Of all areas of public life, universities have proved to be among the most resistant to the digital disruption that is ripping through businesses, politics and ideas.
As Sir Anthony Seldon has argued so powerfully in his recent book The Fourth Education Revolution, too many governments continue to invest in a factory model for higher education. Mesmerised by international league tables, exam performance and the need for funding, administrators have narrowed what students study. Selection is too rooted in narrow academic performance, rather than potential. Technology is increasing the workloads of academics, instead of freeing them for groundbreaking research and teaching.
As a result, higher education no longer enhances opportunity and social mobility in the way it should. Parents continue to expect their kids to follow the same paths that took their generation through university and into jobs that will not exist in the future. Learners leave university thinking that their education is over, not just beginning. They may have gained top grades and degrees, but there is no guarantee that they will have the knowledge, skills and character to be positive members of society.
But research we released this week at Towards Global Learning Goals shows that higher education is now at a critical point in its evolution. The fastest growing businesses are demanding skills that universities don't currently develop. Enlightened governments are adopting new ways of teaching and assessing emotional intelligence. A growing number of university reformers are teaching young people to be kind, curious and brave, and to adapt to different cultures, environments and economic models.
Countries such as Singapore and the UAE are rolling out 21st-century skills and character curriculums. As The National reported last week, the Mohammed bin Rashid School of Government in Dubai has now abandoned exams altogether. This is a perfect example of forward-looking educational thinking. As technology has evolved, people have come to absorb information and remember differently. The old skills of rote learning are now less valuable than the ability to interpret information quickly and in innovative ways. These changes are working, too: happy and motivated students learn better.
So what can we expect at a university of the future?
Firstly, it will be more accessible. Not just in terms of equality of opportunity. But as a resource for all of society, not just a small group who study there for three years. The university of the future will become a hub for sharing knowledge, not a refuge for hoarding it. It will offer more programmes for those who choose not to attend full time, allowing them to combine their learning with work and life. As more young people seek to self-educate, including via online platforms, universities will face an economic imperative to keep up. The university will once again become an idea, not a building.
It will also be creative and collaborative. Twenty-first-century curriculums will go far beyond employability or the pursuit of knowledge for its own sake, and towards preparing the learner to contribute to society. It will develop citizens of a global world, with the ability to connect ideas, environments, and places, to experience failure, to solve problems and to build their character.
Students will study how humans developed, from cave paintings to driverless cars, how we learnt to live together, and how we can protect the planet on which we live. Education will refocus on how to learn rather than just what to learn. Future graduates will be equipped to adapt to a world in which industries will disappear, and in which we will need to work together in new ways across cultures and societies. They will have a better understanding of how we can manage our mental and physical health, and how best to organise our lives.
As artificial intelligence replaces mechanical tasks, and more leisure time is created, universities will cultivate the soft skills such as play and creative experimentation that will be key to our economic survival. As Harvard education professor Howard Gardner puts it: “Don’t ask how intelligent anyone is; but rather, how are they intelligent?”
Learning will be more human. The institutions to thrive will be those that harness personalised learning and protect individual choices to ensure that students are able to maintain their autonomy and individualism. They will avoid a standardised approach to education that ignores local issues or simply spreads and reinforces elitist structures across the world. A university of the future will need to lead the ethical debate about technology and humanity. What are the human values that we want to imprint in technology? How do we live with the machines?
Like everything else, a university of the future will be more digital. In an industry marked by rising costs and student debt, blockchain and artificial intelligence technologies will allow universities to automate their administrative processes with more confidence, gaining efficiency and transparency, and to automate knowledge and memory-based teaching. This means more time, resources and energy for learning, teaching and researching.
At their best, universities help us access the best of the knowledge and wisdom that humanity has built up over millennia. But an industrial education model, created in the 19th century and updated for the mass market of the 20th century is no longer delivering. The next education renaissance will not be led by those who have traditionally controlled higher education, but by pioneering educators, institutions and governments – and possibly by those currently denied the opportunity of higher education. Young people will liberate themselves to unleash the ingenuity and creativity that they will need to navigate challenges ahead.
It is time to reimagine higher education. The universities that understand these challenges and opportunities will become the universities of the future. The rest will be a study of what happens when institutions fail change with the times.
Tom Fletcher is a former UK ambassador and adviser to three prime ministers. He is an adviser at the Emirates Diplomatic Academy, visiting professor at New York University Abu Dhabi and the author of The Naked Diplomat: Power and Politics in the Digital Age
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World Cricket League Division 2
In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.
UAE fixtures
Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
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Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
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Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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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COMPANY PROFILE
Name: N2 Technology
Founded: 2018
Based: Dubai, UAE
Sector: Startups
Size: 14
Funding: $1.7m from HNIs
SHAITTAN
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Where to apply
Applicants should send their completed applications - CV, covering letter, sample(s) of your work, letter of recommendation - to Nick March, Assistant Editor in Chief at The National and UAE programme administrator for the Rosalynn Carter Fellowships for Mental Health Journalism, by 5pm on April 30, 2020.
Please send applications to nmarch@thenational.ae and please mark the subject line as “Rosalynn Carter Fellowship for Mental Health Journalism (UAE programme application)”.
The local advisory board will consider all applications and will interview a short list of candidates in Abu Dhabi in June 2020. Successful candidates will be informed before July 30, 2020.
UAE currency: the story behind the money in your pockets
PROFILE OF INVYGO
Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
Based: Dubai
Sector: Transport
Size: 9 employees
Investment: $1,275,000
Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri
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- 1st Test India won by 304 runs at Galle
- 2nd Test Thursday-Monday at Colombo
- 3rd Test August 12-16 at Pallekele
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Company info
Company name: Entrupy
Co-founders: Vidyuth Srinivasan, co-founder/chief executive, Ashlesh Sharma, co-founder/chief technology officer, Lakshmi Subramanian, co-founder/chief scientist
Based: New York, New York
Sector/About: Entrupy is a hardware-enabled SaaS company whose mission is to protect businesses, borders and consumers from transactions involving counterfeit goods.
Initial investment/Investors: Entrupy secured a $2.6m Series A funding round in 2017. The round was led by Tokyo-based Digital Garage and Daiwa Securities Group's jointly established venture arm, DG Lab Fund I Investment Limited Partnership, along with Zach Coelius.
Total customers: Entrupy’s customers include hundreds of secondary resellers, marketplaces and other retail organisations around the world. They are also testing with shipping companies as well as customs agencies to stop fake items from reaching the market in the first place.
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Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)