Dubai students taking part in efforts to save the world in Texas


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DUBAI // Four local students are to attend an elite global citizenship conference in the US this week. The American University of Dubai (AUD) students will attend the Clinton Global Initiative University (CGI U) in Texas, aimed at encouraging young people to become involved in solving the world's problems. They will join more than 1,000 students, university presidents and NGOs from around the world at the University of Texas at Austin, for the three-day conference starting on Friday. It will be hosted by the former US president Bill Clinton. Madonna Morgan, 22, Ghazaleh Nekvi Ellis, 26, Mostafa Khojah, 25, and Erin M Remillard, 21, will represent their student-led club AUD International Aid. AUD was the only Arab world representative at last year's inaugural CGI U, a student version of the Clinton Global Initiative (CGI). Ms Morgan, from Lebanon, said she wanted to help dispel the image of UAE students being globally unaware. "My vision is to see people here contribute and become aware, because there is this stereotype that students living in this part of the world are unaware, and are living in a bubble," Ms Morgan said. "Lots of people here want to help, but they don't know how, and don't know where to start. "I hope that through this club, more people, especially students, will feel encouraged and able to contribute as well." The students will take part in sessions to find concrete ways of addressing pressing issues, locally and internationally. Celebrity activists will also be attending, including the actor Matthew ­McConaughey, the actresses Drew Barrymore and Natalie Portman, and the Academy Award-nominated filmmaker and screenwriter Morgan Spurlock, best known for his documentary, Super Size Me. The AUD students went through a rigorous selection process for the conference, which included submitting a "commitment to action". They decided to dedicate 600 hours of time and $22,000 (Dh80,800) to instructing teachers in rural Cameroon how to use computers. They will travel there in July after forming partnerships with NGOs in the African nation. Mr Khojah, a Saudi student who started his community service "career" by chairing the Red Crescent Society group at his high school in Jeddah, is excited to be contributing to development on such an international scale. Ms Nekvi Ellis, an Iranian-American graduate student, hoped her participation at CGI U would lead to work at international NGOs such as the UN, and encourage other students to follow. "The more they see what kind of things we do, and how serious and determined we are about our commitment, the more students will become interested in similar work," she said. Founded in 2005 by Mr Clinton, the CGI gathers current and former heads of state, Nobel laureates and prominent philanthropists to find solutions to the world's challenges. talramahi@thenational.ae

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Pharaoh's curse

British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.

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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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