President Sheikh Mohamed and Indonesian President Joko Widodo on Monday attended the inauguration of Sheikh Zayed Grand Mosque in Solo.
The mosque, which is named after the UAE Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan, is a smaller replica of the one in Abu Dhabi.
“I was pleased to join President Joko Widodo in Solo, Indonesia to inaugurate the Sheikh Zayed Grand Mosque,” Sheikh Mohamed, who is in Indonesia for the G20 Summit, said on Twitter.
“Named in honour of the UAE’s Founding Father, the Mosque represents his values of peace and goodwill, reflecting the long-standing ties that exist between our two countries.”
Sheikh Mohamed offered the $20 million building as a gift to Indonesia during his trip to the Muslim country in July 2019.
The replica is almost identical to the original, only smaller, with four minarets and a central dome surrounded by four smaller domes.
The architects have included Indonesian detailing. Local materials were used for construction where possible.
The mosque can house 10,000 worshippers at a time.
The Sheikh Zayed Grand Mosque in Abu Dhabi can accommodate more than 40,000.
The three-hectare plot in central Java also hosts a UAE-sponsored Islamic centre for teaching Indonesian clerics the importance of religious moderation.
In 2020, Sheikh Mohamed directed a mosque to be built in Abu Dhabi’s diplomatic area in honour of the Indonesian president.
He also renamed Al Maarid Street, behind Abu Dhabi National Exhibition Centre, President Joko Widodo Street, in recognition of the leader's role in strengthening ties between the two countries.
The road was inaugurated in October 2020 in a ceremony that coincided with the anniversary of Mr Widodo’s election.
Diplomatic ties between the UAE and Indonesia began in 1976.
The Indonesian embassy opened in Abu Dhabi in October two years later, at the level of charge d’affaires.
Sheikh Zayed visited the South-East Asian country in May 1990, a year before the UAE embassy opened in Jakarta.
Since then there have been frequent state visits between the two countries.
Mr Widodo visited Abu Dhabi in August when he met with Sheikh Mohamed.
The countries signed a Comprehensive Economic Partnership Agreement that is expected to boost bilateral non-oil trade from about $3 billion currently to $10 billion in the next five years.
The agreement covers trade in goods and services, investment, intellectual property rights, Islamic economics, customs procedures and trade facilitation, economic co-operation, small and medium enterprises, digital commerce, as well as legal requirements and institutional issues.
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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