DUBAI // The vast majority of private schools in the emirate teach some form of entrepreneurship, according to a survey by the education regulator.
According to the Knowledge and Human Development Authority study, 74 per cent of schools teach the subject and most start it from Grade 6, when children are 10 and 11.
“Entrepreneurship education builds so many skills in students that they will need in their future lives, from communication to collaboration, resilience, negotiation and financial literacy,” said Kaltham Kenaid, head of research at KHDA.
“It was wonderful to listen to students’ positive stories of entrepreneurship in their schools and we hope that all students in Dubai will be able to benefit from this rich experience.”
The findings were presented at the International Council for Small Business World Conference, held at Dubai World Trade Centre on Tuesday, and highlighted some of the best practices in Dubai’s schools.
Questionnaires and interviews were conducted with school principals, teachers and pupils from across the emirate.
The research reveals how schools are teaching the topic and how they are working with community organisations to provide more opportunities to pupils.
Entrepreneurship promotes creativity, innovation and initiative, all qualities identified as vital as part of the National Innovation Strategy, and to achieve the targets set for the 2021 National Agenda.
The study also found that 72 per cent of entrepreneurial activities in schools develop pupils’ business skills; 59 per cent of schools conduct visits to local businesses as part of entrepreneurship education; and 72 per cent of entrepreneurship lessons focus on generating new ideas.
David Cluley, leader in learning for technology and the arts at Uptown School in Mirdif, believes entrepreneurship education helps to prepare children for life after school.
“We don’t teach entrepreneurship as a separate lesson, it’s more integrated into our lessons,” he said. “During our lessons we give them some guidance on what they need to do. But it’s up to them to design and develop ideas that they feel could go into the market.”
Among the projects that Grade 6 pupils at Uptown School do is design T-shirts for staff and visitors to the Dubai Crocodile Park, which is under construction. “It’s then up to them to decide on the design and promote this product,” Mr Cluley said.
He hoped pupils would be inspired to set up their own businesses when they are older and pupils agreed.
Andreas Packhausen, 15, from Denmark, said: “I’m interested in astronomy and aircraft so maybe there is something I can design that helps people with that kind of thing.
“To be a good entrepreneur you need to know what products or services people will find useful and that is the kind of thing we are taught in class.”
Belgian Samir Yousfi, 14, converted a Rubik’s Cube into a tic-tac-toe game, using 3D printers.
“The great thing is that although we are given some general direction, it’s up to us to come up with products,” he said. “This kind of learning is really important because you learn to think for yourself and come up with solutions to problems.”
Samyuktha Ramnath, 14, from India, designed and made a reusable handwriting book.
“With my book children can practise their handwriting as much as they want because the pages are laminated,” he said.
“I want to do chartered accounting and then get some experience working for a company before starting my own business.
“I can use the same principles I’ve been taught here and apply that to what I want to do.”
nhanif@thenational.ae
Company%20Profile
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Schedule (All times UAE)
First practice: Friday, 5-6.30am
Second practice: Friday, 9-10.30am
Third practice: Saturday, 7-8am
Qualifying: Saturday, 10-11am
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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.”
Killing of Qassem Suleimani
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Dos
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Don’ts
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- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
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The Beach Bum
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Two stars
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BULKWHIZ PROFILE
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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Install an air filter in your home.
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Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
COMPANY PROFILE
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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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk