The Sheikh Zayed Grand Mosque Centre has been distributing 30,000 iftar meals every day at 10 worker accommodations across Abu Dhabi since Ramadan began.
Meals are prepared at Erth Abu Dhabi hotel, close to the mosque.
Before the pandemic hit, the mosque grounds would be full of people from all walks of life on a Ramadan evening. But that has changed in the past couple of years as the mosque has been delivering meals to workers' accommodations.
The 9,000 square-metre kitchen at Erth Abu Dhabi hotel is where all the action happens. Since 2004, it has served more than 15 million iftar meals. This year, the centre cooks more than 30,000 iftar meals every day and delivers them to different locations across Abu Dhabi.
The planning started two months before the holy month.
“We do the tasting and decide the menu. We agree on how the food should be presented and what kind of spices we could add,” said Aztaj Eddoukani, senior director of culinary operations at Erth Abu Dhabi.
“We talk to our suppliers and make sure they have the right and enough ingredients for the entire month.”
On the day The National visited, the kitchen was preparing marinated roasted chicken, biryani rice, vegetable salona (stew), and salad.
More than 425 staff members, including chefs, stewards and drivers, raced against time to deliver 30,000 meals before sunset.
The preparation starts at 5am. The chefs cook 15,000kg of chicken, 4,000kg of rice, 6,000kg of vegetables and 230kg of spices.
“We have different sections in the kitchen. One is for cutting and preparing vegetables for salad and salona,” Mr Eddoukani said.
“We also have a hot kitchen where we prepare spices and cook rice. We have about 14 ovens where we can put 500 portions of chicken at a time. We usually prepare 850 portions of chicken in an hour.”
Around noon, the meals are put inside warming cabinets at 80°C until they are ready for distribution.
The boxes are then loaded onto 13 trucks that set out in different directions. The staff hand out the meal boxes to workers living in 10 locations, including Mafraq, Hameem and Al Raha Village.
“For locations that are far from us such as Hameem, we transport the meals in hot cabinets and package them after reaching the workers' accommodation. This is done so that the meals are hot when served,” Mr Eddoukani said.
“We serve people of all faiths and backgrounds. Non-Muslims can receive the boxes way before iftar time.”
When the call to prayer is heard, they end their fast at their residences, away from gatherings.
This year, the mosque has resumed welcoming worshippers for Taraweeh and Tahajjud prayers, after the National Crisis and Emergency Management Authority relaxed Covid-19 rules during the holy month.
A dedicated task force works round the clock to ensure the mosque is ready for worshippers.
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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.”
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
The specs
- Engine: 3.9-litre twin-turbo V8
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Results
Stage three:
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2. Filippo Ganna (ITA) Ineos Grenadiers, at 7s
3. Tom Dumoulin (NED) Jumbo-Visma, at 14s
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Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
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All or Nothing
Amazon Prime
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BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
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