English-speaking universities in the Netherlands, Poland and Georgia are increasingly attracting students from the UAE, education consultants have revealed.
Interest in those three nations is on the rise, while falling in some of the traditional favourites chosen by school leavers in the Emirates.
"If you're looking for a competitive pricing, a lot of people are looking at countries like Georgia and Poland, which were virtually unheard of in the past," said Sanjeev Verma, chief executive of Dubai-based Intelligent Partners, which helps students with university applications and visa arrangements.
The UAE sends about 13,500 students of all nationalities abroad.
A lot of people are looking at countries like Georgia and Poland, which were virtually unheard of in the past
Sanjeev Verma,
chief executive of Dubai-based Intelligent Partners
Traditional markets include Canada, the US and the UK but high fees and competition have led to demand for more options.
The Netherlands typically attracts more than 100,000 foreign students each year, drawn by the widespread availability of degrees taught in English, and that figure is growing. In the current academic year there are 115,068 international students in the northern European country, a 12 per cent rise on last year.
About 30 per cent of those are from outside the European Union and those students can expect to pay from €6,000 (Dh23,600) to €15,000 per year for a bachelor's degree. Students with EU passports pay a flat annual fee of €2,168.
The UK remains highly popular but many families are priced out by high fees. British universities charge foreign students between £10,000 (Dh46,400) and £38,000 per year for a bachelor's degree.
Rema Menon, director of career guidance at UAE-based Counselling Point, said many more prospective students now come to her asking about life in Amsterdam and Utrecht.
“The Netherlands wasn't a hot favourite among students in the past," she said. "But increasingly I see people are looking at the Netherlands as an important study destination, as more and more universities are offering courses in English.
“Also the costs are quite reasonable and is comparable to universities in the UAE."
Students look to post-university life
Ms Menon said Canada, the US and the UK remain the top destinations. Students from UAE, who often struggle to get on to the first step of the career ladder, often look to countries that allow them to stay on and work.
“In the UK you can stay on for two years after you graduate, so people are taking advantage of that option," she said.
A record number of students from the UAE applied to UK universities in 2022, data from admissions service Ucas revealed in February.
Ms Menon and other experts said Australia has slumped in interest after repeated lockdowns during the pandemic.
“Australia is no longer at the top of the pecking order, it has slipped considerably," Mr Verma said.
Broader effect of Ukraine invasion
Political and economic situations can prove a telling factor, particularly as parents prepare to fork out for three or four years of fees, flights and living costs for their children.
Before the war, Ukraine's well-regraded, English-taught universities attracted 76,000 international students. Fees of $1,000 to $3,000 a year for most degrees, and $2,000 to $6,000 for medical degrees, offered some of the best value worldwide.
One in four of those students were from Africa, including many from Egypt, Nigeria and Morocco. About 20,000 each year came from India, with many attracted to medicine and nursing.
As a consequence of the war, Poland has drawn huge demand from Ukrainian students who fled.
That and Poland's proximity to the fighting has led some UAE students to think twice about attending, though with annual fees for as low as €3,000 it remains popular.
“The war may be in Ukraine, but there are far-reaching consequences in other parts of Europe as well, such as shortages," said Ms Menon.
"People are worried of going to places like Poland and Georgia. Right now there is some amount of apprehension around that."
Likewise, she said similar fears have put students off Sri Lanka, where there is economic and political turmoil, even though the risk of getting caught up in violence would be slim.
Mr Verma said many families were looking at mainland Europe for the first time.
"Europe is the new kid on the block," he said. "Germany has always been there, but the interest in Germany has increased considerably."
Malta was another European nation that he thought could soon be popular with students, Mr Verma said.
He said those who could afford it pursued studies in Western European nations including France, Italy and Spain.
"On the other hand, if you're looking for a competitive pricing a lot of people are looking at countries like Georgia, Poland, etc, which were virtually unheard of in the past," he said.
"Ukraine obviously is off the map for the time being. Most people are still, I would say grudgingly, looking at Poland, Georgia and surrounding countries.
"They're not shunning them but they're cautiously optimistic."
Netherlands 'far cheaper' than British universities
Baahir Sameesh, a 19-year-old Indian in Dubai, will be heading to Vrije University in Amsterdam in September to start his bachelor's degree in artificial intelligence.
“The whole reason I chose the Netherlands was because it was much cheaper compared to other places and had good quality of education," said Mr Sameesh.
“Instead of going to the UK and spending 1.5 times the money, I could go to the Netherlands and get a good-quality education.
"Europe also got a lot of attention when Australia slipped down.
"I have five friends who were going to Australian universities and when they were told they would have to do their degrees online, all five of five of them switched their plans and decided to study in Europe."
He said the Netherlands had a lot of research into artificial intelligence and he was excited to join the course.
Mr Sameesh said he would pay around Dh48,000 per year in the Netherlands, compared to Dh70,000 to Dh90,000 for a similar degree in the UK.
Cristian Rebelo, an 18-year-old Portuguese-Indian pupil at Wellington School in Silicon Oasis, will be heading to HZ University of Applied Sciences in Netherlands after summer.
Mr Rebelo will take on a four-year course in water management and hopes to return to Dubai to work on the UAE's development.
"I found that the Netherlands is a really good place to study environment and especially for water management," said Mr Rebelo, whose degree would include a year of internship.
"There's a lot of research in water management in the Netherlands, so it's very specialised, which is why I looked at the country. Also, the quality of education is really high."
Five expert hiking tips
- Always check the weather forecast before setting off
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AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
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- Priority access to new homes from participating developers
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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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