Saudi university breaks gender barriers



Boasting one of the fastest supercomputers in the world, a team of top scientists and a campus where female and male students can mingle freely, Saudi Arabia's new multibillion dollar university aims to break both scientific and social barriers. Officially the goal of this week's launch of the sprawling new facility is to propel the kingdom into the heady global ranks of technological research. But with women on campus not having to shroud themselves in the black abaya and allowed to drive cars, an unstated aim is to chip away at the strict restrictions on Saudi women imposed by hardline Muslim clerics.

On Wednesday the monarch, in a keystone of his attempts to power his country into the 21st century, will open the King Abdullah University of Science and Technology (KAUST) probably the only postgraduate research university ever built from scratch. Both the ambition and the billions of dollars thrown at the project have sparked deep interest in the global science community. In just three years the Saudis have constructed a hi-tech campus of huge modernist buildings on a 36-square-kilometre desert plot on the Red Sea coast, and recruited hundreds of scientists and students from around the world.

KAUST has already launched joint research programmes with institutions ranging from the National University of Singapore to France's Institut Francais du Petrole to Britain's Cambridge and Stanford in the United States. And it has created its own research operations spanning nanotechnology, applied mathematics, solar energy, membrane research and bioengineering. "Two years ago it was nothing but sand and sea. Today there is one of the best infrastructures for research," the KAUST president Choon Fong Shih said.

Classes, all taught in English, opened in September at the campus 80 kilometres north of Jeddah, with 71 professors and 374 postgraduate students. The masters and doctoral degree students represent more than 60 countries, with some 15 per cent from Saudi Arabia itself. The Saudis drew on top-calibre scientists and science educators, especially in the United States, to spur the recruitment process.

Mr Shih himself is an example. The lauded research engineer helped turn the National University of Singapore into a respected research institution over the past decade. KAUST's success will ultimately depend on world-class research and the results being published in top journals, said Edward Derrick, who directs the research competitiveness programme at the American Association for the Advancement of Science.

"Universities compete for resources, for prestige. You want your students to be published in the best journals," he said. Money for research is the key, said Fawwaz Ulaby, a US-based engineering professor who served as KAUST provost during the start-up period. "The single most important component probably is that ... the amount of resources able to fund research worldwide does not meet demand," he said.

That gives oil-rich Saudi Arabia an advantage. KAUST reportedly has a $10 billion endowment to fund research, and it has spent aggressively on salaries and scholarships. Some professors were offered $90,000 annual salaries tax-free plus all expenses for themselves and their families. Students also receive generous stipends, and some had their last year of university elsewhere paid for.

The freedom of the academic environment will also be crucial, Mr Ulaby said. That will perhaps be harder in Saudi Arabia, where science in public schools takes a back seat to religion, with bureaucrats loath to cede power and women facing many restrictions. With about 15 per cent of the incoming student body women, all having studied at universities outside the kingdom, mixing is absolutely necessary for successful research, experts say.

People involved in KAUST's development say Mr Abdullah hopes its culture will eventually spill outside the campus gates, where women are banned from driving, must be accompanied by a male relative outside the home and have to wear an abaya. Some restrictions are evident inside, however. Male students report that they are banned from entering women's residences at KAUST. And hardline clerics are already battling the "anything goes" ethos inside other foreign compounds.

In June the religious police cracked down on a limited access residential and resort community north of Jeddah, not far from KAUST, where men and women mixed with relative openness and women had been seen driving. * AFP

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Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
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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.”

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Name: Peter Dicce

Title: Assistant dean of students and director of athletics

Favourite sport: soccer

Favourite team: Bayern Munich

Favourite player: Franz Beckenbauer

Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates 

 

WHAT IS A BLACK HOLE?

1. Black holes are objects whose gravity is so strong not even light can escape their pull

2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

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