Latest: Ramadan 2021 start date announced in UAE
The UAE announced working hours for private sector employees during Ramadan.
The Ministry of Human Resources and Emiratisation said yesterday working hours would be reduced by two hours during the holy month.
These reduced hours were revealed by Minister of Human Resources and Emiratisation, Nasser Al Hamli.
Ramadan is expected to start on April 12, but the final date will be confirmed by the UAE’s Moon-sighting committee.
The Moon-sighting committee – a group of astronomers, court officials and advisers from the country’s Islamic authority – typically convenes after maghrib, or sunset, prayers on the 29th day of Sha’ban to look for the new crescent moon.
If they spot it, Ramadan begins the following day. If not, Sha’ban will last 30 days and Ramadan will begin thereafter.
Article 65 of the UAE’s Labour Law states that the normal working hours for the private sector are eight a day or 48 hours a week, though many employees typically work nine-hour days.
On Thursday, the working hours for Ramadan for government employees across the country were confirmed.
The Federal Authority for Government Human Resources said working hours would be from 9am until 2pm.
Government departments typically work a seven-hour day outside of the holy month.
Last month, education chiefs across the country amended the school day before the start of Ramadan.
The Knowledge and Human Development Authority, Dubai’s private education regulator, said private schools would have to cut their day to five hours from the usual seven.
Mohammed Darwish, chief executive of permits and compliance at the authority, said schools could choose what times they start and end after consulting with parents.
“During Ramadan, the whole school community – including pupils, teachers and parents – will be spending extra time in prayer with their families,” Mr Darwish said.
“We ask schools to be mindful of this with regards to the amount of homework and assignments set for pupils.”
Private schools in Abu Dhabi will also shorten the school day to five hours.
Abu Dhabi private schools cannot start the day before 9.30am and must end by 3.30pm.
The Sharjah Private Education Authority said the school day will last between three and five hours throughout the holy month.
Schools have been directed to assign less homework and conduct fewer tests during this period.
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Sunday's games
All times UAE:
Tottenham Hotspur v Crystal Palace, 4pm
Manchester City v Arsenal, 6.15pm
Everton v Watford, 8.30pm
Chelsea v Manchester United, 8.30pm
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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