In a country where the number of colleges and universities is expanding at a breathtaking rate, the University of Wollongong in Dubai is an old-timer.
When it started 15 years ago as the Institute of Australian studies it had just four students, but UOWD has become such an institution in Dubai that the area beside its old headquarters on Jumeirah Beach Road is still known as Wollongong Beach.
Now based in Dubai Knowledge Village but considering moving to Dubai International Academic City, Wollongong was the first branch campus of a foreign institution to open in the UAE. Unashamedly, it describes itself as the top international university in the country.
"On almost any tangible measure, we'd be by far the most successful," said Raymi van der Spek, UOWD vice president.
Student numbers - there are 3,000 undergraduates and postgraduates - longevity and number of graduates are among the measures cited as evidence of its success.
UOWD was opened by its parent university, which is based in a town 80km south of Sydney. It is ranked in the top 14 institutions in Australia and is among the top 400 worldwide in the Academic Ranking of World Universities published last month by Shanghai Jiao Tong University.
Prof Robert Whelan has just been appointed UOWD's new president and he is keen to offer a "more comprehensive coverage" of subjects.
He believes companies here do not just want graduates in finance, accountancy and business, which currently dominate.
"When I read comments of the Minister [of Higher Education and Scientific Research, Sheikh Nahyan bin Mubarak], there is a desire to see that broadening, to see the emirates as a hub for high-quality education, just as it's becoming a business and commercial hub," he said.
"[Employers] want their staff not just to have a good technical knowledge. That includes the humanities. There will be increasing demand and we're well placed to respond to that."
Prof Whelan is also keen for UOWD to increase its research, something the authorities are anxious to see. "My appointment, as someone with a strong research record, shows that is one of our aspirations," he said.
Related to this, he wants UOWD to begin offering doctoral degrees, such as doctor of education. However extending this to research-based PhD degrees "would not be appropriate for the demand" yet, he said.
"It would be a great thing for the region to have a strong university with strong doctoral programmes. It would be from a small base, but it would be very exciting," he said.
Mr van der Spek said offering doctorates would help the UAE to become "less reliant on entirely imported talent".
"You could train Emiratis to take positions in the tertiary structure. It makes it self-sustainable," he said.
As part of that vision, Mr van der Spek would like the Government to offer scholarships for Emiratis to study at private universities.
Currently, UAE nationals receive free tuition at federal institutions, and each year hundreds are given scholarships to study abroad. Those taking degrees at private universities in the UAE, however, pay their own fees.
By offering scholarships for courses at private universities, Mr van der Spek said pressure on the federal institutions - the number of Emiratis of university age is set to accelerate rapidly in the coming decade - would be relieved.
A similar system in Australia, in which the government provided funds for students at private secondary schools, worked well, he said.
Prof Whelan said he would like to see UOWD expand by 50 per cent over the next two years, although Mr van der Spek is more circumspect.
"They [other universities in the UAE] all start trumpeting how many thousands of students they will have in a few years and you have to be somewhat sceptical. It takes a long time. It's taken us 15 years," Mr van der Spek said.
"We're not running around talking about the numbers some of the new players are talking about.
"We have institutions saying they will have 10,000 students in five years. We've been here 15 years and we're not talking about 10,000 students. A more conservative approach and attitude might be better advised."
dbardsley@thenational.ae
From Europe to the Middle East, economic success brings wealth - and lifestyle diseases
A rise in obesity figures and the need for more public spending is a familiar trend in the developing world as western lifestyles are adopted.
One in five deaths around the world is now caused by bad diet, with obesity the fastest growing global risk. A high body mass index is also the top cause of metabolic diseases relating to death and disability in Kuwait, Qatar and Oman – and second on the list in Bahrain.
In Britain, heart disease, lung cancer and Alzheimer’s remain among the leading causes of death, and people there are spending more time suffering from health problems.
The UK is expected to spend $421.4 billion on healthcare by 2040, up from $239.3 billion in 2014.
And development assistance for health is talking about the financial aid given to governments to support social, environmental development of developing countries.
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
We Weren’t Supposed to Survive But We Did
We weren’t supposed to survive but we did.
We weren’t supposed to remember but we did.
We weren’t supposed to write but we did.
We weren’t supposed to fight but we did.
We weren’t supposed to organise but we did.
We weren’t supposed to rap but we did.
We weren’t supposed to find allies but we did.
We weren’t supposed to grow communities but we did.
We weren’t supposed to return but WE ARE.
Amira Sakalla
About Takalam
Date started: early 2020
Founders: Khawla Hammad and Inas Abu Shashieh
Based: Abu Dhabi
Sector: HealthTech and wellness
Number of staff: 4
Funding to date: Bootstrapped
Hydrogen: Market potential
Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.
"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.
Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.
The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.
Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
RESULTS
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The British in India: Three Centuries of Ambition and Experience
by David Gilmour
Allen Lane
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.”
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.