Alice Albruight said: 'The pandemic will have long term economic consequences.' AP
Alice Albruight said: 'The pandemic will have long term economic consequences.' AP
Alice Albruight said: 'The pandemic will have long term economic consequences.' AP
Alice Albruight said: 'The pandemic will have long term economic consequences.' AP

'Give us $5 billion and we will help educate the world for a post-pandemic recovery'


Damien McElroy
  • English
  • Arabic

An ambitious $5 billion funding drive to rebuild education networks across 87 hard-hit countries will launch next year as promoters hope to reverse the damage wrought by the coronavirus pandemic.

The Global Partnership for Education (GPE) is seeking funds to assist countries to transform education for hundreds of millions of pupils in the face of an anticipated budgetary squeeze as a result of the predicted global recession.

Alice Albright, the chief executive of the GPE, told The National that a three-point plan could reverse not only the damage caused by the pandemic, but also the growing problem of hundreds of millions of children losing out on schooling.

"One is to help countries invest in distance learning, two is to help train more teachers and three is to help countries reopen schools safely," she said. "We are campaigning to get children back into school because one of the things that we worry about is that some children will never go back to school."

A report from Unesco in July warned that development aid assistance for education was vulnerable to cuts when the pandemic effect on national budgets was felt.

"Just as aid to education seemed to have recovered its lost momentum, the Covid-19 pandemic will likely slow it down again, if not entirely reverse the trend," it said. "Although the last great financial crisis did not reduce aid volumes, the looming financial crisis is expected to be more severe.

"As donor countries reallocate funds to deal with increased unemployment and enterprise bankruptcies, aid volumes will inevitably be reduced."

Ms Albright said the effects would harm the world's poorest most directly. "The pandemic will have long-term economic consequences,” she said. "The way that that impacts developing countries is it puts a squeeze on domestic resources and then that tends to result in governments having less money to invest in education and reach out to the neediest."

That is why hopes are now vested in a replenishment drive by the GPE. Britain and Kenya are to co-host a summit next year to raise funds for children's schooling in poorer countries, aware that the coronavirus pandemic risks depriving many millions of an education.

The summit is scheduled to take place in Britain in mid-2021 under the UK's presidency of the G7 club of developed nations, and will be co-chaired by UK Prime Minister Boris Johnson and Kenyan President Uhuru Kenyatta.

Mr Johnson said the goal was to raise at least $5bn for the GPE, which was launched in 2002 and counts the singer Rihanna as a global ambassador.

"I urge the global community to come together, dig deep and ensure we fund their vital work to give every child the chance at an education," Mr Johnson said.

He said that because of school closures during the pandemic, about 1.3 billion children, including 650 million girls, have lost out on months of education, and many may never return because of the economic havoc caused by Covid-19.

"It is a toll of wasted potential and missed opportunity that is a tragedy not just for those children, but for each and every one of us," Mr Johnson said.

Mr Kenyatta said the GPE had been a key partner in helping Kenya to invest in education, especially for girls.

"We must use the opportunity of GPE's financing conference to make ambitious pledges to invest in quality education so our children and young people have the skills and knowledge they need to seize the opportunities of the 21st century," he said.

With nearly $500 million dispensed by GPE since the onset of the lockdown in March, governments have gained support for efforts to maintain education services despite the school closures. Ms Albright cited the grants made by GPE to Kenya as an example of how to make a difference.

"Kenya has used their grant to invest in what they call their education-in-the-cloud capacity and now 15 million Kenyan students can use that capability all at once," she said.

Overall, British officials praised the GPE's efforts to raise access to education. So far the organisation has helped to get 160 million more children into school and doubled the enrolment of girls in the countries where it works.

If countries pledge another $5bn over five years, officials believe that would add 175 million extra children to school rolls in 87 lower-income countries.

That would in turn lift 18 million people out of poverty, and protect two million girls from early marriage. GPE works closely with governments in the Middle East to help frontline states maintain education services. The last round of funding drew pledges of $100m from the UAE.

"Now is the time to really dig deep and realise that we are at a crossroads," Ms Albright said. "We need to be as ambitious as we can with funding and get as many donors to help countries not only recover from the pandemic but really go much further in terms of what education delivery looks like."

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.”

