Sheikh Hamad bin Mohammed Al Sharqi, Ruler of Fujairah, leads Eid prayers at Sheikh Zayed Mosque. Wam
Sheikh Hamad bin Mohammed Al Sharqi, Ruler of Fujairah, leads Eid prayers at Sheikh Zayed Mosque. Wam
Sheikh Hamad bin Mohammed Al Sharqi, Ruler of Fujairah, leads Eid prayers at Sheikh Zayed Mosque. Wam
Sheikh Hamad bin Mohammed Al Sharqi, Ruler of Fujairah, leads Eid prayers at Sheikh Zayed Mosque. Wam

Play, celebration and return to normal service


  • English
  • Arabic

FUJAIRAH // Lunch was back on the menu in Fujairah malls as adults enjoyed getting back into their eating routines and children went wild at indoor amusement centres.

People visiting the Lulu Mall in Fujairah city were happy to see children playing during the Eid holiday as outside the sun sizzled.

“Kids enjoy Eid more than anyone and they spend it at amusement centres playing and having quality time together,” said Dana Khalil, a 34-year-old Lebanese mother of three.

“As expats we don’t have families here so we try to have fun with the kids and enjoy a delicious meal at the restaurant.”

Another mall visitor was delighted to tell of how he and his family spent the first hours of Eid.

“We woke up early to attend Eid prayers,” said Ibrahim Al Danhani, 38.

“I took my four-year-old and seven-year-old boys and went to the mosque.

“After prayers we went back home and started receiving Eid greetings from relatives and we went to offer them greetings as well. When lunchtime came, we headed to the mall.”

His wife said that last year they invited all their family over for Eid lunch but this year they decided to go out.

“It doesn’t matter where you eat and what, being together as one family is essential and part of the Eid tradition,” said Umm Ali, 33.

“The kids enjoy playing at the playground and meeting with other friends from school and sometimes neighbours – it’s the Eid spirit.”

Their son Ali, 7, said that he had been anticipating Eid since Ramadan began.

“Ramadan was nice but Eid is different; we get to do anything we want during Eid and we don’t sit at home too much,” he said. I wish that they keep Eid for longer, and especially the Eidyah.”

Eidyah is the money children receive as gifts at Eid.

Even those working in the malls were excited to be serving people in a festive environment.

“People started to come to the mall in the morning,” said Radwan Sandoqa, 27, a Moroccan who works at a beauty shop in Lulu Mall. “Some of them were still preparing for Eid while others came to shop after receiving their Eidyah.

“We were busy the past few days and expect people to come in high numbers today and during the upcoming days. We are ready and prepared.”

rhaza@thenational.ae

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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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How to report a beggar

Abu Dhabi – Call 999 or 8002626 (Aman Service)

Dubai – Call 800243

Sharjah – Call 065632222

Ras Al Khaimah - Call 072053372

Ajman – Call 067401616

Umm Al Quwain – Call 999

Fujairah - Call 092051100 or 092224411

In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

The bio

Date of Birth: April 25, 1993
Place of Birth: Dubai, UAE
Marital Status: Single
School: Al Sufouh in Jumeirah, Dubai
University: Emirates Airline National Cadet Programme and Hamdan University
Job Title: Pilot, First Officer
Number of hours flying in a Boeing 777: 1,200
Number of flights: Approximately 300
Hobbies: Exercising
Nicest destination: Milan, New Zealand, Seattle for shopping
Least nice destination: Kabul, but someone has to do it. It’s not scary but at least you can tick the box that you’ve been
Favourite place to visit: Dubai, there’s no place like home

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