In a quiet neighbourhood in the Al Nekhailat area of Sharjah stands a mosque that serves as a symbol of the devotion and generosity of Emirati people.
It was built when Ali Al Shaali, now 71 and retired, donated about Dh600,000 ($163,370) towards construction after the municipality had allocated land.
“We submitted a request to the municipality back in the early 1980s asking for a land plot because we needed a mosque in the area,” Mr Al Shaali told The National.
Despite the significant amount of money he put in, Mr Al Shaali said it was a deed he would never regret because it was an act of faith and devotion to Allah.
It wasn’t just me, my entire family was happy to do so and none of them objected to paying such an amount for the mosque
Ali Al Shaali
"I wanted to do something that would benefit the community and bring people closer to Allah,” said Mr Al Shaali, who was in his 30s at the time and worked for Sharjah Police.
“It wasn’t just me, my entire family was happy to do so and none of them objected to paying such an amount for the mosque."
The mosque opened in 1984 and in 1988 was renamed after Martyr Mohamed Ali Al Attar who sacrificed his life for the country.
Surrounded by lush greenery, the serene place of worship, which covers 3,875 square feet, can accommodate up to 1,000 people.
With a spacious area in front of its gate, another 200 worshippers can pray at the mosque.
Mohammed Saleem, 35, from Pakistan who has been the mosque’s imam for the past nine years, said Ramadan brought not only an increase in the number of worshippers but also a boost in their commitment.
“More people come to the mosque during Ramadan to perform all five prayers and after iftar, they spend hours in taraweeh prayers reading the Quran,” he said.
"Ramadan is a time of spiritual renewal when we increase our good deeds with the people around us and focus on our relationship with Allah.”
He said the mosque's spacious prayer hall fills up with worshippers during taraweeh prayers and the recitation of the Quran can be heard echoing throughout the building.
It is not unusual for Emiratis to pay for the construction of mosques in their own neighbourhoods or other areas.
Many people or families donate money to fund the building or renovation of mosques and sometimes they are named after them or their loved ones.
“My father, God have mercy on his soul, and I donated to build a mosque in the Al Riqa suburb in Sharjah shortly before I paid to build this mosque.”
“It's a deeply rooted tradition in the Emirati culture and reflects the importance of religion and community values,” said Mr Al Shaali.
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Secret Nation: The Hidden Armenians of Turkey
Avedis Hadjian, (IB Tauris)
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.”
How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.