ABU DHABI // Final-year students from Zayed University are encouraging young Emiratis to become more socially responsible.
It is part of an action research project in which social responsibility is a key skill, focusing on preparing the students for life beyond campus.
In January, Dr Connie Van Horne took a group of accounting and human resources students on a desert clean up. The project was the students’ idea, when they noticed the lack of respect shown to their native landscape.
“During the winter, we spend a lot of time in the desert and we’ve all noticed how much litter there is there so we decided to do a clean-up,” said Hamad Al Neyadi, 21, who will graduate soon with a degree in human resources and was one of the team leaders.
They chose a one-kilometre-square spot in Al Ain. Beside a camel farm, in just five minutes, the team found more than 50 tin cans.
“The camel farmer came and thanked us for what we were doing as the litter has an effect on the animals, which can even lead to death,” Mr Al Neyadi said. “It was a special moment because we all felt what we were doing was having an effect. The desert is our homeland so that was an important part of why we chose this project.”
Dr Van Horne said: “The Abu Dhabi 2021 programme really focuses on social responsibility of citizens and a lot of focus is placed on the environment. We wanted this to very much reinforce those ideals.
“These students are all going to be managers and leaders in the future and it’s about leading by example.”
She said she wanted to change stereotypes about Emirati men. The male students have been encouraged to volunteer throughout their time at the university and all are mentoring new students and participating in other projects.
“They will get their hands dirty and continue developing the UAE,” Dr Van Horne said.
Saeed Al Rumaithi, 21, said for the future, the group will petition the municipality to post more signs discouraging people from littering, raising awareness of the issues to those heading to the desert by using stickers on equipment and even fining those who litter as is done in Ras Al Khaimah and Sharjah.
“Social media plays a big part in things like this,” he said. The team has been using Instagram to publicise their project and inspire others.
Ahmed Al Awadhi, an accounting student, said: “This was just one class in one area. Can you imagine the impact of a whole university doing this? It doesn’t cost much, it just needs to be organised.”
The students said such projects make a lasting impact.
“After three years’ studying here, I have become more environmentally conscious, socially aware and responsible, thinking of ways to give back to give back to society like this project,” said Surour Al Muhairi, 21.
“Over the next five to 10 years, there is a heavy emphasis on Emirati youth being responsible wherever they are, so to instil this sense of responsibility into each other, we feel we should set an example,” said Ibrahim Al Hashidi, 19. “Every person should give at least 10 hours giving back within their year.”
Mr Al Neyadi said it was up to citizens to create a better future for the country.
“The UAE’s vision is to have high living standards and a sustainable environment,” he said. “We have the high living standards but the sustainable environment can’t just be done by the government. It’s one of our duties as citizens and residents to contribute and promote this idea of a sustainable environment.”
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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.”
Three trading apps to try
Sharad Nair recommends three investment apps for UAE residents:
- For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
- If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
- Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
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- Promises of high, fixed or 'guaranteed' returns.
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- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
How Islam's view of posthumous transplant surgery changed
Transplants from the deceased have been carried out in hospitals across the globe for decades, but in some countries in the Middle East, including the UAE, the practise was banned until relatively recently.
Opinion has been divided as to whether organ donations from a deceased person is permissible in Islam.
The body is viewed as sacred, during and after death, thus prohibiting cremation and tattoos.
One school of thought viewed the removal of organs after death as equally impermissible.
That view has largely changed, and among scholars and indeed many in society, to be seen as permissible to save another life.