A new Dh69 million ($18.8m) centre dedicated to the support of young people with autism has officially opened in the Emirates.
The Al Ain Autism Centre spans 10,000 square metres and has capacity for 178 students in 36 study rooms across two floors.
The centre, which is affiliated with the Zayed Higher Organisation for People of Determination (ZHO), was built by Musanada, or Abu Dhabi General Services Company.
Autism is a complex, lifelong developmental disability that typically emerges during childhood and can affect a person's social skills, communication, relationships and self-regulation, according to the Autism Society of America.
Sheikh Khalid bin Zayed, chairman of ZHO, was briefed on the care and rehabilitation services offered during a tour of the building.
During the opening ceremony on Sunday he thanked President Sheikh Khalifa and Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, for their support of his organisation and the people it represents.
Sheikh Khalid also praised the efforts of Musanada in constructing the centre.
Abdullah Abdulalee Al Humaidan, secretary general of ZHO, said the Al Ain Autism Centre was in keeping with the vision of the country's leadership to support those with disabilities and create a more inclusive society.
"The establishment of the new Al Ain Autism Centre as an affiliate of Zayed Higher Organisation for People of Determination is in line with our leadership's commitment to enhancing the provision of social support and healthcare facilities, as well as the development of appropriate facilities for people of determination that incorporate specialists and dedicated resources in a way that help empower them and enable their social inclusion," he said.
The centre also houses 17 treatment rooms, four teaching rooms, two medical examination rooms, a gym, music room, two drama rooms and an art room, as well as a library, cafeteria, swimming pool, indoor and outdoor specialised play areas, staff rooms and several other amenities.
In September 2018, the Al Ain Autism Centre obtained an international certificate from the British Autism Society in recognition of the specialised services it provides.
It currently serves 89 students, including 15 early intervention cases.
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Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
- Life in the royal residences with Sheikha Osha bint Nahayan
- Sheikha Mahra and Sheikha Sabha recall their time spent in Al Hosn
- A place where problems were solved
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- Meet Frauke Heard-Bey - the fort's historian for 30 years
- In Pictures: Story of a fort
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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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