Fireworks on Al Maryah Island, Abu Dhabi, where many private sector firms are based. Al Maryah Island
Fireworks on Al Maryah Island, Abu Dhabi, where many private sector firms are based. Al Maryah Island

Helping youngsters to enter the private sector is crucial



The Ministry of Human Resources and Emiratisation has paved the way for school pupils, aged 15 and above, to obtain paid part-time employment during holidays. This is one of many initiatives that seek to propel young Emiratis into the private sector by giving them direct experience of the rewards on offer.

In the UAE, the public sector has historically been seen as the more prestigious and rewarding career path. After all, it is the country's leadership, as embodied by the founding father, Sheikh Zayed, which has led the way in terms of innovation, ambition and creativity, finding great success in the process. So it is hardly surprising that the government would be the most alluring potential employer for new job seekers.

However, times change. More and more today, the UAE's success is based on responding to an evolving world. In the future, the country wants to be considered among the top 10 nations on earth; in order to get there, certain realities must be accepted. The fact that youth unemployment and underemployment in the Middle East is among the highest in the world makes the issue all the more pressing.

The UAE has a young population. Creating enough jobs to provide for this talented and forward thinking generation is a critical part of the country's ambitions. This, it could be argued, means that taking opportunities to work in the private sector is now as critical a part of nation building as serving the government has been for the past 47 years.

The private sector also offers many benefits. A more efficient form of meritocracy – in which the cream rises to the top faster – is one of them. It can also provide a more intensive environment for developing skills, emotional intelligence and a better understanding of the world, given the diversity – of colleagues, assignments and international markets – it offers.

However, to truly understand what is on offer, one must experience it. Part-time jobs and internships have always been the best way to give youngsters an insight into daily working life. Paving the way for more school-age pupils to acquire this experience will help them discover a world of rewarding opportunities once their education is complete.

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The Vines - In Miracle Land
Two stars

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The cost of Covid testing around the world

Egypt

Dh514 for citizens; Dh865 for tourists

Information can be found through VFS Global.

Jordan

Dh212

Centres include the Speciality Hospital, which now offers drive-through testing.

Cambodia

Dh478

Travel tests are managed by the Ministry of Health and National Institute of Public Health.

Zanzibar

AED 295

Zanzibar Public Health Emergency Operations Centre, located within the Lumumba Secondary School compound.

Abu Dhabi

Dh85

Abu Dhabi’s Seha has test centres throughout the UAE.

UK

From Dh400

Heathrow Airport now offers drive through and clinic-based testing, starting from Dh400 and up to Dh500 for the PCR test.

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  • Use unique usernames and passwords while enabling multi-factor authentication.
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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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Multan Sultans v Peshawar Zalmi
8pm, Thursday
Zayed Cricket Stadium, Abu Dhabi

RESULT

Bournemouth 0 Southampton 3 (Djenepo (37', Redmond 45' 1, 59')

Man of the match Nathan Redmond (Southampton)

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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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Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
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Brief scoreline

Switzerland 0

England 0

Result: England win 6-5 on penalties

Man of the Match: Trent Alexander-Arnold (England)

 

 

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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UAE Premiership: Winners – Abu Dhabi Harlequins; Runners-up  Jebel Ali Dragons

Dubai Rugby Sevens: Winners – Dubai Hurricanes; Runners-up – Abu Dhabi Harlequins

UAE Conference: Winners  Dubai Tigers; Runners-up  Al Ain Amblers

COMPANY%20PROFILE
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Hometown: Cairo

Age: 37

Favourite TV series: The Handmaid’s Tale, Black Mirror

Favourite anime series: Death Note, One Piece and Hellsing

Favourite book: Designing Brand Identity, Fifth Edition

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Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

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More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

The years Ramadan fell in May

1987

1954

1921

1888

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The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

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Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

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Date started: February 2017

Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)

Based: Dubai, UAE

Sector: E-commerce 

Size: 50 employees

Funding: approximately $6m

Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait

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Price, base / as tested: Dh259,000

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Torque: 640Nm @ 4,300rpm

Transmission: Eight-speed automatic

Fuel consumption, combined: 7.7L / 100km