Students from the women's campus of HCT Dubai on a travel club trip to Turkey in December 2012. Courtesy HCT Dubai
Students from the women's campus of HCT Dubai on a travel club trip to Turkey in December 2012. Courtesy HCT Dubai

College travel club helps UAE students experience the world



DUBAI // Emirati students are being taken on overseas trips to help prepare them for working in the emirate’s increasingly multicultural environment.

The travel club was launched by the women's campus of the Higher Colleges of Technology (HCT) in Dubai for its business students.

The trips, the first of which were  to Turkey and Japan in December, aim to make the students more culturally aware.

All students at the college already take a liberal studies course in intercultural intelligence, in which they explore aspects of their own culture and learn about others.

The college also often hosts international students. It now wants its students to travel and experience other cultures first hand.

During college breaks, they will visit sites of historical and cultural interest and look at issues such as environmental protection.

They will also meet international students to share cultural insights and act as ambassadors of the UAE.

Before each trip, students read up on their destination and are encouraged to learn basic phrases in the local language.

At least 70 students will travel to Italy, Spain and Japan in April.

“International travel is highly beneficial in developing global awareness, improving cultural sensitivity and creating professional networks,” said Dr Monica Gallant, chair of the business department.

She believes the trips provide “valuable skills for our graduates to succeed as the future leaders of the dynamic workplace of Dubai”.

Maitha Khalifa, 20, who is in her first year and went on the Japan trip in December – the first time she has travelled without her family – noticed many differences between her own culture and that of Japan.

“They are very organised people,” she said. “They’ve very busy, too. On the metro, everyone was reading but us – we just [use] our phones or play games.”

Hind Thaloob, 23, who is in her final year, went on the seven-day trip to Turkey, having previously visited Spain on a college trip in 2011.

“It was so great to see the history of Turkey for ourselves, the Ottoman Empire. You can see it there still,” she said.

Her group visited several mosques, which she said helped to consolidate what they had learnt about the country’s history at school. “It’s very important to see some of the Muslim heritage,” she added.

Pushpa Sadhwani, a business teacher who chaperoned the Turkey trip, said many of the students saw snow for the first time and, more importantly, learnt to cooperate.

“We assigned two different student leaders for each day,” she said. “It was their responsibility to wake everyone up, ensure all students were at breakfast on time, conduct a head count whenever we were out sightseeing and report to the chaperones in case of any issues.

“This was actually a unique bonding experience for everyone in the group. They got to know each other better and built new friendships.”

The group also met students from Ozyegin University in Istanbul, and compared the cultures and traditions of their respective Muslim nations.

“Our college strongly encourages HCT students to be interculturally literate,” Ms Sadhwani said. “The travel club is just one of our many initiatives to promote and facilitate the education of world cultures.”

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7.40pm UAE 2000 Guineas Group Three $250,000 (Dirt) 1,600m

8.15pm Dubai Sprint Listed Handicap $175,000 (T) 1,200m

8.50pm Al Maktoum Challenge Round-2 Group Two $450,000 (D) 1,900m

9.25pm Handicap $135,000 (T) 1,800m

10pm Handicap $135,000 (T) 1,400m

 

The National selections

6.30pm Well Of Wisdom

7.05pm Summrghand

7.40pm Laser Show

8.15pm Angel Alexander

8.50pm Benbatl

9.25pm Art Du Val

10pm: Beyond Reason

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Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

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Produced Ashutosh Gowariker, Rohit Shelatkar, Reliance Entertainment

Cast Arjun Kapoor, Sanjay Dutt, Kriti Sanon, Mohnish Behl, Padmini Kolhapure, Zeenat Aman

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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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Company name: Suraasa

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Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker

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