Abu Dhabi residents should send virtual Eid greetings rather than meet family and friends in person, authorities said on Friday.
Public and private gatherings should be avoided to curb the spread of the coronavirus, said Abu Dhabi's Emergency, Crisis and Disasters Committee, and public health bodies.
“Extend Eid greetings and wishes using online communication platforms,” said the committee.
“Avoid physical gatherings and opt to interact with friends and family virtually.”
Senior citizens and those who are sick or suffering from chronic conditions should “limit outings where possible,” said the committee.
And gifts should be avoided, especially cash.
“Send money digitally to avoid bank visits, where possible.”
The recommendation came after the day after authorities in Abu Dhabi announced a fresh set of measures to protect public health, which are due to start on Monday, the first day of the public holiday to mark Eid Al Adha.
Abu Dhabi residents must remain indoors "unless absolutely necessary" from midnight until 5am from Monday, after authorities announced the resumption of an extensive disinfection campaign to combat Covid-19.
Members of the public can only leave their homes during this period to "get essential supplies, such as food and medicine".
And they must first apply for a permit to leave their homes from Abu Dhabi Police.
The emirate also announced lower capacity limits for many public places.
Public beaches, public parks, private beaches and swimming pools, restaurants and cafes, gyms and spas, buses and public ferries will be allowed to admit no more than 50 per cent of their total capacity.
Shopping malls will be limited to 40 per cent capacity, while cinemas will operate at 30 per cent capacity.
No more than three passengers will be able to travel in a five-passenger taxi and four passengers in a seven-passenger taxi, the authority said.
Entry rules to Abu Dhabi have also been updated, requiring everyone, regardless of their vaccination status, to present a recent negative PCR or DPI test result, from Monday.
Mosques will remain open during Eid Al Adha with extra precautions, authorities confirmed.
Mosques will open 15 minutes prior to the start of prayers, which will be limited to 15 minutes, including the sermon.
Facilities such as washrooms and water dispensers will remain out of use. And mosques will shut immediately after prayers finish.
Prayers will be held at mosques and outdoor areas, and social distancing markers will be used to show people where to sit.
No prayers will be held at mosques and prayer areas on outer roads and petrol stations.
“All individuals living with those infected, or who are in contact with #COVID19 patients are strictly prohibited to attend prayers,” the government said.
“We also recommend the elderly, individuals suffering from chronic diseases and children under 12 years to avoid going to perform Eid prayer, to keep themselves safe and healthy.”
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
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.”
