ABU DHABI // Ascending five uneven steps with an egg balanced on its head, the robot had just two minutes to make its way back down without tripping.
It was designed and built by a team of Abu Dhabi schoolchildren as part of the World Robot Olympiad Arabia, the first regional edition of the global competition, which started yesterday. Just a few feet away, a group of Kuwaiti pupils assembled their own machines to sort and separate items by colour and size.
Teams from Qatar, Egypt, Bahrain and Oman were there, too, all hoping to win a place at the international finals, which will also be held in Abu Dhabi, in November.
The contest, held at the Abu Dhabi National Exhibition Centre, was organised by the Abu Dhabi Education Council (Adec). About 1,000 schoolchildren were given packages containing more than 600 Lego components, Mindstorms software and a tiny NXT computer "brick" to act as the robot's brain. They were then challenged to programme the robots to climb and race. In past events, the robots have been designed to play football using infrared transmitters and compass sensors.
As Hamad Ibrahim, 13, assembled his stair-climbing robot, the Al Suqoor Model School pupil kept one nervous eye on a team from another local school as the judges assessed their efforts.
"It is not that it is difficult, but you have to make a plan and think about every step," he said. "It is a little bit stressful, but I like making them, and doing things differently every time."
Feras al Obaidi, a pupil from AMA International School in Bahrain, said he had only been practising with the components for about a month but was quickly learning the computer programme so that he could teach his machine to judge the size and colour of objects and place them in the correct bin.
"It is all about the calculations," he said, adding that he expected to be back in Abu Dhabi for the finals in November.
The top eight performers in each category received medals and certificates and will go on to an elimination event in September ahead of the finals.
Officials said they were pleased to add a regional competition to the World Robot Olympiad calendar, noting that they had already received interest for next year's event from Algeria, Jordan and Saudi Arabia.
"Each country, as a result of this type of competition, realises the need for problem solving and team work, and we will see these types of events develop very quickly in the Middle East as they have in Asia," said Kerry Bailey, the curriculum consultant for Adec and one of the organisers of the event.
There is an increasing emphasis on local World Robot Olympiad events as they are seen as part of a broader move towards more interactive education, according to Dr Mugheer al Khaili, Adec's general director.
"We are trying to shift from the traditional way of education, which is memorising only, to the use of expression, scientific research to reach conclusions, creativity and invention," he said.
A dozen UAE teams were selected at last year's national competition to go to the world finals in the Philippines, where one local team received a prize for being the most creative.
The World Robot Olympiad was first held in 2004, and the UAE sent two teams to compete in 2008.
Ruaa Babiker, a Sudanese pupil at Qatr al Nada Secondary School in Abu Dhabi, was glad to have tasted international competition. "It is good practice, and a chance to see how others would react in these difficult situations," she said.
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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.”