 return including taxes, respectively. The flight takes four hours 30 minutes outbound and 5 hours 30 minute returning.
The trains
Numerous trains link Kolkata and Murshidabad but the daily early morning Hazarduari Express (3’ 52”) is the fastest and most convenient; this service also stops in Plassey. The return train departs Murshidabad late afternoon. Though just about feasible as a day trip, staying overnight is recommended.
The hotels
Mursidabad’s hotels are less than modest but Berhampore, 11km south, offers more accommodation and facilities (and the Hazarduari Express also pauses here). Try Hotel The Fame, with an array of rooms from doubles at Rs1,596/Dh90 to a ‘grand presidential suite’ at Rs7,854/Dh443.
Meydan race card
6.30pm: Maiden Dh 165,000 1,600m
7.05pm: Handicap Dh 185,000 2,000m
7.40pm: Maiden Dh 165,000 1,600m
8.15pm: Handicap Dh 190,000 1,400m
8.50pm: Handicap Dh 175,000 1,600m
9.25pm: Handicap Dh 175,000 1,200m
10pm: Handicap Dh 165,000 1,600m
