NYU Abu Dhabi to mark 10-year anniversary with virtual activities

To mark its 10th anniversary, NYU Abu Dhabi (NYUAD) will hold a series of virtual events and activations this month.

The two-day event, on September 21 and 22, will include a series of discussions covering a wide range of subjects, including the story of the university’s founding and its contributions towards tackling some of the world's challenges, such as Covid-19 and the effects of climate change.

The talks bring New York University and NYUAD’s faculty, students and alumni together in conversation with global leaders such as former French president Francois Hollande and primatologist Jane Goodall.

From the UAE, the series brings: Yousef Al Otaiba, Ambassador to the US; Mariam Almheiri, Minister of State for Food and Water Security; Omar Al Olama, Minister of State for Artificial Intelligence; Noura Al Kaabi, Minister of Culture and Youth; Zaki Nusseibeh, chancellor of United Arab Emirates University and adviser for cultural affairs at the UAE Ministry of Presidential Affairs; and Sara Musallam, chairwoman of Abu Dhabi Department of Education and Knowledge.

NYUAD will also screen a feature film titled This is NYU Abu Dhabi, produced by award-winning filmmaker Anthony Geffen. He has taught courses at NYUAD on immersive storytelling and won more than 50 international awards including four Baftas and seven Emmys.

A 10-year special report will also be available on the university's dedicated 10-year anniversary website. The Origin Story: An Oral History of the Founding of NYU Abu Dhabi 2005-2010, an oral history book showcasing the voices of those who contributed to the vision and development of the university, will also be available virtually, along with an accompanying video.

Established in partnership between NYU and Abu Dhabi, NYUAD is today home to more than 1,800 undergraduate students and 130 graduate students.

More information at nyuad.nyu.edu/10

Who was Alfred Nobel?

The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.

In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.

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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.”

Company profile

Name: One Good Thing

Founders: Bridgett Lau and Micheal Cooke

Based in: Dubai

Sector: e-commerce

Size: 5 employees

Stage: Looking for seed funding

Investors: Self-funded and seeking external investors

NYU Abu Dhabi to mark 10-year anniversary with virtual activities

Former French president Francois Hollande and Jane Goodall among global leaders attending the events

Who was Alfred Nobel?

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Company profile