Mark Atkins, head of academics and education at Evolvence Knowledge Investments, the company's education division.
Mark Atkins, head of academics and education at Evolvence Knowledge Investments, the company's education division.

Test of demand for top-end learning in the UAE



DUBAI // A private operator plans to offer 6,000 premium school spaces in the next three years, but experts have questioned whether high-end education can address demand.

Evolvence Capital said last week it would begin expanding its network by opening early-childhood education centres and setting up branch campuses of UK independent schools in Dubai and Abu Dhabi, starting this September.

“As a company we have recognised the primary market as the next big area for expansion,” said Mark Atkins, head of academics and education at Evolvence Knowledge Investments, the company’s education division.

“If you look at the statistics on population, it is very heavy at the younger ages.”

Evolvence set up its first school, the Dubai campus of the 456-year-old UK Repton boarding school, in 2007.

The group will open Formarke School, a UK preparatory school, in Dubai and Repton-Abu Dhabi in September.

Two new nurseries are scheduled to open this year and next, in Safa Park and Al Wasl.

“We are looking to bring premium brands to the country because of what is happening with the population at the moment,” said Mr Atkins.

“Two thirds of the population is in the 20 to 30-year-old bracket. They are staying longer and that means there is always a capacity for good schools to come in.”

A recent report by the Knowledge and Human Development Authority (KHDA), Dubai’s private schools regulator, confirmed an impending shortage of spaces in primary schools.

The authority expects the school-going population to reach 450,200 children by 2023. The highest rate of growth seen this year occurred in the kindergarten phase, with an increase of 14.7 per cent.

According to Dubai Statistics, about 26 per cent of the population will be under the age of 14 by 2020.

“It is expected that this high growth will lead to continued growth of student enrolments,” said Dr Abdulla Al Karam, director general of the KHDA.

Mr Atkins said the company  was looking to provide 6,000 schools spaces in the next three years, of which 25 per cent will be for pupils aged five and under.

But will parents be able to afford the cost of those seats?

A survey of 1,016 parents in the Middle East conducted by the consultancy Booz and Co in 2011 found Emirati parents were ready to pay up to Dh16,252 a year for private education, while expatriates were willing to extend about Dh11,500.

Repton Dubai charges between Dh46,325 and Dh92,650 a year, with an option for boarding taking the cost up to Dh152,650.

Brighton College in Abu Dhabi, another UK brand school, charges between Dh47,530 and Dh72,680 a year for classes up to Year 11.

Leila Hoteit, a principal researcher at Booz, said the demand for schools at these prices was among parents looking for social prestige.

“The clientele typically comes from a combination of families well established in business and civil service,” Ms Hoteit said.

In the UAE, that includes demand from expatriate professionals.

“There is also a latent demand for boarding options from high-net-worth families in some of the countries in the region where a comparable quality of education is not available in a safe environment,” Ms Hoteit said.

Mr Atkins said he understood parents’ concerns about high fees, but the cost of running the school justified it.

“The money is going straight back into education, getting the best resources and teachers in,” he said.

"This is very expensive to get into, especially if you are doing it really well."

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Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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.”

SPECS: Polestar 3

Engine: Long-range dual motor with 400V battery
Power: 360kW / 483bhp
Torque: 840Nm
Transmission: Single-speed automatic
Max touring range: 628km
0-100km/h: 4.7sec
Top speed: 210kph
Price: From Dh360,000
On sale: September

KEY DATES IN AMAZON'S HISTORY

July 5, 1994: Jeff Bezos founds Cadabra Inc, which would later be renamed to Amazon.com, because his lawyer misheard the name as 'cadaver'. In its earliest days, the bookstore operated out of a rented garage in Bellevue, Washington

July 16, 1995: Amazon formally opens as an online bookseller. Fluid Concepts and Creative Analogies: Computer Models of the Fundamental Mechanisms of Thought becomes the first item sold on Amazon

1997: Amazon goes public at $18 a share, which has grown about 1,000 per cent at present. Its highest closing price was $197.85 on June 27, 2024

1998: Amazon acquires IMDb, its first major acquisition. It also starts selling CDs and DVDs

2000: Amazon Marketplace opens, allowing people to sell items on the website

2002: Amazon forms what would become Amazon Web Services, opening the Amazon.com platform to all developers. The cloud unit would follow in 2006

