Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, performed Eid Al Fitr prayers at the Sheikh Zayed Grand Mosque in Abu Dhabi on Monday.
Other sheikhs, senior officials, and worshippers were also in attendance.
Dr Mohammed Matar Al Kaabi, chairman of the General Authority of Islamic Affairs and Endowments, delivered the sermon, during which he spoke about the significance of the occasion and the noble values it holds.
He said Eid is a time to strengthen family bonds.
Meanwhile Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, took part in Eid Al Fitr prayers in Dubai.
He marked the start of the festival at Zabeel Grand Mosque in Dubai along with Sheikh Ahmed bin Saeed, chairman and chief executive of Emirates Airline and Group, Sheikh Mansoor bin Mohammed, chairman of Dubai Sports Council, and other sheikhs, officials and worshippers.
Muslims around the world traditionally gather at mosques to perform prayers on the first morning of Eid Al Fitr.
The religious holiday — which marks the end of Ramadan — is one of one of the most joyous periods of the Islamic calendar.
It is typically marked by gatherings of families and friends and the exchange of gifts.
Sheikh Dr Sultan bin Muhammad Al Qasimi, Ruler of Sharjah, performed prayers at Al Badee Musallah.
Sheikh Sultan bin Mohammed Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, Sheikh Abdullah bin Salem Al Qasimi, Deputy Ruler of Sharjah, and Sheikh Sultan bin Ahmed Al Qasimi, Deputy Ruler of Sharjah, also offered prayers alongside Sheikh Dr Sultan.
At the Eid Grand Musalla in Khuzam, Sheikh Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah, and Sheikh Mohammed bin Saud Al Qasimi, Crown Prince of Ras Al Khaimah, also performed Eid Al Fitr prayers .
Offering prayers in Umm Al Quwainn was Sheikh Saud bin Rashid Al Mualla, Ruler of Umm Al Quwain, at the Ahmed bin Rashid Al Mualla Mosque.
Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman, attended prayers at Al Zaher Palace courtyard.
This year's Eid Al Fitr is being observed against an encouraging backdrop of falling Covid-19 cases, allowing for the most normal celebrations since the pandemic began more than two years ago.
Worshippers lined up at mosques around the country to mark the occasion
Hundreds of people flocked to the Sheikh Zayed Grand Mosque in Abu Dhabi and Sheikh Khalifa Grand Mosque in Al Ain, where prayers were held at 7am.
On Sunday, UAE leaders wished the nation and Muslims worldwide a happy and blessed Eid.
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, and Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, shared their messages on social media.
"Eid greetings to the people of the Emirates, the Arab world and all Islamic nations. I wish we come even closer to each other with each passing year. I wish for our hearts to become more loving, tolerant, and peaceful. Every year, we rejoice in obedience to our Lord. Eid Mubarak and may God accept all good deeds," Sheikh Mohammed wrote on Twitter.
Sheikh Mohamed bin Zayed wrote on Twitter: "Congratulations to the President, Vice President, Rulers, citizens and residents of the UAE and Muslims around the world on the occasion of Eid Al Fitr. May God grant our nation continued happiness and well-being and bestow peace and harmony on the region and the world."
Eid prayers in UAE — in pictures
Five expert hiking tips
Always check the weather forecast before setting off
Make sure you have plenty of water
Set off early to avoid sudden weather changes in the afternoon
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Take your litter home with you
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AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
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- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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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