Dubai to get new Indian school


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DUBAI // A major operator of Indian schools in Asia unveiled plans yesterday to open a new facility in the emirate. The Singapore-based Global Indian Foundation (GIF), which bills itself as the largest network of Indian schools in South East Asia, announced a partnership with the Dubai franchise of Score Plus. The intention is to establish the Global Indian International School (GIIS) of Dubai.

Score Plus, which offers standardised test preparation courses throughout Asia and the Middle East, will own the school. The GIF will oversee teaching. Although the GIF is a charity, the Dubai school is intended to be a profit-making venture. If approval is granted by Dubai's schools regulator, the Knowledge and Human Development Authority (KHDA), the new facility could be in operation by April 4.

In its first year, the school would teach pupils up to grade six, using the Council for the Indian School Certificate Examinations curriculum. It would also offer Montessori-based teaching, a child-centred, alternative educational method. The school would operate the International Baccalaureate diploma programme in future. The partnership is positioning the school, to be housed in a refurbished government building in Mankhool, as an alternative to Dubai Modern High School.

Last year, Dubai Modern said it would raise its fees by 90 per cent over two years to finance its Dh180 million (US$49m) move to a new state-of-the-art campus. When the rise was first announced last December, a parent committee and a 690-member Facebook group was established to fight the increases. In February, the committee surveyed more than 900 parents representing 1,300 pupils. Two thirds said they would look for alternative schooling over the next two years.

"Because of recent happenings, there is a tremendous interest in GIIS," said Maneesh Tripathi, the chief executive and director general of the GIIS in Singapore, alluding to Dubai Modern's fees increase. Richard Forbes, a spokesman for GEMS Education, the parent company of Dubai Modern, said the school had earned a brilliant academic reputation over many years. "GEMS believes the facilities at the new campus are the best of any Indian day-school in the world, so we have no difficulty in welcoming competition into the market.

"The school is full, with enrolments up on last year and 400 new online registrations for next April." Mr Forbes added that inspectors had recently informed the school principal that 67 per cent of Dubai Modern parents had filled out a KHDA questionnaire as part of a school inspection last month. He said results showed that parents were very happy with Dubai Modern and the inspectors told the principal that parent engagement could not have been better.

Kamal Kalwani, the chief executive of Score Plus, indicated that fees at GIIS of Dubai would probably be lower than Dubai Modern's tuition, although he declined to give exact figures. "The school will be positioned as mid-market," he said, adding that it would pay "top dollars" to attract the best teachers. Mr Tripathi said quality of education and instruction were GIIS's top priority. "Wherever we have gone we have changed the landscape," he said.

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Sharjah Wanderers 20 Dubai Tigers 25 (After extra-time)

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When: 7pm kick off

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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.

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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 years Ramadan fell in May

1987

1954

1921

1888