The recent visit of the Prime Minister of India Narendra Modi to the UAE on July 15 was significant in more ways than one. One of the key achievements of the visit was the signing of the memorandum of understanding to establish the Indian Institute of Technology (IIT) Delhi - Abu Dhabi campus (IIT-DAD), which will be the first IIT campus in the Arab world.
The idea to set up an IIT campus outside India first came up during the virtual summit between Mr Modi and President Sheikh Mohamed in February 2022 when it was mentioned in their joint vision statement. When the two leaders met in June last year, they discussed the project in detail. Their shared vision to bring the IIT campus to Abu Dhabi was formalised as the MoU to this effect was exchanged last month.
Indian Institutes of Technology are centres of national prestige and have been leading research, development and innovation in India for the past six decades. IITs have been one of the most important pillars of modern India's journey – from a crisis-riddled, broken country that it was before gaining independence in 1947, to becoming the world's fifth largest economy in 2023.
IITs are known not only as centres of cutting-edge technologies and innovation but the 23 branches of them across India have harboured academic excellence and are places where young people have the opportunity to shape their futures. It is because of this calibre that IITs are known to produce some of the finest and most successful Indians, whether in business, research or innovation and many of the country's bureaucrats and politicians are also graduates of IITs.
The close collaboration between academia and industry are key for the success of research, innovation and overall benefit of the UAE and the region
IIT-DAD aspires to bring the original traditions and hallmarks of IITs to Abu Dhabi. The new campus will also incorporate certain local characters to make IIT-DAD more suited to the local conditions and to become unique in its own domain.
As the UAE is preparing to host the climate summit Cop28 in November, IIT-DAD is gearing up to play its due role in making Cop28 a success, even though it is still in its foundation phase. With this idea, the first course offered by IIT-DAD will be a master's programme in energy transition and sustainability.
The course will commence from January 2024 from its interim campus in Zayed University, Abu Dhabi. IIT-DAD will also offer courses in AI, mathematics, computer science and engineering, health care, and other disciplines of engineering, science and the humanities. It will start offering other bachelor's, master's and PhD programmes from September 2024. The institute will be a tribute to the strong, centuries-old people-to-people relations between India and the UAE.
The leaders of both nations have also envisioned that the entire region will reap the benefits of this landmark project. It is with this idea that IIT-DAD aspires to be a truly global campus, with a diverse mix of Indian, Emirati and other nationalities. The admission policy of the new campus will also be aligned with the vision of the two leaders.
The close collaboration between academia and industry are key for the success of research, innovation and overall benefit of the UAE and the region. It is heartening to see the enthusiasm of all stakeholders who are playing their part in making IIT's Abu Dhabi campus a reality.
While the project has blessings of both leaders, it is fortunate to have a dynamic and committed team from the Abu Dhabi Department of Education and Knowledge as well as faculty members of IIT Delhi faculty, who have spent several weeks to ensure the project becomes operational and upholds the standards and qualities for which IITs are known around the world.
The maths immersion programme, which was concluded last week, received a turnout that was more than what was expected. Some of the prominent IIT-Delhi faculty members visited Abu Dhabi solely for this programme. They delivered lectures on mathematics, the base of today’s research and innovation, and gave Emirati students a glimpse of academic life at an IIT. The overwhelming response from the Emirati students was a reflection of how eager they are for courses to start. We are confident to see this becoming a reality sooner rather than later.
The IIT campus in Abu Dhabi will not be just another institute in the UAE. It promises to be history in the making. On one hand, it brings together the academic and research excellence of IITs and on the other, the advancement and vision of the UAE. This provides IIT-DAD with the necessary ingredients to become a global centre of learning, innovation and leadership.
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
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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Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
The biog
Hometown: Cairo
Age: 37
Favourite TV series: The Handmaid’s Tale, Black Mirror
Favourite anime series: Death Note, One Piece and Hellsing
Favourite book: Designing Brand Identity, Fifth Edition
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
From exhibitions to the battlefield
In 2016, the Shaded Dome was awarded with the 'De Vernufteling' people's choice award, an annual prize by the Dutch Association of Consulting Engineers and the Royal Netherlands Society of Engineers for the most innovative project by a Dutch engineering firm.
It was assigned by the Dutch Ministry of Defence to modify the Shaded Dome to make it suitable for ballistic protection. Royal HaskoningDHV, one of the companies which designed the dome, is an independent international engineering and project management consultancy, leading the way in sustainable development and innovation.
It is driving positive change through innovation and technology, helping use resources more efficiently.
It aims to minimise the impact on the environment by leading by example in its projects in sustainable development and innovation, to become part of the solution to a more sustainable society now and into the future.
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
The specs
Engine: 2.2-litre, turbodiesel
Transmission: 6-speed auto
Power: 160hp
Torque: 385Nm
Price: Dh116,900
On sale: now
UAE currency: the story behind the money in your pockets
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GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
WHY%20AAYAN%20IS%20'PERFECT%20EXAMPLE'
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The%20specs
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North Pole stats
Distance covered: 160km
Temperature: -40°C
Weight of equipment: 45kg
Altitude (metres above sea level): 0
Terrain: Ice rock
South Pole stats
Distance covered: 130km
Temperature: -50°C
Weight of equipment: 50kg
Altitude (metres above sea level): 3,300
Terrain: Flat ice
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
In 2018, the ICRC received 27,756 trace requests in the Middle East alone. The global total was 45,507.
There are 139,018 global trace requests that have not been resolved yet, 55,672 of these are in the Middle East region.
More than 540,000 individuals approached the ICRC in the Middle East asking to be reunited with missing loved ones in 2018.
The total figure for the entire world was 654,000 in 2018.
