University to train events organisers



ABU DHABI // A boom in events and festivals means there is a growing need for trained people to make them happen. Zayed University is planning to help meet that demand by offering the first professional festival and events management course for Emiratis in the tourism authorities, hotels and events industry. The university has teamed up with Edinburgh's Napier University to offer a four-day professional development course covering aspects such as marketing, budgeting, organisation and structuring events.

Christopher Shove, from the Institute of Community Engagement at Zayed University, said: "Not everyone has the time or inclination to do the master's programme we recently launched in tourism management. There were no courses like this to serve this market of professionals and it has been very popular." Ahmed Marzouqi, the events co-ordinator for the Sharjah Department of Tourism, says that he and the management team from the department will be taking the coming courses.

Sharjah is offering more and more events such as the upcoming Water Festival, and he says they are still trying to bring more tourism to the emirate, as well as offer more events for its residents. "We're looking to get more tourists and help people learn more about the emirate, not just from abroad but from the other emirates," he said. The course, which takes its first cohort on April 25, is open to international students but has had a 90 per cent take up by Emirati professionals from companies such as the Dubai World Trade Centre and the Dubai International Convention and Exhibition Centre.

"This is primarily aimed at the Emirati managers in the industry here," said Mr Shove. The course will be delivered by the former director of the Edinburgh Fringe Festival, Paul Gudgin, and Jane Ali-Knight from the Scottish university, which already offers the Dh12,000 (US$3,270) programme in Hong Kong and France. "Festivals and events are becoming so big in the region and especially in Abu Dhabi so there is a lot of money being channelled into the area," said Ms Ali-Knight, who says it is the key to developing local talent for the rapidly growing industry.

"With events such as the F1, Womad and the film festival, it's an area that needs professional development as there is no course like this for the industry here. "We're not saying that after the four days they'll be able to run the F1, but it will be a good insight and overview for them as well as a key networking tool while there is no professional body for the industry here." mswan@thenational.ae

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 

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.”

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

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

If you go:
The flights: Etihad, Emirates, British Airways and Virgin all fly from the UAE to London from Dh2,700 return, including taxes
The tours: The Tour for Muggles usually runs several times a day, lasts about two-and-a-half hours and costs £14 (Dh67)
Harry Potter and the Cursed Child is on now at the Palace Theatre. Tickets need booking significantly in advance
Entrance to the Harry Potter exhibition at the House of MinaLima is free
The hotel: The grand, 1909-built Strand Palace Hotel is in a handy location near the Theatre District and several of the key Harry Potter filming and inspiration sites. The family rooms are spacious, with sofa beds that can accommodate children, and wooden shutters that keep out the light at night. Rooms cost from £170 (Dh808).

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