Rapid change in education systems is impossible, says Jouni Kangasniemi. Reem Mohammed / The National
Rapid change in education systems is impossible, says Jouni Kangasniemi. Reem Mohammed / The National

If the model works for Finland, why can’t it work here?



I've followed the debate over the UAE and Finnish models of education with great interest. Peter Hatherley-Greene began the discussion by writing that the Finnish model of education cannot be exported to the UAE.

His argument was followed by several other commentators, including Taneli Kukkonen from NYU Abu Dhabi, who wrote that there are actually more commonalities than you might think.

First, let me say that this debate is exactly what we need. Finns have always been willing to share their views on education and do so with no hidden agenda.

In contrast to Dr Hatherley-Greene’s opinion, we can both gain by exchanging ideas and models behind the various education systems and practices.

By allowing our own education system and our current practices to be open to criticism and testing, as well as through appraisals and second opinions, we have been able to develop our education system.

We see that by sharing our joy for learning – as well as our thoughts and ideas – the value of them doubles. Especially in a world of constant change, we need to educate people who are open to new ideas and willing to change in order to live a good life and promote business as well as society. Trust and openness are important elements in all of this.

Instead of rooting both the Emirati and Finnish cultures in the harsh living conditions of 8,000 years ago, we should be thinking how much we’ve achieved in the past century and where we are aiming to go in the next 100 years.

Cultural change is slow but constant. Had I written the first article, I would have started the comparison by stating that the Middle East has always been a lively hub for exchange between people with different backgrounds, cultures, skills and trade. Exactly the kind of place where innovation happens.

In an environment such as this, openness to all ideas, especially in the field of education, is what is needed – rather than excluding something that is already a proven success. If it has worked well for us in Finland, I am sure that the model has elements that can be adjusted for use in the UAE.

In Finland, we are aiming to be the best place in which to develop education systems.

We have always been willing to borrow those good ideas that are worth borrowing, and turn them, through close cooperation, into something our teachers can use for our own model.

We never say that any model should be excluded. The Finnish teachers returning from the Arabian Gulf say that they themselves have learnt so much there.

Rapid change in education systems is impossible. Educational transformation should be undertaken using lessons learnt from around the world. That is also where we have rooted out education system and reforms.

I agree that UAE policymakers should be careful when borrowing ideas from other countries.

What decision-makers and policymakers need to get right is the big picture for the educational landscape of their nation. Luckily today, information on all education systems and models is readily available and results are visible.

Jouni Kangasniemi is head of development at the ministry of education and culture in Finland

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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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Founder/CEO: Hosam Arab, co-founder: Daniil Barkalov
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Date Started: September 2018

Founders: Walid and Karim Dib

Based: Abu Dhabi

Employees: Nine

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