UAE leaders have congratulated students and pupils graduating this year.
Rulers posted special messages on social media celebrating the academic success of young people, and reminding them of their duties to the country.
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, attended the online graduation ceremony held by UAE University.
“On the occasion of the graduation of 2,700 children of the nation at the UAE University, we congratulate your families, our country, and entrust the future of the UAE with you," Sheikh Mohammed tweeted.
Your country has invested a lot in you and we expect a lot from you
“My sons and daughters, the graduates of the 41st batch of the UAE University, I salute you and congratulate you.
“The future of the UAE lies in the hands of this young generation.
“Your country has invested a lot in you and we expect a lot from you. May God bless you and peace be upon you.”
High school pupils at RAK Academy received a special message from the Ruler of the emirate.
Sheikh Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah, congratulated the graduates.
In his video message, Sheikh Saud commended pupils who faced difficulties but adapted to online learning during the pandemic.
"You have shown, with your commitment through these adverse times, that you are indeed a special group of people,” he said.
He said it was time for the pupils to take pride in all the hard work they had put into their studies.
"This is a day you will never forget. Moments like these are to be cherished as it signifies a very real triumph that will stay with you for life," Sheikh Saud said.
"This is made all the more satisfying by the fact that it can be celebrated with a live in-person ceremony, one of the first such events since the beginning of the pandemic restrictions."
"The past year had been a difficult one for everyone," he said.
"I can only imagine how tough it must have been for you to adapt to new ways of learning.
"Never let Ras Al Khaimah be a stranger to you, as we will always need bright minds to help us on our journey to prosperity.
“Your path may lead you to foreign shores for further study or employment, but please don’t forget where your story began."
The school held an in-person ceremony at the Al Hamra International Exhibition and Conference Centre and the event was streamed live to audiences.
Sixty pupils were given their certificates.
Last year, pupils at the school organised a drive through ceremony due to the Covid-19 pandemic.
Awards were given to high achievers and to those who made valuable contributions to the school community.
Ajman University's drive-through graduation - in pictures
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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.”