Schools support group aids flood victims


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The Citizens Foundation (TCF), which supports a network of 660 schools in Pakistan, normally raises much of its annual funds during Ramadan, but this year things are different. The aid agency's budget has been battered by the floods that are ravaging parts of Pakistan, and some of its schools have been damaged or closed by the disaster.

The TCF operates in Dubai's Humanitarian City, along with other non-governmental charities and aid agencies. Around 10 per cent of its funding comes from donors in the UAE, according to Shahab Haider, the legal representative of TCF. The school project is still a priority but its staff and supporters in Pakistan plan to provide 20 million meals over 30 days to flood victims. Its immediate goal is to provide food packages, water purifying packs and basic medicines. The funding from the UAE will be combined with donors from Europe and the US.

TCF, which was set up in 1995, aims to create ration packs in Pakistan and distribute them through TCF staff and other agencies. The human impact of the recent floods has exceeded that of Pakistan's 2005 earthquake. The TCF sprang into action then and set up the first field hospital and helped provide 5,000 homes for those displaced by the earthquake. The UN has set a donation target of US$460 million (Dh1.7 billion) to aid the nearly 20 million people who have been affected nationwide by the floods. At least 1,500 have died in what the UN has described as the worst natural disaster in Pakistan's history.

The floods have left about six million people homeless from the mountains in the north to the southern plains. The floods are expected to begin draining into the Arabian Sea in the coming days. Much of the TCF donation money has been diverted to direct flood relief. "Of course a lot of our funding is done during Ramadan and it has dropped, but we rely on regular donors throughout the year. It peaks during Ramadan, but is also a year-long campaign for us," said Mr Haider.

Nevertheless, the group continues to push its education drive. "A number of schools are affected and closed down because of the flooding. The schools outside of the flooded areas are open," he said. He was unable to put a figure on the number of schools closed. Students are still enrolling in the ones not affected by the flooding. Sarah Sheeraz Siddiqui, business development manager at TCF, said that before the floods a number of Dubai-based volunteers went to Pakistan to work on the group's main objective of opening schools.

"We always have a lot of interest from people willing to spend their time volunteering," she said. About 92,000 students, with boys and girls split evenly, attend the 660 schools. All 4,800 teachers are female. "It is a real incentive for parents to send their daughters to school. It gives them more confidence in the school and they know who is looking after their children," said Mr Haider. Added Ms Siddiqui: "In total, 70 per cent of our students go on to third level education. A lot of our new teachers were educated in our schools too and are now starting out with us."

The students are means-tested by the school when they enrol. "The parents must pay but most of it is subsidised by the charity," said Mr Haider. The parents pay 15 per cent of their income, no matter how small it may be, as a school. "The schools have such a good reputation, there is a high demand to get in. Still, the majority of it is funded from our donors," said Mr Haider. The first phase of TCF students are in the process of finishing university, and it is not unusual for the charity to see some of its students study medicine or law.

Its schools rival the private schools not only in size, science labs and subjects on offer but also in national competitions. "Some of our pupils have won competitions in art and other subjects," said Mr Haider. @Email:eharnan@thenational.ae

UAE currency: the story behind the money in your pockets
Traits of Chinese zodiac animals

Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent   

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.”

SCHEDULE

Saturday, April 20: 11am to 7pm - Abu Dhabi World Jiu-Jitsu Festival and Para jiu-jitsu.

Sunday, April 21: 11am to 6pm - Abu Dhabi World Youth (female) Jiu-Jitsu Championship.

Monday, April 22: 11am to 6pm - Abu Dhabi World Youth (male) Jiu-Jitsu Championship.

Tuesday, April 23: 11am-6pm Abu Dhabi World Masters Jiu-Jitsu Championship.

Wednesday, April 24: 11am-6pm Abu Dhabi World Professional Jiu-Jitsu Championship.

Thursday, April 25: 11am-5pm Abu Dhabi World Professional Jiu-Jitsu Championship.

Friday, April 26: 3pm to 6pm Finals of the Abu Dhabi World Professional Jiu-Jitsu Championship.

Saturday, April 27: 4pm and 8pm awards ceremony.

German plea
Ukrainian President Volodymyr Zelenskyy told the German parliament that. Russia had erected a new wall across Europe. 

"It's not a Berlin Wall -- it is a Wall in central Europe between freedom and bondage and this Wall is growing bigger with every bomb" dropped on Ukraine, Zelenskyy told MPs.

Mr Zelenskyy was applauded by MPs in the Bundestag as he addressed Chancellor Olaf Scholz directly.

"Dear Mr Scholz, tear down this Wall," he said, evoking US President Ronald Reagan's 1987 appeal to Soviet leader Mikhail Gorbachev at Berlin's Brandenburg Gate.

GIANT REVIEW

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Director: Athale

Rating: 4/5

Hamilton profile

Age 32

Country United Kingdom

Grands Prix entered 198

Pole positions 67

Wins 57

Podiums 110

Points 2,423

World Championships 3

States of Passion by Nihad Sirees,
Pushkin Press

Nayanthara: Beyond The Fairy Tale

Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni

Director: Amith Krishnan

Rating: 3.5/5

UAE currency: the story behind the money in your pockets
Scoreline:

Cardiff City 0

Liverpool 2

Wijnaldum 57', Milner 81' (pen)

The design

The protective shell is covered in solar panels to make use of light and produce energy. This will drastically reduce energy loss.

More than 80 per cent of the energy consumed by the French pavilion will be produced by the sun.

The architecture will control light sources to provide a highly insulated and airtight building.

The forecourt is protected from the sun and the plants will refresh the inner spaces.

A micro water treatment plant will recycle used water to supply the irrigation for the plants and to flush the toilets. This will reduce the pavilion’s need for fresh water by 30 per cent.

Energy-saving equipment will be used for all lighting and projections.

Beyond its use for the expo, the pavilion will be easy to dismantle and reuse the material.

Some elements of the metal frame can be prefabricated in a factory.

 From architects to sound technicians and construction companies, a group of experts from 10 companies have created the pavilion.

Work will begin in May; the first stone will be laid in Dubai in the second quarter of 2019. 

Construction of the pavilion will take 17 months from May 2019 to September 2020.

Europe’s rearming plan
  • Suspend strict budget rules to allow member countries to step up defence spending
  • Create new "instrument" providing €150 billion of loans to member countries for defence investment
  • Use the existing EU budget to direct more funds towards defence-related investment
  • Engage the bloc's European Investment Bank to drop limits on lending to defence firms
  • Create a savings and investments union to help companies access capital