Construction in Indonesia has begun on a $20 million replica of Abu Dhabi's Sheikh Zayed Grand Mosque.
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, offered the building as a gift to the Indonesian president, Joko Widodo, during his trip to the Muslim country in July 2019.
The ground-breaking ceremony took place on Monday in the president’s home town of Surakarta.
UAE Minister of Energy and Infrastructure Suhail Al Mazrouei and Dr Mohammed Al Kaabi, chairman of the General Authority of Islamic Affairs and Endowments, attended the event.
The Sheikh Zayed Grand Mosque will serve as a beacon of moderate Islam for the Indonesian people
Mr Widodo’s eldest son, Gibran Rakabuming Raka, who is mayor of Surakarta, also attended the ceremony, as did Indonesia’s Religious Affairs Minister Yaqut Cholil Qoumas and Erick Thohir, the Minister of State-Owned Enterprises.
Abdulla Al Dhaheri, the UAE's ambassador to Indonesia, said the new mosque represented the two countries' shared values of tolerance and peaceful coexistence.
"It is also a sign of our continuing relationship, which goes from strength to strength," he said.
"The Sheikh Zayed Grand Mosque will serve as a beacon of moderate Islam for the Indonesian people, and will be an architectural masterpiece, similar to the Sheikh Zayed Grand Mosque in Abu Dhabi."
Construction of the mosque is being financed by the UAE, and is expected to be completed by September 2022.
The replica will look 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 will be used for construction where possible.
When completed, the mosque will be large enough to 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 will also host a UAE-sponsored Islamic centre for teaching Indonesian clerics the importance of religious moderation.
A relationship of mutual respect
Last year, Sheikh Mohamed called for 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 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, the Founding Father, 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 January 2020, when he was welcomed by Sheikh Mohamed.
During his trip, the UAE pledged to invest about $23 billion in Indonesia – through a sovereign wealth fund designed to finance infrastructure and energy projects – including in the country's new capital in East Kalimantan on the island of Borneo.
Mr Al Dhaheri said: "The UAE and Indonesia have close ties in the fields of politics, economics, health, agriculture, education and religion, and the construction of the Sheikh Zayed Grand Mosque will only further the depth of these ties."
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Mohammed bin Zayed Majlis
One in nine do not have enough to eat
Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.
One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.
The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.
Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.
It is currently estimated that one in nine people globally do not have enough to eat.
On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.
Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.
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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GAC GS8 Specs
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