Reem al Hashimy (right) in Niger on the site of a Dubai Cares charity.
Reem al Hashimy (right) in Niger on the site of a Dubai Cares charity.
Reem al Hashimy (right) in Niger on the site of a Dubai Cares charity.
Reem al Hashimy (right) in Niger on the site of a Dubai Cares charity.

New chapter in beating poverty


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  • Arabic

As its name suggests, Dubai Cares is intent on making a difference. The philanthropic organisation founded by the Ruler of Dubai has come up with a novel approach to improving education in developing countries. Bradley Hope reports When Dubai Cares launched a campaign to collect one million books for underprivileged children last autumn, Reem Ibrahim al Hashimy knew she was pushing a concept that was new to the country.

"This was not a traditional approach to philanthropy in the UAE," says Mrs al Hashimy, the chairwoman of Dubai Cares and Minister of State. "It was a creative way of getting children to understand the impact of reading. It wasn't just a fund-raiser, it increased awareness." Students were to be the engine. For each book they read, Dubai Cares would buy one and donate it to a school in places such as Yemen, Niger or Djibouti.

Within a few days, books were flowing in by the hundreds of thousands. "It created a bit of a frenzy at the schools," she says. "My nephew read about 40 books. In a normal month, he would barely read a book." In the end, 1,323,218 books were read by 141,425 students from 159 public and private schools across the country. This approach to philanthropy has become the defining feature of Dubai Cares, set up on in September 2007 by Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai. Its goal is to combat poverty in developing countries by increasing access to quality primary education. It has an endowment of more than US$1 billion (Dh3.67bn), half of it coming from Sheikh Mohammed's personal wealth.

The goal was not to create another charitable organisation that gives money to causes. Instead, the aim was to establish a lean philanthropic group that makes strategic donations to get to the root of problems. Rather than simply give money to the likes of UNICEF, the UN children's fund, or Oxfam, members of the team fly to designated locations, meet people and "try to understand the substance of the issues at hand", Mrs al Hashimy says. They also get involved with advocacy and host meetings for various groups to see where there are overlaps.

This can lead to unconventional approaches for improving primary education. This year, Dubai Cares is focusing on water and sanitation with a big push during Ramadan. "In our research, we found that two million children a day don't go to school because of a waterborne disease," Mrs al Hashimy says. "We are not a health-related organisation, but this is what's impeding many children's education." Dubai Cares is working with charities that build clean wells and latrines in communities where people sometimes have to walk a long way just to get a drink.

"In Yemen, we have been building girls' latrines and their involvement in the schools has already increased dramatically," she says. "This is part of a holistic approach to improving education." To make Dubai Cares a lean and efficient organisation, Mrs al Hashimy has opted for a team of fewer than 20 people to work with her in a set of pristine offices at Emirates Towers. This small group is in charge of donating millions of dollars a year and maintaining its $1bn endowment.

"We are not operatives," she said. "We do not have bases in different places. We travel a lot. We are donors, but we try not to be your traditional donor." Compared with the more rigid structure of traditional board meetings in the UAE, those at Dubai Cares are more relaxed affairs with the aim of fostering discussions that could yield novel approaches to the problems they are tackling. "It's very laid back, but not in the sense that we are not serious about the issues," says Ahmed bin Shabib, a board member and founder of brownbook magazine in Dubai. "We try to create an environment where you can find innovative and unique ways of tackling how to make this work."

While the book drive was the event that marked the debut of Dubai Cares as the largest philanthropic organisation devoted solely to primary education in the world, Mrs al Hashimy says a major milestone was the signing of an agreement in April with the Bill and Melinda Gates Foundation to work together on improving health and education in the developing world. "The challenges facing developing countries are far greater than any single government or foundation can overcome alone. Collaboration is critical to success," Mr Gates, who is one of the world's wealthiest individuals and the chairman of Microsoft, said at the time.

In many ways, Dubai Cares is trying to model its operation on the $30.2bn Gates Foundation. Members of the Dubai Cares team have already visited the foundation's offices in Seattle to learn more about how they set up programmes and see them through over a long period of time. They are also studying how they monitor the success of projects through the impacts on students. Dubai Cares learnt that to truly gauge the success of a project, it is important to do more than simply monitor test scores to see how a student progresses year after year.

"They have made this into an absolute science," Mrs al Hashimy said of the Gates Foundation. The fact that Mrs al Hashimy heads Dubai Cares, manages foreign affairs for Sheikh Mohammed's Executive Office and has other duties as Minister of State reflects the dual nature of the organisation. It is a philanthropic endeavour and, at the same time, part of the Government's wider development agenda for poorer countries.

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PROFILE

Name: Enhance Fitness 

Year started: 2018 

Based: UAE 

Employees: 200 

Amount raised: $3m 

Investors: Global Ventures and angel investors 

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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

Company: Verity

Date started: May 2021

Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif

Based: Dubai

Sector: FinTech

Size: four team members

Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000

Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors

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What is graphene?

Graphene is extracted from graphite and is made up of pure carbon.

It is 200 times more resistant than steel and five times lighter than aluminum.

It conducts electricity better than any other material at room temperature.

It is thought that graphene could boost the useful life of batteries by 10 per cent.

Graphene can also detect cancer cells in the early stages of the disease.

The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.

Greatest Royal Rumble results

John Cena pinned Triple H in a singles match

Cedric Alexander retained the WWE Cruiserweight title against Kalisto

Matt Hardy and Bray Wyatt win the Raw Tag Team titles against Cesaro and Sheamus

Jeff Hardy retained the United States title against Jinder Mahal

Bludgeon Brothers retain the SmackDown Tag Team titles against the Usos

Seth Rollins retains the Intercontinental title against The Miz, Finn Balor and Samoa Joe

AJ Styles remains WWE World Heavyweight champion after he and Shinsuke Nakamura are both counted out

The Undertaker beats Rusev in a casket match

Brock Lesnar retains the WWE Universal title against Roman Reigns in a steel cage match

Braun Strowman won the 50-man Royal Rumble by eliminating Big Cass last

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Specs
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What is Genes in Space?

Genes in Space is an annual competition first launched by the UAE Space Agency, The National and Boeing in 2015.

It challenges school pupils to design experiments to be conducted in space and it aims to encourage future talent for the UAE’s fledgling space industry. It is the first of its kind in the UAE and, as well as encouraging talent, it also aims to raise interest and awareness among the general population about space exploration. 

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RESULTS
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My Country: A Syrian Memoir

Kassem Eid, Bloomsbury

Biography

Her family: She has four sons, aged 29, 27, 25 and 24 and is a grandmother-of-nine

Favourite book: Flashes of Thought by Sheikh Mohammed bin Rashid

Favourite drink: Water

Her hobbies: Reading and volunteer work

Favourite music: Classical music

Her motto: I don't wait, I initiate

 

 

 

 

 

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Call of Duty: Black Ops 6

Developer: Treyarch, Raven Software
Publisher:  Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5