Read next: UAE announces start date for Eid Al Adha 2025
Eid Al Adha moved a step closer to being confirmed to begin on Friday, June 6.
The likelihood of it falling on that date increased on Sunday when Saudi Arabia's Supreme Court called for Muslims to look for the Dhu Al Hijja crescent moon on Tuesday evening.
Eid Al Adha is expected to begin on Friday, June 6, until Sunday, June 8. A four-day break could be likely for many with Arafat Day set to take place on Thursday, June 5.
An occasion celebrated by millions of Muslims around the world, Eid Al Adha begins on the 10th day of Dhu Al Hijja, the last month in the Islamic calendar.
The first day of the Islamic month is expected to start on Wednesday, May 28.
Eid Al Adha 2024 - in pictures
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The Eid Al Adha morning prayer around the Kaaba at the Grand Mosque in Makkah, at the start of the holiday marking the end of the Hajj pilgrimage. AFP -
A shepherd with a flock of a sheep in Iraq's southern city of Basra on the eve of Eid Al Adha. AFP -
Worshippers at Baitul Makmur Grand Mosque, during Eid Al Adha celebrations in Meulaboh, West Aceh, Indonesia. Reuters -
Devotees greet each other after offering Eid Al Adha prayers in Kolkata, north-east India. AFP -
Palestinians attend Eid Al Adha prayers in Khan Younis, southern Gaza. EPA -
Worshippers pray at Eid Al Adha celebrations in Naples, southern Italy. EPA -
Women enter the hall of a mosque for a mass prayer, during Eid Al Adha celebrations in Malaysia's capital Kuala Lumpur. Reuters -
A sacrificial bull is loaded on to a trailer during Eid Al Adha celebrations in Istanbul. EPA -
Security personnel frisk devotees entering Jami mosque in Herat, western Afghanistan, to offer Eid Al Adha prayers. AFP -
A Kashmiri girl has her hands decorated with henna ahead of Eid Al Adha, in Srinagar, the summer capital of Indian-administered Jammu and Kashmir region. EPA -
Worshippers attend prayers on Eid Al Adha at the Sir Ali Muslim Club Ground cricket ground, in Kenya's capital Nairobi. Reuters -
A Muslim worshipper in the Byzantine-era Hagia Sophia Grand Mosque, during the first day of Eid Al Adha in Istanbul. AP -
Balloons are released during an Eid Al Adha service at Al Sayeda Zainab Mosque in Cairo. EPA -
Baghdad residents take a ride at an amusement park at sunset, as they celebrate Eid Al Adha in Iraq's capital. Reuters -
Eid Al Adha prayers at the Jama Masjid, in India's capital New Delhi. AP -
Eid Al Adha prayers, held on the athletics track of the Dinamo Stadium, in Romania's capital Bucharest. AP -
Eid Al Adha prayers at Moskovsky Prospekt during celebrations in St Petersburg. AP
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HIV on the rise in the region
A 2019 United Nations special analysis on Aids reveals 37 per cent of new HIV infections in the Mena region are from people injecting drugs.
New HIV infections have also risen by 29 per cent in western Europe and Asia, and by 7 per cent in Latin America, but declined elsewhere.
Egypt has shown the highest increase in recorded cases of HIV since 2010, up by 196 per cent.
Access to HIV testing, treatment and care in the region is well below the global average.
Few statistics have been published on the number of cases in the UAE, although a UNAIDS report said 1.5 per cent of the prison population has the virus.
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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Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
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