Rahmatullah, 10, poses in a classroom at Shahid Niamatullah Primary School in Panjwayi district, formerly occupied by ISAF and the Afghan National Police. Having lost his father to the war, he says he continues to hear the sounds of bullets at night. All photos by Stefanie Glinski
Rahmatullah, 10, poses in a classroom at Shahid Niamatullah Primary School in Panjwayi district, formerly occupied by ISAF and the Afghan National Police. Having lost his father to the war, he says he continues to hear the sounds of bullets at night. All photos by Stefanie Glinski
Students sit in their classroom at Assad Suri Primary School in Kandahar's Zhari District. Many of the buildings have been destroyed in airstrikes and by blasts, leaving classrooms exposed and bullet riddled. Part of the school continues to be occupied by the local police.
Students sit in their classroom at Assad Suri Primary School in Kandahar's Zhari District. Many of the buildings have been destroyed in airstrikes and by blasts, leaving classrooms exposed and bullet riddled. Part of the school continues to be occupied by the local police.
Aisha, 9, (L) sits with her friend Rapia, 10, at Assad Suri Primary School. The girls are one of the few attending the school, hoping to become teachers themselves one day to teach other girls.
Aisha, 9, (L) sits with her friend Rapia, 10, at Assad Suri Primary School. The girls are one of the few attending the school, hoping to become teachers themselves one day to teach other girls.
Students sit in their classroom at Assad Suri Primary School in Kandahar's Zhari District.
Students sit in their classroom at Assad Suri Primary School in Kandahar's Zhari District.
Students sit in their classroom at Assad Suri Primary School in Kandahar's Zhari District.
Students sit in their classroom at Assad Suri Primary School in Kandahar's Zhari District.
Once a classroom, now the police dormitory at Assad Suri Primary School in Kandahar's Zhari District. Many of the buildings have been destroyed in airstrikes and by blasts.
Once a classroom, now the police dormitory at Assad Suri Primary School in Kandahar's Zhari District. Many of the buildings have been destroyed in airstrikes and by blasts.
Students sit in their classroom at Assad Suri Primary School in Kandahar's Zhari District.
Students sit in their classroom at Assad Suri Primary School in Kandahar's Zhari District.
Students sit in their classroom at Assad Suri Primary School in Kandahar's Zhari District. Many of the buildings have been destroyed in airstrikes and by blasts, leaving classrooms exposed and bullet riddled. Part of the school continues to be occupied by the local police.
Students sit in their classroom at Assad Suri Primary School in Kandahar's Zhari District. Many of the buildings have been destroyed in airstrikes and by blasts, leaving classrooms exposed and bullet riddled. Part of the school continues to be occupied by the local police.
Boys make their way home after school as Assad Suri Primary School.
Boys make their way home after school as Assad Suri Primary School.
Children peak through a classroom window at Shahid Niamatullah Primary School in Panjwayi district, formerly occupied by ISAF and the Afghan National Police.
Children peak through a classroom window at Shahid Niamatullah Primary School in Panjwayi district, formerly occupied by ISAF and the Afghan National Police.
Boys make their way home after school as Assad Suri Primary School.
Boys make their way home after school as Assad Suri Primary School.
Aisha, 9, says she is not afraid to attend Assad Suri Primary Schools, as many girls aren't able to receive an education at all and this is her only option.
Aisha, 9, says she is not afraid to attend Assad Suri Primary Schools, as many girls aren't able to receive an education at all and this is her only option.
Children sit in a classroom at Shahid Niamatullah Primary School in Panjwayi district, formerly occupied by ISAF and the Afghan National Police.
Children sit in a classroom at Shahid Niamatullah Primary School in Panjwayi district, formerly occupied by ISAF and the Afghan National Police.

The National

Islamic Development Bank and Dubai Cares pledge $202.5m for education in lower-income countries

Global Partnership for Education’s Raise Your Hand campaign seeks $5bn from donors

Jamie Prentis
Jamie Prentis
Beirut

April 06, 2021

  • English
  • Arabic

The Islamic Development Bank and Dubai Cares collectively pledged more than $200 million to the Global Partnership for Education, the UN-backed fund working to transform schooling for children in poor countries.

The commitments are the first from the Middle East region towards GPE’s Raise Your Hand replenishment campaign, which is seeking at least $5 billion from donors to support education in about 90 countries and territories.

The IsDB, which is based in Jeddah, contributed $200m in concessional loans, while Dubai Cares, the UAE-based global philanthropic organisation, gave $2.5m, doubling previous pledges it made in 2014 and 2018.

“Supporting GPE’s efforts in a sustainable way through the continuous renewal of financial resources is a shared responsibility that requires a bold vision, close co-operation and enduring commitment,” Dr Tariq Al Gurg, chief executive of Dubai Cares, said.

“If education isn’t given the attention it deserves now, an entire generation on this planet could miss out on their education; hence lose hope for a brighter future. We are now at this tipping point.”

Senegal’s Water and Sanitation Minister Serigne Thiam, who is the vice-chairman of GPE, said Gulf countries “have played a vital role in supporting education systems in lower-income countries” through their “deeply rooted tradition of generosity”.

He urged the Middle East to back GPE’s replenishment campaign and described it as “a real opportunity for regional leaders to step up and transform education for the world’s most vulnerable children. Education is the key to creating a more peaceful, equitable and prosperous world.”

At one point last year, as many as 1.6 billion children were out of school, with at least 24 million projected to never return.

Even before the pandemic, about 260 million young people were not in school. Education leaders said the crisis has adversely affected those from the poorest regions, and girls in particular.

Julia Gillard, GPE’s chairwoman and the former Australian prime minister, said that for the most marginalised children, their days out of school were not only measured in missed learning and other opportunities.

She said they also lost a “safe haven from violence or conflict, the lack of a hot meal every day and the disconnection from social and emotional support”.

The culmination of GPE’s Raise Your Hand replenishment drive will be a summit in London in July, co-hosted by the UK and Kenya.

GPE says that if its funding targets are met, it will help support 175 million children to learn and send 88 million boys and girls to school.

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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.”

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