Indian president will address Abu Dhabi Indian School



ABU DHABI // A select group of pupils will ask India's first female president today about women's empowerment and the challenges of leading the world's biggest democracy.
Pratibha Patil, the 12th Indian president, is on a four-day state visit. She will make a brief stop at the Abu Dhabi Indian School for an hour this morning to talk to the young people and watch several dance performances.
"I feel really lucky that even living outside India, I get to meet the president," said Sania Zia, 17, the student "head girl", a leader of the student body.
A handful of the children were picked to meet with Mrs Patil for eight minutes, after she delivers a lecture.
"We did some research and combined that with our curiosities," Sania said.
Queries also will include the president's expectations of Indian youth.
Rimna Fathima, 17, and Akanksha Bindal, 16, both assistant head girls, will perform a traditional Arabic dance.
"I am not nervous about the dance," Rimna said. "I am just nervous about meeting her."
Although the Abu Dhabi Indian School has more than 5,000 pupils, only 1,000 were selected to listen to the speech, given the size of the auditorium.The children who were selected are from Grade 4 onwards. Of the 1,000, 150 are from 20 other Indian schools across the UAE, according to Vijay Mathu, the school's principal. Teachers selected the pupils based on academic aptitude.
"We are deeply honoured that the president has chosen our school to address a wide spectrum of students," Mr Mathu said. "There are over 80 or 90 schools, but we are one of the oldest and biggest schools in the capital."
One young student also hopes for a chance to ask Mrs Patil about the pressures of being a president.
"I would like to ask her many things like, 'Is it a lot of pressure?'" said Shyam Hari, 10, a Grade 5 student from Our Own High School in Dubai's Al Warqa'a area. "I would like to ask her about her responsibilities and whether it is a nice job and if she likes it. I think it will be really cool to see the president of a country."
Two other students, Austin Mendonca and Shreyas Eswaran, said they read about the president's visit in the newspapers. They are excited to be among 10 students from Grade 5 and 6 who will represent the school at the meeting.
"The fact that I will be meeting a president is hugely exciting," said Austin, 10. "She is a really important person and I have read that she has come here to improve relations with the UAE."
Shreyas thought it would be interesting to meet a senior political figure. "It is an honour," said the nine-year-old student. "It is difficult now [to be a politician] because there are always so many controversies, but a president is above all that. I'm a class monitor and I know about discipline so it will be great to see a president."
For the pupils who will not be joining in the president's festivities, "school is on" as usual, Mr Mathu said. "Once she leaves, even the ones participating in the cultural programmes will be going back to their classes." .
 
sbhattacharya@thenational.ae
* With additional reporting by Ramola Talwar Badam

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.”

Nepotism is the name of the game

Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad. 

Company Profile

Company name: myZoi
Started: 2021
Founders: Syed Ali, Christian Buchholz, Shanawaz Rouf, Arsalan Siddiqui, Nabid Hassan
Based: UAE
Number of staff: 37
Investment: Initial undisclosed funding from SC Ventures; second round of funding totalling $14 million from a consortium of SBI, a Japanese VC firm, and SC Venture

COMPANY PROFILE

Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)


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