Faiths will unite on Thursday as people around the world join in prayers for an end to the Covid-19 pandemic.
The Higher Committee of Human Fraternity, formed during Pope Francis's historic visit to Abu Dhabi last year, is urging the international community to join "a day for fasting, prayers and supplications for the good of all humanity".
Pope Francis and Sheikh Ahmed El Tayeb, the Grand Imam of Al Azhar, led the chorus of support for the "Prayer for Humanity", backed by Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces.
People from all corners of the world and all walks of life – from religious leaders and national leaders to celebrities and politicians – have pledged to take part.
“The number of participants is increasing by the minute and I am sure that after May 14, the idea to pray to God to lift the crisis will continue,” said Monsignor Yoannis Lahzi Gaid, personal secretary to Pope Francis and a member of the fraternity.
People can become involved through the committee's social media platforms and the initiative's official website.
Dr Sultan Al Remeithi, secretary general of the Muslim Council of Elders and member of the fraternity, said the international unity on display was a beacon of hope in dark times for many.
Rev Andy Thompson, senior chaplain at St Andrew's Anglican Church in Abu Dhabi, said the UAE's interfaith harmony would be celebrated.
“The Anglican church in Abu Dhabi is calling for day of prayer and fasting in solidarity with our Muslim friends, and those who are suffering from the pandemic,” Rev Thompson said.
Leaders from different faiths in the UAE have produced a video to mark the occasion, with verses from the scriptures of each faith.
The video begins with members of the community displaying messages of hope before religious leaders, including Rev Thompson, recite verses from their scriptures.
The faiths featured in the film, produced by the Bahai community in the UAE, include Christianity, Judaism, Buddhism and Hinduism.
“A number of us are also participating online in various projects on social media, led by different government ministries who are supporting the call to prayer,” Rev Thompson said.
He said he would be fasting and praying in St Andrew’s church throughout the day.
Charitable acts and fasting have also been encouraged.
“One of the things St Andrew’s church has been doing throughout the coronavirus pandemic is collecting Lulu gift vouchers, which we have been passing on to those who are struggling to make ends meet,” Rev Thompson said.
“Prayer and spirituality essentially should lead to practical action expressed with love and compassion.”
Several churches are conducting online prayer meetings and concerts.
“This initiative reminds us that one of the things that unites so many people across the world is a belief in the power of prayer,” Rev Thompson said.
“There is a universal human instinct to reach out to something or someone that is bigger than us.”
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Name: Enhance Fitness
Year started: 2018
Based: UAE
Employees: 200
Amount raised: $3m
Investors: Global Ventures and angel investors
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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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Date started: May 2021
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