ABU DHABI // More than 2,000 pupils at the 21st Century Private Academy are still waiting for classes to begin while their school remains closed four days into the new academic year.
On what was to be the first day of class on Sunday, several parents visited the Filipino school and were told by an assistant principal that classes were tentatively scheduled to resume in October.
“We tried to request written or formal information so we could hold on to it, but unfortunately she told us it should be coming from Adec,” said D P, a father of three.
When approached, the former assistant principal and the principal referred all queries to the Abu Dhabi Education Council.
“We haven’t heard anything from Adec regarding the start of the school year. About the concerns that we have about the payments, transfer from the old to the new operator, we haven’t had an official statement,” D P said.
Parents first learnt of the school’s temporary closure through a text message they received from Adec last month.
The message notified parents that the school was closed and a new operator would be assigned by Adec because the old operator, American Companies Management Group, had consistently failed to raise the school’s unsatisfactory standards.
The message also said “any payments to the old operator will not be counted towards 2015-2016 fees”.
Adec later said that parents should consider filing a lawsuit against the school’s former operator to recoup the money they had paid towards their children’s tuition for the academic year.
Some parents said they were optimistic the new operator would honour the proof of payments they had already made for the coming academic year.
“I’m hoping and praying that it will push through so that the burden is not on us any more,” said another mother.
M F, whose son will enter Grade 2 this year, said her questions had also gone unanswered.
“I called Adec two days back and they just told me to wait,” said M F. “I asked what’s the new operator, when are we going to start school? They said they didn’t know the date yet, but they would send us a message. So I’m just waiting.”
Visitors to the 21st Century Private Academy are being told to call the mobile phone of an employee who said he worked for the Philippine Global School, which he identified as the new operator of the 21st Century Private Academy.
“By next week, we will have a small meeting and give information to the parents and, inshallah, maybe after next week we will start enrolling the children,” said the employee, adding that parents would be notified of the meeting by email and SMS.
Asked whether the new operators would honour the fees parents had already paid to the former managers, the employee referred queries to Leticia Maniaul, managing director of The Philippine School in Dubai. Mrs Maniaul declined to answer questions about the 21st Century Private Academy.
“I don’t want to comment on anything because the situation is still in progress,” Mrs Maniaul said. “I will be the one to give information to everyone, but not in the newspaper.”
rpennington@thenational.ae
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
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%20Profile
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Analyst: Aqib Mehboob of Saudi Fransi Capital
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Reason: It will be at the forefront of project financing for government-led projects
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The biog
First Job: Abu Dhabi Department of Petroleum in 1974
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
ADCC AFC Women’s Champions League Group A fixtures
October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Director: Romany Saad
Starring: Mirfat Amin, Boumi Fouad and Tariq Al Ibyari
Mohammed bin Zayed Majlis