Mother's Day is an event celebrated in many countries throughout the world in honour of mums. Although not an official holiday, some countries celebrate it on the same day every year, but in other places, the date changes on an annual basis.
Several countries around the world, including the US and India, are celebrating the occasion this weekend on May 11, the second Sunday in May.
However, in the UAE, for instance, the occasion has already passed, it was March 21, and in the UK, Ireland and Nigeria, it was celebrated on March 30.
When is Mother's Day around the world?
The reason that Mother's Day is celebrated at different times of the year dates back to the origins of the day in each country.
The first traces of Mother's Day can be found in Greek mythology when goddess Rhea, the mother of Zeus, was honoured in spring. In the Middle East, most countries celebrate the day on March 21 – which is the spring equinox.
This includes the UAE, as well as Bahrain, Egypt, Iraq, Jordan, Kuwait, Lebanon, Oman, Palestine, Qatar, Saudi Arabia, Syria and Yemen.
The tradition of “Mothering Sunday”, as we know it today, can be traced to an early Christian festival of the same name. Celebrated on the fourth Sunday during Lent, it was initially intended as a date to encourage people to return to their local or “mother” church for a special annual service.
Over the centuries, the meaning evolved to incorporate the celebration of family, specifically mothers, and although the religious aspect was largely lost, by the 17th century, it had become customary to give mothers gifts on this day.
This tradition of celebrating mums on the fourth Sunday during Lent has remained in the UK and Ireland. And while the date changes each year, this year, Mother’s Day was celebrated on March 30.
In the US, the occasion is a modern holiday that began in 1914. Many countries around the world follow the US by celebrating the occasion on the second Sunday of May. This includes India, New Zealand, Australia and Sri Lanka.
In the Philippines, Mother's Day was traditionally celebrated on the first Monday in December. But for the past few decades, Filipinos typically celebrate the occasion on the second Sunday in May, following the US custom.
There are a number of countries that celebrate Mother's Day with their own unique days. In Thailand, Mother's Day is marked on August 12, the birthday of Queen Mother Sirikit, the mother of King Vajiralongkorn, the current king, who is also known as Rama X.
In Indonesia, Mother's Day celebrations take place on December 22 and all women are celebrated, not just mums.
French Mother's Day is celebrated in May, but on the last Sunday of the month rather than the second. This year, France will celebrate it on May 25.
In Argentina, mums are celebrated on the third Sunday of October, which was the old date for the celebration of the Virgin Mary. That feast was moved to January by the Second Vatican Council, but Mother's Day in October remains the norm across the country.
Russia only began celebrating Mother's Day in the 1940s and marks the day on the last Sunday in November.
A version of this story was first published in March 2024
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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Player Career Award: Miralem Pjanic and Ryan Giggs
