• Children at Repton School, Al Barsha in Dubai.
    Children at Repton School, Al Barsha in Dubai.
  • Pupils returned to in-person lessons in Dubai this academic year. Chris Whiteoak / The National
    Pupils returned to in-person lessons in Dubai this academic year. Chris Whiteoak / The National
  • Learners arrive for classes at Repton School in Al Barsha.
    Learners arrive for classes at Repton School in Al Barsha.
  • Zoe Woolley, headmistress at Repton Al Barsha, welcomes pupils as they arrive for school.
    Zoe Woolley, headmistress at Repton Al Barsha, welcomes pupils as they arrive for school.
  • Children follow Covid-19 safety protocols at Repton school.
    Children follow Covid-19 safety protocols at Repton school.
  • Repton Al Barsha school has 770 pupils back in class this term.
    Repton Al Barsha school has 770 pupils back in class this term.
  • Dubai schools have bounced back from the Covid-19 pandemic.
    Dubai schools have bounced back from the Covid-19 pandemic.
  • A young pupil holds her fathers hand as she arrives at Repton Al Barsha.
    A young pupil holds her fathers hand as she arrives at Repton Al Barsha.
  • Children listen to a class led by Mrs Wright at Repton Al Barsha.
    Children listen to a class led by Mrs Wright at Repton Al Barsha.
  • Nursery pupils at The British School Al Khubairat, in Abu Dhabi. Khushnum Bhandari/ The National
    Nursery pupils at The British School Al Khubairat, in Abu Dhabi. Khushnum Bhandari/ The National
  • Covid-19 safety measures are followed closely at The British School Al Khubairat, in Abu Dhabi.
    Covid-19 safety measures are followed closely at The British School Al Khubairat, in Abu Dhabi.

Dubai private school tuition fees frozen for next academic year


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Dubai's private schools will not be permitted to increase tuition fees for the next academic year, the emirate's education regulator said.

The Knowledge and Human Development Authority (KHDA) made the announcement on Tuesday following the release of the latest Education Cost Index (ECI).

The ECI measures annual changes in school running costs, including salaries, rents and utilities.

Families have suffered because of pay cuts and job losses. I’m sure the decision is for the greater good for all
Sheila Menon,
Ambassador School

This year's study found no cause to increase tuition charges for 2022-23.

This is the third consecutive year that fees for Dubai schools have remained unchanged.

“Dubai’s private schools continue to demonstrate strong growth and resilience, driven by the trust and confidence of families,” said Mohammed Darwish, chief executive of the Regulations and Permits Commission at KHDA.

“Our robust fee framework ensures complete transparency and balances the expectations of families and schools.”

The Education Cost Index and the Fee Framework were developed in collaboration with government departments such as the Dubai Statistics Centre, Department of Economic Development and Dubai Chamber of Commerce.

"In the last couple of years, families have suffered because of pay cuts and job losses and we did not have school inspections per se," said Sheila Menon, principal of Ambassador School.

"It’s a difficult time for schools and families. We continue to pay salaries, rents, maintenance and other bills but I’m sure the new decision is for the greater good for all. So, we will not increase the fees at all."

A spokesman of Gems Education said they have “noted the decision and are trying to understand all the implications.

“As with other schools, we will follow the directives of the regulator. There was no fee hike across the Gems network in the past two years.”

Enrolment at Dubai’s private schools has increased by 5.8 per cent since February 2021.

More than 20 new schools have opened in the emirate in the past three years, bringing the total number to 215.

A report published by the KHDA in November found more than four in 10 parents of pupils at private schools in Dubai pay less than Dh18,000 ($4,900) in annual fees.

Data from the Knowledge and Human Development Authority shows only 9 per cent of parents pay more than Dh75,000, while another 22 per cent pay between Dh18,000 and Dh35,000.

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Barings Bank

 Barings, one of Britain’s oldest investment banks, was
founded in 1762 and operated for 233 years before it went bust after a trading
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Barings Bank collapsed in February 1995 following colossal
losses caused by rogue trader Nick Lesson. 

Leeson gambled more than $1 billion in speculative trades,
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Winners

Best Men's Player of the Year: Kylian Mbappe (PSG)

Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)

TikTok Fans’ Player of the Year: Robert Lewandowski

Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)

Best Women's Player of the Year: Alexia Putellas (Barcelona)

Best Men's Club of the Year: Chelsea

Best Women's Club of the Year: Barcelona

Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)

Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)

Best Coach of the Year: Roberto Mancini (Italy)

Best National Team of the Year: Italy 

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You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

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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.”

Updated: March 02, 2022, 7:05 AM