Students learn about Europe from EU politicians



ABU DHABI // Majed Al Khemeiri read a lot about relations between the Gulf and European Union in his history class - now he has had the chance to see them in action.

With four other students from United Arab Emirates University, Paris-Sorbonne Abu Dhabi and Zayed University, he spent time debating and discussing current affairs with policymakers at the European parliament last month.

"When we see the news - a reform or policy - we do not know the process involved or the details of how it came about," said Mr Al Khemeiri, 22. "This year, instead of studying it as part of a classroom lecture or media, we were actually exposed to the process."

The three-week EU summer school course at the Foundation Nationale des Sciences Politiques et l'Institut d'Etudes Politiques de Paris (Sciences Po Paris) was organised by Abu Dhabi Education Council in collaboration with Sciences Po.

It was designed to broaden Emirati social science students' knowledge of other countries' policies, institutions and governance through first-hand experience.

"This aimed to help students to understand the current debates in the EU as well as develop relationships with Europe through them," said Dr Katerina Nicolopoulou, senior specialist at Adec's global partnerships division.

The curriculum included the history and institutions of Europe, democracy and political parties, security strategy, energy issues, Islamic finance and bridging the gulf between the EU and GCC.

Amal Youssef, a third-year student of International Relations at Zayed University, said she had no idea about the role of EU before the trip.

"I learnt about the council, parliament and commission and cooperation between the EU members," she said.

Ms Youssef believes these lessons are important because not many students are aware of the political landscape in other countries.

"Here, education does not update us about what is happening in other parts of the world.

"We cannot be ignorant and it will be good to introduce classes both here and in European classrooms so that we understand each other's cultures."

Dana Al Hajri, 23, who is studying history at Sorbonne, said the chance to engage in intellectual dialogue was particularly valuable. "The most interesting debate was on the common currency, something that the GCC is trying to develop," she said.

"I think we all left with the feeling that one can learn a lot from these countries which have made it work, and that it has more pros than cons."

The Sciences Po internship is an extension of links the Government is trying to establish with France in different sectors, including education.

Dr Nicolopoulou said the germ of the internship programme was planted in 2010, at the Eurogolfe Public Diplomacy and Outreach Project (EPDOP). EPDOP was funded by Sciences Po and brought together economic and political decisionmakers and professionals from Europe and Abu Dhabi.

"These students are studying subjects like international law and economics and you cannot talk about these topics if you do not know about international organisations and the EU structure," she said.

Mona Majed, the division manager of Counselling and Scholarships at Adec, said they plan to extend the summer school programme to more students next year. "The students personalities have changed; they are more open to other cultures and are brimming with new knowledge," she said.

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

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The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

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.”