Dubai hosts interfaith iftar for hundreds at Expo City

More than 1,000 people of different faiths gathered in Dubai for a special iftar meal at Al Wasl Plaza at Expo City Dubai on Sunday.

Faith leaders, Muslim scholars, Emirati officials and officials from diplomatic bodies in the UAE, also attended the event.

Dubai’s Islamic Affairs and Charitable Activities Department organised the second annual ‘Dubai Iftar’ on Sunday, showcasing the city's spirit of religious tolerance and communal harmony.

Dr Hamad Al Shaibani, director general of IACAD, said the initiative was being held following last year’s successful iftar event which was attended by more than 500 people at Expo City Dubai.

“We decided to hold the group iftar on the second Sunday of every Ramadan. We are happy to host all the heads of various religions and people of different faiths at one table,” said Dr Al Shaibani.

“It will represent the principle of moderation, wisdom, rejection of racism, tolerance and acceptance of others.”

The event started after the firing of Dubai Police’s Ramadan cannon in front of Al Wasl Plaza.

Representatives of Sikh, Bohra, Hindu, Buddhist and Jewish faiths, as well as Coptic Church and the Jaafari Waqf heads attended the iftar reception.

“I’m in the UAE for 22 years. This country has a big message to the world on how people can live without discrimination," said Fr Marcos Estefanous of the Coptic Orthodox Church in Oud Metha.

"More than 200 nationalities living on this land with peace and love without problems.

“It is a pleasant day and a message to the world as all of us sit at one table having iftar meals. Despite our differences, we all love and accept each other unconditionally. We are all brothers in humanity.

“I’m happy to be here and was waiting for this gathering after the gathering last year.”

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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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