Choosing the right path



There's a tendency among misty-eyed nostalgics to look back at the "good old days", when an education was all you really needed to land a good job. But those days are over. The pre-workplace industry - career training - has taken its place at the foundation of the employment process. Today's teenagers and graduates have a wealth of human and technological aides to guide them through their chosen careers, and there's probably an employee-related fair, seminar, workshop or exhibition for every day of the year.

Increased competition has spurred greater professionalism. In an era in which academic qualifications aren't always enough, universities are placing more emphasis on practical and vocational training to provide students with the requisite skills to compete in the competitive global workplace. There's a strong sense of dynamism, physically and conceptually. The University of Wollongong in Dubai (UOWD) recently opened its Career Development Centre, staffed by two full-time advisors. The centre houses books, DVDs and computer stations at which students can work on their CVs and search online for jobs. It also organises a series of workshops, career fairs and "Career Ahead", an intensive recruitment-scenario exercise.

The university's president, Rob Whelan, said the choice of a career field is perhaps the single most important decision young men and women will ever have to make. "It is therefore essential that students get the best tools and tips from experts to enable them to make informed decisions," he said. "Our advisors assist students in finding the right career, as well as provide appropriate contacts in partner organisations in the region for employment opportunities."

Employees don't have a monopoly when it comes to career growth and training; employers want to secure the best talent, and most regional chief executives recognise that human resources are their most valuable asset. Attending the UOWD career centre launch was Abdul Majid al Khaja, chief executive of the Dubai Road and Transport Authority's Rail Agency, which has allocated a budget of Dh25m to employee career development.

"With proper training and guidance, we are sure each employee will be worth more than Dh25m in the long run," he said. Technology has been the other singular most significant development in the workplace. Speaking recently at the Middle East HR Summit, Lynda Gratton, a professor of management practice at the London Business School and a leading authority on people management, urged HR professionals to take stock of regional trends and listen to the next generation ("Generation Y") of business leaders.

In the youth-dominated Middle East, where 50% of the population is under 16, the new wave of graduates is the first generation to embrace IT at an early age. Today, they are the Facebook generation, as savvy with SMS and surfing the net as the previous generation was adept at manufacturing or assembling. "Businesses can grow in three different ways. Either through cost-cutting, mergers and acquisitions or, finally, through innovation - and that's where 'Generation Y' can be of great use," Ms Gratton said.

"Technology will be key to the future of business, it will value-add with all of the benefits of cost, speed and flexibility and fully engage those embarking on their career paths." Zulaikha Mohamed, who obtained her post-graduate certificate in International Management and Education Policy last year, after graduating with concentrations in Arabic history and literature from the British University in Dubai, was considering teaching as a career until she heard about an opportunity at Dubai's Knowledge and Human Development Authority.

Her experience shows you shouldn't discount word-of-mouth and chance - her friend told her about the position, and when Ms Mohamed phoned she was put through to the chief executive by accident - although it's also a good example of making your own luck. Today she's a project manager working with children aged 3 through 12 in Dubai's schools. "There's a good support network in Dubai," she said. "I never felt I left British University in Dubai, there's always follow-ups and events."

Talent battle Governments and companies are now putting greater focus on nurturing regional talent in a bid to stem a widespread shortage of skills. The lack of qualified project and programme managers is not only driving industry salaries for technical professionals through the roof, it is also putting many projects in jeopardy, according to ESI International, a company that specialises in training programs for businesses.

Developers are already being squeezed by higher concrete and steel prices, but with escalating salaries to boot, many projects are being delayed, causing profit margins to erode. Raed S. Haddad, senior vice president of corporate programmes for ESI, said industry leaders in the Middle East cannot simply buy the expertise they need. "To sustain the current level of development, talent must be produced from within, through training and development programmes."

The sheer scale of all the development is also putting a strain on the viability of some projects, he added, citing ETA Star Group. The company recently announced that the cost of its Dubai Lifestyle City project in Dubailand had increased from an initial $2.4bn to $4bn. "The significant proportion of that was consultancy fees, which had risen anywhere from 40 per cent to 70 per cent," Mr Haddad said. "However, the fact remains, if there was enough technical expertise in the market competition would drive down market rates."

Organisations are being forced to identify and adopt strategies to develop their existing and future employees, he said. "Programmes to develop individuals that will improve their quality of life and their career prospects are as important as the amount they are paid," Mr Haddad said. Despite the economic downturn, the Gulf continues to embrace skilled workers with open arms, although for newcomers the motivational forces are often a mix of the positive and negative when it comes to their own personal circumstances. If you want to increase your chances of landing the job of your dreams, contact your university's career placement centre, learn the skills of networking, and keep your ear to the ground.

TWISTERS

Director:+Lee+Isaac+Chung

Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos

Rating:+2.5/5

Company profile

Name: GiftBag.ae

Based: Dubai

Founded: 2011

Number of employees: 4

Sector: E-commerce

Funding: Self-funded to date

The 15 players selected

Muzzamil Afridi, Rahman Gul, Rizwan Haider (Dezo Devils); Shahbaz Ahmed, Suneth Sampath (Glory Gladiators); Waqas Gohar, Jamshaid Butt, Shadab Ahamed (Ganga Fighters); Ali Abid, Ayaz Butt, Ghulam Farid, JD Mahesh Kumara (Hiranni Heros); Inam Faried, Mausif Khan, Ashok Kumar (Texas Titans

Company Profile

Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000

EMERGENCY PHONE NUMBERS

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

The Gentlemen

Director: Guy Ritchie

Stars: Colin Farrell, Hugh Grant 

Three out of five stars

Dunki

Director: Rajkumar Hirani 

Starring: Shah Rukh Khan, Taapsee Pannu, Vikram Kochhar and Anil Grover

Rating: 4/5

COMPANY PROFILE

Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends

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 Programme

Saturday, October 26: ‘The Time That Remains’ (2009) by Elia Suleiman
Saturday, November 2: ‘Beginners’ (2010) by Mike Mills
Saturday, November 16: ‘Finding Vivian Maier’ (2013) by John Maloof and Charlie Siskel
Tuesday, November 26: ‘All the President’s Men’ (1976) by Alan J Pakula
Saturday, December 7: ‘Timbuktu’ (2014) by Abderrahmane Sissako
Saturday, December 21: ‘Rams’ (2015) by Grimur Hakonarson

The specs: 2018 Dodge Durango SRT

Price, base / as tested: Dh259,000

Engine: 6.4-litre V8

Power: 475hp @ 6,000rpm

Torque: 640Nm @ 4,300rpm

Transmission: Eight-speed automatic

Fuel consumption, combined: 7.7L / 100km

Specs: 2024 McLaren Artura Spider

Engine: 3.0-litre twin-turbo V6 and electric motor
Max power: 700hp at 7,500rpm
Max torque: 720Nm at 2,250rpm
Transmission: Eight-speed dual-clutch auto
0-100km/h: 3.0sec
Top speed: 330kph
Price: From Dh1.14 million ($311,000)
On sale: Now

Company Profile

Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed

Confirmed bouts (more to be added)

Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez

Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.

The specs

Powertrain: Single electric motor
Power: 201hp
Torque: 310Nm
Transmission: Single-speed auto
Battery: 53kWh lithium-ion battery pack (GS base model); 70kWh battery pack (GF)
Touring range: 350km (GS); 480km (GF)
Price: From Dh129,900 (GS); Dh149,000 (GF)
On sale: Now


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