DUBAI // In the ever-more competitive higher education scene, universities are increasingly looking to their counterparts in the West for a badge of quality.
While most are already recognised by the Commission for Academic Accreditation (CAA), which is compulsory for universities outside the free zones, many in the free zones choose to obtain it too.
The CAA, part of the Ministry of Higher Education and Scientific Research, has inspectors who go through the details of each course to ensure it meets international standards. They check paperwork, and make campus visits at least once a year. All of a university's proposed courses must meet these standards before it can start enrolling students, and maintained for it to continue to do so.
If they fail, they can be put on probation, as has happened for both individual degrees and whole institutions, such as Ittihad in Ras Al Khaimah.
The American University in Dubai, for example, is accredited by the CAA and by the Southern Association of Colleges and Schools (SACS), one of the six regional accrediting bodies in the US.
Several of its individual degrees are accredited by separate professional bodies in the US, too. The US International Assembly for Collegiate Business Education (IACBE) accredits its business degrees, while the Accreditation Board for Engineering and Technology (ABET) recognises its computer science and engineering degrees.
"For students and parents, external accreditation is recognition of the degree itself," said Dr Jihad Nader, the provost of AUD.
The university wants to do the same for other courses, and is applying for accreditation from the National Architectural Accrediting Board, the National Association of Schools of Art and Design, the Council for Interior Design Accreditation and the Accrediting Council on Education in Journalism and Mass Communications.
Such recognition makes the degrees a far better passport to employment, says Dr Nader. "The Arab Association of Engineers won't employ you if you're not accredited by a recognised institution," he said.
"When students apply, they and their parents are aware of these things. These are the questions we get. People do their homework so it's becoming increasingly important."
The Institute of Management Technology, a business school, was accredited last month by the IACBE to supplement its CAA accreditation. That competitive edge is particularly important in subjects like business and IT, which between them account for about 60 per cent of Dubai's students, says the institute's director, Dr Farhad Rad-Sachet.
"All reputable institutions worldwide go through accreditation," he said. "What we notice as a pattern is that they go for triple accreditation, that of the local body, and American and European accreditation - allowing students the flexibility to work or study elsewhere in the world."
It is vital, too, for establishing formal ties with universities in other countries, he said.
The University of Dubai, which opened in 1997, was one of the first to realise the importance of such recognition. It was accredited by ABET in 2006, and by the American Association of Colleges and Schools of Business in 2009.
The application process can take up to five years, but is worth it, according to Dr Omar Hefni, the university's director.
"There are many business schools here, some good, some not so good," he said. "This accreditation shows we are providing the best service."
It is not just private universities taking the path of international accreditation. UAE University, one of the three federal universities, is accredited by bodies including ABET, the British Royal Society of Chemistry and the Agricultural Institute of Canada.
Zayed University has been accredited by the Middle States Commission on Higher Education, another of the six regional bodies, for five years, and is now preparing for its first review.
Although not expensive, the process requires commitment. "We pay annual dues and send delegates to the annual meeting in the US," said Dr Tom Cochran, head of Zayed University's Abu Dhabi campus.
"The indirect costs are in personnel time. Staff spend significant amounts of time preparing the self study. It is a year-long process to prepare the documentation and then several months writing up the final document. Fortunately after this year we will not have to do another for 10 years."
He said that while students are often unaware of the value of internation accreditation, academics saw it as vital. "It's the good housekeeping seal of approval, and validates that our programmes are on a par with universities in the US at least.
"The accreditation says the academics are in a first rate institution. For the students, it certifies that anybody who's looking at a transcript, it meets the standards in the US."
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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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iPhone XS Max
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Price: Dh4,649
iPhone XR
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Name: Dr Hassan Mohsen Elhais
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Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
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- Create a savings and investments union to help companies access capital
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