Many in the UAE marked the first day of Eid Al Adha by offering prayers at mosques across Dubai during the early hours of Sunday.
For millions of Muslims around the world, Eid Al Adha is a time to gather with family and friends for prayers and festivities.
Sharjah residents make plans for Eid
Hussein Eisa Al Darmaki, 55, told The National he is busy making plans with his family.
“Customs have changed with the passage of time, but we try to keep the traditions the same. Eid Al Adha is the time of the year where all family members gather and greet each other,” he said.
A visit to the mosque is always first on the agenda, said Mr Al Darmaki, who lives in Sharjah.
“I go with my [immediate] family for Eid prayers at a nearby mosque, then go to greet the oldest relatives and exchange Eid wishes.
“We take our children and visit the elderly. Eid is a happy event and good chance to renew the bonds with family members,” he added.
Eid vibes are different from other days, as people feel happy and everybody is smiling
Ahmed Nasir
Mr Al Darmaki will then head to the slaughterhouse, which is customary during Eid Al Adha, also known as the festival of sacrifice.
“After sacrificing the animal, we go to the house and gather with family members over a traditional dish. The best thing is having a family lunch or breakfast during Eid.”
Ahmed Nasir, 24, an Egyptian resident of Sharjah, plans to use the first morning to visit his elderly brother in Dubai after performing Eid prayers.
“We usually go to have a lunch with my brother’s family,” he said.
“Eid vibes are different from other days, as people feel happy and everybody is smiling. It is a chance to relax and exchange greetings.”
Mosques perform Eid prayers
Eid prayer timings will be 5.50am in Abu Dhabi, 5.45am in Dubai, 5.44am in Sharjah and Ajman, 5.34am in Umm Al Quwain, 5.41 in Ras Al Khaimah and 5.42am in Fujairah, the General Authority of Islamic Affairs and Endowments announced on Friday.
In Sharjah, 640 mosques and musallas welcomed people with designated prayer areas specifically for Eid prayers, including in public squares, the emirate's Department of Islamic Affairs said.
Several have also been designated for non-Arabic speakers, offering services in languages such as Urdu, Malayalam, Tamil and English.
Instant translation of the Eid sermon into sign language was also provided at the Imam Ahmed bin Hanbal Mosque in Al Jazzat area for those with hearing difficulties.
“Cooling and sound systems have also installed,” said Abdullah Khalifa Yaroof Al Suboosi, chairman of the Department of Islamic Affairs in Sharjah.
The meaning of Eid Al Adha
Eid Al Adha is one of the most important festivals in Islam. It coincides with the Hajj to Makkah, which all Muslims are required to make at least once in their lives if able to do so.
The sacrifice is explained in the Quran, which tells how the Prophet Ibrahim was asked by God in a dream to sacrifice his son, Ismail, as a test of his faith.
Ibrahim at first dismissed the dream, but it recurred for several nights in a row.
He grappled with the decision but ultimately decided to fulfil God’s command, even though the Devil tried to dissuade him. He threw rocks at the Devil in response; an act that pilgrims at Hajj commemorate by throwing stones at symbolic pillars.
The worshippers pelt three walls in one of a series of rituals.
As Ibrahim was about to carry out the command, God replaced his son with a goat and told him to sacrifice the animal instead.
Public and private sector workers have been given a four-day public holiday to mark Eid, which ends on Tuesday.
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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