DUBAI // Pratibha Patil, the Indian president, yesterday urged her nation's universities with an overseas presence to raise the bar of academic excellence, while praising the Federal Government for embracing higher education hubs in the Emirates.
Mrs Patil met with the heads of leading Indian higher education institutes in Dubai and addressed students and teachers on the penultimate day of her four-day state visit to the UAE.
"I am heartened that such globally recognised Indian brands of education are increasingly venturing outside and setting up bases abroad," she said.
"Students in the UAE have the unique privilege of receiving knowledge transferred in the Indian way, while being exposed to a global milieu."
Mrs Patil praised the Federal Government for its emphasis on education and setting up higher education hubs, such as Dubai Academic City, to attract talent from across the world.
"Knowledge is the one treasure that increases manifold by sharing," Mrs Patil said to loud applause from academics and students gathered at Dubai Men's College.
Recent years have shown a definitive shift to the Emirates, with Indian and Asian students completing their educations in fields such as engineering and management. That trend represents a reversal of the previous pattern, when students headed to India, the US and Britain for higher studies.
Mrs Patil urged Indian academics and students to be visible ambassadors of their home country through their outstanding work.
"In the coming millennia the world will see a lot more of India," she said.
"India has made rapid strides in the field of human resource development because of the importance we attach to the acquisition of knowledge.
"You can contribute to India's visibility and growth through your work and conduct. You represent the strength, potential and future of a resurgent India on the world stage."
Mrs Patil's meetings with academics helped engage the institutions overseas with India's education plans, said Sanjay Verma, the consul general of India in Dubai.
"The educational system must be revolutionised, institutions must revamp and move up the education ladder so that they produce a generation of youngsters who are skilled, educated, trained, productive and employable," he said. "India is blessed with a young and productive population and we must prepare this young generation to be fully equipped when they enter the sphere of work."
APJ Abdul Kalam, India's former president, visited the campus of the Birla Institute of Technology and Science (BITS) Pilani, the Dubai branch of a prestigious Indian engineering college, during his 2003 visit.
Academics viewed yesterday's event as a milestone that would bolster the growth of regional institutions. "The president choosing to visit Academic City fits into a new chapter between the UAE and India," said Dr RK Mittal, the director of BITS Pilani Dubai. "It has moved beyond trade and economy and shifted to building stronger ties in knowledge and intellectual capital."
There are 19 campuses of Indian post-graduate institutions in Dubai, five of which are located in Academic City.
Indian universities could draw in students from beyond the region as a by-product of the event, said Dr B Ramjee, the director of Manipal University, a renowned Indian medical institution.
"The president's visit shows the commitment of our nation to this nation," he said. "Her visit cements the relationship, not just in the area of education, but in culture [and] politics. It augurs well for the future.
"We are on the threshold of a new beginning. Within the next 15 to 20 years this will be an educational hub not just for expatriate Indians - Dubai is strategically located to serve Africa and the Middle East, countries from Jordan to Egypt and Kenya."
Academics voiced hope that firm links between the countries will help iron out some problems faced by Indian students. Simplifying the degree verification process required in the Emirates would make it easier for Indian students headed here, Dr Mittal said.
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Young women have more “financial grit”, but fall behind on investing
In an October survey of young adults aged 16 to 25, Charles Schwab found young women are more driven to reach financial independence than young men (67 per cent versus. 58 per cent). They are more likely to take on extra work to make ends meet and see more value than men in creating a plan to achieve their financial goals. Yet, despite all these good ‘first’ measures, they are investing and saving less than young men – falling early into the financial gender gap.
While the women surveyed report spending 36 per cent less than men, they have far less savings than men ($1,267 versus $2,000) – a nearly 60 per cent difference.
In addition, twice as many young men as women say they would invest spare cash, and almost twice as many young men as women report having investment accounts (though most young adults do not invest at all).
“Despite their good intentions, young women start to fall behind their male counterparts in savings and investing early on in life,” said Carrie Schwab-Pomerantz, senior vice president, Charles Schwab. “They start off showing a strong financial planning mindset, but there is still room for further education when it comes to managing their day-to-day finances.”
Ms Schwab-Pomerantz says parents should be conveying the same messages to boys and girls about money, but should tailor those conversations based on the individual and gender.
"Our study shows that while boys are spending more than girls, they also are saving more. Have open and honest conversations with your daughters about the wage and savings gap," she said. "Teach kids about the importance of investing – especially girls, who as we see in this study, aren’t investing as much. Part of being financially prepared is learning to make the most of your money, and that means investing early and consistently."
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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.”
