The Arab world's academics have been offering students lessons on how to lead a fulfilled, scholarly life for centuries. Fatimid-era scientist Ibn Al Haytham, the father of modern optics and pioneer of the scientific method, taught his followers as early as the 11th century about the need for scepticism when trying to uncover the true nature of things: "The duty of the man who investigates the writings of scientists, if learning the truth is his goal, is to make himself an enemy of all that he reads."
These ideals remain important for today's students, but other, more worldly priorities are on their minds, too. Gone are the days when higher education was the reserve of a lucky, mostly rich, few. Now it is often key to earning a decent livelihood in an increasingly educated and competitive economy. As Ibn Al Haytham advises, students should be sceptical when it comes to ideas; but in the competitive 21st century, they would do best not to make themselves enemies of the modern jobs market.
Graduates are right to be taking future earnings into consideration when making degree choices. Even in the richest countries, fear of graduate unemployment, often combined with heavy student debt, is well-founded. In 2019, the New York Federal Reserve Bank found that for the first time in three decades, American graduates were more likely to be unemployed than overall workers. That same year, graduate unemployment in Egypt exceeded 36 per cent.
Earlier this week The National spoke to three university teachers about degrees that lead to the best-paying jobs in the UAE. Some observations were unsurprising. “People very rarely have difficulty in finding employment as a result of having done a business degree,” said Dr James Trotter, dean of Murdoch University Dubai. It is little surprise, then, that the subject is "by far the most popular" in a country that since its inception has put commerce at the centre of its development. And, as skyscrapers and modern industries rose to accommodate the new economy, engineering has also become a top choice, perhaps even the most profitable of all, according to Dr Kavita Shukla of Amity University Dubai.
But other trends have emerged more recently. Technical backgrounds are now highly sought-after, with qualifications in IT, artificial intelligence, robotics and nanotechnology increasingly in demand, all a reflection of the impetus the Emirates is putting on creating an economy based on future-focused industries.
For students who would rather pursue other studies there are still many options. “The UAE is such a vibrant and growing economy and constantly growing population. There’s almost an ever-increasing need for highly skilled employees,” Dr Trotter also says. While he regards a decline in popularity for arts subjects as "unfortunate", he expects they might bounce back. After all, the type of worker the UAE is trying to attract through its Golden Visa programme – a good indicator of which sectors the government most wants to grow – is not just those in technical fields, but artists and creative specialists, too. In another positive sign that the humanities are not being disregarded, the Mohamed bin Zayed University for Humanities in Abu Dhabi announced this week that it will award full scholarships to 100 students for the next academic year.
Prof Ammar Kaka, provost of Heriot-Watt University Dubai, also noted the rising popularity of "upskilling", further specialising in a field, and "reskilling", which involves learning about a new area later on. He said the “vast majority” of students at his institution doing these advanced degrees were “working professionals”, good news for older students who want something new later in life.
There is also growing recognition that the path to profitable graduate careers does not start at university. A key labour reform in recent months allows for the first time those over the age of 15 in the UAE to get part-time jobs. These are unlikely to be in specialist fields, but more in customer-facing, practical ones, excellent environments to build the skills and work ethic in preparation for better-paid jobs. After all, for many, the first pay packet, while not the largest, is often the most memorable.
While some sectors might be more profitable than others, the overall impression from experts is that in the UAE's increasingly diversified economy, whichever field a student chooses, with the right attitude and skills, much is possible.
AS IT STANDS IN POOL A
1. Japan - Played 3, Won 3, Points 14
2. Ireland - Played 3, Won 2, Lost 1, Points 11
3. Scotland - Played 2, Won 1, Lost 1, Points 5
Remaining fixtures
Scotland v Russia – Wednesday, 11.15am
Ireland v Samoa – Saturday, 2.45pm
Japan v Scotland – Sunday, 2.45pm
The Year Earth Changed
Directed by:Tom Beard
Narrated by: Sir David Attenborough
Stars: 4
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
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.”
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Pakistan v New Zealand Test series
Pakistan: Sarfraz (c), Hafeez, Imam, Azhar, Sohail, Shafiq, Azam, Saad, Yasir, Asif, Abbas, Hassan, Afridi, Ashraf, Hamza
New Zealand: Williamson (c), Blundell, Boult, De Grandhomme, Henry, Latham, Nicholls, Ajaz, Raval, Sodhi, Somerville, Southee, Taylor, Wagner
Umpires: Bruce Oxerford (AUS) and Ian Gould (ENG); TV umpire: Paul Reiffel (AUS); Match referee: David Boon (AUS)
Tickets and schedule: Entry is free for all spectators. Gates open at 9am. Play commences at 10am
