The UAE Ministry of Education, the Abu Dhabi National Oil Company, ADNOC, and Bloomberg L.P. signed today a Memorandum of Understanding, MoU, to implement a training and development programme — called the ADNOC-Bloomberg Education Initiative.
The initiative is designed to equip a new generation of students with the specialised financial skills needed to excel in a dynamic, globally connected world.
By learning the fundamentals of global capital markets – and the role financial information and analytics play in the investment and trading community – the Initiative will deliver against the UAE’s Vision 2021 and Centennial 2071 Plans to create a knowledge-based, globally competitive workforce and society.
Under the agreement, up to ten universities will participate in the first phase of the initiative. Offerings include dedicated student training sessions as well as professional support for faculty staff and professors, enabling the widespread integration of capital-markets content into academic curricula. The ADNOC-Bloomberg Education Initiative aims to install up to 200 Bloomberg Terminals at UAE universities, where students can learn how to analyse real-time financial market data, analytics, news and trading tools from the same integrated solution used by the most influential decision-makers in the financial services sector and beyond.
At the signing ceremony, Dr. Ahmad bin Abdullah Humaid Belhoul Al Falasi, Minister of State for Higher Education and Advanced Skills, said, “The late Founding Father of the UAE gave precedence to education due to his early realisation of the importance of education in building a strong sustainable economy. Today, we continue this development journey under the leadership and support of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and his ongoing efforts to develop the skills of youth in the fields of science, technology, financing and other knowledge-based sectors. Our collaboration will help support this vision, as it aims to continue endeavors towards cultivating and enhancing the capabilities of youth in the UAE.”
Dr. Al Falasi added, “We are working with different partners to empower youth in all areas to align their skills with the changing requirements of the labour market and jobs of the future. This falls under Relevance, one of the pillars of the National Strategy for Higher Education, that saw the activation of the Higher Education and Private Sector Council, of which ADNOC is an active member.”
He emphasised that the financial field is of great significance for all Emirati youth, where this vital sector is the backbone of the economy, branching across many other fields. Financial literacy is identified as one of the 12 Advanced Skills, which were designed as a part of the strategy of the National Programme for Advanced Skills to suit the UAE community.
The Ministry of Education trusts that the series of initiatives launched in coordination with the ADNOC and Bloomberg will play a role in training and qualifying higher education students in the UAE to excel in financial and technological fields, thus enabling their contribution in the community.
Commenting on ADNOC’s role in the agreement, Dr. Sultan bin Ahmad Sultan Al Jaber, Minister of State and ADNOC Group CEO, said, “For nearly 50 years, ADNOC has played a critical role as the primary enabler of Abu Dhabi’s – and the broader UAE’s – socio-economic growth and development. To ensure our nation’s workforce remains at the forefront of the financial and commodity trading sectors, ADNOC looks forward to working with partners to create innovative initiatives and solutions that empower our nation’s youth and catalyse their professional development – helping to ensure the long-term success of our economy and our people. In that spirit, we are proud to establish the ADNOC-Bloomberg Education Initiative and look forward to building a robust pipeline of specialised UAE talent in support of ADNOC’s recently established global trading business.”
“More than ever, providing young people with access to financial education and technology is essential to a country’s economic development. By equipping the next generation of U.A.E leaders with financial expertise, we hope this initiative will empower youth across the Emirates to lead the country’s future growth,” said Michael R. Bloomberg, founder of Bloomberg L.P. and Bloomberg Philanthropies.
Universities participating in the ADNOC-Bloomberg Education Initiative will have access to up to 5,000 Bloomberg Market Concepts (BMC) certifications, an e-learning curriculum that provides an introduction to global financial markets. Students at participating universities will also have access to the first Bloomberg Trading Challenge to be held in the UAE. The challenge – designed by Bloomberg – aims to help students develop their skills in financial data analytics and view the market through the eyes of those who use the Bloomberg Terminal every day, such as portfolio managers, investment analysts and traders, including at ADNOC.
ADNOC Global Trading was established in July 2019 through a joint venture with Eni and OMV. It is based at the Abu Dhabi Global Market, where physical and derivative trading is expected to begin in 2020.
The creation of the ADNOC-Bloomberg Education Initiative – presided over by the Ministry of Education – is a crucial building block to a cultivate a UAE workforce equipped to navigate capital markets, securities and asset classes – from fixed income to equities, to foreign exchange, commodities and derivatives.