Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, has announced plans to open a university in Dubai with an Emirati identity.
The National University of Dubai, announced by Sheikh Mohammed on X, has an initial investment of Dh4.5 billion ($1.22 billion) and will aim to be among the top 50 young universities in the world in the next decade.
"Brothers and sisters, today we embark on a new chapter in advancing education in our country," Sheikh Mohammed said on X. "We announce the launch of the National University of Dubai, with an initial investment of Dh4.5 billion. Our goal is to rank among the top 50 young universities within the next decade, offering specialised academic programmes designed for the future, while standing out for our research contributions.
"With a strong Emirati identity and global programmes, this university will play a key role in shaping our nation’s development. As the world changes rapidly, the real challenge is preparing generations who can embrace these shifts and use them to build a brighter future for our nation and for us all, God willing."
Sheikh Mohammed also spoke about the need to equip future generations with the skills necessary to excel in an ever-changing world. "The real challenge is to create generations capable of absorbing these changes and harnessing them to create a better future for us and our country," Sheikh Mohammed said.
The institution would be much more than a standard university, Sheikh Mohammed said, as reported by the Dubai Media Office on Monday evening.
“We are not building a university, but rather a future that transcends borders. Our goal is to build a knowledge-based edifice that will be a beacon of knowledge, an incubator for youth, and a tributary to the future," said Sheikh Mohammed.
“We aspire for the National University of Dubai to graduate Emirati leaders armed with the latest sciences, skills and human values, who will be role models for their readiness for the future and their unlimited ambitions."
Investing in the future
The project was in line with plans to invest in the future, said Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, who was announced as the university's supreme president, with Maktoum bin Mohammed as his deputy and Ahmed bin Saeed as chairman of the board of trustees.
"Empowering talents and competencies academically is the path to preparing highly qualified young leaders who can lead future sectors, pioneer innovation, expand the horizons of research and development, accelerate economic and social growth, and continue to achieve the record-breaking achievements that have always distinguished Dubai’s journey," added Sheikh Hamdan.
It was announced this year that universities in the Emirates were to be assessed regularly and clustered into groups based on performance. The new grading system was introduced to raise standards and allow universities in the UAE to compete internationally.
Public and private higher education institutions are included in the assessments, with rankings based on factors such as teaching quality and student life, scientific research and international collaboration.
Under the framework, institutions are divided into two categories: research and non-research universities. They are then clustered into groups depending on performance, with group one representing the highest performing universities and group four representing the lowest.
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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.”
TCL INFO
Teams:
Punjabi LegendsOwners: Inzamam-ul-Haq and Intizar-ul-Haq;Key player: Misbah-ul-Haq
PakhtoonsOwners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha ArabiansOwners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla TigersOwners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo LionsOwners: Sri Lanka Cricket; Key player: TBC
Kerala KingsOwners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan
VenueSharjah Cricket Stadium
Format10 overs per side, matches last for 90 minutes
WhenDecember 14-17
