Rory Hume, the provost at UAE University in Al Ain, says the institution is determined to improve its research output.
Rory Hume, the provost at UAE University in Al Ain, says the institution is determined to improve its research output.

Threat of 200 job cuts to fund university research



UAE University may shed nearly 200 staff so it can put more money into research programmes without an increase in government funding. Another federal institution, Zayed University, has suspended the launch of a research centre because expected funding from a government foundation has not arrived. Officials at UAE University said they might be forced to cut seven per cent of its total staff to strengthen the research staff and launch PhD programmes.

The Government's budget for federal universities for the 2010-2011 academic year has yet to be approved, but officials said they expected the figure to remain constant or shrink slightly from this year's total of about Dh1.29 billion (US$350 million). The UAEU vice chancellor, Dr Abdullah al Khanbashi, said the university had started a review of staffing, although he said this was mainly to look at ways of improving research rather than the budget."It's optimising our resources," he said.

Dr Rory Hume, the provost, said the university was determined to improve its research output and would have to seek reductions in other areas. "People haven't been laid off, but we're planning for the possibility of reductions [in staff numbers] at about the seven per cent level," he said. He said if staff cuts were necessary, the university would try to achieve them through attrition and voluntary redundancies.

A seven per cent cut in UAEU's staff - which currently comprises 818 academic and 1,987 non-academic personnel - would result in about 200 job losses. Dr Hume said the university hoped to keep academic reductions to a minimum, and in particular would try to avoid the loss of Emirati academics. "We are committed to having a high proportion of Emirati staff, so we'll do whatever we can to protect these positions," Dr Hume said.

Any cuts would happen by the start of the 2010-2011 academic year. At Zayed University, the provost Dr Daniel Johnson confirmed that the launch of the university's Centre for the Study of Bilingualism and Bilingual Education was on hold, because expected funding from the National Research Foundation (NRF) had not come through. Dr Johnson said it was "a concern" that funds for the centre had not been provided. "We have unfortunately suspended our planning for that centre because of the lack of NRF funding," he said.

NRF funding was also announced for research centres at UAEU to study water, the environment, genes and diseases. Those programmes have launched, albeit at a more modest level than planned. Dr Ken Wilson, the NRF director, said he was "optimistic" the NRF would receive its budget allocation. "We have received some funding, but we haven't received the funding that we requested. We have projects in the pipeline that we cannot commence until the budget's finalised," he said.

Dr Mark Drummond, the provost of the Higher Colleges of Technology, said it was premature to forecast the institution's budget for next year. No one from the Ministry of Higher Education and Scientific Research, which manages the federal institutions, was available for comment. @Email:dbardsley@thenational.ae

NO OTHER LAND

Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

Sri Lanka squad for tri-nation series

Angelo Mathews (c), Upul Tharanga, Danushka Gunathilaka, Kusal Mendis, Dinesh Chandimal, Kusal Janith Perera, Thisara Perera, Asela Gunaratne, Niroshan Dickwella, Suranga Lakmal, Nuwan Pradeep, Dushmantha Chameera, Shehan Madushanka, Akila Dananjaya, Lakshan Sandakan and Wanidu Hasaranga

Temple numbers

Expected completion: 2022

Height: 24 meters

Ground floor banquet hall: 370 square metres to accommodate about 750 people

Ground floor multipurpose hall: 92 square metres for up to 200 people

First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time

First floor terrace areas: 2,30 square metres  

Temple will be spread over 6,900 square metres

Structure includes two basements, ground and first floor 

MATCH INFO

Leeds United 0

Brighton 1 (Maupay 17')

Man of the match: Ben White (Brighton)

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.”

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

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