NYU Abu Dhabi: learning to walk, fall and change since 2010


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When I graduated from college, in 1986, Nelson Mandela was still in prison. My friends and I were passionate about the anti-apartheid movement and we decorated our graduation robes with “divest now” buttons. Our graduation speaker that year was Gloria Steinem and although we were graduating from a women’s college, my friends and I were underwhelmed. “She’s so old,” we thought, perched on the threshold of our 20s. After years of female empowerment rhetoric, we believed that the battle for gender equality had been won. Nelson Mandela and apartheid seemed much more pressing. Steinem’s cause seemed quaint, almost vestigial.

Mandela was freed and changed the face of South Africa. But women in the US still earn only about 77 per cent of their male counterparts, according to a recent US Census report. Similar discrepancies exist the world over.

I doubt that my “divest now” button helped free Nelson Mandela and I don’t mean to suggest that the South African political system is now perfect or that women have not made great strides in the past 20 years. But in both instances, change has been slow in coming: fits and starts, leaps forward and slides backward.

Change was in the air when I was in Manhattan last week because it’s graduation season: excited youngsters roamed the streets in their robes while proud relatives snapped endless photos. And in a few days, NYU Abu Dhabi will host its first class of graduates, students who became pioneers of change because they decided, with all the fervour of youth, to tackle the challenge of creating something new rather than following more conventional paths.

I could fill the rest of this column with a list of the ways in which NYUAD students have brought their creative energies, social activism and analytical skills to bear on these challenges. I could list the many prizes they’ve won and their ambitious plans for life after college. But those lists already exist elsewhere, so instead I will say only that these past four years have been marked by brilliant successes and, equally importantly, powerful failures. One of the hallmarks of a liberal arts education is the ability to fail and recover. In failure, rests the potential to learn important lessons: as infants, we learn to walk by falling down.

Wasn’t it just last week, in fact, that my own children were hauling themselves up on chubby bowed legs and staggering across the living room? Sometimes I look at my teenage son in disbelief: how can that wobbly toddler be this graceful young man? I imagine that parents sitting in commencement audiences around the world are asking themselves a version of the same question: how can their babies already be walking up to receive a diploma?

Unlike students at other institutions, the NYUAD students will graduate from an institution that is itself still learning to walk, as it were. Perhaps all students should attend fledgling institutions, for how better to understand that stumbles and mistakes are an integral part of learning, of creating change? At 20, I’d thought that change happened in a smooth unbroken arc: Steinem was a guest of honour, Mandela was still in prison, and ergo, gender equality was no longer an issue but apartheid still was. My view was simplistic, but comforting, as simplicity often is.

I think, however, that as a result of studying the liberal arts here – in Abu Dhabi, in a brand-new institution – NYUAD students have a clearer, if more complicated and less comforting, understanding of how change happens, how growth occurs.

Walt Whitman’s poem The Noiseless Patient Spider, offers us another lesson in the ways that change can occur. Whitman makes an analogy between a spider, which sends “filament, filament, filament” out of itself, and the poet himself, who is “ceaselessly musing, venturing, seeking the spheres to connect them”. Undaunted by the attempts that fail, the poet and the spider persist “till the bridge [they] need be form’d – till the ductile anchor hold; till the gossamer thread [they] fling catch somewhere”.

Change does not usually happen with a shazam-like thunderclap, as satisfying as that would be. Instead, we send out gossamer threads, again and again, searching for anchor points. And when we find those anchors, we build bridges and invite change to walk across.

Deborah Lindsay Williams is a professor of literature at NYU Abu Dhabi. Her novel The Time Locket (written as Deborah Quinn) is now available on Amazon

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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.”