For my four cousins, aunt and uncle and my parents, Ramadan meant we all gathered at my grandparents' house in Cairo, no matter where in the world we were.
There were Gehan, Randa, Nermine and Mohammed, my first cousins. Having been an only child, to me they were my sisters and my brother, although I rarely saw them.
"Teta, Teta, when are Gigi, Dooda, Mina and Boodi coming?" I always asked, using my childhood nicknames for them and already knowing the reply.
"Ramadan," my grandmother, Suheila, would say.
Then there would be that slightest clue that Ramadan was really near. It was a hallway cupboard in our apartment in Cairo's Dokki District. As Ramadan neared, my grandmother would begin stocking up on the ingredients needed for the iftar meals.
The aroma of Qamar el Din, an apricot preserve much like a dried fruit roll-up, and of herbs and spices emanating from that locked cupboard signalled that my cousins soon would be coming.
"Teta, Teta, will they come today?" I asked every day.
She would say no, over and over, until she finally said yes.
The group would greet my grandfather, Najeed, by kissing his hand and his forehead. Prayers and fasting were non-negotiable, but my grandfather was not a strict disciplinarian. If he caught me sneaking a sip of water before sunset, he would half-smile, half-frown.
At iftar time, we would have a date to break the fast, then pray. We would then rush to the table but would not dare sit or get started until my grandfather sat first.
There would be the lentil or vegetable soup, goat with rice, grilled chicken, rabbit, pigeon or my favourite, Samboosak, a pastry filled with ground beef and vegetables.
I remember my aunt, Sarmad, telling me to slow down on the Samboosak and leave some for the others. That was met with my grandmother telling Hashim, our Sudanese cook, to make more.
Our grandfather took his time eating while my aunt made sure we minded our table manners, including not leaving the table until Gedo (Arabic for "grandfather") finished eating.
Then the shenanigans would start. In particular, Mohammed and I loved throwing things out of the fourth-storey apartment window.
Fast forward 30 years, and Gedo has passed away. Teta, now a great-grandmother, is in her 80s.
Mohammed lives in New York, where he works as an asset management executive, while Randa is a schoolteacher in Maryland and has two teenage boys. Nermine is a housewife and mother of four who lives in Riyadh; Gehan is a professional photographer and artist who lives in Paris.
Ramadan still brings us together, but instead of in Cairo, it is now Jeddah, with my Aunt Sarmad's house being where the family gathers. My cousins fly in from around the world with their children in tow and history repeats itself.
We laugh when Mohammed, Nermine's eldest son, wolfs down the Samboosak, prompting my aunt to have the cook prepare more.
We giggle when the kids cheat on their fast and get caught having a sip of water before sunset. Then we wait to see what mischief they will create, remembering ourselves when we were their age.
Many things have changed for all of us, but we can always count on Ramadan to remind us of all that has stayed the same.
@Email:ealghalib@thenational.ae
PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450 employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani
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.”