2003: Amazon turns in an annual profit of $75 million, the first time it ended a year in the black

2005: Amazon Prime is introduced, its first-ever subscription service that offered US customers free two-day shipping for $79 a year

2006: Amazon Unbox is unveiled, the company's video service that would later morph into Amazon Instant Video and, ultimately, Amazon Video

2007: Amazon's first hardware product, the Kindle e-reader, is introduced; the Fire TV and Fire Phone would come in 2014. Grocery service Amazon Fresh is also started

2009: Amazon introduces Amazon Basics, its in-house label for a variety of products

2010: The foundations for Amazon Studios were laid. Its first original streaming content debuted in 2013

2011: The Amazon Appstore for Google's Android is launched. It is still unavailable on Apple's iOS

2014: The Amazon Echo is launched, a speaker that acts as a personal digital assistant powered by Alexa

2017: Amazon acquires Whole Foods for $13.7 billion, its biggest acquisition

2018: Amazon's market cap briefly crosses the $1 trillion mark, making it, at the time, only the third company to achieve that milestone

SPECS

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal

Rating: 2/5

Company profile

Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices

COMPANY PROFILE

Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends

RESULTS

Light Flyweight (48kg): Alua Balkibekova (KAZ) beat Gulasal Sultonalieva (UZB) by points 4-1.

Flyweight (51kg): Nazym Kyzaibay (KAZ) beat Mary Kom (IND) 3-2.

Bantamweight (54kg): Dina Zholaman (KAZ) beat Sitora Shogdarova (UZB) 3-2.

Featherweight (57kg): Sitora Turdibekova (UZB) beat Vladislava Kukhta (KAZ) 5-0.

Lightweight (60kg): Rimma Volossenko (KAZ) beat Huswatun Hasanah (INA) KO round-1.

Light Welterweight (64kg): Milana Safronova (KAZ) beat Lalbuatsaihi (IND) 3-2.

Welterweight (69kg): Valentina Khalzova (KAZ) beat Navbakhor Khamidova (UZB) 5-0

Middleweight (75kg): Pooja Rani (IND) beat Mavluda Movlonova (UZB) 5-0.

Light Heavyweight (81kg): Farida Sholtay (KAZ) beat Ruzmetova Sokhiba (UZB) 5-0.

Heavyweight (81+kg): Lazzat Kungeibayeva (KAZ) beat Anupama (IND) 3-2.

England's lowest Test innings

- 45 v Australia in Sydney, January 28, 1887

- 46 v West Indies in Port of Spain, March 25, 1994

- 51 v West Indies in Kingston, February 4, 2009

- 52 v Australia at The Oval, August 14, 1948

- 53 v Australia at Lord's, July 16, 1888

- 58 v New Zealand in Auckland, March 22, 2018

Going grey? A stylist's advice

If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”

FIXTURES

All kick-off times UAE (+4 GMT)

Friday
Sevilla v Levante (midnight)

Saturday
Athletic Bilbao v Real Sociedad (7.15pm)
Eibar v Valencia (9.30pm)
Atletico Madrid v Alaves (11.45pm)

Sunday
Girona v Getafe (3pm)
Celta Vigo v Villarreal (7.15pm)
Las Palmas v Espanyol (9.30pm)
Barcelona v Deportivo la Coruna (11.45pm)

Monday
Malaga v Real Betis (midnight)

HAJJAN

Director: Abu Bakr Shawky 


Starring: Omar Alatawi, Tulin Essam, Ibrahim Al-Hasawi 


Rating: 4/5

THE SPECS

Engine: Four-cylinder 2.5-litre

Transmission: Seven-speed auto

Power: 165hp

Torque: 241Nm

Price: Dh99,900 to Dh134,000

On sale: now

WHAT IS A BLACK HOLE?

