People perform prayer as they perform social distancing near Kaaba in the Grand Mosque during the holy month of Ramadan, following the outbreak of the coronavirus disease (COVID-19), in the holy city of Mecca, Saudi Arabia. REUTERS
Tunisian cooks pose for a photo after preparing meals for the underprivileged at the Dar Slah restaurant in the medina of Tunis, Tunisia. EPA
Syrian Muslim clergymen call for evening prayers at the Umayyad Mosque, the most ancient mosque in the old city of Damascus, Syria. EPA
A Palestinian girl and her sibling shop for candy in the old city of the West Bank town of Hebron, during Muslim holy month of Ramadan. AFP
Dar Al Ber Iftar meals are handed out as part of their charity work at labour camps in Al Qouz 1. Keeping a watchfull eye is Dubai Police officers from the Bur Dubai Police Station monitoring body temperature with the new thermal helmet camera. Antonie Robertson/The National
Dar Al Ber Iftar meals are handed out as part of their charity work at labour camps in Al Qouz 1. Keeping a watchfull eye is Dubai Police officers from the Bur Dubai Police Station monitoring body temperature with the new thermal helmet camera. Antonie Robertson/The National
Dar Al Ber Iftar meals are handed out as part of their charity work at labour camps in Al Qouz 1. Keeping a watchfull eye is Dubai Police officers from the Bur Dubai Police Station monitoring body temperature with the new thermal helmet camera. Antonie Robertson/The National
Alchemy speciality coffeeshop on Al Wasl road. The regulations were loosened for all emirates on Friday – the first day of Ramadan. Restaurants both inside and outside of malls are open, but they can admit no more than 30 per cent of capacity and tables should be spaced two metres apart. Reem Mohammed/The National
Palestinian children play outside a mosque closed as part of measures to stop the spread of the coronavirus during a Ramadan day in Gaza City. AP Photo
A Palestinian man reads the Koran during the holy month of Ramadan in Gaza City during the COVID-19 coronavirus pandemic. AFP
Iraqis shop for food during the holy month of Ramadan at market in western Baghdad, Iraq. EPA
General view of the Umayyad Mosque, the most ancient mosque in the old city of Damascus, Syria. EPA
The shadow of a girl receiving a meal for iftar, or the evening meal, to break fast from a member of "Tkiyet Um Ali" humanitarian services center is cast on a wall in front of her family home in the city of Russeifa, during the holy fasting month of Ramadan, amid concerns over the spread of coronavirus disease (COVID-19), in Jordan. REUTERS
Staff members of "Tkiyet Um Ali" humanitarian services center distribute meals for iftar, or the evening meals, to the homes of poor families for their break fast in the city of Russeifa, during the holy fasting month of Ramadan, amid concerns over the spread of coronavirus disease (COVID-19), in Jordan. REUTERS
Al-Masharty Moustafa, 60, beats a drum as he wakes residents to eat their pre-dawn Suhoor meals before beginning their fasting for the day during the Muslim Holy month of Ramadan, in Cairo, as Egypt ramps up efforts to slow the spread of the coronavirus disease (COVID-19). REUTERS
Al-Masharty Moustafa, 60, beats a drum as he wakes residents to eat their pre-dawn Suhoor meals before beginning their fasting for the day during the Muslim Holy month of Ramadan, in Cairo, as Egypt ramps up efforts to slow the spread of the coronavirus disease (COVID-19). REUTERS
Afghan boys receive free rations distributed by the provincial government during the Muslim holy month of Ramadan amid a lockdown due to the ongoing coronavirus and COVID-19 pandemic, in Jalalabad, Afghanistan EPA
Afghan boys receive free rations distributed by the provincial government during the Muslim holy month of Ramadan amid a lockdown due to the ongoing coronavirus and COVID-19 pandemic, in Jalalabad, Afghanistan. EPA
This year it was difficult to imagine what Ramadan would be like be like in lockdown, but we are already a week in.
At the closing of our first fast, our family sat around the dining table and connected to a Zoom video conference with relatives gathering from across four locations. We dubbed it BYOI: bring your own iftar.
