Sheikh Zayed Grand Mosque prepares to welcome worshippers during Ramadan

Abu Dhabi's Sheikh Zayed Grand Mosque has completed its preparations to welcome thousands of worshippers and visitors during Ramadan.

The first day of Ramadan is expected to fall on March 11 this year, after the UAE's International Astronomy Centre announced the sighting of the Sheban crescent moon on February 10.

This marked the countdown to the month-long fast.

The internationally renowned place of worship last year welcomed 684,945 guests from around the world, state news agency Wam reported.

A record of more than 60,000 worshippers also visited the mosque on the 27th night of Ramadan to observe Laylat Al Qadr.

The Sheikh Zayed Grand Mosque Centre said it has formed committees and teams to ensure that it meets the needs of worshippers and visitors throughout the holy month.

It has also enlisted 580 volunteers to work alongside the centre's employees, the Emirates Red Crescent, police officers, paramedics and the civil defence.

The centre has also provided more than 70 electric cars to transport worshippers from car parks to prayer halls, with priority going to the elderly and the disabled, as well as about 50,000 breakfast meals for workers.

There will also be 8,379 available parking spaces, including 1,500 for women and more than 60 for those with disabilities. There are over 3,515 chairs and 50 wheelchairs for worshippers.

Additional parking will be provided at Erth Hotel, Zayed Sports City and adjacent to Wahat Al Karama.

The centre has also provided more than 1,480 carpets for worshippers and cleaned and sterilised carpets in the mosque's halls and courtyard to ensure the safety of worshippers.

The SZGMC has collaborated with the Ministry of Defence to fire the canon announcing the beginning of Ramadan in co-ordination with the Ramadan Moon Sighting Committee.

They will fire the cannon daily at the mosque throughout the holy month to mark Iftar and to announce the start of Eid Al Fitr.

Ramadan is observed by more than 1.8 billion Muslims and is believed to be the month when the Quran was revealed to the Prophet Mohammed.

Fasting during the holy month is one of the Five Pillars of Islam and is mandatory for all Muslims who are in good health.

Watch: UAE Ramadan 2024 working hours announced

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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Sheikh Zayed Grand Mosque prepares to welcome worshippers during Ramadan

Holy site received more than 600,000 visitors from around the world last year