Manchester City's Etihad Stadium has hosted hundreds of people for an open iftar for worshippers to break their fast.
Attendees filled the suites overlooking the pitch to enjoy an iftar together.
The event was organised by the Ramadan Tent Project which hosts Open iftar gatherings across Britain.
The Etihad is one of several football stadiums chosen to host the events this Ramadan, others include Brentford's Gtech Community Stadium, Blackburn's Ewood Park, AFC Wimbledon's Cherry Red Records Stadium and West Brom's The Hawthorns.
Events are also being held at the Tate Modern, Windsor Castle, Principality Stadium, Cardiff, V & A Dundee, King’s Cross train station, the British Library and Battersea Power Station.
Omar Salha, Founder and chief executive of Ramadan Tent Project, said all events are open to people of all faith backgrounds.
“For over a decade Ramadan Tent Project has connected and convened over a million people from all backgrounds through its annual Ramadan Festival and flagship initiative Open iftar,” he said.
“This year’s theme, ‘Heritage: Past, Present and Future’, aims to fulfil a deep understanding and appreciation of our shared cultural heritage in Britain.
“The month of Ramadan is an embodiment of the rich Islamic culture, tradition and heritage that is observed by millions across the globe as a journey of self-reflection, spiritual sustenance, and mindfulness.
“We are delighted to mark this blessed month and present our Ramadan Festival and series of landmark Open iftar events highlighting the remarkable contributions and legacy the Muslim world has made to British culture and way of life across the centuries, underpinning the interconnectedness of our societies and communities.”
Since 2013, Open iftar has connected more than a million people across the country at some of Britain’s most iconic cultural spaces, from the Royal Albert Hall, Wembley Stadium to Trafalgar Square.
Tufail Hussain, Director of Islamic Relief UK, is part of the project.
“We are once again delighted to be joining hands with the Ramadan Tent Project this year,” he said.
“Coming together with the local community and sharing a meal after a day of fasting will be very special. The open iftar is welcome to everyone and will take place at iconic venues. A diverse community coming together and strengthening relationships is the true spirit of the holy month.
“Islamic Relief is known for its work across the world but over the last few years has been reaching out more to families in the UK, especially with the cost-of-living crisis. A strong community working together and looking out for its neighbours is crucial, especially for those who are struggling to put food on the table.”
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.”