The computer screen was filled with dining rooms that were almost as familiar as our own but felt far away. Everyone spoke and laughed at once. The children pulled funny faces. We talked about what everyone was eating and held the cameras of our devices over the food so that everyone could have a closer look.
Hajja Dalal, a 46-year-old "mesaharati," or dawn caller, wakes people up for a meal before sunrise in Cairo. AP
Muslim men attend a Friday prayer despite concerns of the new coronavirus outbreak, at a mosque in Lhokseumawe, Indonesia. AP
Niina Kaydee is isolating at home with children Amelia, 6, and Daniel, 3, in Sydney, Australia. Getty
Muslims break fast in the deserted Jama Masjid, usually packed with thousands of devotees during Ramadan, in New Delhi, India. AP
A Muslim wipes his face after performing ablution before prayer at Jama Masjid, New Delhi, India. AP
Muslim worshipers arrive for evening prayers after breaking their fast on the first day of Ramadan, in Rawalpindi, Pakistan. AP
Three women wait to receive Ramadan sweets at the Imam Ahmed Raza Jaame Masjid mosque in Springs, south west of Johannesburg. AP
Saif Al Mallah, an Iraqi artist and refugee in Paris, works on a pyrography artwork about his memories in Mosul, in his room in Paris, France. EPA
Amira Jamoussi and a colleague gesture during a break at the Abderrahmane Memmi hospital. Jamoussi is spending the Muslim holy month of Ramadan away from her family. AFP
Kone Adama prays at home with his family during the Muslim holy month of Ramadan amid the ongoing coronavirus COVID-19 pandemic in Abidjan, Ivory Coast. EPA
An elderly Kurdish man sits reading the Quran during Ramadan in the city of Qamishli in Syria's northeastern Hasakah province. AFP
Volunteers wear masks as they pack meals to be distributed for Iftar during the month of Ramadan at the Dar Al-Hijrah Islamic Center in Falls Church, Virginia. AFP
Turkish volunteers Goecen Muelayim, 55, (L) and Ural Hasan, 55, of the Iftar-to-go-food delivery service of a mosque, hand out meals in Wuppertal, Germany. Reuters
A migrant worker prays after breaking fast in the morning during Ramadan, at a dormitory in Singapore. Reuters
As the time arrived to break the fast, we offered prayers. Soon, our screens were all at once noisy with excitement, and then quiet as everyone focused on eating and drinking.
It was joyful to at least be able to see one another. But screens are not a substitute and the closeness of being together in person could not be replicated. This has been the hardest aspect of lockdown during Ramadan.
I am not the only one who feels this way. Being separated from parents and siblings who live only doors away is tough. Equally, many are craving the spiritual gatherings at mosques where congregation and prayer are the pillars of Ramadan.
Despite all of this, the mood thus far has been surprisingly positive. This is the first year that my young children have stayed up beyond their bedtime for iftar, which has been at around 8:30pm in London, where we live.
With no pressure to wake up for school and no commute to factor in, they can sleep in later in the mornings. They are being home-schooled and my husband and I are working from home. Those few extra hours in the morning have made all the difference.
In fact, the pressure feels off all around, and that is the biggest change in routine for me in my lockdown bubble. There is no stress to dress up for iftars, no burden to put on a big feast, no need to decorate the house to the nines – we still have though, because the children love balloons and lanterns.
Volunteers in Dubai prepare iftar meals for blue-collar workers during Ramadan, on April 28, 2020. AFP
While the togetherness of Ramadan – which is what anchors big meals, mosque gatherings and socialising – is missing, there is a new kind of togetherness, one with the immediate family. We have more time as a family. My husband and I have more time together.
It has been a relaxing Ramadan in our community too. While for us the children require non-stop entertainment and activities, others in our social circle who don’t have children are taking afternoon naps to keep up their energy levels.
There has been a flourish of online and live streaming. Some local mosques broadcast from afternoon until late evening, practically creating television channels overnight. We have watched everything from sermons and deep Quranic interpretations to cartoons, cooking shows and advice on how to stay healthy while fasting.
Perhaps the most profound and positive difference this year has been the opportunity for greater self-reflection. It is always a benefit of Ramadan, but more so this year. With commuting and socialising gone from our schedules, there is that much more time to introspect.
