DUBAI // The country’s Chinese community is an untapped source for investors looking to support private education, a conference heard on Tuesday.
Despite there being more than 250,000 Chinese expatriates living and working in the UAE, there are no schools dedicated to providing an education tailored to meet their needs.
Ashwin Assomull, managing director of Parthenon-EY, a strategy consultancy, believes the future of the private education sector in the UAE is prosperous but investors must focus on gaps in the market.
“The market [private international kindergarten to year 12 schools] is US$1.5 billion [Dh5.51bn] in Dubai and we are seeing growth rates between 5 and 15 per cent a year,” he told delegates at the Education Exchange conference at the Conrad Hotel.
“Although you can never be certain, everything points to the fact that there is a gap in providing education for the emirate’s Chinese community.
“We have British, Indian and Japanese schools but nothing for the Chinese – that is something investors could look at.”
The UAE, and Dubai in particular, are an attractive location for investors because it is safe and has high quality infrastructure and demand for international education.
“There was a time when demand was outstripping supply but the KHDA [Knowledge and Human Development Authority] has worked extensively on improving supply and on quality,” Mr Assomull said.
It was important for investors to do their research and understand the market’s requirements, he said.
“Many of the new schools that opened recently are doing very well despite the increased competition. Higher education institutes should also be more active in trying to attract some of the about two million international students attending western universities,” Mr Assomull said.
“Many of these students, whether they be Chinese, Indian or from elsewhere, go to British, American or Australian universities.”
“However, whenever there is a change in visa requirements, such as in the aftermath of 9/11, these students look elsewhere and the UAE should be among their potential destinations.”
Natasha Ridge, the executive director of the Al Qasimi Foundation, said there was a definite need for Mandarin to be taught in schools.
“There would need to be more research done on how many school-age Chinese children there are in the UAE and whether a school would be feasible,” she said. “Many of the Chinese workers are low income and those who are here on higher salaries may not want to send their children to a Chinese-curriculum school.
“Most prefer to send their children to international schools because they want their children to attend universities in the West.”
Ralph Tabberer, chief executive of BBD Education, said the global education industry was worth $7 trillion, second only to health. “At the heart of that is Dubai, Abu Dhabi and Qatar, which are investing in education more than India and China combined,” he said.
Greater competition among schools in Dubai has also led to marketing budgets being doubled, with one school increasing it by five times as they try to attract more pupils.
“Many schools in Dubai are rated ‘Good’ and now we’re seeing a growth in niche schools that offer something new and innovative,” Mr Tabberer said.
Kalthoom Al Balooshi, director of institutional development at KHDA, said the regulator was keen to work with investors and other parties.
“As the regulatory body, the KHDA attends events such as EdEx to contribute to the platform where investors, operators, individuals, corporates and companies can interact in a transparent way,” she said.
“This will help them better contribute to the education landscape in Dubai.”
nhanif@thenational.ae
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The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
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
Champion%20v%20Champion%20(PFL%20v%20Bellator)
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Company%20Profile
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
The%20specs
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COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
COMPANY%20PROFILE
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MATCH INFO
Osasuna 1 Real Madrid 4
Osasuna: García (14')
Real Madrid: Isco (33'), Ramos (38'), Vázquez (84'), Jovic (90' 2)
EA Sports FC 25
Developer: EA Vancouver, EA Romania
Publisher: EA Sports
Consoles: Nintendo Switch, PlayStation 4&5, Xbox One and Xbox Series X/S
Rating: 3.5/5
Company%20Profile
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ANDROID%20VERSION%20NAMES%2C%20IN%20ORDER
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Pathaan
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The struggle is on for active managers
David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.
The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.
Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.
Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.
Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.
At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn.
Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics
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.
PREMIER LEAGUE FIXTURES
Saturday (UAE kick-off times)
Watford v Leicester City (3.30pm)
Brighton v Arsenal (6pm)
West Ham v Wolves (8.30pm)
Bournemouth v Crystal Palace (10.45pm)
Sunday
Newcastle United v Sheffield United (5pm)
Aston Villa v Chelsea (7.15pm)
Everton v Liverpool (10pm)
Monday
Manchester City v Burnley (11pm)
What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
COMPANY%20PROFILE
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
COMPANY%20PROFILE%20
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
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Napoleon
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Terminator: Dark Fate
Director: Tim Miller
Starring: Arnold Schwarzenegger, Linda Hamilton, Mackenzie Davis
Rating: 3/5
US Industrial Market figures, Q1 2017
Vacancy Rate 5.4%
Markets With Positive Absorption 85.7 per cent
New Supply 55 million sq ft
New Supply to Inventory 0.4 per cent
Under Construction 198.2 million sq ft
(Source: Colliers)
Mountain Classification Tour de France after Stage 8 on Saturday:
- 1. Lilian Calmejane (France / Direct Energie) 11
- 2. Fabio Aru (Italy / Astana) 10
- 3. Daniel Martin (Ireland / Quick-Step) 8
- 4. Robert Gesink (Netherlands / LottoNL) 8
- 5. Warren Barguil (France / Sunweb) 7
- 6. Chris Froome (Britain / Team Sky) 6
- 7. Guillaume Martin (France / Wanty) 6
- 8. Jan Bakelants (Belgium / AG2R) 5
- 9. Serge Pauwels (Belgium / Dimension Data) 5
- 10. Richie Porte (Australia / BMC Racing) 4
Turkish Ladies
Various artists, Sony Music Turkey