University of Wollongong chief seeks whole new focus


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DUBAI // The new president of the country's oldest private university says his first priorities are to increase the number of courses and broaden the institution's scope.

Prof Ghassan Aouad, originally from Lebanon, moved last month to the University of Wollongong in Dubai after 20 years at the University of Salford in Britain and is relishing the challenge.

At Salford, Prof Aouad was dean of sciences and pro-vice chancellor. He describes his latest move as a "natural progression".

And he believes it is time for a change of focus at the University of Wollongong, an Australian institution where degrees concentrate on business.

"I'd like to see our offerings become more diverse so we can cover some areas that are part of the strategic priorities of the UAE," said Prof Aouad, 52.

"This will require a lot of engagement with stakeholders, from the students to Government, industry, business and our team at the university."

Prof Aouad will analyse the local landscape to see what gaps need to be filled in areas like health, environment and infrastructure management.

The university's executive director, Raymi van der Spek, agrees there is a need to diversify in an emirate with 52 other universities.

"We don't know what the jobs of the future are going to be," Mr Van der Spek said. "Nobody would have said five years ago that Google would be the business it is today, or that we'd be crying out for web content developers or [applications] creators.

"In time, people will realise that business degrees are not the only way to go. This is a young educational landscape here and people had the impression for a long time that a business degree was the way to get a job and earn money, but that will change as it matures."

Prof Aouad's predecessor, Prof Rob Whelan, who has returned to Australia, believes his successor is likely to continue to develop the university's doctoral programmes.

Prof Whelan said the role had been "challenging but rewarding".

"A university president plays a big role in the visibility of his or her institution, especially in a crowded market," he said. "However, this is not a lone task. All members of a university contribute to this - administrators, academics, students, alumni and industry partners.

"The input of all these groups is crucial in the environmental scanning that the president constantly does to ensure that the institution is relevant and contributes to national needs.

"The personal qualities of the leader, along with strategic plans, policies and practices, determine the direction and success of an institution."

Mr Van der Spek said another challenge for Prof Aouad was attracting good academics, a problem for universities across the region.

"Good teaching faculty also requires research stimulation and there are no funds, from government or the private sector, to offer development opportunities in research," he said.

Prof Aouad has coped with similar problems in the UK, and agrees that building research capacity is vital in keeping and improving the University of Wollongong's reputation.

"It's what provides uniqueness," he said. "Hiring good people in both teaching and research should always be a priority."

Since it opened in 1993, the country's first foreign university has grown from eight to 3,500 students.

Back then the country had only two tertiary institutions, UAE University in Al Ain and the Higher Colleges of Technology in Dubai, Al Ain and Abu Dhabi.

Prof Aouad hopes to mix the best of the UK, Australia and the UAE.

"The British system will feed into the Australian quality and processes," he said.

War 2

Director: Ayan Mukerji

Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana

Rating: 2/5

Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

Red flags
  • Promises of high, fixed or 'guaranteed' returns.
  • Unregulated structured products or complex investments often used to bypass traditional safeguards.
  • Lack of clear information, vague language, no access to audited financials.
  • Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
  • Hard-selling tactics - creating urgency, offering 'exclusive' deals.

Courtesy: Carol Glynn, founder of Conscious Finance Coaching

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Started: established in 2016 and launched in July 2017
Based: Singapore, with offices in the UAE, Malaysia, Hong Kong, Thailand
Sector: FinTech, wealth management
Initial investment: $500,000 in seed round 1 in 2016; $2.2m in seed round 2 in 2017; $5m in series A round in 2018; $12m in series B round in 2019; $16m in series C round in 2020 and $25m in series D round in 2021
Current staff: more than 160 employees
Stage: series D 
Investors: EightRoads Ventures, Square Peg Capital, Sequoia Capital India

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

Abu Dhabi GP schedule

Friday: First practice - 1pm; Second practice - 5pm

Saturday: Final practice - 2pm; Qualifying - 5pm

Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

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Sheikh Zayed's poem

When it is unveiled at Abu Dhabi Art, the Standing Tall exhibition will appear as an interplay of poetry and art. The 100 scarves are 100 fragments surrounding five, figurative, female sculptures, and both sculptures and scarves are hand-embroidered by a group of refugee women artisans, who used the Palestinian cross-stitch embroidery art of tatreez. Fragments of Sheikh Zayed’s poem Your Love is Ruling My Heart, written in Arabic as a love poem to his nation, are embroidered onto both the sculptures and the scarves. Here is the English translation.

Your love is ruling over my heart

Your love is ruling over my heart, even a mountain can’t bear all of it

Woe for my heart of such a love, if it befell it and made it its home

You came on me like a gleaming sun, you are the cure for my soul of its sickness

Be lenient on me, oh tender one, and have mercy on who because of you is in ruins

You are like the Ajeed Al-reem [leader of the gazelle herd] for my country, the source of all of its knowledge

You waddle even when you stand still, with feet white like the blooming of the dates of the palm

Oh, who wishes to deprive me of sleep, the night has ended and I still have not seen you

You are the cure for my sickness and my support, you dried my throat up let me go and damp it

Help me, oh children of mine, for in his love my life will pass me by. 

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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Directors: Madeline Sharafian, Domee Shi, Adrian Molina

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