Ramadan, however, has always been about thinking of others, and it is hard not to think about how much our experiences are based on privilege. We are not essential workers. Many in dire financial need are not only bearing the full brunt of lockdown, but are also fasting everyday and going out to work.
It has been heartening to see charities delivering iftar packages to the needy. Many volunteers are stepping up even from the safety of their homes to offer help in a digital capacity, or at least by donating to causes that aid the most vulnerable.
The opportunity for greater self-reflection is always a benefit of Ramadan, but more so this year
In the UK in particular, the number of deaths of Muslims and those of black, Asian and minority ethnic backgrounds is disproportionately high. In this first week of Ramadan, there have been calls for an enquiry into why this is the case.
It is heartbreaking that my social media feeds are a roll call of obituaries of the family members of Muslims that I know, including Muslim healthcare professionals. Despite the positive sides of Ramadan in lockdown, there is a constant sense of pain.
While Ramadan is always transformative, putting the daily grind on pause and transporting us away from life's struggles, this year’s Ramadan has so far been a time to escape from pressure and to build spiritual as well as immediate family bonds.
There is always a sense of eager trepidation in preparing for Ramadan, and with lockdown that sense was heightened. But at the end of the first week, we have ahead of us a once-in-a-lifetime chance to transform ourselves.
Shelina Janmohamed is the author of Love in a Headscarf and Generation M: Young Muslims Changing the World
Would I ever find you again
You, the heaven of my love, my yearning and madness;
You, the kiss to my soul, my cheer and
sadness?
Would your lights ever break the night of my eyes again?
Would I ever find you again?
This world is volume and you're the notion,
This world is night and you're the lifetime,
This world is eyes and you're the vision,
This world is sky and you're the moon time,
Have mercy on the heart that belongs to you.
Lyrics: Al Hadi Adam; Composer: Mohammed Abdel Wahab
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
Winner: Al Tiryaq, Dane O’Neill (jockey), Abdullah Al Hammadi (trainer).
5.30pm: Al Zahra Handicap (rated 0-45) Dh 80,000 1,400m:
Winner: Fahadd, Richard Mullen, Ahmed Al Mehairbi.
6pm: Al Ras Al Akhdar Maiden Dh80,000 1,600m.
Winner: Jaahiz, Jesus Rosales, Eric Lemartinel.
6.30pm: Al Reem Island Handicap Dh90,000 1,600m.
Winner: AF Al Jahed, Antonio Fresu, Ernst Oertel.
7pm: Al Khubairah Handicap (TB) 100,000 2,200m.
Winner: Empoli, Pat Dobbs, Doug Watson.
7.30pm: Wathba Stallions Cup Handicap Dh80,000 2,200m.
Winner: Shivan OA, Patrick Cosgrave, Helal Al Alawi.
How Tesla’s price correction has hit fund managers
Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.
It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.
The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.
Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.
Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.
He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.
AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”
A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.
Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.
Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.
Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.
By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.
Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.
In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”
Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.
She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.
Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.
If you go
Flight connections to Ulaanbaatar are available through a variety of hubs, including Seoul and Beijing, with airlines including Mongolian Airlines and Korean Air. While some nationalities, such as Americans, don’t need a tourist visa for Mongolia, others, including UAE citizens, can obtain a visa on arrival, while others including UK citizens, need to obtain a visa in advance. Contact the Mongolian Embassy in the UAE for more information.
Nomadic Road offers expedition-style trips to Mongolia in January and August, and other destinations during most other months. Its nine-day August 2020 Mongolia trip will cost from $5,250 per person based on two sharing, including airport transfers, two nights’ hotel accommodation in Ulaanbaatar, vehicle rental, fuel, third party vehicle liability insurance, the services of a guide and support team, accommodation, food and entrance fees; nomadicroad.com
A fully guided three-day, two-night itinerary at Three Camel Lodge costs from $2,420 per person based on two sharing, including airport transfers, accommodation, meals and excursions including the Yol Valley and Flaming Cliffs. A return internal flight from Ulaanbaatar to Dalanzadgad costs $300 per person and the flight takes 90 minutes each way; threecamellodge.com
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
