Thousands of Indian curriculum pupils in the UAE will not sit summer exams this year.
The decision by officials in New Delhi affects all grade 10 pupils studying the CBSE curriculum.
Grade 12 pupils also had their exams postponed for the second time this year due to the Covid 19 pandemic.
The decision was taken as Indian prime minister Narendra Modi called a coronavirus crisis meeting. Infections have surged in India, with more than 180,000 new cases recorded within 24 hours.
There has been a lot of agitation among pupils and parents. These are high-stakes exams
Lalitha Suresh, principal of Gems Our Own Indian School in Dubai, said school leavers in Grade 12 would be worried by the decision.
"The grade 12 examination is important for getting admission into good universities," she said.
"A delay in these exams could impact the motivation of students."
Her school has already run internal assessments and two mock exams to ensure it has data on each pupil's performance.
The Central Board of Secondary Education Examinations are conducted in grades 10 and 12, and are the Indian equivalent of GCSEs and A levels.
Class 10 pupils will be awarded grades based on criteria set by the board. Many governments have taken the decision to assess pupils, including school leavers applying for university places, based entirely on coursework.
Grade 10 exams were due to run from May 4 to June 14. Exams for grade 12 pupils were due to start in early May.
Authorities will review the decision in June and pupils will be given 15 days' notice if they will restart.
Exams have been push back several times due to the pandemic.
The majority of Indian schools in the Emirates follow the CBSE curriculum, with thousands of pupils appearing for CBSE examinations each year.
At least 80,000 pupils in Dubai attend Indian curriculum schools.
Rashmi Nandkeolyar, principal of Delhi Private School Dubai, told The National that teachers were gearing up to grade hundreds of pupils.
More than 200 pupils in grade 10 and 12 at her school were due to sit exams in May.
"We were anticipating this decision. In India the numbers are very alarming right now," she said.
"There has been a lot of agitation among pupils and parents. These are high-stakes exams, with pupils using these grades to get into universities in India and abroad."
Ms Nandkeolyar said grade 10 pupils would be affected less, given they have two more years of school ahead.
She had hoped exams for pupils in the UAE could have gone ahead, even if they were called off in India.
"In the UAE, the pandemic is largely controlled and the number of Covid-19 cases has gone down," she said.
"The space is available so we would have been able to manage the exams, had these gone ahead."
Despite the disruption, she said even universities outside India were already recognising teacher-based assessments for admission, which she said was encouraging.
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Sunday's games
All times UAE:
Tottenham Hotspur v Crystal Palace, 4pm
Manchester City v Arsenal, 6.15pm
Everton v Watford, 8.30pm
Chelsea v Manchester United, 8.30pm
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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The specs
Engine: 3.8-litre, twin-turbo V8
Transmission: eight-speed automatic
Power: 582bhp
Torque: 730Nm
Price: Dh649,000
On sale: now