India’s prestigious Indian Institute of Technology, better known as IIT, will begin courses in Abu Dhabi next year, the country's envoy to the UAE has said.
Sunjay Sudhir, Indian ambassador to the UAE, outlined details about the IIT’s first campus outside India.
There are 23 IITs in India and the institute is famous for producing graduates ranked among the world’s most successful innovators, engineers and entrepreneurs.
Alumni include Sundar Pichai, Google's chief executive and Narayana Murthy, founder of software giant Infosys.
“We can expect the commencement of courses at IIT Abu Dhabi within a year’s time,” Mr Sudhir told The National in an interview on milestones reached since the signing of the Comprehensive Economic Partnership Agreement between the UAE and India on February 18 last year.
“It would be an independent IIT so initially it would offer a few academic programmes but eventually it will have all the academic programmes like undergraduate, post-graduate and PhD courses.”
IITs are premier educational institutes in India, known for a rigorous curriculum in engineering and technology.
Often called the MIT and Harvard of India, the acceptance rate is only about 1.7 per cent, with more than 900,000 students vying for about 16,600 places last year.
Truly global campus
The IIT Delhi, one of the oldest and most respected, will mentor IIT Abu Dhabi.
“The idea behind setting up of IIT Abu Dhabi is to bring the academic excellence of IITs to the wide international community. Therefore, IIT Abu Dhabi will also aspire to be a truly global campus having good mix of Indian, Emirati and other nationalities,” Mr Sudhir said
“IIT Abu Dhabi is a landmark project which reflects the vision of our leaders and it will be a tribute to the people of India and the UAE who are the backbone of our historic relationship.”
A joint working group will identify the location for the temporary and permanent campuses in Abu Dhabi, finalise the start date and qualification criteria.
The group with experts from IIT Delhi and the Abu Dhabi Department of Education and Knowledge (Adek) has held regular meetings and an agreement is close to being finalised to chart out specific roles and responsibilities.
The first official reference to the UAE being home to an IIT was made last February when President Sheikh Mohamed, at the time Crown Prince of Abu Dhabi, and Indian Prime Minister Narendra Modi issued a joint vision statement.
Huge job opportunities
The historic trade agreement that came into force on May 1 last year has sparked job creation opening up opportunities in both countries.
Mr Sudhir said the agreement resulted in notable 27.5 per cent growth in bilateral trade.
Early gains are apparent with bilateral trade rising to $57.8 billion from April to November 2022 from $45.3 billion in the same period the year before.
“There has been impressive growth in all major sectors like gems and jewellery, mineral products, engineering goods, electronics, plastic and rubber,” Mr Sudhir said.
“Cepa will create huge job opportunities in India as India’s exports are poised to grow.
“The impressive growth of $12.5 billion in bilateral trade would have resulted in many new job opportunities in both countries.”
India’s exports over eight months registered about 19 per cent growth, reaching $20.8 billion from $17.45 billion in labour-intensive sectors such as gems and jewellery, food and agricultural sectors.
Wider market access
The business community in both countries has benefitted from duty waivers and better market access.
“Cepa is particularly beneficial for small and medium enterprises in both countries,” Mr Sudhir said.
“The agreement enables them to use the duty waivers to boost their standing and scale up.”
The agreement is also critical for access to affordable medicines.
“Both nations have agreed to facilitate quick market access of finished pharmaceutical products to improve the health of their populations,” Mr Sudhir said.
The UAE and India have decided to grant fast-track approval for the registration of medicines that are cleared by at least one regulatory authority in countries such as Australia, Canada, Japan, the US, the UK or the EU.
Committees are being finalised to oversee implementation.
The pact covers all economic interactions with the UAE, including jewellery, trade, investment, healthcare and digital trade.
“The gems and jewellery sector is among the industries which are poised to gain considerably from Cepa,” the ambassador said.
“The agreement has come at an opportune time when both countries are looking to rebound from the Covid-19 setback and realign their common business interests.”
India’s jewellery exports to the UAE, in a negative trajectory during the pandemic, have rebounded.
From April to November, India’s gems and jewellery exports to the UAE reached $3,761 million from $3,105 million over the same period the year before, registering an increase of 21 per cent.
Cultural dialogue
Education co-operation is key with progress made on exchanging information on qualifications issued by educational institutions so training and certificates are mutually recognised.
Plans are moving ahead for an India-UAE Cultural Council Forum for more dialogue and visits between artists, poets and authors.
Mr Sudhir said the new council would draw two creative communities closer, and “promote a common cultural heritage and strong ties that lie deeply rooted in history.”
NBA Finals results
Game 1: Warriors 124, Cavaliers 114
Game 2: Warriors 122, Cavaliers 103
Game 3: Cavaliers 102, Warriors 110
Game 4: In Cleveland, Sunday (Monday morning UAE)
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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.”
Company Profile
Founder: Omar Onsi
Launched: 2018
Employees: 35
Financing stage: Seed round ($12 million)
Investors: B&Y, Phoenician Funds, M1 Group, Shorooq Partners
Results
7pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (Dirt) 1,600m; Winner: RB Kings Bay, Abdul Aziz Al Balushi (jockey), Helal Al Alawi (trainer)
7.30pm: Maiden (PA) Dh 70,000 (D) 1,600m; Winner: AF Ensito, Fernando Jara, Mohamed Daggash
8pm: Maiden (PA) Dh70,000 (D) 1,400m; Winner: AF Sourouh, Tadhg O’Shea, Ernst Oertel
8.30pm: Maiden (PA) Dh70,000 (D) 1,800m; Winner: Baaher, Fabrice Veron, Eric Lemartinel
9pm: Maiden (PA) Dh70,000 (D) 2,000m; Winner: Mootahady, Antonio Fresu, Eric Lemartinel
9.30pm: Handicap (TB) Dh70,000 (D) 2,000m; Winner: Dubai Canal, Tadhg O’Shea, Satish Seemar
10pm: Al Ain Cup – Prestige (PA) Dh100,000 (D) 2,000m; Winner: Harrab, Bernardo Pinheiro, Majed Al Jahouri
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
SWEET%20TOOTH
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If you go...
Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.
Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50
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- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
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CAF Champions League semi-finals first-leg fixtures
Tuesday:
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Al Ahly (EGY) v Entente Setif (ALG) (11PM)
Second legs:
October 23
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Three tips from La Perle's performers
1 The kind of water athletes drink is important. Gwilym Hooson, a 28-year-old British performer who is currently recovering from knee surgery, found that out when the company was still in Studio City, training for 12 hours a day. “The physio team was like: ‘Why is everyone getting cramps?’ And then they realised we had to add salt and sugar to the water,” he says.
2 A little chocolate is a good thing. “It’s emergency energy,” says Craig Paul Smith, La Perle’s head coach and former Cirque du Soleil performer, gesturing to an almost-empty open box of mini chocolate bars on his desk backstage.
3 Take chances, says Young, who has worked all over the world, including most recently at Dragone’s show in China. “Every time we go out of our comfort zone, we learn a lot about ourselves,” she says.
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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