1. Black holes are objects whose gravity is so strong not even light can escape their pull

2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

Scoreline

Chelsea 1
Azpilicueta (36')

West Ham United 1
Hernandez (73')

Women’s T20 World Cup Qualifier

From September 18-25, Abu Dhabi . The two finalists advance to the main event in South Africa in February 2023

Group A: United States, Ireland, Scotland, Bangladesh
Group B: UAE, Thailand, Zimbabwe, Papua New Guinea

UAE group fixtures:
Sept 18, 3pm, Zayed Cricket Stadium – UAE v Thailand
Sept 19, 3pm, Tolerance Oval - PNG v UAE
Sept 21, 7pm, Tolerance Oval – UAE v Zimbabwe

UAE squad: Chaya Mughal (captain), Esha Oza, Kavisha Kumari, Rinitha Rajith, Rithika Rajith, Khushi Sharma, Theertha Satish, Lavanya Keny, Priyanjali Jain, Suraksha Kotte, Natasha Cherriath, Indhuja Nandakumar, Vaishnave Mahesh, Siya Gokhale, Samaira Dharnidharka

Pari

Produced by: Clean Slate Films (Anushka Sharma, Karnesh Sharma) & KriArj Entertainment

Director: Prosit Roy

Starring: Anushka Sharma, Parambrata Chattopadhyay, Ritabhari Chakraborty, Rajat Kapoor, Mansi Multani

Three stars

Porsche Taycan Turbo specs

Engine: Two permanent-magnet synchronous AC motors

Transmission: two-speed

Power: 671hp

Torque: 1050Nm

Range: 450km

Price: Dh601,800

On sale: now

WITHIN SAND

Director: Moe Alatawi

Starring: Ra’ed Alshammari, Adwa Fahd, Muhand Alsaleh

Rating: 3/5

Women’s World T20, Asia Qualifier

UAE results
Beat China by 16 runs
Lost to Thailand by 10 wickets
Beat Nepal by five runs
Beat Hong Kong by eight wickets
Beat Malaysia by 34 runs

Standings (P, W, l, NR, points)

1. Thailand 5 4 0 1 9
2. UAE 5 4 1 0 8
3. Nepal 5 2 1 2 6
4. Hong Kong 5 2 2 1 5
5. Malaysia 5 1 4 0 2
6. China 5 0 5 0 0

Final
Thailand v UAE, Monday, 7am

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
Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Kill

Director: Nikhil Nagesh Bhat

Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal

Rating: 4.5/5

AL BOOM

Director:Assad Al Waslati

Starring: Omar Al Mulla, Badr Hakami and Rehab Al Attar

Streaming on: ADtv

Rating: 3.5/5

SPECS

Engine: Dual electric motors with 102kW battery pack

Power: 570hp

Torque: 890Nm

Range: Up to 428km

On sale: Now

Price: From Dh1,700,000

THE DETAILS

Deadpool 2

Dir: David Leitch

Starring: Ryan Reynolds, Josh Brolin, Justin Dennison, Zazie Beetz

Four stars

COMPANY PROFILE

Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)

COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

Favourite things

Luxury: Enjoys window shopping for high-end bags and jewellery

Discount: She works in luxury retail, but is careful about spending, waits for sales, festivals and only buys on discount

University: The only person in her family to go to college, Jiang secured a bachelor’s degree in business management in China

Masters: Studying part-time for a master’s degree in international business marketing in Dubai

Vacation: Heads back home to see family in China

Community work: Member of the Chinese Business Women’s Association of the UAE to encourage other women entrepreneurs

The five types of long-term residential visas

Obed Suhail of ServiceMarket, an online home services marketplace, outlines the five types of long-term residential visas:

Investors:

A 10-year residency visa can be obtained by investors who invest Dh10 million, out of which 60 per cent should not be in real estate. It can be a public investment through a deposit or in a business. Those who invest Dh5 million or more in property are eligible for a five-year residency visa. The invested amount should be completely owned by the investors, not loaned, and retained for at least three years.

Entrepreneurs:

A five-year multiple entry visa is available to entrepreneurs with a previous project worth Dh0.5m or those with the approval of an accredited business incubator in the UAE.  

Specialists

Expats with specialised talents, including doctors, specialists, scientists, inventors, and creative individuals working in the field of culture and art are eligible for a 10-year visa, given that they have a valid employment contract in one of these fields in the country.

Outstanding students:

A five-year visa will be granted to outstanding students who have a grade of 95 per cent or higher in a secondary school, or those who graduate with a GPA of 3.75 from a university. 

Retirees:

Expats who are at least 55 years old can obtain a five-year retirement visa if they invest Dh2m in property, have savings of Dh1m or more, or have a monthly income of at least Dh20,000.

Maestro

Director: Bradley Cooper

Starring: Bradley Cooper, Carey Mulligan, Maya Hawke

Rating: 3/5


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