Thursday, February 22, marks Saudi Arabia's Founding Day, a new annual holiday to commemorate the founding of the first Saudi state.
The holiday was established with a royal decree issued by King Salman in 2022 through the official Saudi Press Agency.
It said the holiday will commemorate the history of Saudi rule dating back hundreds of years.
It is a different event to Saudi National Day, which falls on September 23.
What does Founding Day commemorate?
Saudi Arabia’s new annual holiday commemorates the ascent to power of Mohammed bin Saud, who founded the First Saudi State.
In February 1727, he inherited leadership over the central Arabian town of Diriyah, which had been established by his ancestors in the 15th century.
He oversaw the expansion of Diriyah from a city-state to an emirate, conquering territories in central Arabia and uniting them under his family’s rule.
His dynasty became known as Al Saud, named after his father, Saud bin Mohammed Al Muqrin, who had ruled Diriyah from 1720, the date often cited as the founding of the dynasty.
Founding Day commemorates these origins and aims to highlight the important part Al Saud dynasty has played in the history of Arabia.
What was the First Saudi State?
Although Mohammed bin Saud came to power in Diriyah in 1727, the establishment of the First Saudi State is usually dated to 1744.
It was in this year that he allied with Mohammed bin Abdul Wahab, a religious scholar who led a movement that called for a return to the “true” version of Islam.
This alliance was at the heart of the First Saudi State, also known as the Emirate of Diriyah, the first of three Saudi states.
From Diriyah, the Al Saud dynasty quickly expanded to conquer much of the Arabian Peninsula, including the Hejaz region, home to the holy cities of Makkah and Madinah.
This expansion was seen as a threat by the Ottoman Empire, the region’s major power, which sought to restore its influence in Arabia.
After a seven-year war, Ottoman-allied forces led by Egypt’s Ibrahim Pasha defeated the Al Saud and destroyed Diriyah, bringing an end to the First Saudi State in 1818.
From the First Saudi State to the modern kingdom
Al Saud re-established their state six years later with a capital at Riyadh, close to Diriyah.
Throughout the 19th century, they competed with the Al Rashid dynasty for supremacy over central Arabia. Internal conflicts and military defeats eventually weakened the position of Al Saud, leading to the capture of Riyadh by the Al Rashid in 1891 and the end of the Second Saudi State.
Imam Abdulrahman Al Saud, who led Al Saud at the time, sought refuge with Bedouin in the deserts of the Empty Quarter before taking his family to Kuwait.
His son, Abdulaziz, recaptured Riyadh in 1902 in a raid, laying the foundations for the expansion of Saudi rule across Arabia. In 1932, Abdulaziz formalised his reign by establishing the Kingdom of Saudi Arabia, with himself as its first king.
His sons, including the current King Salman, have ruled the kingdom since.
How is Saudi Arabia’s National Day different from its Founding Day?
Saudi National Day is celebrated annually on September 23. It marks the 1932 decree, issued by King Abdulaziz, which renamed the Kingdom of Najd and the Hejaz as the Kingdom of Saudi Arabia.
The unification of the kingdom took place on the 21st of Jumada Al Ula in 1351 H – which corresponds to September 23, 1932.
Today, National Day is celebrated through fireworks displays, ceremonies and parades.
What will happen on Founding Day?
Events to show off traditional crafts, culture and heritage are planned across the kingdom.
Live music and dance performances are scheduled in cities including Riyadh, Jeddah and Dammam.
Festivities are expected to three days, with both public and private sectors given a long weekend until February 25.
SUE%20GRAY'S%20FINDINGS
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'Munich: The Edge of War'
Director: Christian Schwochow
Starring: George MacKay, Jannis Niewohner, Jeremy Irons
Rating: 3/5
MATCH INFO
English Premiership semi-finals
Saracens 57
Wasps 33
Exeter Chiefs 36
Newcastle Falcons 5
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.”
FIXTURES
Monday, January 28
Iran v Japan, Hazza bin Zayed Stadium (6pm)
Tuesday, January 29
UAEv Qatar, Mohamed Bin Zayed Stadium (6pm)
Friday, February 1
Final, Zayed Sports City Stadium (6pm)
COMPANY%20PROFILE%20
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Global state-owned investor ranking by size
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1.
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
JOKE'S%20ON%20YOU
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French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
