Ramadan will begin in the UAE on Thursday, authorities have announced.
The Moon-sighting committee met at the Abu Dhabi Judicial Department after maghrib (sunset) prayers on Tuesday and announced it could not yet see a new crescent moon, meaning Ramadan would begin on Thursday, state news agency Wam reported.
Saudi Arabia had earlier declared Ramadan would commence on Thursday after its sighting committee was unable to see the new moon on Tuesday.
The holiest month of the year in Islam, Ramadan is observed by more than 1.9 billion Muslims. It is said to be the month the Quran was revealed to Prophet Mohammed.
During the month, which lasts either 29 or 30 days, Muslims fast from sunrise to sunset.
Fasting during the holy month is one of the five pillars of Islam and is mandatory for all Muslims who are in good health.
The start of Ramadan is determined by each country's Moon-sighting committee.
In the UAE, Moon-sighting attempts are held nationwide but not all manage to see the crescent.
The committee makes the final decision at Abu Dhabi Judicial Department after collecting all the reports from across the country.
Eid Al Fitr and the first of Shawwal — the 10th month in the Islamic calendar — is expected to be on either April 21 or 22, but will be confirmed closer to the time.
Ramadan preparations around the world — in pictures
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A worker cleans part of the Baiturrahman Grand Mosque ahead of Ramadan, in Banda Aceh, Indonesia. AFP -

Ramadan lights lit up at Piccadilly Circus in central London for the first time. Reuters -

A vendor prepares khajla deep-fried pastry in Karachi, ahead of the holy month. EPA -

Palestinians add the final touches to a crescent moon and star decoration in preparation for Ramadan, just outside Jerusalem's Old City. AP -

A member of the Saudi security forces stands on duty at an entrance to the Grand Mosque of Makkah ahead of Ramadan, with the holy city's Clock Tower in the background. AFP -

A man carries a traditional lantern at Sayyeda Zeinab Ramadan market in Cairo, before the start of the holy month. AFP -

Palestinian artisan Maan Al Muhtaseb makes traditional lanterns and decorations ahead of Ramadan in Hebron city in the occupied West Bank. AFP -

Visiting graves at a Covid-19 cemetery in Depok, Indonesia. The practice is one of the traditions carried out by Muslims before Ramadan in the South-east Asian country. EPA -

An Egyptian family out shopping for traditional decorative Ramadan lanterns, called Fanous, in the Sayyidah Zaynab district in Cairo. Reuters -

Palestinian workers sort and pack dates at a factory in preparation for the holy month in Khan Yunis in the southern Gaza Strip. AFP -

A torch parade to welcome the holy month that will start around March 23, in Medan, North Sumatra, Indonesia. AFP -

A Ramadan lantern is hung on a wall painted in vivid colours in the Zeitun district of Gaza city. AFP -

An Egyptian buys a Ramadan lantern at a workshop in Cairo. EPA -

Street decorations for the holy month of Ramadan in Giza, Egypt. EPA -

Architect Shahed Saleem in the Ramadan Pavilion at the Victoria and Albert Museum in London, on show until May 1. PA -

Palestinian artisan Reham Shurab makes traditional 'fanous' lanterns at her home workshop in the Gaza Strip. AFP -

Workers sew women's prayer clothes called Mukenah at the Siti Khadijah clothing factory in Depok, Indonesia. EPA -

Shoppers buy fresh produce at the Sidi Moussa market in Morocco's Atlantic coastal city of Sale. AFP
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GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
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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.”
War on waste
Blue%20Beetle
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5

