Ebani Dhawan receives her A-Level results, with the prinicipal Simon O’Connor, at Jumeirah College. Reem Mohammed / The National
Ebani Dhawan receives her A-Level results, with the prinicipal Simon O’Connor, at Jumeirah College. Reem Mohammed / The National
Ebani Dhawan receives her A-Level results, with the prinicipal Simon O’Connor, at Jumeirah College. Reem Mohammed / The National
Ebani Dhawan receives her A-Level results, with the prinicipal Simon O’Connor, at Jumeirah College. Reem Mohammed / The National

UAE students heading to Britain worry about Brexit impact and xenophobia


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Students heading to the UK for tertiary-level education are concerned their British degrees will not hold the same value after Brexit.

Many UAE-based teenagers, who received their A-level results on Thursday, said they were anxious about job prospects after completing their studies because of the issue.

Others are worried about their eligibility to participate in exchange programmes in the European Union after Britain leaves the bloc on October 31. "Going to university is fine but getting a job after that is a concern," said Charlie Thomas, 18, a British pupil in Dubai, who begin studying economics and politics at the University of Exeter this September.

"I am worried because many UK universities get funding from the European Union. If they do not have these links, the British universities will go down the rankings in the future," said Mr Thomas, who plans to move back to the UAE or go to Canada after his studies. Some said they were concerned about reports of rising xenophobia in the UK. Ebani Dhawan, an Indian pupil, 18, at Jumeirah College, will start her psychology degree at University College London in September.

"The main thing I am worried about is the rise in xenophobia and how I will be treated as an international student." 

Ebani Dhawan, an Indian pupil, 18, at Jumeirah College, will start her psychology degree at University College London in September. “The main thing I am worried about is the rise in xenophobia and how I will be treated as an international student,” she said.

She is also worried about her ability to participate in the EU’s Erasmus exchange programme – a initiative which allows students to study at European universities.

"I want to go to France and I hope Brexit does not affect the UK's relations with the major EU countries," she said.

Pupils across the UAE received their A-level results on Thursday with some saying they were the toughest exams in years.

There were tears of joy across the country as the results streamed through.

Education chiefs in the UAE say it is hard to quantify the impact of Brexit as so many questions remain unanswered.

"Brexit is having an impact but because we do not know the reality of it, it is not clear what is going on," said Simon O'Connor, the principal of Jumeirah College in Dubai.

He said that about 65 per cent of pupils at the school pursue higher studies in the UK but many, including British teenagers, were also opting for universities in mainland Europe. "This is because European universities are opening up, teaching in English and also cost less than the UK universities," Mr O'Connor said.

British people also say the situation is less than ideal.

Danielle Holt, a pupil at Jumeirah College planning to study at the University of Exeter, said it was important to take these concerns seriously.

"Brexit is a mess right now – younger people who will be massively affected by it need to be considered," said Danielle, 17. "Especially EU students, who might not be able to get the same status or travel to the UK as easily as before."

DUBAI, UNITED ARAB EMIRATES. 15 AUGUST 2019. Abdul Rahim Khater, 18, receives his A-Level results at Jumeirah College school. (Photo: Reem Mohammed/The National) Reporter: Section:
DUBAI, UNITED ARAB EMIRATES. 15 AUGUST 2019. Abdul Rahim Khater, 18, receives his A-Level results at Jumeirah College school. (Photo: Reem Mohammed/The National) Reporter: Section:

But it is not all bad news. Many students say they've been able to save on costly tuition fees because of the slump in the British pound.

Abdul Rahim Khater, 18, a Palestinian-Canadian pupil in Dubai, chose to study medicine in the UK regardless of Brexit.

“The plunge in the value of the pound means I can save on tuition,” he said.

Alejandro Kramer, a Spanish pupil at Jumeirah College, hopes to study history and politics at the University of Edinburgh.

“The political climate will not affect the validity of my degree,” said Mr Kramer, 18. “I will be studying in Scotland, which voted overwhelmingly to stay in the EU and there are many European students in Scotland, so I am hoping the British government can come to a compromise.”

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.”