From early April, the Beit Lahia elementary schools' running costs will be covered by the Khalifa bin Zayed Al Nahyan Foundation. Above, children enjoy playtime.
From early April, the Beit Lahia elementary schools' running costs will be covered by the Khalifa bin Zayed Al Nahyan Foundation. Above, children enjoy playtime.

UAE rebuilds what Israel destroyed



More than a year after they were attacked in an Israeli missile strike, two schools in the Gaza Strip are to be relaunched and renovated, thanks to a donation from the UAE. The Khalifa bin Zayed Al Nahyan Foundation is the first organisation to contribute to the "Adopt a School in Gaza Initiative" - a pilot project being launched by the UN's Palestine refugee organisation, the UN Relief and Works Agency (UNRWA). From early April, the Beit Lahia Elementary School for Boys and the Beit Lahia Elementary Co-Ed School in the northern Gaza Strip will have their running costs covered by the foundation. The schools share the same building, which was damaged in an Israeli missile strike during the 2009 Israeli offensive. According to Peter Ford, the representative of Filippo Grandi, the UNRWA's commissioner-general, the idea for the initiative came in the aftermath of the 22-day military operation, which left almost 1,400 Palestinians dead, 5,000 wounded and 3,500 homes destroyed. "There was a groundswell of concern and interest, especially from the Gulf, and we thought we should take advantage of that," Mr Ford said in a telephone interview. The UAE responded to the disaster, raising millions of dirhams for the resulting humanitarian crisis and pledging to take part in rebuilding efforts. But more than a year after the attacks ended, the Israeli blockade, which prevents most building materials from entering the Gaza Strip, continues to hamper humanitarian and rebuilding efforts, including the Khalifa Foundation's plans to build housing. In the meantime, Emirati organisations have provided direct support to UN projects such as the Adopt a School Initiative. According to the Khalifa Foundation, formally established in 2007, the project is currently its sole activity in Gaza, although they are involved with various other programmes in the West Bank. The foundation has provided an undisclosed amount of money to sponsor the school, which will soon be known as the Khalifa bin Zayed Al Nahyan Beit Lahia School when it is renamed early next month. The funds will be used to help in the repair and running of the school, and to supply everything from uniforms to stationery to sport supplies and school equipment. The children will also receive meals at school and the 37 teachers will receive their salaries through the programme. "It's everything to keep the schools going," Mr Ford said. "To us it represents a very welcome shot in the arm and it will hopefully encourage others to follow suit." The funding will cover the project for the first year, although UNRWA hopes to develop longer-term partnerships. The Beit Lahia school operates two shifts every day for students in grades one to four; 1,288 boys attend in the morning and another 1,288 boys and girls are enrolled for the afternoon shift. The classes have an average of 40 students each. According to UNRWA, the school was forced to transfer children in grades five and six to other schools because of overcrowding. The school was running just a week after the end of the 2009 conflict, as were all of UNRWA's 221 schools in the Gaza Strip. Repairs were carried out at the time to temporarily mend damage such as holes in the walls and broken doors and windows. "We got it operational quickly, but it has been limping along," Mr Ford said. "The extra funds will allow us to do things properly." The agency is in what Mr Ford described as "very severe financial difficulties" and is facing a US$60 million (Dh220m) shortfall in funding for its annual budget in all five areas where it operates: the West Bank, Gaza, Lebanon, Jordan and Syria. Still, the agency hopes to be able to secure about US$10m for a half-dozen "school adoptions" this year in the first phase of the project. "Hopefully other kind donors will follow the pioneering example set by the foundation," Mr Ford said. "Now we'll be able to do the necessary repairs and get the [Beit Lahia] school back on its feet." zconstantine@thenational.ae

Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

Game Changer

Director: Shankar 

Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram

Rating: 2/5

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
CABINET%20OF%20CURIOSITIES%20EPISODE%201%3A%20LOT%2036
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EGuillermo%20del%20Toro%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Tim%20Blake%20Nelson%2C%20Sebastian%20Roche%2C%20Elpidia%20Carrillo%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

On sale: Now

SANCTIONED
  • Kirill Shamalov, Russia's youngest billionaire and previously married to Putin's daughter Katarina
  • Petr Fradkov, head of recently sanctioned Promsvyazbank and son of former head of Russian Foreign Intelligence, the FSB. 
  • Denis Bortnikov, Deputy President of Russia's largest bank VTB. He is the son of Alexander Bortnikov, head of the FSB which was responsible for the poisoning of political activist Alexey Navalny in August 2020 with banned chemical agent novichok.  
  • Yury Slyusar, director of United Aircraft Corporation, a major aircraft manufacturer for the Russian military.
  • Elena Aleksandrovna Georgieva, chair of the board of Novikombank, a state-owned defence conglomerate.

Price, base / as tested From Dh173,775 (base model)
Engine 2.0-litre 4cyl turbo, AWD
Power 249hp at 5,500rpm
Torque 365Nm at 1,300-4,500rpm
Gearbox Nine-speed auto
Fuel economy, combined 7.9L/100km

The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
BULKWHIZ PROFILE

Date started: February 2017

Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)

Based: Dubai, UAE

Sector: E-commerce 

Size: 50 employees

Funding: approximately $6m

Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait

Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Ovasave%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20November%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Majd%20Abu%20Zant%20and%20Torkia%20Mahloul%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Healthtech%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%20Three%20employees%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-seed%3Cbr%3E%3Cstrong%3EInvestment%3A%3C%2Fstrong%3E%20%24400%2C000%3C%2Fp%3E%0A
UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

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.”