Alaa Galadari, a third year medical student, is among three Emirati students who spent time at the Department of Life Sciences, Imperial College, London.
Alaa Galadari, a third year medical student, is among three Emirati students who spent time at the Department of Life Sciences, Imperial College, London.
Alaa Galadari, a third year medical student, is among three Emirati students who spent time at the Department of Life Sciences, Imperial College, London.
Alaa Galadari, a third year medical student, is among three Emirati students who spent time at the Department of Life Sciences, Imperial College, London.

UK scholarship a dose of experience for UAE students


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Three Emirati medical students spent six weeks last summer learning how to fine-tune their research skills at leading laboratories in the UK.

Salama al Majed, Alaa Galadari and Shaikha al Eisaei, in their third, second and fourth years respectively of medical school at UAE University, were the recipients of a scholarship grant from the British Council Research Scholarship Programme.

Since 2002, 25 students have benefited from the programme, which works jointly with the university's faculty of medicine to provide selected students with the chance to advance academically, scientifically and culturally.

"It would be an understatement to say that this experience was useful - it was so much more," said Ms Galadari, whose six weeks were spent at the department of life sciences in the Imperial College of London.

"I understand better the thinking process that goes behind every single project and the approach a scientist will take in response to it, as well as learning new techniques and analytical methods," she said.

Professor Chris Howarth, the coordinator of undergraduate medical research at the university, said medical students are encouraged to get involved in research, as part of their curriculum and during their holiday time in programmes such as the British Council's.

"Through the British Council, we've created these international links with leading educational institutions in the UK to help our students gain a useful insight into their chosen field of study," he said.

Ms al Eisai said the seminars she attended at the Centre for Diabetes in Barts and the London School of Medicine, on research in diabetes and cancer, enriched her scientific knowledge and enhanced her laboratory skills.

Likewise, Ms al Majed, who spent her time at the Bristol Heart Institute at the University of Bristol, said being aware of different research techniques is eye-opening.

Richard Cotton, the country director for the British Council in the UAE, said: "We hope they will publish papers, present at conferences, win awards, as their predecessors have done as well."

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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