Ramadan working hours announced for public sector

Update: UAE announces working hours for private sector

Working hours for the public sector during the month of Ramadan have been announced by the Federal Authority for Government Human Resources (FAHR).

According to the circular, the official working hours for ministries and federal authorities will be from 9am to 2.30pm from Monday to Thursday, and from 9am to 12pm on Fridays.

The FAHR also said that ministries and federal authorities could implement flexible working or remote work schedules, in line with their specific requirements and within the limits of the working hours approved a day.

Ramadan is this year expected to begin on Saturday, March 1, however, the start date will be confirmed by the UAE's moon-sighting committee.

Each month in the Islamic calendar lasts 29 or 30 days, with its start heralded by the sighting of the new crescent moon. This means that the start date of Ramadan, and Eid Al Fitr, are not known long in advance.

If Ramadan does begin on March 1 as projected, the final day of the holy month will either be on March 29 or March 30. Ramadan will begin about three weeks before the end of spring term for many schools.

What is Ramadan?

Ramadan is the ninth and most holy month of the Islamic calendar. It is said to be the month that the Quran was revealed to the Prophet Mohammed. Muslims do not eat or drink from dawn until sunset, between the fajr and maghrib prayers, during Ramadan.

For Muslims, Ramadan is not only about abstaining from food. It is also a time when people strengthen their faith through Quran recitation and prayer. The exact date will be decided by the Moon-sighting committee, a group of astronomers, court officials and advisers from the UAE's Islamic authority.

The Islamic calendar is decided by Moon phases, which are either 29 or 30 days long. The presence of a new Moon signals the start of a month. The committee will begin searching for the new crescent Moon after maghrib prayers on the 29th day of Shaban, the month preceding Ramadan.

If it cannot be seen, it is considered to be the 30th day of the month. However, if the new crescent is spotted, Ramadan begins the next day.

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.”

Ramadan working hours announced for public sector

Federal employees to work reduced hours over holy month

What is Ramadan?