Masdar Institute president to move on with fourth graduating class


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Dr Fred Moavenzadeh

It has been five years now since the Masdar Institute of Science and Technology began its classes aimed at providing Abu Dhabi with the human capital and intellectual property needed for the UAE's intended knowledge-economy transformation.

In this half decade, we have seen Abu Dhabi Vision 2030 go from a plan on paper to a strategy in action with the development of new advanced industries, provision of government funding for research and development, creation of supportive policy for enhancing entrepreneurship and facilitation of startup companies.

Come June 4, the Masdar Institute will be hosting the commencement of its fourth group of graduates. Like previous classes, they will join the UAE economic market, where the ground has not only been laid for the knowledge economy, but the first green shoots are beginning to appear from the broader innovation ecosystem that the Masdar Institute is proud to be part of.

As the UAE draws closer to its goals for advanced high-tech industries and high-worth human capital, Masdar Institute is evolving to meet the country’s research and development needs.

To be able to develop the sectors targeted by Abu Dhabi Vision 2030 – including energy, micro-electronics, aerospace, biotechnology, health care and water – the emirate needs to produce novel technology and systems and a steady stream of high-quality technicians, engineers and scientists to produce them.

Last year we launched the new Masdar Institute Research Centres (iCentres). iWater, iSmart, iEnergy and iMicro each focus on an area of critical need to Abu Dhabi's future progress, including research that relates to competitive hi-tech industry and will provide the emirate a scientific and technical foundation for emerging industry, to create an ecosystem conducive to innovation and entrepreneurship.

The Institute Centre for Innovation and Entrepreneurship (iInnovation) in particular is responsible for the difficult challenge of taking concepts out of the lab and into industry.

We also are looking into “disruptive” technologies that will shake up the way we do things and produce new industry pioneers. New manufacturing systems like the Internet of Things and 3D printing can bring about massive improvements in quality of life, efficiency, creativity, and customisation.

The Masdar Institute’s graduate engineering students already are showing entrepreneurial instincts. In the past 18 months alone, a Masdar Institute MSc student won the Khalifa Fund’s Technopreneur Competition for his technology-focused business concept; two others students formed start-up companies; five students won national or regional business-plan competitions; and two Masdar Institute students were selected to compete in the second round of the Khalifa Fund Ibtikari Competition.

Early stage research may seem wasteful to some, but remember electricity was little more than a scientific curio for a century or more. In the same way, the groundwork for the innovations that will shape our lives in the next century must be laid today with early stage research. We are proud to be among those explorers charting the path ahead.

And as the world’s population expands and lives longer than ever, we are turning our attention towards research that can improve longevity and healthcare.

There is a huge need for technology that can provide portable health diagnostics, drug delivery, and mobile monitoring, which our staff and students in our departments of electrical engineering, computer science and microsystems engineering are working to provide.

Ongoing work by our chemical engineering and engineering systems management researchers also aims to develop synthetic biology, big data and decision sciences that can increase, enhance and guide treatment options.

With this groundwork for Abu Dhabi’s advanced economy transformation now firmly laid by Masdar Institute, and the first saplings beginning to take root, I can leave Masdar Institute with pride and confidence.

As this fourth batch of students graduate to their next challenge, I too graduate as president of the Masdar Institute and will remain as one of its loyal alumni. I will be supporting the Masdar Institute from afar, but with no less vigour or enthusiasm.

newsdesk@thenational.ae

Dr Fred Moavenzadeh is president of the Masdar Institute of Science and Technology in Abu Dhabi.

The squad traveling to Brazil:

Faisal Al Ketbi, Ibrahim Al Hosani, Khalfan Humaid Balhol, Khalifa Saeed Al Suwaidi, Mubarak Basharhil, Obaid Salem Al Nuaimi, Saeed Juma Al Mazrouei, Saoud Abdulla Al Hammadi, Taleb Al Kirbi, Yahia Mansour Al Hammadi, Zayed Al Kaabi, Zayed Saif Al Mansoori, Saaid Haj Hamdou, Hamad Saeed Al Nuaimi. Coaches Roberto Lima and Alex Paz.

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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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  • Individuals must register on UAE Drone app or website using their UAE Pass
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  • Fly it within visual line of sight
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  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
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2.45pm: Handicap Dh90,000 1,800m

Winner: Right Flank, Pat Dobbs, Doug Watson.

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Winner: Chiefdom, Royston Ffrench, Salem bin Ghadayer.

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Winner: Ode To Autumn, Patrick Cosgrave, Satish Seemar.

4.45pm: Shadwell Farm Conditions Dh125,000 1,200m

Winner: Last Surprise, James Doyle, Simon Crisford.

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Winner: Daltrey, Sandro Paiva, Ali Rashid Al Raihi.

Tips for job-seekers
  • Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
  • Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.

David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East

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UAE currency: the story behind the money in your pockets
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