Eid Al Adha is the next big public holiday in the calendar.
UAE residents enjoyed a week-long break for Eid Al Fitr in April, with rest for both the public and private sectors.
This is to be followed by Eid Al Adha, most likely on June 16.
Arafat Day, the second day of the week-long Hajj pilgrimage, falls on Dhu Al Hijja 9 in the Islamic calendar. This corresponds with June 15.
If this comes to pass, Eid Al Adha – which falls on Dhu Al Hijja 10 to 12 in the Islamic calendar – will run from June 16 to 18.
As with Eid Al Fitr, this will be confirmed according to the relevant Moon sightings closer to the time.
What is Eid Al Adha?
Eid Al Adha – which means “festival of the sacrifice” – commemorates how the Prophet Ibrahim was asked by God in a dream to sacrifice his son, Ismail, as a test of his faith.
As with other religious holidays in the Emirates, it is a time for friends and family to gather, often over meals, and reflect on their lives and faith.
It is customary for a family to have a goat or sheep butchered at an abattoir and to share the meat between themselves, their relatives and the underprivileged.
How long is the public holiday?
Both public and private-sector employees will enjoy days off work for the holiday this year.
If initial projections are accurate and Eid Al Adha begins on June 16, then employees will likely have June 17 and 18 off.
That is because June 16 is a Sunday, so the two working days off will be Monday, June 17 and Tuesday, June 18.
Specific dates will be confirmed closer to the time, after the relevant Moon-sightings have been recorded.
What is Hajj?
Large numbers of Muslims travel to Makkah to perform Hajj each year, with many also heading further north to the city of Madinah.
All Muslims able to do so are required to make the Hajj pilgrimage to Makkah at least once in their lifetime. Hajj and the other four pillars of Islam form a foundation of life in Islam.
The event is a deeply spiritual experience.
Fireworks light up Yas Bay during Eid Al Adha 2023 – in pictures
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A spectacular Eid Al Adha firework display lit up Yas Bay waterfront on Wednesday. Photos by Khushnum Bhandari / The National -
The Eid Al Adha festival began on Wednesday. -
Further firework displays will be held at Yas Bay on Thursday and Friday. -
Public and private sector workers are enjoying an extended break for Eid Al Adha. -
Colourful firework shows will be held all over the country this week. -
Yas Bay was a prime location to watch the show.
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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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