DUBAI // Parents who want their children to study the Indian CISCE curriculum, a privately administered alternative to the state-run CBSE, now have a choice.
Dubai Modern High School, which has more than 2,300 students, has long been the sole CISCE school in Dubai.
But yesterday, JSS International announced that it had been granted permission by the Knowledge and Human Development Authority (KHDA), which oversees schools in Dubai, to switch from the CBSE curriculum when the Indian school year starts in April.
When Dubai Modern announced a 90 per cent fee increase to be spread over two years to fund a Dh180 million (US$49m) move to a new and much larger campus, many parents expressed their desire for a cheaper alternative.
The move from the Nad al Sheba campus was planned after Dubai Modern was evicted from its premises to make way for a now defunct development project.
The private CISCE (Council for the Indian School Certificate Examinations) curriculum is thought to offer a more well-rounded education for pupils, particularly in the arts and humanities.
Many believe that the state-operated CBSE (Central Board for Secondary Education) curriculum, offered at 20 schools in Dubai, better suits applicants to Indian universities. However, the CISCE is regarded as better preparation for international universities.
Fees for JSS International will range from Dh12,000 for pre-kindergarten to Dh20,000 for Grade 7 (children aged 12 to 13), compared with nearly Dh34,000 that Dubai Modern will charge once its increase takes effect next year.
The news follows an announcement last week that the Global Indian Foundation, a Singapore-based operator of Indian schools, will open its first school in Dubai in April, pending approval from the KHDA. It will also offer the CISCE curriculum.
Guruswami Kalloor, the general manager of JSS International, said there had been significant interest in the school already.
"A lot of parents have been calling," he said. "We are expecting about 800 students next year."
The school has received around 400 online applications to date.
At present, JSS International, in Al Barsha, has just only students, who will switch to the CISCE curriculum next year.
Richard Forbes, a spokesman for Global Education Management Systems (GEMS), the largest private school operator in the country and the parent company of Dubai Modern, said: "GEMS believes the facilities at the new campus are the best of any Indian day-school in the world, so we have no difficulty in welcoming competition into the market."
Enrolment was up on last year and there were 400 new online registrations for the new school year, he said last week.
Unlike the other two CISCE schools, JSS International will operate entirely on a not-for-profit basis.
"CISCE seems to be a better education as compared to CBSE," said Sundararaman, a project manager at the RAK Bank in Dubai.
"That is one of the primary reasons why we have chosen that school.
"I thought Dubai Modern's fee structure is not that reasonable. When you compare JSS to Dubai Modern, they have the same facilities at more affordable rate."
Sridhar Krishnan, whose six-year old son is a pupil at the Millennium School, a CBSE school in Dubai, will move his son to JSS next year.
"Obviously the curriculum is different, but the facilities are pretty similar," said Mr Krishnan, who works at an investment company in Abu Dhabi.
"In the recent past, CISCE has gained a lot of popularity.
"CBSE gives a good footing for studying within India let's say but CISCE gives a proper footing if one wants their children to go to school abroad. The curriculum is more rigorous."
Another parent, who asked not to be named, said: "Modern High has become really expensive. We are looking for a good education and not anything else.
"JSS is a good, established school back in India. They also have all the facilities, so it's a good alternative.
"I am not looking at a fancy campus, I am interested in having a good education for my child."
klewis@thenational.ae
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Tentative schedule of 2017/18 Ashes series
1st Test November 23-27, The Gabba, Brisbane
2nd Test December 2-6, Adelaide Oval, Adelaide
3rd Test Dcember 14-18, Waca, Perth
4th Test December 26-30, Melbourne Cricket Ground, Melbourne
5th Test January 4-8, Sydney Cricket Ground, Sydney
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.”
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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