A man looks for the first crescent moon in the Saudi city of Taif, in April 2022. AFP
A man looks for the first crescent moon in the Saudi city of Taif, in April 2022. AFP
A man looks for the first crescent moon in the Saudi city of Taif, in April 2022. AFP
A man looks for the first crescent moon in the Saudi city of Taif, in April 2022. AFP

Saudi Arabia announces Ramadan 2023 to begin on Thursday


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Ramadan 2023 will start on Thursday, Saudi Arabia's state media has announced.

Observers were unable to spot the new moon on Tuesday, the sighting committee reported, meaning the holy month will not commence until Thursday.

Wednesday will be the last day of the month of Shabaan, which precedes Ramadan, the Supreme Court later confirmed in a statement.

Ramadan is the ninth and holiest month of the Islamic — or Hijri — calendar. It is also believed to be the month the Quran was revealed to the Prophet Mohammed.

It is observed by more than 1.9 billion Muslims worldwide.

Observing Ramadan is one of the five holy pillars of Islam and is mandatory for all Muslims in good health.

The Muslim world typically looks to Saudi Arabia to determine the start of Ramadan and other religious holidays, although each country has their own sighting committee.

The kingdom's supreme court called on people to look for the crescent moon on Tuesday, requesting observers to report any sighting to the nearest court.

The UAE's moon-sighting committee also searched the skies, meeting in Abu Dhabi after the maghrib prayer.

Officials announced Ramadan would begin on Thursday after meeting at the judicial department, where reported sightings from across the country are collated.

Several other countries followed suit, including Qatar, Bahrain, Tunisia and Iraq.

It is the first Ramadan in three years without any Covid-19 restrictions in the UAE, after an indoor mask mandate was dropped in September.

This year, much of the region will be fasting for almost 14 hours a day.

Saudi officials have said they expect as many as three million pilgrims to visit the Two Holy Mosques in Makkah and Madinah during Ramadan.

Communal iftars and long prayers will resume for the first time since the pandemic.

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Tank warfare

Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks. 

“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.

“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”

MATCH INFO

Liverpool 2 (Van Dijk 18', 24')

Brighton 1 (Dunk 79')

Red card: Alisson (Liverpool)

Gifts exchanged
  • King Charles - replica of President Eisenhower Sword
  • Queen Camilla -  Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
  • Donald Trump - hand-bound leather book with Declaration of Independence
  • Melania Trump - personalised Anya Hindmarch handbag

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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The specs

Engine: 4.0-litre V8

Power: 503hp at 6,000rpm

Torque: 685Nm at 2,000rpm

Transmission: 8-speed auto

Price: from Dh850,000

On sale: now

UAE currency: the story behind the money in your pockets
Updated: March 22, 2023, 6:37 AM