New outfit for Eid is sign of fresh beginnings



As Eid approaches every year, I look forward to two things: Eid clothes and my Eideya. It is common practice for Muslims to buy new clothes for Eid, as it is a sunnah, or tradition, of the Prophet Mohammed to wear something new during the holy feast. However, many people grow out of the habit and simply wear anything chic from their wardrobe instead of buying something new. In my case, it was the opposite. When I was young, my mother always bought me two or three outfits for Eid.

But I rarely waited until the end of Ramadan to show off the new outfits, as my mum would make me wear them to formal occasions during the holy month. I didn't mind. But when I turned 18 I realised I was missing out on the fun of the rush before Eid. It hit me while I was shopping on the last day of Ramadan with a friend from university. We moved slowly as a wave of people carried us from store to store, everyone eager to buy something for themselves or loved ones, the rush of buying something new obscured only by the rush of the festivities that were now only hours away.

We bumped into strangers, all seeking to land that last garment that is just right for our size. The scenes reminded me of those I had seen on TV of last-minute Christmas shoppers. That's when I decided that I wanted to repeat that scene every year and shop for new Eid clothes on the last two days of Ramadan. Shopping with a crowd gave me the ultimate Eid spirit, which is all about collectiveness and doing things in groups.

Another essential element for us, at least as unemployed children, was the Eideya - a stipend that our parents handed to us in fresh, crisp notes to spend as we pleased. There were no strings attached to the Eideya. We could save it all or spend it on ice cream and movies, sweets and fireworks. We spent it all. I'm looking forward to giving Eideya to my nephew, who at three months old is too young to waste it.

I don't want to give the impression that the whole process is materialistic. There is a joy in getting something new, but we also have a responsibility to involve others in the festivities. We should not leave the poor behind, but instead help them share by buying them new clothes and food, or by paying the zakat al fitr, an obligation on able Muslims, so that they are not left behind. The whole community must be a part of Eid. The new clothes are a sort of symbol - a freshness and a new beginning, after Ramadan, inshallah, washes our sins away.

The new clothes don't need to be flagrant or exquisite, but they help us celebrate. hdajani@thenational.ae

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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Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
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UAE v Gibraltar

What: International friendly

When: 7pm kick off

Where: Rugby Park, Dubai Sports City

Admission: Free

Online: The match will be broadcast live on Dubai Exiles’ Facebook page

UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)

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