ABU DHABI // The Eid al Adha message rang out through the speakers of mosques across the UAE at dawn yesterday.
Roads around neighbourhood mosques were clogged by parked cars as thousands attended early-morning Eid prayers. Others chose to drive a few extra kilometres for a chance to pray at the Sheikh Zayed Mosque at 7.20am.
Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, was at the mosque to perform the Eid al Adha prayers.
Police were at the ready to escort vehicles through the already packed car parks.
"We came early because here it gets very crowded on Eid," one of the police officers said.
The faithful made their way through security checks and up the stairs to the mosque, prayer mats in hand, to recite takbeerat in unison with the imam of the mosque.
The adults were separated into segregated areas, both outdoors and indoors, while awaiting the imam's call to prayer.
A 20-minute sermon delivered by the religious adviser at the Ministry of Presidential Affairs, Sheikh Ali al Hashimi, followed the two-raka prayer, and emphasised the importance of sacrificing either one sheep or goat, or joining with up to six other families to sacrifice a camel or a cow during Eid.
"Allah's worshippers, there is no greater deed than to sacrifice on this day, which is Sunnah for all those who can," he said. "Prophet Mohammed said that the sacrificed animal will come on the day of judgment and be highly regarded by Allah."
The meat of the sacrifice is divided into three portions: one for the needy, another for neighbours, relatives and friends, and the rest for the sacrificer and his family.
"Feeding others is a great act of worship," the imam said. "It is part of worship to be kind to others, it helps people to control their willpower and put others first.
"On this day, Prophet Ibrahim told his son, Ismael, that in a dream he saw that he was sacrificing him. His son said, 'My father, do as you please. You will find me patient'."
The story of Ibrahim's willingness to sacrifice his beloved son is one told in homes all over the country on the night before Eid. It is related to children to teach them about Prophet Ibrahim's willingness to be obedient to God. At the last moment, God spared Ismael and told Ibrahim to sacrifice a sheep instead.
The imam's sermon continued: "Be kind to each other, forgive each other, and give gifts to each other, tighten family bonds, and be kind to orphans, and do takbeers in these days after prayers and do good deeds.
"When friends of the Prophet Mohammed asked him about the sacrifice, he told them it was the 'Sunnah of your father, Ibrahim', and the rewards for every sacrificer is getting a hasana for every strand of wool."
Palestinian Abdulrahman al Agha, 22, drove with his family from Al Ain to the Sheikh Zayed Mosque to meet his relatives.
"Eid does not start until we pray Eid prayers with other Muslims and pass on our greetings to everyone we meet," he said. "We are going now to the slaughterhouse and my nephews and nieces are going home to eat a cake in the shape of a sheep, and later we will all go for a picnic."
After the sermon, Amna Abd al Aziz, a 30-year-old mother from Egypt, said she would take her two children to the butchers. "It is important for them to see this, to learn more about their religion," she said. "They will play with the sheep for a while before it is butchered, but they won't see this."
Meanwhile, Sheikh Khalifa, President of the UAE, received Eid greetings from his siblings and international dignitaries such as King Abdullah II of Jordan and the president of Lebanon, Michel Suleiman, according to WAM the state news agency.
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BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
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Syria squad
Goalkeepers: Ibrahim Alma, Mahmoud Al Youssef, Ahmad Madania.
Defenders: Ahmad Al Salih, Moayad Ajan, Jehad Al Baour, Omar Midani, Amro Jenyat, Hussein Jwayed, Nadim Sabagh, Abdul Malek Anezan.
Midfielders: Mahmoud Al Mawas, Mohammed Osman, Osama Omari, Tamer Haj Mohamad, Ahmad Ashkar, Youssef Kalfa, Zaher Midani, Khaled Al Mobayed, Fahd Youssef.
Forwards: Omar Khribin, Omar Al Somah, Mardik Mardikian.
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
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Top 10 locations for inquiries from US house hunters, according to Rightmove
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The five pillars of Islam
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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Specs
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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
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Scoreline
Real Madrid 1
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The biog
Profession: Senior sports presenter and producer
Marital status: Single
Favourite book: Al Nabi by Jibran Khalil Jibran
Favourite food: Italian and Lebanese food
Favourite football player: Cristiano Ronaldo
Languages: Arabic, French, English, Portuguese and some Spanish
Website: www.liliane-tannoury.com
The biog
Favourite books: 'Ruth Bader Ginsburg: A Life' by Jane D. Mathews and ‘The Moment of Lift’ by Melinda Gates
Favourite travel destination: Greece, a blend of ancient history and captivating nature. It always has given me a sense of joy, endless possibilities, positive energy and wonderful people that make you feel at home.
Favourite pastime: travelling and experiencing different cultures across the globe.
Favourite quote: “In the future, there will be no female leaders. There will just be leaders” - Sheryl Sandberg, COO of Facebook.
Favourite Movie: Mona Lisa Smile
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Killing of Qassem Suleimani
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