A millennium of tradition conveyed by every new diploma


Justin Thomas
  • English
  • Arabic

Fatima and Mariam Al Fihri were born into a wealthy business family in 9th century Qayrawan, in what is now Tunisia. The family moved west and settled in the newly founded city of Fez, in modern Morocco.

On the death of their father, the two sisters used their large inheritance for major works of philanthropy. One of their projects, Al Qarawiyyin mosque, founded in 859AD, soon grew into a degree-granting university that many - including the Guinness Book of World Records - consider to be the oldest continuously operating university in the world. It predates by over 200 years the University of Bologna, Europe's oldest still-extant university, founded 1088.

I was fortunate enough to take a summer course at the Qarawiyyin, studying Arabic grammar from a textbook written more than 700 years ago by a resident scholar, Abdullah ibn Muhammad ibn Dau'd as-Sinhaji, known as Ibn Ajrum. It was an awe-inspiring experience.

During some lessons my mind would drift, naturally, to imagining the generations of students who had preceded me. There I sat, a student from England, more than 1,100 years after the institution began, benefiting from the generosity and foresight of Fatima and Mariam Al Fihri.

Many of the young women who lined up to receive degrees from Zayed University earlier this month were also named Fatima and Mariam. And although much has changed in the world of education since the founding of Al Qarawiyyin, much has remained the same.

The tradition of seeking knowledge and celebrating those who take up the challenge of acquiring it is both timeless and universal. So are the emotions family members express, as they watch their sons and daughters walk across the stage to receive their degrees.

My favourite aspect of any degree ceremony is when the master of ceremonies calls out a graduating student's name and a small group of family, friends and well-wishers spontaneously erupt in an irrepressible demonstration of pride, joy and love.

For me, the annual graduation ceremony, is made more remarkable when I consider the broader educational journey of the UAE and its GCC neighbours over the past few decades. The development of education, like many aspects of life in the GCC, has been breathtakingly rapid.

Education in the pre-oil era generally was characterised by limited opportunities, heavily reliant on the efforts of religious figures called the mutaawa, with a curriculum centred almost exclusively on Quranic studies. There were a few "secular" schools, generally established by wealthy merchants. But access to those institutions was limited.

In the 1960s Kuwait, with its nascent oil revenues, became a regional patron of education, assisting other Gulf nations to set up modern schools. This Kuwaiti initiative paid the salaries of the mostly Arab expatriate teachers charged with inculcating a Kuwaiti curriculum.

In spite of the this assistance, however, by the 1970s only a fraction of the Gulf's young men - and even fewer women - were receiving a modern education. In 1971, the literacy rates for men and women in the Gulf region were reportedly about 50 and 30 per cent, respectively.

In the early 1970s - and the 1980s in Oman - the first modern universities appeared. Four decades later we read of literacy rates of 89.1 per cent in Qatar, 85 per cent in Bahrain, 81.7 per cent in the UAE, 71 per cent in Saudi Arabia, and 67.2 per cent in Oman.

Furthermore, males and females across the GCC today are receiving secondary education at roughly equal rates. And at the postsecondary level, females outnumber males, making up 60 per cent of the student body. (However, this imbalance is arguably due, in part, to more young men travelling overseas for tertiary education.)

At the Zayed University graduation ceremony this month, the sense of progress and achievement was palpable. Along with the celebration and sense of achievement there was also an air of ambition, a desire to further improve and to achieve more. Many of the students I spoke to told me they planned to undertake masters degrees and PhDs.

Among all these fresh graduates, I also saw the Fatima and Mariam Al Fihris of the future; individuals whose achievements, values and determination will surely generate lasting legacies of benefit to humanity.

Justin Thomas is an assistant psychology professor at Zayed University in Abu Dhabi

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TV: Abu Dhabi Sports

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Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

CHATGPT%20ENTERPRISE%20FEATURES
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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.”

The five types of long-term residential visas

Obed Suhail of ServiceMarket, an online home services marketplace, outlines the five types of long-term residential visas:

Investors:

A 10-year residency visa can be obtained by investors who invest Dh10 million, out of which 60 per cent should not be in real estate. It can be a public investment through a deposit or in a business. Those who invest Dh5 million or more in property are eligible for a five-year residency visa. The invested amount should be completely owned by the investors, not loaned, and retained for at least three years.

Entrepreneurs:

A five-year multiple entry visa is available to entrepreneurs with a previous project worth Dh0.5m or those with the approval of an accredited business incubator in the UAE.  

Specialists

Expats with specialised talents, including doctors, specialists, scientists, inventors, and creative individuals working in the field of culture and art are eligible for a 10-year visa, given that they have a valid employment contract in one of these fields in the country.

Outstanding students:

A five-year visa will be granted to outstanding students who have a grade of 95 per cent or higher in a secondary school, or those who graduate with a GPA of 3.75 from a university. 

Retirees:

Expats who are at least 55 years old can obtain a five-year retirement visa if they invest Dh2m in property, have savings of Dh1m or more, or have a monthly income of at least Dh20,000.

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Company Fact Box

Company name/date started: Abwaab Technologies / September 2019

Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO

Based: Amman, Jordan

Sector: Education Technology

Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed

Stage: early-stage startup 

Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.

Red flags
  • Promises of high, fixed or 'guaranteed' returns.
  • Unregulated structured products or complex investments often used to bypass traditional safeguards.
  • Lack of clear information, vague language, no access to audited financials.
  • Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
  • Hard-selling tactics - creating urgency, offering 'exclusive' deals.

Courtesy: Carol Glynn, founder of Conscious Finance Coaching

Our legal consultants

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Juliot Vinolia’s checklist for adopting alternate-day fasting

-      Don’t do it more than once in three days

-      Don’t go under 700 calories on fasting days

-      Ensure there is sufficient water intake, as the body can go in dehydration mode

-      Ensure there is enough roughage (fibre) in the food on fasting days as well

-      Do not binge on processed or fatty foods on non-fasting days

-      Complement fasting with plant-based foods, fruits, vegetables, seafood. Cut out processed meats and processed carbohydrates

-      Manage your sleep

-      People with existing gastric or mental health issues should avoid fasting

-      Do not fast for prolonged periods without supervision by a qualified expert

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Starring: Parinaz Izadyar, Payman Maadi

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