Mariamma Varkey, a pioneering force in the UAE's education sector, has died at the age of 89, Gems Education confirmed on Wednesday.
She came to Dubai in 1959 and set up the institution that became the foundation of Gems.
Varkey was a towering figure of the education landscape, an inspiration to generations and a distinguished Indian resident of the country.
She was the mother of Gems founder and chairman Sunny Varkey and grandmother of Dino Varkey, present chief executive of Gems.
Madam Varkey will first and foremost be remembered as a beloved mother and grandmother but also as a teacher and pioneer in education, whose impact transcends generations
"We confirm the passing of Madam Mariamma Varkey, the mother of Gems Education founder and chairman Mr Sunny Varkey," said a Gems Education official.
"Madam Varkey will first and foremost be remembered as a beloved mother and grandmother, but also as a teacher and pioneer in education, whose impact transcends generations.
"Her humanitarian contributions focused on the learning development of girls and the advancement and recognition of teachers, with her legacy rooted in her unrelenting belief in the power of quality education to better society.”
Nasser Al Shaikh, chair of Emirates National Holdings and former director general of Dubai Department of Finance, said she was an extraordinary individual.
"My heart goes to the Varkey family ... may Madam Varkey’s soul rest in peace," he wrote on Twitter.
"An extraordinary individual who’s deeply rooted in the development of Dubai’s education scene prior to the formation of the UAE. My sincerest condolences."
The annual Mariamma Varkey Award for Inspirational and Outstanding Teaching sought to raise the status of the teaching profession and recognise the best teachers working in Gems schools.
The award celebrated Mariamma Varkey's passion for teaching.
"The Mariamma Varkey Award is particularly close to my heart, as it reflects the high standards set by my grandmother when she first arrived in Dubai as a teacher 60 years ago," Dino Varkey, said in 2019.
"Thanks to her efforts and unwavering vision, Gems Education is what it is today and it gives us great pleasure to host this special award in her honour.”
Varkey came to what was then the Trucial States from Kerala, in south-west India.
Sheikh Rashid bin Saeed was Ruler of Dubai and had plans to turn Dubai into a major trading and business hub.
Education was crucial to this vision and people such as Varkey helped build the foundations of the world-class education system in Dubai today.
From that school founded in 1959, Gems has grown to a leading international independent school provider across the globe.
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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.”
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