An artist's impression of the new Ras Al Khaimah American School.
An artist's impression of the new Ras Al Khaimah American School.

American school with English curriculum opens



RAS AL KHAIMAH // The first American international school with an English curriculum devoted to expatriates in the northern Emirates was launched yesterday. The Ras al Khaimah American School, built at a cost of Dh20 million (US$5.4m), is also the first school started by Khoie Education, a division of the Khoie Group of Companies.

The school will support the company's new residential development, La Hoya Bay on Marjan Island, which will include a hotel, marina, yacht club, business village and residences when it is finished by 2010. The company wants to open 10 more schools in the UAE in the next decade. "The opening of this new learning institute ushers in another exciting phase in the continued development of Ras al Khaimah's education sector," said Dan Young, chief executive of Khoie Education.

"The formative years are the most critical in a child's growth and proper education is definitely one of the factors that has a significant impact on this process." The school will use English and have an American curriculum, it will offer a learning environment that promotes understanding about the multicultural community, Mr Young said. The school will provide its students with the latest in teaching technology, including an interactive, computerised version of a chalkboard, and a motorised construction system that will enable children to build their own robots.

The school has been accredited by the New England Association of Schools and Colleges, the oldest of the six regional accrediting agencies in the US, and the Council of International Schools, an independent, non-profit membership organisation of more than 250 schools across 110 countries. The school, which has been developed on a 2,500 square metre plot near the RAK Hospital, will offer classes for 300 pupils from kindergarten to grade five when it opens after the Eid al Adha break. The administration plans to add a level each year until it offers grade eight. In the future, the Khoie Group will establish a kindergarten-to-grade-12 American school adjacent to its La Hoya Bay properties.

Frank Khoie, chief executive of Khoie Group, said the new school was part of a plan to cater to an expanding expatriate population in the northern Emirates. The company's next project is building the Khoie Polyclinic next to the La Hoya Bay project. "You need education and you need health," he said. "It will be a total package for the community. It is not our intention to make a profit for the school. For the first three years we are going to lose money. It is not going to be a profitable centre but it is an important component in a larger picture."

During the past two years, enrolment in Ras al Khaimah's two other private schools has exploded. The Ras al Khaimah English Speaking School has 1,170 students, 844 of which are in its primary section. Last year it opened an affiliate British curriculum school that expanded from 540 to 812 students in its first year. The British curriculum branch plans to open a secondary school next year. The International School of Choueifat has added five classes in the last two years, nearly doubling its primary school enrolment.

azacharias@thenational.ae

The specs

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

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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.”

The bio:

Favourite film:

Declan: It was The Commitments but now it’s Bohemian Rhapsody.

Heidi: The Long Kiss Goodnight.

Favourite holiday destination:

Declan: Las Vegas but I also love getting home to Ireland and seeing everyone back home.

Heidi: Australia but my dream destination would be to go to Cuba.

Favourite pastime:

Declan: I love brunching and socializing. Just basically having the craic.

Heidi: Paddleboarding and swimming.

Personal motto:

Declan: Take chances.

Heidi: Live, love, laugh and have no regrets.

 

Wonka
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Company%20Profile
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Company%20Profile
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Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

Company%20Profile
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How to protect yourself when air quality drops

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.

If driving, turn your engine off when stationary.

COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EAlmouneer%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Dr%20Noha%20Khater%20and%20Rania%20Kadry%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EEgypt%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E120%3Cbr%3E%3Cstrong%3EInvestment%3A%20%3C%2Fstrong%3EBootstrapped%2C%20with%20support%20from%20Insead%20and%20Egyptian%20government%2C%20seed%20round%20of%20%3Cbr%3E%243.6%20million%20led%20by%20Global%20Ventures%3Cbr%3E%3C%2Fp%3E%0A
BRAZIL SQUAD

Alisson (Liverpool), Daniel Fuzato (Roma), Ederson (Man City); Alex Sandro (Juventus), Danilo (Juventus), Eder Militao (Real Madrid), Emerson (Real Betis), Felipe (Atletico Madrid), Marquinhos (PSG), Renan Lodi (Atletico Madrid), Thiago Silva (PSG); Arthur (Barcelona), Casemiro (Real Madrid), Douglas Luiz (Aston Villa), Fabinho (Liverpool), Lucas Paqueta (AC Milan), Philippe Coutinho (Bayern Munich); David Neres (Ajax), Gabriel Jesus (Man City), Richarlison (Everton), Roberto Firmino (Liverpool), Rodrygo (Real Madrid), Willian (Chelsea).

The specs: 2018 Peugeot 5008

Price, base / as tested: Dh99,900 / Dh134,900

Engine: 1.6-litre turbocharged four-cylinder

Transmission: Six-speed automatic

Power: 165hp @ 6,000rpm

Torque: 240Nm @ 1,400rpm

Fuel economy, combined: 5.8L / 100km


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