Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, on Sunday met some of the country's leading high school pupils. Photo: Dubai Media Office
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, on Sunday met some of the country's leading high school pupils. Photo: Dubai Media Office
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, on Sunday met some of the country's leading high school pupils. Photo: Dubai Media Office
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, on Sunday met some of the country's leading high school pupils. Photo: Dubai Media Office

Sheikh Mohammed tells of 'immense pride' in meeting UAE star pupils


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Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, on Sunday underlined the importance of academic excellence to the nation's growth during a meeting with a gifted group of high school pupils from around the UAE.

Sheikh Mohammed spoke of his “immense pride” in the achievements of the young learners and urged them to continue on their path to the top at a gathering held at Union House in Dubai.

He said knowledge and learning remained fundamental pillars for the country's progress and praised the contributions of teachers in moulding the next generation's brightest and best.

Sheikh Mohammed's praise came after he last month named the UAE's top-performing high school pupils in both public and private education sector following summer exams, in a congratulatory social media post.

Following the meeting on Sunday, Sheikh Mohammed reinforced the crucial role of education in providing a launch pad for sustained success.

“We celebrate the achievements of the nation’s top students and extend our appreciation to their families and teachers, whose support was essential to this success,” Sheikh Mohammed said, in remarks shared by Dubai Media Office.

“These accomplishments are a source of immense pride, and we look forward to seeing these students make even greater strides across various fields of knowledge.”

“We share this joy today because we believe that success in education is the beginning of all success, and academic excellence is the cornerstone upon which all future achievements are built.

“The top-performing students are shining examples we are proud of. This achievement is not the final stop, but the beginning of a long journey of distinction. We expect this path of excellence to continue, serving as an inspiration to others.”

The pupils expressed their gratitude at meeting Sheikh Mohammed, describing his words of support as a lasting source of motivation.

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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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