Mohammad Al Gergawi, minister of cabinet affairs. Press conference to announce the Greatest Arab Minds. Museum of the Future, Dubai. Chris Whiteoak / The National
Mohammad Al Gergawi, minister of cabinet affairs. Press conference to announce the Greatest Arab Minds. Museum of the Future, Dubai. Chris Whiteoak / The National


The power of great Arab minds



October 03, 2022

In the past decade or two, broadly speaking, the UAE has gained remarkable proficiency in setting high benchmarks in various fields and steadily following through to meet them. Whether it is its space ambitions or the Dubai Expo 2020 bid that was won and a spectacular event pulled off despite a pandemic; there are several examples to substantiate the country's diverse ambitions, its consistent record of meeting targets and its emphasis on meritocracy.

Last week, another ambitious quest was set in motion. The UAE is backing Arab talent and supporting Arabs across a wide range of fields to make names for themselves as well as propel advancements, through their contributions in the categories of natural sciences, medicine, literature and arts, economics, technology and engineering, and architecture and design. The Great Arab Minds initiative, driven by the vision of Vice President and Prime Minister Sheikh Mohammed bin Rashid, has great significance, as it can have an impact on the future of not just the UAE but the entire region.

Educators perhaps understand this best: identifying minds that have the potential to make a difference is a responsibility and nourishing those individuals, championing their attempts and successes is how the Arab world can foster a drive for excellence that is not limited to the Middle East. We know from civilisational history that ambitious, driven and talented Arabs can make a difference to people around the world and for periods long after their lifetimes.

The inspiration derived from an initiative such as Great Arab Minds has the power to lift people out of their monetary circumstances and set them on a path of progress. A study conducted by the auditing firm KPMG found that ignorance costs the Arab world more than $2 trillion. And the situation is not helped by the "brain drain", as Mohammed Al Gergawi, Minister of Cabinet Affairs, pointed out at the launch of the event last week, saying that over the years, there has been a brain drain in the Arab world, with talent moving to the West, often unrecognised in their own region.

The Great Arab Minds initiative aims to change the course of this reality and take the reins in shaping a brighter future for Arab generations. Earlier this year, Sheikh Mohammed set up a Dh100 million fund ($27.2m) to mentor and develop the brightest people in their fields. The opportunity that this presents to young people with big ideas cannot be underestimated.

An award of this nature, calling for the brightest of Arab minds, will have many benefits. But perhaps two that are bound to be the most far-reaching will be the dispelling of ignorance, and the power of role models that this initiative is likely to create.

Over the next five years, selected Arab minds will inspire people in their respective spheres as well as younger generations. But even the contenders who may not win the award will by virtue of their effort, ideas and hard work, influence their peers and inspire other young Arab minds to strive for greatness. It is how human beings meet challenges – by focusing on a goal and striving to attain it, and in that effort, often reaching their potential. Those result are likely to improve Arab lives, and possibly the lives of millions of others.

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Game Changer

Director: Shankar 

Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram

Rating: 2/5

Fixture and table

UAE finals day: Friday, April 13 at Rugby Park, Dubai Sports City

  • 3pm, UAE Conference: Dubai Tigers v Sharjah Wanderers
  • 6.30pm, UAE Premiership: Dubai Exiles v Abu Dhabi Harlequins

 

UAE Premiership – final standings

  1. Dubai Exiles
  2. Abu Dhabi Harlequins
  3. Jebel Ali Dragons
  4. Dubai Hurricanes
  5. Dubai Sports City Eagles
  6. Abu Dhabi Saracens

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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COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
The%20Killer
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Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

MATCH INFO

Watford 1 (Deulofeu 80' p)

Chelsea 2 (Abraham 5', Pulisic 55')

Updated: October 03, 2022, 4:25 AM