Ramadan cannons will mark the time of iftar during the holy month from locations in Abu Dhabi, Al Ain, Al Dhafra, Ras Al Khaimah, and Umm Al Quwain.
The cannons, known as midfa al iftar, are typically fired at sunset to signal the end of the day's fasting.
“During the holy month, cannons will be in place to maintain the traditional customs and practices of Ramadan while embracing modernity,” said the Ministry of Defence.
In Abu Dhabi, the cannons have been placed at locations including the Sheikh Zayed Grand Mosque, Qasr Al Hosn, Mother of the Nation Park, and Formula One car park in the Al Shahama area.
In Al Ain, they have been set up near the wedding hall in the Zahker area and at Al Jahili Fort, while in Ras Al Khaimah, the cannons are positioned at the Al Qawasim Corniche and at Sheikh Zayed Mosque in Umm Al Quwain.
Dubai Police will place their Ramadan cannons at several locations, including the Expo City Dubai for the first time.
Last year, there were five fixed positions in Dubai, and police also had 11 cannons that were moved between locations.
Cannons became a Ramadan tradition in the UAE in the 1960s.
According to protocol, four officers should be present at each firing. Two officers man the cannon, one passes a blank cartridge and the other loads it.
Two officers will serve as guardians of the cannon and give orders.
When it is time for iftar, the order is given and the cannon is fired. The shots can be heard from several kilometres away.
Cannons mark the end of Ramadan in 2022 — in pictures
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A cannon is fired on the final day of Ramadan 2022 at Abu Dhabi’s oldest building, Qasr Al Hosn, to signal prayers and the breaking of the day’s fast. Victor Besa / The National -
Dubai Police's iftar cannons, which fire a single shot at sunset every day during Ramadan, operated from 11 locations during the holy month, including Burj Park. Chris Whiteoak / The National -
A Dubai Police officer fires a cannon at Burj Park. Officers fire two rounds to announce the beginning and end of Ramadan. Chris Whiteoak / The National -
A police officer loads a cannon on the final day of Ramadan in Burj Park. Chris Whiteoak / The National -
Cannons, which can be heard as far as 10 kilometres away, have been a tradition in UAE since the 1960s. Satish Kumar / The National -
According to protocol, four police officers are present at each firing. Two man the cannon, where one passes a blank cartridge and the other loads it, as is happening here at Burj Park. Chris Whiteoak / The National -
Two police officers remain at the back as guardians of the cannon and give orders. When it is time for iftar, an officer gives the order and the cannon is fired. Chris Whiteoak / The National -
The Burj Park cannon provided a perfect photo opportunity for residents and tourists alike. Chris Whiteoak / The National -
People gather at the cannon in Burj Park. Chris Whiteoak / The National
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- 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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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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