IFRANE, MOROCCO // The surrounding forests are cedar, the building gables look Alpine and the language floating through the crisp winter air is English - but al Akhawayn University is in the heart of Morocco.
The late King Hassan II opened al Akhawayn in 1995 in Ifrane, a remote ski town in the Atlas Mountains, to groom an elite generation of Moroccan leaders.
Today, with a North American-style curriculum taught in English and a generous measure of independence, the university's 1,400-odd students are on the cutting edge of Morocco's quest to embrace globalisation and position itself as North Africa's leading entrepot. Morocco enjoys free trade with the US, and in October was granted favoured access to the European Union. But countries eager to tap the global marketplace must also give graduates the tools to thrive there.
That is where Arab countries are lagging, said Mourad Ezzine, the World Bank's section manager for education in the Middle East and North Africa. Arab governments pour money into education, but university systems remain rigid, their diplomas little valued abroad, he said.
"The important thing is to allow universities to adapt and change constantly to meet the needs of the market," said Mr Ezzine. "And the market is changing fast."
Political squabbling often prevents Arab countries from facing that challenge together, said Amel Boubekeur, a researcher at the Carnegie Endowment for International Peace.
Last month, a summit of Arab leaders in Kuwait City on education and development broke down amid bickering over how Arab countries should respond to Israel's assault on the Gaza Strip. Meanwhile, a generation of Arab youth is being lost, said Ms Boubekeur. "In the 1960s and 70s, students were at the forefront of political and social projects - today they're marginalised."
Al Akhawayn hopes to reverse that trend, said Driss Ouaouicha, the university's president.
Students are chosen for leadership potential as well as academic prowess, and financial aid is provided to about 40 per cent who cannot pay the US$5,000 (Dh18,360) per term fees.
Al Akhawayn emphasises career-making subjects such as IT and business administration, but students also take world history, comparative religion, history of ideas and other courses aimed at opening them to the world. All must do community service and are encouraged to join the university's many clubs.
"These allow us to be part of creating the university," said Samir Fannane, 21, a business administration major from Casablanca.
In the building's front hall, a club fair has been driven inside by violent flurries of snow. Students gather around dozens of stalls - the Health Club, Spanish Club, Adventure Club and others. Mr Fannane is in the Hand-to-Hand Club, which helps provide school supplies and tutoring to poor villages. Last year, the club collected enough money to build one of them a new schoolhouse.
The students enjoy some of the finest facilities in the country. About 80,000 books fill the library, while in another building, students juggle imaginary stocks on computers running a simulation programme synched with the Casablanca stock exchange. Above all, students said Al Akhawayn's open intellectual climate sets it apart from other universities. "I can disagree with my professor, confident it's not going to affect my mark," said Sana Khallouk, 20, who dropped out of technical school in Casablanca to study communications at Al Akhawayn.
The key is independence, said Mr Ouaouichia, the university president. Al Akhawayn was built with royal money and answers to King Mohammed VI, though it functions largely as a private enterprise.
"We're free from the ministry of education, and there's no interference in what the students do," Mr Ouaouicha said. "They come across ideas that shake their foundations - and that's a good thing at their age."
However, Morocco's most urgent need is to match university training to the job market, said Tajeddine El Houssaini, an economics professor at Mohammed V University in Rabat, the capital. Unemployment, estimated at 14 per cent, is worst among graduates, Mr El Houssaini said. Every week, hundreds gather outside the parliament building to demand public sector jobs.
"Morocco should make English the principal language of technology and contact with the outside world," said Mr El Houssaini. "And universities should focus on training skilled engineers."
Arab governments are beginning to grant universities the freedom to make those kinds of changes, said Mr Ezzine, from the World Bank. "The issue is how fast - the rest of the world is not waiting."
Neither are some young Arabs. Up at al Akhawayn, Samir Fannane is planning his future - a master's degree in business administration in the US, followed by several years working before returning to Morocco to start his own business.
"I have no idea what kind of business," Mr Fannane said. "That will depend on the market."
jthorne@thenational.ae
ADCC AFC Women’s Champions League Group A fixtures
October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA
If you go...
Etihad Airways flies from Abu Dhabi to Kuala Lumpur, from about Dh3,600. Air Asia currently flies from Kuala Lumpur to Terengganu, with Berjaya Hotels & Resorts planning to launch direct chartered flights to Redang Island in the near future. Rooms at The Taaras Beach and Spa Resort start from 680RM (Dh597).
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Sour%20Grapes
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UAE currency: the story behind the money in your pockets
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
ASHES SCHEDULE
First Test
November 23-27 (The Gabba, Brisbane)
Second Test
December 2-6 (Adelaide Oval, Adelaide)
Third Test
December 14-18 (Waca Ground, Perth)
Fourth Test
December 26-30 (Melbourne Cricket Ground, Melbourne)
Fifth Test
January 4-8, 2018 (Sydney Cricket Ground, Sydney)
The%20National%20selections
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Paris Can Wait
Dir: Eleanor Coppola
Starring: Alec Baldwin, Diane Lane, Arnaud Viard
Two stars
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
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.”
Company%20profile
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Sunday:
GP3 race: 12:10pm
Formula 2 race: 1:35pm
Formula 1 race: 5:10pm
Performance: Guns N' Roses