Education

Dubai college prepares students for Canada

The Canada International College Dubai aims to be a stepping stone for people keen to study in North America.

Daniel Bardsley
Daniel Bardsley

December 31, 2009

A college has opened in Dubai with the aim of acting as a stepping stone for people keen to study in Canada. The Canada International College Dubai is one of the few new institutions to launch in the emirate this academic year, after at least a half-dozen openings in the 2008/09 academic year. So far the Dubai International Academic City college has recruited 11 students. The vice president and dean of faculty, Hussein Ossudallah, said the low number was because construction delays meant the college missed the start of the academic year.

He also said the economic slowdown had affected enrolment. "Definitely it's impacted everyone," Dr Ossudallah said of the recession. "But I believe Dubai will retake its position in the Middle East and the world. "I think that situation will return and many people will be attracted to come to Dubai, especially from neighbouring countries." Dr Ossudallah said the college, which is linked to an institution of the same name in Coquitlam, British Columbia, which accredits its courses, was hoping to grow to between 100 and 150 students next year, helped by a monthly intake of new students. Courses are offered in international trade management, hotel management and tourism, filming and acting and English as a second language.

The courses last up to a year, leading to a diploma issued by the main campus in British Columbia that can be transferred to a university in Canada, cutting the length of a four-year bachelor's degree by one year. "If they want to transfer to a Canadian or American university, we could be a stepping stone for them," Dr Ossudallah said. The college said it could assist students applying for Canadian student visas through its immigration consultant, but could not guarantee they would be issued.

Among the other colleges to have opened in Dubai in the 2009/10 academic year is the University of Waterloo, which is also linked to a Canadian institution. Hult International Business School, Murdoch University, Michigan State University and University of Jazeera opened the year before. @Email:dbardsley@thenational.ae

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7. Featherweight 66kg: Yousef Al Husani (UAE) v Mohamed Allam (EGY)

8. Catchweight 73kg: Mostafa Radi (PAL) v Ahmed Abdelraouf of Egypt (EGY)

9.  Featherweight 66kg: Jaures Dea (CMR) v Andre Pinheiro (BRA)

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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.”

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia