DUBAI // Iba Masood quit her job in the media last year to help other recent university graduates find jobs.
And it was a good thing for them that she did. Since November she has helped 70 people to find employment through a web portal she co-founded.
More than 100 employers, including Google, have used the site to find prospective workers.
Students from 550 universities worldwide have made use of Gradberry, the Middle East's first job portal for students and graduates.
User numbers have increased to almost 500,000 from 2,000 last year and the website has received almost 2 million views.
"Gradberry holds out quite a lot of promise as a platform for hiring the most talented new graduates from the Middle East," said Matt Mitro, the university programmes manager for Google's Europe, Middle East and Africa (EMEA) office.
"By making it easier for graduates to connect with employers, this platform certainly plays an important function in reducing youth unemployment."
Unlike its larger competitors, the site mainly lists internship openings and entry-level positions for people who have little or no work history.
The founders are encouraging employers to take on interns in meaningful posts. They also want the Government to introduce an internship visa that will allow students to work in the Middle East.
Postings for Emirati lawyers, photographers, social media and even sports enthusiasts can be found on the site.
Local and international companies have been using it to find young talent. Google listed an internship in its EMEA headquarters in Dublin, and this month Gradberry had its first job postings from Saudi Arabia and Egypt.
"We know how to communicate with students and we understand the market," said Ms Masood, 22.
"The market here is one of the most challenging and a distinct market students want to enter, and we have been able to capture that niche.
"It really shows that there was a huge need for this kind of portal."
The website fills a crucial need, said Stella Mandehou, the career service manager at the American University in Dubai (AUD).
"Gradberry, as a niche career portal exclusively for student internships and fresh graduate jobs, has catered to the needs of AUD students in a way that no other job portals did in the past," Ms Mandehou said.
"Gradberry could easily complement the mission of any university's careers office."
Ms Masood and Syed Ahmed, Pakistani graduates from the American University of Sharjah, launched the portal to try to reduce youth unemployment.
According to the International Labour Organisation's Global Employment Trends 2012 report, more than one in every four young people - or 26.2 per cent - in the Middle East is unemployed.
That figure was one of the main drivers for Ms Masood.
"It makes you think, 'what are the causes?'" she asked.
"It's what [caused] the Arab Spring and it was my biggest motivation to start."
Youth unemployment is not just the result of a lack of jobs in the market, said Tania Gupta, senior account manager for Socialize, a locally based social-media agency.
"Often [it's] the mismatch between a candidate's skills and the job [requirements]," Ms Gupta said.
She said the key for graduates was to land a job that suited an employer's requirements. The Gradberry founders recognised this: they also offer workshops for students in the UAE on how to find jobs.
"Out of the thousands of CVs we receive, 80 per cent of those have a lot of mistakes that students shouldn't be making as graduates," Ms Masood said.
"We advise them on what needs to be changed based on employers' feedback and recommend to them which skills they lack in the industry they plan to work in."
She said only a quarter of graduates had the skills required by the market, and universities had to catch up with employers' demands.
"What the region really lacks is preparation for the real world," said Mr Ahmed.
"Universities have this tendency to sugar-coat how easy it would be to get a job if you graduated from a certain university because everything you've learnt is applicable, but it's not true.
"In most cases, everything you've learnt over the four years, only 10 per cent of it was useful."
Students and graduates said the portal had made finding a job easier.
Viral Kantilal, 21, of India, had a hard time finding a job suitable to his skills before he clicked on to Gradberry.
"Most portals I used were targeted towards people with three to five years' work experience, and there weren't enough positions for graduates," said Mr Kantilal, who landed his accountancy internship through Gradberry.
"I found the perfect job that immediately matched my experience and skill-level through the initiative."
alhaddad@thenational.ae
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BRIEF SCORES
England 353 and 313-8 dec
(B Stokes 112, A Cook 88; M Morkel 3-70, K Rabada 3-85)
(J Bairstow 63, T Westley 59, J Root 50; K Maharaj 3-50)
South Africa 175 and 252
(T Bavuma 52; T Roland-Jones 5-57, J Anderson 3-25)
(D Elgar 136; M Ali 4-45, T Roland-Jones 3-72)
Result: England won by 239 runs
England lead four-match series 2-1
RESULTS
6.30pm: Handicap (rated 100 ) US$175,000 1,200m
Winner: Baccarat, William Buick (jockey), Charlie Appleby (trainer)
7.05pm: Handicap (78-94) $60,000 1,800m
Winner: Baroot, Christophe Soumillon, Mike de Kock
7.40pm: Firebreak Stakes Group 3 $200,000 1,600m
Winner: Heavy Metal, Mickael Barzalona, Salem bin Ghadayer
8.15pm: Handicap (95-108) $125,000 1,200m
Winner: Yalta, Mickael Barzalona, Salem bin Ghadayer
8.50pm: Balanchine Group 2 $200,000 1,800m
Winner: Promising Run, Pat Cosgrave, Saeed bin Suroor
9.25pm: Handicap (95-105) $125,000 1,800m
Winner: Blair House, James Doyle, Charlie Appleby
10pm: Handicap (95-105) $125,000 1,400m
Winner: Oh This Is Us, Tom Marquand, Richard Hannon
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.”
MO
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The biog
Name: Atheja Ali Busaibah
Date of birth: 15 November, 1951
Favourite books: Ihsan Abdel Quddous books, such as “The Sun will Never Set”
Hobbies: Reading and writing poetry
Yahya Al Ghassani's bio
Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda
Qosty Byogaani
Starring: Hani Razmzi, Maya Nasir and Hassan Hosny
Four stars
UAE rugby in numbers
5 - Year sponsorship deal between Hesco and Jebel Ali Dragons
700 - Dubai Hurricanes had more than 700 playing members last season between their mini and youth, men's and women's teams
Dh600,000 - Dubai Exiles' budget for pitch and court hire next season, for their rugby, netball and cricket teams
Dh1.8m - Dubai Hurricanes' overall budget for next season
Dh2.8m - Dubai Exiles’ overall budget for next season
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Final results:
Open men
Australia 94 (4) beat New Zealand 48 (0)
Plate men
England 85 (3) beat India 81 (1)
Open women
Australia 121 (4) beat South Africa 52 (0)
Under 22 men
Australia 68 (2) beat New Zealand 66 (2)
Under 22 women
Australia 92 (3) beat New Zealand 54 (1)