UAE pilgrims are safe and well, with their camps far from the site where the crush occurred, says Dr Mohammed Mattar Al Kaabi, chairman of the General Authority for Islamic Affairs and Endowments and head of the UAE Haj mission. AFP Photo / Mohammed Al-Shaikh
UAE pilgrims are safe and well, with their camps far from the site where the crush occurred, says Dr Mohammed Mattar Al Kaabi, chairman of the General Authority for Islamic Affairs and Endowments and Show more

UAE pilgrims are safe, official assures



ABU DHABI // Thousands of UAE pilgrims escaped a stampede near Mecca on Thursday that claimed the lives of hundreds on the first day of Eid Al Adha.

Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, sent a cable to King Salman of Saudi Arabia expressing condolences and sympathy for the victims of the stampede.

UAE pilgrims were safe and well, with their camps far from the site where the crush occurred, said Dr Mohammed Mattar Al Kaabi, chairman of the General Authority for Islamic Affairs and Endowments and head of the UAE Haj mission.

Sheikh Mohammed also asked about the well-being of local pilgrims. Dr Al Kaabi said Sheikh Mohammed was “very keen to follow the impact of the tragic accident and be assured about the safety and well-being of the UAE’s pilgrims”, according to Wam, the state news agency.

Sheikh Mohammed prayed for the safety of all the UAE’s pilgrims, wishing them success in the remainder of the rituals. He also prayed to Allah Almighty to bestow His mercy on the victims and wished speedy recoveries to those injured.

The crush occurred near camp Mina, a tent city erected to provide temporary accommodations to visiting pilgrims, which is situated near Jamarat, where pilgrims ritually stone the Devil by hurling pebbles at three large pillars.

More flexibility in the order in which pilgrims perform the ritual as well as better organisation of the groups of pilgrims by the authorities could have helped to prevent the tragedy, suggested one UAE pilgrim.

“At the moment the order in which they carry out the rituals is up to individual groups,” said Osama Al Hatmi, who was performing his first Haj with his wife.

On the third day of Haj, also the first day of Eid, pilgrims are required to perform four separate rituals before the end of the day: Ramy Al Jamarat (stoning of the Devil), Al Adha (animal sacrifice), Halak (hair removal) and Tawaf Al Ifada (circling the Kaaba).

Mr Al Hatmi said most groups carry out the rituals in that order, which causes bottlenecks at particular locations in at specific times of the day.

Knowing the majority of pilgrims would begin at Jamarat, Mr Al Hatmi’s group of 30, made up of 26 Emiratis and four UAE expatriates, opted to first head to the Kaaba to perform the Tawaf.

“The problem is too many pilgrims are too strict in their interpretations and all of them head to Jamarat. Thank Allah we decided to do it differently.”

Mr Al Hatmi first learned of Thursday’s events when his family and friends contacted him from Abu Dhabi to make sure he was all right.

The 31-year-old Emirati said that despite the high death toll, he felt safe enough to continue and complete his first Haj.

“The Emirati groups are highly organised and our bus rides drop us off just a few steps away from our tents,” he said.

Mr Al Hatmi and his wife were part of a group that was one of 130 sent to Saudi Arabia by the General Authority for Islamic Affairs and Endowments, or Awqaf. The crush occured on the first day of Eid Al Adha.

tsubaihi@thenational.ae

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Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

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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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