At least 40 lessons are needed before qualifying as a lorry driver



DUBAI //The bulk of the work in educating heavy vehicle drivers is left to driving schools.

Would-be lorry drivers must take a series of lessons at an accredited driving school before attempting the theory and practical test at the RTA in Dubai or Ministry of Interior in Abu Dhabi and Northern Emirates, where tests are usually conducted by the traffic police.

The minimum training requirement at driving schools is 40 lessons, or approximately 20 hours of training, but the institute can ask the student to complete more lessons if they feel they are not yet ready for the Government test.

The heavy vehicle operators said it took them between four and six months to complete the necessary training and some spent as much as Dh25,000 to do so.

In the capital, Emirates Driving Company (EDC) offers heavy vehicle theory classes and plans to introduce practical training in the next two months.

"Our curriculum has to be approved by the traffic department, but anytime soon we expect to launch the business of practical training," said Dino Kalivas, the director of training at EDC.

EDC has expanded its facilities at its headquarters in Mussaffah to offer the training. Students must be over 21 to enrol and a beginner will require at least 44 lessons of about 35 minutes each in practical training and eight theory lessons of about 70 minutes each.

Mr Kalivas said their training will include simulator lessons that prepare drivers for emergency situations, such as how to drive in dense fog.

"The more experience you get, the statistically safer you drive once you obtain your licence," Mr Kalivas said.

Exact training requirements at different driving schools may differ but, according to Ahmed Bahrozyan, chief executive of the RTA licensing agency, all institutes will soon follow a unified heavy vehicle driver training curriculum under pilot testing.

"We have a set of accreditation criteria [for driving schools], but they must primarily be equipped to deliver the RTA training curriculum, which is a combination of classroom sessions and on-road training," said Mr Bahrozyan. "They must have the necessary space within their premises to deliver the training curriculum because some of the training will happen inside the boundaries of the training centre and the rest is on the roads. They must also have certified instructions."

Once a driver has a licence, it is valid for 10 years and no retesting is required on renewal. However, the RTA plans to add a medical test for all professional drivers "before the middle of 2013", according to Mr Bahrozyan.

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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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Quick pearls of wisdom

Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”

Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.” 

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