Pilgrims will be restricted from touching the Kaaba during the Hajj in view of the ongoing pandemic. Saudi Ministry of Media
Pilgrims will be restricted from touching the Kaaba during the Hajj in view of the ongoing pandemic. Saudi Ministry of Media
Pilgrims will be restricted from touching the Kaaba during the Hajj in view of the ongoing pandemic. Saudi Ministry of Media
Pilgrims will be restricted from touching the Kaaba during the Hajj in view of the ongoing pandemic. Saudi Ministry of Media

Muslims prepare for Hajj and Eid in the age of Covid-19


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Today marks the first day of Hajj, a pilgrimage that is one of the five pillars of Islam. Two to three million Muslims from around the world gather every year in the Saudi Arabian city of Makkah, Islam’s holiest site, for seven days. There, they perform religious rites as millions more join in prayer from afar. For decades, live broadcasting from Makkah has meant that images of throngs of pilgrims are beamed all over the world.

This year, however, attendance will be limited to only 1,000 people, all of whom must be residents of Saudi Arabia. As precautionary measures are heightened and international travel is extremely limited, the Hajj is being held in extraordinary circumstances. This difficult measure is necessary to limit potential coronavirus infections and to guarantee a safe pilgrimage.

Given the ongoing global health crisis, it is a victory that this year's Hajj is taking place at all. Stringent measures have been introduced to guarantee the well-being of pilgrims and organisers alike. For instance, pilgrims have been granted special permits to access Makkah's different pilgrimage sites. Physical distancing and face masks are mandatory, and pilgrims will also be restricted from touching the  holy Kaaba.

Religion brings people of different backgrounds together, yet in the age of Covid-19, the opposite is needed in order to keep our communities safe. Riyadh recognised this challenge early on and took rational steps to protect pilgrimage. The precautions mandated for the pilgrimage have been lauded by the World Health Organisation.

The end of Hajj leads to the Muslim holiday of Eid Al Adha, making it an opportune time to reflect upon the meaning of sacrifice and patience. The occasion celebrates the Quranic story of Prophet  Ibrahim's willingness to sacrifice his own son Ishmael to God. At the last moment, God asked him to sacrifice a lamb instead.

Religion brings people together, yet in the age of Covid-19, the opposite is needed

Muslims celebrate this event by sacrificing lambs and giving the meat to the needy, as well as spending time in prayer with their families. The lessons drawn from Hajj and Eid Al Adha could hardly be more relevant today, as the world suffers from the consequences of the coronavirus on the global economy and on our health.

This extraordinary Hajj season, and the limited Eid gatherings that will follow, are an opportunity for Muslims to show solidarity with those less fortunate at a time of hardship. They also offer a chance for us all to seek to help one another more actively, as the yearly holiday is a time for charity. The National wishes pilgrims a blessed Hajj, and Muslims a happy upcoming Eid Al Adha.

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Who is Allegra Stratton?

 

  • Previously worked at The Guardian, BBC’s Newsnight programme and ITV News
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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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Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

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The specs

Price, base / as tested Dh960,000
Engine 3.9L twin-turbo V8 
Transmission Seven-speed dual-clutch automatic
Power 661hp @8,000rpm
Torque 760Nm @ 3,000rpm
Fuel economy, combined 11.4L / 100k