In a bright conference room in the basement of the Park Plaza Hotel in central London, Shaikha Al Maskari is trying to find Emirati graduates who want to help the UAE go into space.
Ms Al Maskari, chief corporate officer at the UAE Space Agency, is listing the qualities that the next generation of Emirati scientists will need: hard-working and smart goes without saying, but the agency needs team players, too.
“You can’t get to Mars on your own,” she tells the crowd.
The UAE-UK Pioneers Forum 2015 attracted hundreds of Emiratis studying in British universities to London on Saturday, seeking to connect them with potential employers from the UAE. Around the stands, representatives of the country’s major private and state-owned firms chatted to nationals about their future.
One firm that is seeking to persuade young Emiratis to opt for a career in the private as opposed to public sector is accountancy firm PriceWaterhouse Coopers.
Last year PwC launched its Watani programme, recruiting 24 Emiratis to a three-year programme – one year in its offices in the UAE then two in the UK.
The firm says that although salaries and hours may be better in the public sector, the opportunity to get a qualification with one of the world’s biggest businesses is worth the sacrifice.
Emirati Ghassan Yusuf, who heads the Watani programme, says the message is a success.
“People are beginning to see that there is a satisfaction to working hard. They often say that although the hours are shorter in the public sector the day actually feels longer,” he says.
Emma Campbell, director of PwC in Dubai, says that the programme aims to recruit a total of 100 Emiratis by 2021 and that of the 24 who joined last year, not one has dropped out.
“When we launched it we were told: ‘No way will you be able to bring 24 graduates in on a level playing field – all with the same work ethic, salary and level of academic achievement’. Well, we did it,” she says.
Ms Campbell added that 50 per cent of graduates in the Watani programme are women, particularly those from the northern Emirates, many of whom are the first generations of working women in their families.
Indeed, of the graduates in the Park Hotel, an overwhelming majority are women.
Amna Al Mehairi and Aysha Al Jaberi are both PhD students from Nottingham University.
Neighbours in Al Ain, both did their masters degrees in Glasgow, but are looking to pursue their careers at home.
This despite the fact that in their fields, biochemistry and immunology, are far better served in the UK or US and are relatively new to the UAE. But they feel that being part of changing that at home is important.
“We’ve had some opportunities here but the best place to work is in the UAE, especially as it is growing. In our fields, the country is really starting from zero. It is important to pay back the UAE, the country invested in us,” says Ms Al Jaberi.
As for Ms Al Maskari, she says that the UAE Space Agency has received dozens of CVs from Emiratis hoping to be involved with the UAE mission to Mars.
She says the agency wants graduates from many fields.
And she has her own ambitions: “I want to be the first Arab female astronaut,” she says with a smile.
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The essentials
What: Emirates Airline Festival of Literature
When: Friday until March 9
Where: All main sessions are held in the InterContinental Dubai Festival City
Price: Sessions range from free entry to Dh125 tickets, with the exception of special events.
Hot Tip: If waiting for your book to be signed looks like it will be timeconsuming, ask the festival’s bookstore if they have pre-signed copies of the book you’re looking for. They should have a bunch from some of the festival’s biggest guest authors.
Information: www.emirateslitfest.com
Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
Cricket World Cup League Two
Teams
Oman, UAE, Namibia
Al Amerat, Muscat
Results
Oman beat UAE by five wickets
UAE beat Namibia by eight runs
Namibia beat Oman by 52 runs
UAE beat Namibia by eight wickets
Fixtures
Saturday January 11 - UAE v Oman
Sunday January 12 – Oman v Namibia
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.”
Zakat definitions
Zakat: an Arabic word meaning ‘to cleanse’ or ‘purification’.
Nisab: the minimum amount that a Muslim must have before being obliged to pay zakat. Traditionally, the nisab threshold was 87.48 grams of gold, or 612.36 grams of silver. The monetary value of the nisab therefore varies by current prices and currencies.
Zakat Al Mal: the ‘cleansing’ of wealth, as one of the five pillars of Islam; a spiritual duty for all Muslims meeting the ‘nisab’ wealth criteria in a lunar year, to pay 2.5 per cent of their wealth in alms to the deserving and needy.
Zakat Al Fitr: a donation to charity given during Ramadan, before Eid Al Fitr, in the form of food. Every adult Muslim who possesses food in excess of the needs of themselves and their family must pay two qadahs (an old measure just over 2 kilograms) of flour, wheat, barley or rice from each person in a household, as a minimum.
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