As the world celebrates the change from 2016 to 2017, it’s worth remembering that it is still the year 1438 in the Islamic tradition, and next year will be 2560 in Thailand and it will be the year 4715 in China from January 28. Louise Wateridge / Getty Images
As the world celebrates the change from 2016 to 2017, it’s worth remembering that it is still the year 1438 in the Islamic tradition, and next year will be 2560 in Thailand and it will be the year 4715 in China from January 28. Louise Wateridge / Getty Images
As the world celebrates the change from 2016 to 2017, it’s worth remembering that it is still the year 1438 in the Islamic tradition, and next year will be 2560 in Thailand and it will be the year 4715 in China from January 28. Louise Wateridge / Getty Images
As the world celebrates the change from 2016 to 2017, it’s worth remembering that it is still the year 1438 in the Islamic tradition, and next year will be 2560 in Thailand and it will be the year 471

Counting the days of the year


  • English
  • Arabic

As the world celebrates the change from 2016 to 2017, it’s worth remembering that it is still the year 1438 in the Islamic tradition, and next year will be 2560 in Thailand and it will be the year 4715 in China from January 28.

In a globalised world, we have standardised time and the days of week. And yet many parts of the world use a different calendar, meaning we disagree on which month it is and even which year.

The Gregorian calendar, the calendar most widely used today, was named after Pope Gregory XIII, who introduced it after a proposal from the Catholic Church in 1582. The first eight months are named after various gods, goddesses, festivals and rulers. For instance, January was named after Janus, the Roman god of doorways and beginnings and February was named after Februa, a feast of purification.

However, September and October literally mean “seventh month” and “eighth month”, followed in the same manner by November and December, since the original Roman calendar had only 10 months.

Although the Gregorian calendar had become the official calendar used for international events and business, there are other regular calendars still in use, including of course the Islamic calendar, the Chinese calendar, the Hebrew calendar, the Persian calendar, the Ethiopian calendar and several others.

Such diversity naturally follows the various gyrations of the solar system, which made it impossible to come up with a one-size-fits-all calendar that can be used in all parts of the world reliably. Most calendars use what are called “intercalary” days – or even months – that go in line with the tropical year, which is the time taken by the Earth to make one revolution around the Sun. In the Gregorian calendar, this is the leap year day tacked on to the end of February.

While the Gregorian calendar is a solar calendar, lunar calendars – such as the Islamic calendar – are based on cycles of phases of the Moon. Some of them have 13 months and some others require a 13th month to be added every few years – a leap month.

Even the start of a day can differ. Nowadays, global standards of time calculations are pretty strictly controlled, marking a new day at midnight. But for thousands of years, astronomers counted a day from noon to noon.

Different cultures had their own benchmarks. Hindus and Egyptians marked a new day at dawn, but Babylonians, Greeks, Jews and Muslims started at sunset. Many people still use these milestones to mark the beginning of religious or cultural events.

Without a calendar, we wouldn’t know what day it is, we would forget birthdays, anniversaries, and miss appointments. We also wouldn’t have the opportunity to make New Year’s resolutions. But it’s worth remembering that the rest of the world isn’t always in step with us: after all, by the time you start your latest New Year’s resolution, someone else may already have broken theirs.

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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.”

In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent