Men walk at the campus of the King Abdullah University of Science and Technology in Saudi Arabia's western Red Sea town of Thuwal, about 80 kilometres north of Jeddah in December 2019. AFP
Men walk at the campus of the King Abdullah University of Science and Technology in Saudi Arabia's western Red Sea town of Thuwal, about 80 kilometres north of Jeddah in December 2019. AFP
Men walk at the campus of the King Abdullah University of Science and Technology in Saudi Arabia's western Red Sea town of Thuwal, about 80 kilometres north of Jeddah in December 2019. AFP
Men walk at the campus of the King Abdullah University of Science and Technology in Saudi Arabia's western Red Sea town of Thuwal, about 80 kilometres north of Jeddah in December 2019. AFP

Saudi Arabia prepares world's largest virtual classroom amid pandemic


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Across 20 television channels and online, the Saudi Ministry of Education is preparing to launch the largest virtual school in the world as classes resume despite the ongoing global pandemic.

Education Minister Hamad Al Sheikh announced the kingdom’s plan for virtual schooling in a press conference held in Riyadh on Wednesday.

“The ministry benefited from the last [academic] year’s experience as a basic starting point. Distance education and e-learning are no longer an option, rather, it is a necessity that all societies need,” he said.

“The government … believes that education is the focus of change in the kingdom and its people, it is the source of community development for all ages and distance education is part of this development in the educational process.”

Coronavirus around the Middle East 

He said the ministry was prepared to launch the “My School” project with e-learning and 20 channels bringing together all levels of education at all stages of the learning process. Six million students are expected to tune in daily for classes from ages at primary, intermediary and secondary level.

School will begin at seven in the morning with the usual pattern of the day, beginning with the national anthem before children go to their virtual classes as per their schedules. They will greet their teachers and be assigned homework and extra-curricular activities before tuning in to watch streamed classes.

Mr Al Sheikh said that in conjunction with the virtual online schooling, the Ain satellite channel's 20 stations will broadcast classes for each stage of the studying process.

He said classes will be rebroadcast in the evenings in case students miss key elements and Ain's YouTube channel will be regularly updated with lessons and extra explanation videos.

He stressed the importance of the role of parents in supporting their children during the distance education experience. “Parents involvement is generally a key indicator of a successful virtual school experience,” he said.

“Simply put, virtual schools work better when parents take an active role in their child’s education,” he said on Wednesday.

Classes begin on August 30 and the ministry will assess the situation after seven weeks.

The kingdom on Wednesday registered 1,363 new cases of coronavirus and 36 more deaths pushing the infections tally to 302,686 with 3,506 deaths.

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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Day 3, Abu Dhabi Test: At a glance

Moment of the day Just three balls remained in an exhausting day for Sri Lanka’s bowlers when they were afforded some belated cheer. Nuwan Pradeep, unrewarded in 15 overs to that point, let slip a seemingly innocuous delivery down the legside. Babar Azam feathered it behind, and Niroshan Dickwella dived to make a fine catch.

Stat of the day - 2.56 Shan Masood and Sami Aslam are the 16th opening partnership Pakistan have had in Tests in the past five years. That turnover at the top of the order – a new pair every 2.56 Test matches on average – is by far the fastest rate among the leading Test sides. Masood and Aslam put on 114 in their first alliance in Abu Dhabi.

The verdict Even by the normal standards of Test cricket in the UAE, this has been slow going. Pakistan’s run-rate of 2.38 per over is the lowest they have managed in a Test match in this country. With just 14 wickets having fallen in three days so far, it is difficult to see 26 dropping to bring about a result over the next two.

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UAE currency: the story behind the money in your pockets
About Krews

Founder: Ahmed Al Qubaisi

Based: Abu Dhabi

Founded: January 2019

Number of employees: 10

Sector: Technology/Social media 

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