A villager near the town of Amizmiz in central Morocco. Sheep numbers have dropped dramatically in the country due to environmental and economic challenges. AFP
A villager near the town of Amizmiz in central Morocco. Sheep numbers have dropped dramatically in the country due to environmental and economic challenges. AFP
A villager near the town of Amizmiz in central Morocco. Sheep numbers have dropped dramatically in the country due to environmental and economic challenges. AFP
A villager near the town of Amizmiz in central Morocco. Sheep numbers have dropped dramatically in the country due to environmental and economic challenges. AFP

Morocco's king appeals to citizens to forgo Eid Al Adha sheep sacrifice due to drought


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Morocco's King Mohammed VI has told people to refrain from sacrificing sheep on Eid Al Adha this year due to a drop in the country's herd following years of drought that have increased the price of meat.

During the religious ritual, millions of sheep, goats and other livestock are sacrificed every year across the Muslim world. However, Morocco has recorded a drop in its livestock of 38 per cent in the last 12 months amid a seventh consecutive year of drought, according to official figures.

There has been 53 per cent less rain in 2025 than the average of the last 30 years, according to the agriculture ministry, leaving a lack of pasture for livestock to feed on.

“Our country is facing climatic and economic challenges that have resulted in a substantial decline in livestock,” King Mohammed VI said in a speech read by the minister of religious affairs on national television.

While acknowledging the importance of the Eid festival, the king called on his people “to refrain from performing the rite of sacrifice”.

“Our commitment to enabling you to fulfil this religious rite under the best conditions is accompanied by the duty to consider the climatic and economic challenges facing our country,” the king said.

Performing the rite “under these difficult circumstances will cause significant harm to large segments of our people, especially those with limited income”, added the king, who is Morocco's supreme religious leader.

Morocco's meat production has dropped in the last year, leading to higher prices in the local market and greater imports. The country recently signed a deal to import up to 100,000 sheep from Australia.

Eid Al Adha commemorates the willingness of Ibrahim, or Abraham, to sacrifice his son.

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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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Updated: February 27, 2025, 8:03 AM