AJMAN // While their classmates are topping up their tans on the beach or binge-watching DVD box sets, a group of school and university students has spent their summer break learning skills at home or helping out with charity initiatives overseas.
In Umm Al Quwain, about 250 Emirati students aged from eight to 18 took part in the Summer of My Country programme, where they learned nursing, first aid and computer skills as well as finding out about life in the Armed Forces.
Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, took to social media to praise the students.
“We felt proud as we saw sons and daughters of the nation utilising their summer vacation in useful activities,” Sheikh Mohammed wrote on his Twitter account.
“We want military, educational and cultural activities that help build capabilities of the students and instil patriotism, values and ethics in them.”
Sheikh Hazza bin Zayed, Deputy Chairman of Abu Dhabi Executive Council, commended Sheikh Mohammed’s tweet and urged parents to prepare their children for a new academic year.
“This call requires that activities be carefully studied and future summer programmes be prepared so as to benefit from, and build on, this successful experience,” he said on his Twitter account.
Maryam Al Ali, events and activities coordinator at the UAQ Cultural Centre, part of the Ministry of Culture, Youth and Community Development, said: “Every summer we hold the programme where students of all ages and nationalities learn various activities.
“Each government organisation holds activities for students. These events help students increase their skills, develop talents and their role in society.
In addition, the ministry supports the talented students, which increases their self-confidence and encourages them to do more and do their best,” said Ms Al Ali.
Mariam Al Ghuss, an Emirati Grade 9 pupil, said when she was not travelling abroad with her family during summer she enrolled in the summer programme.
“I love participating. I can present my talent in handicrafts and recycling and learn new techniques that develop my hobby,” said the 13-year-old, who created a handbag from old magazines and sacks and photo frames decorated with legumes.
Maitha bin Sarm, 13, and her sister Alia, 12, usually spend their summer down time at home drawing and learning Arabic calligraphy. The programme was a chance to hone their skills as well as learning new ones.
“Every summer I participate in this programme to develop my painting. At home, whatever I see on TV or the internet I paint. I spend around four hours on each one,” said the Emirati Grade 8 student.
Alia, a Grade 7 pupil, shares her sister’s passion.
“I love Arabic calligraphy because it is a beautiful art and I can create a word or two. The two-month programme has added to me more skills and ideas.”
Some youngsters, like Jordanian senior civil engineering student Qais Abu Asabeh, used their time off from classes to do good aboard.
Qais travelled to Thailand to donate clothes to poor families along with a group of 10 friends.
“My friends and I decided to travel to Thailand for a vacation, but we also wanted to do something helpful for poor people. We brought them clothes and shoes as well as collecting money from other friends.
“It was an amazing experience as we spent a week with poor families in village. We felt we were doing something helpful when we saw the smiles on the kids’ faces,” said the 23-year-old.
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5. Jacob Birtwhistle (AUS) 57:40
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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.”
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
