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Half of Emirati students expect a starting salary of Dh15,000 to Dh30,000 a month, a study has revealed.
The survey showed that 20 per cent of expatriate students expect the same, while 58 per cent aim for a starting salary of up to Dh7,500 a month.
The findings were revealed in the wide-ranging What About Youth? survey of about 11,000 students at 16 universities in Dubai’s Academic City, including Heriot-Watt, Middlesex and Wollongong.
Of those polled, 52 per cent were Emirati, 31 per cent were from Saudi Arabia and 17 per cent were UAE residents from other countries. All those polled were studying in the Emirates.
Universities need to get employers on campus and tell students what it's like to join the workforce
The survey also laid bare how poorly third-level institutions were preparing students for the real world.
Only three per cent of respondents said they had received formal careers guidance.
More than 60 per cent said they depended on family and friends for advice, while 17 per cent said they relied on teaching staff.
At least 70 per cent want more guidance while at college, while half said they would not study at the same college again.
Experts said shortcomings in higher education were contributing towards graduates’ unrealistic expectations upon entering the workforce.
“Universities need to really ramp up the role of career counsellors,” said Marketa Simkova, from KPMG, which ran the survey with Dubai International Academic City, and the Talent Enterprise, a psychometric testing firm.
“If you look at well-established universities in the Europe or the United States, the role of the career counsellor is paramount,” she said.
“Universities need to get employers on campus and tell students what it’s like to join the workforce as this will help students understand the gap.”
The survey was carried out in several phases starting in 2018 and finishing in early 2020. A follow-up study is under way to gauge how the Covid-19 pandemic has affected young people.
About 43 per cent of respondents were women.
Central to the survey was this lack of proper career guidance. At least 40 per cent reported they had never taken career assessments and only 56 per cent had a clear plan of what they would do after graduation.
But about 84 per cent students said they felt hopeful for the future.
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“Despite the Covid-19 pandemic, youth nurture optimism about the future,” she said.
“The research suggests that students demand more career guidance, and employers can certainly play a role here.”
Ms Simkova said employers could participate in university mentorship initiatives and graduate programmes that could help them tap into available talent pools early on.
Radhika Punshi, managing director of the Talent Enterprise, said there was a disconnect between employer, educator and student.
Schools needed to work with universities to help young people make informed career choices, she said.
“When you speak with employers they say youth are not ready and don’t have the skills,” said Ms Punshi.
“Students in general have high expectations and they don’t have experience around what work would look like. Their expectations are a bit naive,” she said.
“We often hear students say ‘I have learnt in a two-month long internship what I learnt in one year at university’.”
The most popular areas of study for young people pursuing bachelor’s or master’s degrees were business and management. But the survey also found that 21 per cent students were interested in science-based careers such as engineering, technology, robotics and artificial intelligence, suggesting the UAE’s space programme was having an impact on choices.
Salary guide 2020: What you could expect to earn before the pandemic
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Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
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Results
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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.”
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Uefa Champions League final:
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The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
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Where: Santiago Bernabeu, Madrid
When: 10.45pm, Tuesday
Watch Live: beIN Sports HD
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