Helping Malala make her dream a reality



It is easy to take education for granted in a country like the UAE, where education doesn't discriminate on gender. But in a country like Pakistan, where extremist groups operate, the story is markedly different, especially for girls.

Fifteen-year-old Malala Yousafzai knows this very well. She was shot in the head by the Taliban last year for her efforts to promote access to education for girls in Pakistan's tribal areas. She survived, and after spending several months in hospital fighting for her life, she is back, advocating as she did before.

This week Malala, smiling but serious as always, arrived in the UAE to thank the country and its leaders for support during her recovery. As The National reported yesterday, Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, received Malala in the capital, saying it's the duty of all people to stand by her.

The UAE has stood by Malala, and girls like her, for years. The UAE has helped build schools in Pakistan; in 2003, Sheikh Zayed International Academy opened its doors in Islamabad providing education for many Pakistani children. And last year, a project that launched 40 schools and institutes in Khyber Pakhtunkhwa province in Pakistan began accepting nearly 21,000 boys and girls.

But this relationship is about much more than bricks and mortar. It is about building a more educated and empowered Pakistan, and a more enlightened region, where women have the same opportunities as men to study, learn, work and prosper. The UAE, as a model for gender equality in the Arab world, has much to offer by way of example.

Pakistani girls are lucky to have an advocate like Malala; too many other countries in the neighbourhood do not. Changing attitudes, building infrastructure, offering hope - all of this will take time. And it will take an ongoing partnership between developed and fortunate nations like the UAE.

Malala recently started writing a book to tell her story to the world. But the story of women's' rights, gender equality and education is a story Malala cannot write alone. With support from Pakistanis, and partners like the UAE, the basic rights she almost died defending will become a reality for many more of our sisters and daughters.

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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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England 19 (Try: Tuilagi; Cons: Farrell; Pens: Ford (4)

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