The first iftar of 2023 was an opportunity for many families to catch up.
Parents recounted memories of how people ended daily fasts when they were young, as they introduced children to traditions passed down through generations.
For as long as she can remember, Abu Dhabi resident Layali Al Junibi, 30, has spent the first Ramadan iftar with close relatives at her grandfather’s home in the UAE capital.
Thursday was no exception as four generations of the Emirati family gathered, all bringing special meals to share with more than 25 people around the family table.
It is a time for us to catch up with each other
Layali Al Junibi,
Emirati mother
“It was a full house and it’s always been at my grandfather’s house,” said Ms Al Junibi, the mother of four boys aged between 13 and five.
“On the first day of Ramadan we must all come together. You can spend the second day at home but the first must be with the extended family."
Meeting your family during Ramadan is not like normal days, she said.
"We can stay up late, find out how each person is doing and what is happening in everyone’s lives. It is a time for us to catch up with each other.”
Her seven-year-old son Theyab enjoys baking cakes so they took a special biscuit and cream creation that she helped him prepare, to add to the table filled with Ramadan delicacies.
Harees, a popular traditional porridge-like dish prepared by cooking wheat for several hours with meat added, is a must for iftar.
Another dish she remembers from childhood is thereed ― slow-cooked stew with chicken and roasted vegetables served on top of a traditional Emirati bread ― and a key part of a Ramadan meal.
The first iftar on Thursday evening mainly took place outdoors with people enjoying the cool evening weather the UAE is experiencing.
Several families have put up tents where extended family, friends and neighbours will be invited for Ramadan meals later in the week.
Family bonding time
For Amna Al Obeidli, a 33-year-old Emirati, the first iftar was about sharing the significance of prayers with her young children aged eight, six and three.
Connecting with her children, as she and her husband answer their questions while sharing a Ramadan meal is key to the start of the holy month.
“The first Ramadan is with the immediate family, my husband, the kids and I. The first day is very important because it’s the only time in the day all of us meet together,” said Ms Al Obeidli who works in the health services sector.
“You can see the bonding around the table, the children know we are available and they ask us all sorts of questions.
“They want to know about fasting, why it’s done in this month and about suhoor [meal eaten before dawn].
“We explain more about the times that we pray, why we pray and how we do this for Allah.”
The children were also busy preparing greeting cards to give to cousins, aunts and uncles who they would meet during the holy month’s second iftar on Friday. More than 30 relatives will gather in Abu Dhabi, Ms Al Obeidli said.
Ramadan this year is even more special as the anxiety of Covid-19 no longer lingers.
“During Covid, we could not go outside,” she said.
“Now the children go out before iftar to buy laban with their father.
“There are so many rituals the children are used to that we could not do in previous years.
“Everybody is happy to go back to how it was before Covid.”
A '24-carat pure gold' life
Indian expatriate Fajila Azad has twin reasons to give thanks this Ramadan.
The freelance writer received a golden visa for her work as an author of self-help books in the Tamil-language.
“This Ramadan is a beautiful time for me as I got the golden visa and my new book is out and is being translated into English,” said the writer of a motivational book, 24-carat life.
“I shared the news with my family during iftar. My book is about living a life that is pure gold, without regret.
“It was a joy to greet everyone after a long time because everyone is busy with their own lives.”
About 50 relatives gathered in the garden of a cousin’s home in Dubai to feast on ouzi, well-marinated goat meat flavoured with spices, eggs and nuts, the main iftar meal.
Ms Azad has lived in the UAE for more than 30 years and the past three years have been tough due to the fear of the spread of infections during the coronavirus pandemic.
“This is the most welcome Ramadan because there is hope we can now celebrate like we used to,” she said.
“There is no mind-block anymore about Covid.
“Meeting for iftar is good for the mind because you need to pray, share food and meet your friends and family to stay content with life.”
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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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Keep it fun and engaging
Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.
“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.
His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.
He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.
