ABU DHABI // A group of university students in Abu Dhabi are helping Pakistani community school pupils whose families are struggling to pay for their education.
It was reported earlier this month that 175 Pakistani children had been suspended from classes because their school fees had not been paid and were expected to miss their final examinations.
The Pakistan Association Dubai said that Dh800,000 was needed to pay outstanding fees owed to 17 schools across Dubai, Sharjah and Ajman.
Katie Sheng, a 19-year-old American student at New York University Abu Dhabi, read the story in The National and shared it with her university friends on social media.
“As university students, we feel that every child should have the opportunities that we’ve been given to get an education,” Ms Sheng said.
“Seeing young children have this opportunity taken away from no fault of their own was an injustice that we couldn’t ignore.”
About 60 students at the university have volunteered with Ms Sheng to support the cause. They hope to help the pupils with tuition and counselling and work with the association.
“The easiest way to approach people about this story was simply to share the article through social media,” Ms Sheng said.
“The story speaks for itself, and students were easily willing to help after hearing about these students and their families. Education is key to a good quality of life and progress within the world.”
More students have voiced interest in helping, which Ms Sheng said was humbling.
“We students have no caste, creed and boundary,” she said. “We all have one dream – a dream to educate ourselves and become beneficial to mankind.”
Brazilian Guillermo Andres Schlamp, an electrical engineering student at NYUAD, said students were eager to contribute.
“We are looking to help in any capacity that is needed and that we have the skills to fill,” he said. “We are hoping to talk with the Pakistani Association Dubai to hear the needs that they have.”
The university students are meeting the association next week to plan ways to help the pupils.
“We have many proposals, but we want to meet students and association officials first,” said Mr Schlamp.
“We don’t want one-time charity. We want a sustainable solution to the problem.”
The association said it welcomed the students’ gesture, which it said reflects the “true spirit” of the Year of Giving in a “global village with people from diverse cultures and all nationalities”.
akhaishgi@thenational.ae
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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.”
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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