Ramadan 2024: Hundreds break fast at iftar tents under UAE humanitarian drive

Hundreds of people in the UAE came together to break their fast on the first day of Ramadan at iftar tents set up as part of a charitable drive to share the spirit of the holy month with other members of society.

It marked the first iftar of Ramadan this year under a community project established by the Emirates Red Crescent, the charitable arm of the UAE government.

Rashid Al Mansouri, acting secretary general of the ERC, joined those enjoying the first iftar of Ramadan 1445 at a tent in Abu Dhabi.

Hundreds gathered at iftar tents on Monday. Wam

The authority previously announced it would launch its first women-only iftar tents this year, with various sites in Abu Dhabi, Dubai and Ajman.

The annual iftar project is a crucial part of a wider Ramadan campaign led by the ERC.

On Sunday, the humanitarian body announced a Dh37.6 million ($10.2 million) Ramadan project to support families in need in the UAE and around the world.

The Ramadan Continuous Giving Campaign, launched on Sunday, will provide millions with Eid clothing, Ramadan food parcels and iftar meals, the Abu Dhabi Media Office said.

It aims to support 1.8 million people in the UAE and 44 countries across Asia, Europe and South America.

Ramadan begins in UAE

A cannon at Sheikh Zayed Grand Mosque in Abu Dhabi is fired to mark the end of the first day of fasting of the holy month this year. All photos: Victor Besa / The National
The mosque is expected to receive a large number of worshippers and visitors throughout Ramadan 1445
Cannon were fired across the Emirates to signify the start of the first iftar of Ramadan 1445
People gathered to watch the firing and take photos
A Ramadan cannon at Sheikh Zayed Grand Mosque in Abu Dhabi

Ramadan cannon were fired on Monday evening to mark the first iftar of the holy month.

Cannon were fired at numerous sites throughout the UAE to signify the end of the first day of fasting.

In Abu Dhabi, a cannon was fired at Sheikh Zayed Grand Mosque, where thousands of worshippers and visitors are expected to gather during the holy month.

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4.35pm: Tilal Al Khalediah
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Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.

- Abdullah Ishnaneh, Partner, BSA Law

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Men's football draw

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Group D: Oman, Austria, Rwanda

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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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The biog

Prefers vegetables and fish to meat and would choose salad over pizza

Walks daily as part of regular exercise routine

France is her favourite country to visit

Has written books and manuals on women’s education, first aid and health for the family

Family: Husband, three sons and a daughter

Fathiya Nadhari's instructions to her children was to give back to the country

The children worked as young volunteers in social, education and health campaigns

Her motto is to never stop working for the country

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Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

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The bio

Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.

Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.

Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.

Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.