SHARJAH // Student enrolments have increased by up to 40 per cent at some private universities.
Preliminary figures for the start of this academic year show an unusually high spike in new student numbers.
"It is really pleasing to note this year the substantial increase in the number of applications and subsequent admissions into the science, technology, engineering and medical sciences (Stem) fields," said Prof Samy Mahmoud, chancellor at the University of Sharjah, the country's largest private university.
"We are talking here about an increase in the range of 20 to 40 per cent relative to last year.
"It is coming from all sources - nationals as well as international students, women and men."
The academic year is still in its early stages, so specific enrolment data is not available. But Prof Mahmoud said medical fields were always in high demand.
"This year, pharmacy, laboratory technical medicine and programmes such as diet and nutrition and nursing are attracting many more students," he said.
Overall demand for engineering programmes is up nearly 30 percent. Prof Mahmoud described this as "phenomenal in one year relative to the year before", not least rises in subjects such as sustainable and renewable energy, nuclear energy and mechanical engineering.
Demand for degrees such as biotechnology from the College of Sciences is also increasing at a high rate, Prof Mahmoud said.
In the social sciences, demand for international relations and applied sociology jumped by more than 40 per cent, "reflecting the social and global relevance of these programmes in the discussions within family and student circles", Prof Mahmoud said.
Demand for English studies has also increased by 20 per cent.
"Perhaps the increasing demand reflects the expectations of job-market demands for the graduates and the local and international campaigns to promote such degrees, especially among girls," Prof Mahmoud said.
"It is a fact that the participation of women in Stem programmes in the UAE is much higher than in the western world and is something the UAE can take pride in.
"I am personally delighted with this trend."
Increases have also been seen at the neighbouring American University of Sharjah, but not to the same extent.
Annual increases are usually between 3 and 5 per cent but have more than doubled this year.
"We are expecting between a 10 and 15 per cent increase in new student enrolment this coming year," said Ali Shuhaimy, vice chancellor for enrolment.
He said several factors had contributed to the rise."Our recruitment efforts last year were intensified by 200 per cent," he said.
Financial grants were appealing, he added, and political crisis in the region has led many students to see the UAE as a stable destination.
"Students that were enrolled in countries like Syria and Egypt decided to transfer their studies to the UAE," Mr Shuhaimy said.
But not all institutions believe this is the only explanation for the increase.
"That is not the case at the University of Sharjah," said Prof Mahmoud. "We had very few transfer students, a handful, from Syria and Egypt wanting to get into upper years. We are talking here about four or five students, not more."
Prof Tod Laursen, president of Khalifa University in Abu Dhabi, says the increase in enrolment is down to the university's coming of age, not the region's politics.
"It looks like about a 10 per cent rise or so, but it is early," he said.
[ mswan@thenational.ae ]
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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The Matrix Resurrections
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