By 2020 Dubai private schools will be fully accessible to people of all abilities. Getty Images
By 2020 Dubai private schools will be fully accessible to people of all abilities. Getty Images
By 2020 Dubai private schools will be fully accessible to people of all abilities. Getty Images
By 2020 Dubai private schools will be fully accessible to people of all abilities. Getty Images

Dubai's special needs ruling offers an important lesson in inclusivity


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All children should have every opportunity to make the most of their natural abilities. That is the inarguable idea behind the Knowledge and Human Development Authority's ruling that all of Dubai's private schools must cater for children with special needs by 2020, and another important step in the UAE's journey to becoming a fully inclusive society. Since 2017, throughout the UAE the word "disabled" has been replaced by the empowering phrase "people of determination". These latest steps will be welcomed by many parents who see their children's courage every day.

Some have struggled to meet the costs of learning assistants or therapists to support their child. Others have even been unable to find school places for them. All that will now change. Every teacher must be trained to work with pupils of determination and, where extra support is required, costs will be limited. Society at large stands to gain from the recognition that all children come into this world with different needs. By their very nature, schools already deal with a broad spectrum of abilities and widening that range just a little further will allow a richer and more diverse group of young people to enjoy exactly the same educational experiences. In a year when the UAE is celebrating the values of inclusivity, this sends an important message.

After all, some of the world's great scientists and writers have succeeded despite facing physical challenges and learning difficulties. Take, for example, the late theoretical physicist Stephen Hawking, who lived for decades with motor neurone disease and the Irish author Christy Brown, who was paralysed by cerebral palsy. Meanwhile, the 19th-century French writer Gustave Flaubert, author of Madame Bovary, struggled with dyslexia, which he described as "the handicap of being born with a special language to which I alone have the key". This is not to trivialise the hurdles some children have to overcome, but to emphasise that it is a dreadful mistake to consign any child to a limiting category. This alone is a valuable lesson for a new generation that will go out into the world as ambassadors for the UAE and its values of equality, understanding and mutual respect.

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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