Two Abu Dhabi schools move to distance learning

Two Abu Dhabi schools have moved to online learning, while a third has made some classes remote.

Cranleigh Abu Dhabi told parents the school would be switching to remote learning due to Covid-19 cases confirmed on its premises.

"To provide the safest learning environment possible for all our pupils, we have temporarily switched the entire school to remote learning with immediate effect," Michael Wilson, principal at Cranleigh Abu Dhabi, said in a letter to parents.

"We are working closely with the authorities to manage the situation and ensure all safety and hygiene protocols are strictly adhered to at school."

The school said parents will be informed of its reopening date, once cleared by authorities.

Brighton College Abu Dhabi has also switched all year groups – from nursery to year 13 – to distance learning.

On Saturday, the school informed parents that it would be moving to remote learning until further notice, due to Covid-19 cases at the school.

A third school, the British International School Abu Dhabi, has moved some year groups to online learning, after coronavirus cases were detected.

In its letter to parents, Brighton College said that health authorities have started contact-tracing to identify anyone at the school who has been in close contact with any of the Covid-19 cases.

If a child is identified as a possible contact, the school or the health authority will ask parents to ensure their child is tested for Covid-19.

Pupils who were close contacts with a confirmed cases must undergo Covid-19 tests.

To return to classrooms, pupils needed to quarantine at home for 10 days and produce two negative Covid-19 test results.

Parents were also asked to monitor their children for possible symptoms and keep them isolated from any family members who may be in the high-risk category.

Pupils at Abu Dhabi's private schools returned to classes at school in February after at least six weeks of online learning.

Some middle year pupils were returning to the classroom after 11 months of online learning.

While private schools in Dubai are open for in-person classes, all schools and nurseries in Sharjah will continue teaching online for the rest of the spring term.

Inspectors check Covid-19 rules in schools - in pictures

Adek inspectors review Covid-19 safety measures at a private school in Abu Dhabi. Adek
Adek inspectors review Covid-19 safety measures at a private school in Abu Dhabi. Adek
Adek inspectors review Covid-19 safety measures at a private school in Abu Dhabi. Adek
An Abu Dhabi private education staff member prepares to receive the Covid-19 vaccine during a drive organised by Adek. Courtesy: Abu Dhabi Department of Education and Knowledge
Abu Dhabi private school staff wait to be vaccinated against Covid-19 as part of a drive organised by Adek. Courtesy: Abu Dhabi Department of Education and Knowledge
An Abu Dhabi private education staff member has her blood pressure checked before receiving the Covid-19 vaccine. Courtesy: Abu Dhabi Department of Education and Knowledge
Pupils were cheered all the way to class at British School Al Khubairat after the returning to school. Victor Besa / The National
Pupils return to school on Sunday at British School Al Khubairat. Victor Besa / The National
Pupils return to school on Sunday at British School Al Khubairat. Security keep a watchful eye on the thermal monitors at the entrance of the school. Victor Besa/The National

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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.”