Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, pledged that the emirate would support the academic aspirations of the best and brightest high school pupils.
He added that the government had issued directives to provide financial awards and scholarships to prestigious universities for top performers.
Sheikh Hamdan made the announcement after meeting high-achieving learners at Emirates Towers.
He said education was a “top priority” for Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, in a message on Twitter.
He added that Sheikh Mohammed's “vision focuses on recognising and rewarding talent”.
Dubai's investment in future generations was backed by senior government figures in attendance at the event.
“It is important to support the aspirations of youth and empower them as part of the vision of Sheikh Mohammed bin Rashid,” said Mohammed Ibrahim Al Shaibani, director general of the Dubai Ruler’s Court.
“People are Dubai’s most valuable asset and are at the core of all policies and initiatives. This demonstrates the importance of developing scholarship programmes for the most prestigious universities, where youth can study scientific disciplines that add value to the sectors contributing to Dubai’s social, cultural, economic and sustainable development.”
His sentiments were echoed by Abdulla Al Basti, secretary general of the Dubai Executive Council.
“These young pioneers are the future. Our endeavours are guided by the vision of Sheikh Mohammed bin Rashid, and the directives of Sheikh Hamdan bin Mohammed,” said Mr Al Basti.
“The meeting with high-achieving pupils was an opportunity to understand their aspirations better and involve them in shaping Dubai’s future. The meeting also helped to inspire students to continue to excel and study scientific disciplines that add value to strategic sectors and the economy.”
Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
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