UAE schools marked Eid Al Etihad, or National Day, early this week with song, dance, carnivals, fairs, performances and special assemblies on the history and culture of the Emirates.
Many schools in the country marked the 53rd annual celebration, with Raha International School Khalifa City paying tribute to the UAE’s pearl-diving history on Thursday.
“We witnessed outstanding performances, including the police band and a police dog show, alongside impressive pupil displays,“ Fatima Miller, head of multiculturalism at the school, told The National. “Traditional workshops, including a pearl-opening demonstration, offered pupils a hands-on connection to the UAE’s rich heritage."
The school hosted Saleh Al Hammadi, a skilled pearl-opener, who shared his knowledge and passion for the Emirati tradition, honouring the resilience of the ancestors who shaped the nation's history. “This experience, alongside weaving and pottery, deepened the pupils' understanding of the UAE’s national identity through language, culture and history," Ms Miller said.
Respecting history
Elsewhere, close to 1,500 pupils at Repton Al Barsha assembled to form the number 53 on the school's sports field. Pupils also performed traditional dances and songs, as parents were invited to join in the festivities.
Raha International School, Gardens Campus, in Abu Dhabi hosted guest speakers from industries such as sustainable agriculture and engineering to speak to pupils about the nation's future.
“We aim to inspire our pupils to consider their roles as future leaders in shaping the UAE’s global impact,” school principal Michael Bloy said. "It is a time for reflection, pride and envisioning a bright future for all."
Dubai English Speaking School in Oud Metha had morning assemblies and an immersive Emirati cultural fair on Wednesday. Parents and families were welcomed with traditional Emirati coffee and dates, while a heritage village was set up to give pupils the chance to explore authentic Emirati traditions, with activities provided by the Sheikh Mohammed Centre for Cultural Understanding and Dubai Cultural Centre.
Dubai English Speaking College had an Emirati cultural fair with more than 12 interactive options from Arabic calligraphy and henna to traditional Emirati cuisine. Each year group had an hour to explore the activities.
Alan Cocker, principal at British International School Abu Dhabi, said about 2,400 pupils, along with staff members, dressed up in national colours and vibrant outfits on Thursday.
"We all dressed up in national dress, or the colours of the UAE, and we used the first part of the day with our lessons to remember the importance of National Day, what it stands for, and reconnect with those key identity marks," said Mr Cocker. "We looked at culture, the Arabic language, the history and the heritage, and then we did some work on citizenship, about our role in the UAE, volunteering and conservation."
The national anthem was sung and a military parade organised. The school also organised sessions on clay-making, bracelet-making, henna, face-painting and set up Emirati food and coffee stations.
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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Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
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A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
'Outclassed in Kuwait'
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