Students from around the globe who have made UAE their second home say learning Arabic has drawn them closer to the country.
When Gabrielle Branche moved from Freiburg, Germany, to Abu Dhabi, she often felt left out of conversations with friends from the UAE and other parts of the Middle East.
She decided to get a grasp of the language and in the past three years has learnt various dialects of Arabic.
Speaking Arabic is a gateway to the country's culture, history and people
“There are many ways to learn about culture but learning the language immerses you,” said Ms Branche, a 22-year-old student from Trinidad and Tobago at New York University Abu Dhabi.
“Speaking Arabic is a gateway to the country’s culture, history and people.
“Now, that I can converse in Arabic, I feel more present here.
"I can understand my friends better."
Ms Branche is in her fourth year of studying Interactive Media with a minor in Dance at New York University Abu Dhabi.
She grew up in Trinidad and Tobago and completed her high school in Germany.
In the past three years, she has learnt modern standard Arabic and the Shami dialect, spoken in the Levant region.
“It’s such a beautiful, poetic language and I feel honoured to be able to speak it, even just a little bit," Ms Branche said.
It helps connect her with Emiratis and her favourite Arabic word is Hayat, which means life.
For many international students, learning the country's language is an integral part of moving to a new place.
Henry Roberts, an Australian student at NYUAD, 22, said he wanted to learn Arabic when he moved to the Emirates.
Mr Roberts, a fourth-year physics student, said he did not enjoy learning languages in the past but that changed when he moved to the Middle East.
“I thought if I would be living in this part of the world, I should learn the language," Mr Roberts said.
“When I travelled in the region and met people, I thought I should be speaking in their language.”
Now an advanced Arabic learner, Mr Roberts has taught Arabic to visiting students.
Knowing the language also helped him talk to strangers when he travelled in the region.
He spent 45 days volunteering in Jordan and weeks travelling through Oman.
“I am the first member of my family to have learnt Arabic," he said.
“Knowing Arabic has helped me to make friends in the Middle East. I would not be as close with them without being able to speak with them in their language."
Mr Roberts studied the Shami dialect and then chose Emirati because he wanted to understand the culture.
Nabil Haskanbancha, from Thailand, 21, started studying Arabic in his first year at NYUAD.
Mr Haskanbancha is set to major in Social Research and Public Policy, and minor in Arabic in 2021.
Learning Arabic was an eye-opening experience for the student who rarely heard the language spoken in his home city of Bangkok.
He studied Shami, Emirati, and Egyptian dialects to bond with friends from different Arab countries.
"Arabic grammar fascinated me though it was very difficult. But now, I have reached the advanced stage," Mr Haskanbancha said.
"I felt an inclination to learn Arabic. When I heard the language, it was so beautiful.
"I fell in love with Arabic food such as hummus, vine leaves and Balaleet, an Emirati sweet vermicelli.
"The food was a window to learning about the culture."
Mr Haskanbancha said it was easier to make friends after he learnt Arabic.
He advised other international students in the country to use the opportunity to learn the language.
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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.”