Pots for the Asian Qualifiers

Pot 1: Iran, Japan, South Korea, Australia, Qatar, United Arab Emirates, Saudi Arabia, China
Pot 2: Iraq, Uzbekistan, Syria, Oman, Lebanon, Kyrgyz Republic, Vietnam, Jordan
Pot 3: Palestine, India, Bahrain, Thailand, Tajikistan, North Korea, Chinese Taipei, Philippines
Pot 4: Turkmenistan, Myanmar, Hong Kong, Yemen, Afghanistan, Maldives, Kuwait, Malaysia
Pot 5: Indonesia, Singapore, Nepal, Cambodia, Bangladesh, Mongolia, Guam, Macau/Sri Lanka

The specs: 2018 Jeep Grand Cherokee Trackhawk


Price, base: Dh399,999
Engine: Supercharged 6.2-litre V8
Gearbox: Eight-speed automatic
Power: 707hp @ 6,000rpm
Torque: 875Nm @ 4,800rpm
Fuel economy, combined: 16.8L / 100km (estimate)

Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20WonderTree%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20April%202016%3Cbr%3E%3Cstrong%3ECo-founders%3A%3C%2Fstrong%3E%20Muhammad%20Waqas%20and%20Muhammad%20Usman%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Karachi%2C%20Pakistan%2C%20Abu%20Dhabi%2C%20UAE%2C%20and%20Delaware%2C%20US%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Special%20education%2C%20education%20technology%2C%20assistive%20technology%2C%20augmented%20reality%3Cbr%3EN%3Cstrong%3Eumber%20of%20staff%3A%20%3C%2Fstrong%3E16%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EGrowth%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Grants%20from%20the%20Lego%20Foundation%2C%20UAE's%20Anjal%20Z%2C%20Unicef%2C%20Pakistan's%20Ignite%20National%20Technology%20Fund%3C%2Fp%3E%0A

Innotech Profile

Date started: 2013

Founder/CEO: Othman Al Mandhari

Based: Muscat, Oman

Sector: Additive manufacturing, 3D printing technologies

Size: 15 full-time employees

Stage: Seed stage and seeking Series A round of financing 

Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now. 

What can you do?

Document everything immediately; including dates, times, locations and witnesses

Seek professional advice from a legal expert

You can report an incident to HR or an immediate supervisor

You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline

In criminal cases, you can contact the police for additional support

COMPANY PROFILE

Name: Lamsa

Founder: Badr Ward

Launched: 2014

Employees: 60

Based: Abu Dhabi

Sector: EdTech

Funding to date: $15 million

Schedule for show courts

Centre Court - from 4pm UAE time

Johanna Konta (6) v Donna Vekic

Andy Murray (1) v Dustin Brown

Rafael Nadal (4) v Donald Young

 

Court 1 - from 4pm UAE time

Kei Nishikori (9) v Sergiy Stakhovsky

Qiang Wang v Venus Williams (10)

Beatriz Haddad Maia v Simona Halep (2)

 

Court 2 - from 2.30pm

Heather Watson v Anastasija Sevastova (18)

Jo-Wilfried Tsonga (12) v Simone Bolelli

Florian Mayer v Marin Cilic (7)

 

The specs

Engine: 4.0-litre V8 twin-turbocharged and three electric motors

Power: Combined output 920hp

Torque: 730Nm at 4,000-7,000rpm

Transmission: 8-speed dual-clutch automatic

Fuel consumption: 11.2L/100km

On sale: Now, deliveries expected later in 2025

Price: expected to start at Dh1,432,000

MATCH INFO

Crawley Town 3 (Tsaroulla 50', Nadesan 53', Tunnicliffe 70')

Leeds United 0 

TOURNAMENT INFO

Fixtures
Sunday January 5 - Oman v UAE
Monday January 6 - UAE v Namibia
Wednesday January 8 - Oman v Namibia
Thursday January 9 - Oman v UAE
Saturday January 11 - UAE v Namibia
Sunday January 12 – Oman v Namibia

UAE squad
Ahmed Raza (captain), Rohan Mustafa, Mohammed Usman, CP Rizwan, Waheed Ahmed, Zawar Farid, Darius D’Silva, Karthik Meiyappan, Jonathan Figy, Vriitya Aravind, Zahoor Khan, Junaid Siddique, Basil Hameed, Chirag Suri