Students at New York University Abu Dhabi were able to graduate at an in-person ceremony on Monday for the first time since the Covid-19 pandemic began.
A total of 364 students from 85 countries received their degrees at the university’s ninth commencement ceremony — the largest cohort to date.
Keynote speakers at this year's ceremony, held at NYUAD's Saadiyat Island campus, included Ellen Stofan, under secretary for science and research at the Smithsonian Institution and former chief scientist at Nasa, and internationally renowned sculptor Anish Kapoor.
While the ceremony was usually held at the campus in Abu Dhabi, celebrations were moved online for the past two years, because of the pandemic.
This month, some students from NYUAD class of 2020 and 2021 travelled to New York to attend a ceremony at New York's Yankee Stadium.
This year, graduates were delighted to be met with all the traditional pomp and splendour.
Nigerian student Ibrahim Suleiman, 22, was excited to get his degree in front of his father, who had travelled to Abu Dhabi to attend the ceremony.
“It feels good to have our graduation in-person because we had witnessed that the previous classes had virtual celebrations,” Mr Suleiman said.
“We had feared we might be in the same situation.
“It means a lot to me to get the degree in-person. When the Covid pandemic was at its peak, we never thought this would be possible.”
The maths graduate was celebrating both his graduation and also his admission to the Courant Institute of Mathematical Sciences at NYU in the US, where he will study for a PhD.
Indian student Mohammad Yasser, 22, was thrilled to receive his bachelor’s degree in physics with a minor in philosophy.
He said that many of his friends had been clinging to the hope of a face-to-face graduation this year.
“It came as a great surprise that we could have an in-person graduation ceremony. There were lots of hopes on the line,” Mr Yasser said.
“We could see how much preparation had gone into this and had a rehearsal on Sunday. There was a lot of care put into this event and it was nice to have an in-person commencement.”
Mr Yasser will soon start work as a product manager at e-commerce company Noon in Dubai.
“Today marks an incredible personal milestone … You couldn’t have imagined that your college years would get caught up in a global pandemic, changing everything and making everything harder,” said keynote speaker Ellen Stofan.
“Yet here you are, in person, for the first time since Covid began. There is no better tribute to the challenges you have faced, than being able to hug your fellow classmates and share this with your family. You did it!”
NYUAD vice chancellor Mariet Westermann praised the students on their hard work, creativity and persistence.
“Your journey, class of 2022, has been enlightening in so many ways, to you, and to all of us who have come along with you,” Ms Westermann said.
"Your hard work, your creativity, and your persistence led us to your graduation, with all of us here to cheer your accomplishments. You, the class of 2022, made this day possible,”
A partnership between New York University and the Abu Dhabi government, NYU Abu Dhabi welcomed its inaugural class in 2010. The university now has more than 1,800 students.
Students celebrate drive-through graduation in Ajman during pandemic – in pictures
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Cast: Akshaye Khanna, Richa Chadha, Meera Chopra & Rahul Bhat
Director: Ajay Bahl
Producers: Kumar Mangat Pathak, Abhishek Pathak & SCIPL
Rating: 3.5/5
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%3Cp%3EPresident%20Volodymyr%20Zelenskyy%20has%20overseen%20grain%20being%20loaded%20for%20export%20onto%20a%20Turkish%20ship%20following%20a%20deal%20with%20Russia%20brokered%20by%20the%20UN%20and%20Turkey.%3Cbr%3E%22The%20first%20vessel%2C%20the%20first%20ship%20is%20being%20loaded%20since%20the%20beginning%20of%20the%20war.%20This%20is%20a%20Turkish%20vessel%2C%22%20Zelensky%20said%2C%20adding%20exports%20could%20start%20in%20%22the%20coming%20days%22%20under%20the%20plan%20aimed%20at%20getting%20millions%20of%20tonnes%20of%20Ukrainian%20grain%20stranded%20by%20Russia's%20naval%20blockade%20to%20world%20markets.%3Cbr%3E%22Our%20side%20is%20fully%20prepared%2C%22%20he%20said.%20%22We%20sent%20all%20the%20signals%20to%20our%20partners%20--%20the%20UN%20and%20Turkey%2C%20and%20our%20military%20guarantees%20the%20security%20situation.%22%3C%2Fp%3E%0A
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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