Dr Noha Khater does not like being told she cannot do or achieve something. If anything, the Egyptian entrepreneur says, it is almost like a challenge for her to then do precisely that.
Describing herself as a “high achiever”, Ms Khater, an ophthalmologist, was keen to tick all the boxes: she graduated top of her school, finished medical school and then her residency and PhD at Cairo University and pursued fellowship degrees in the UK.
“I remember very well when I decided to sub-specialise in ophthalmology. I decided to be a retina specialist, and everybody came and said, ‘there's no such thing as being a female retina specialist in Egypt. There are none, no patients will come to you. It will always be men who are leading this specialty in this field’. And of course, because someone told me you can't do it, I decided to do it,” she says.
That led her to pursue fellowship training in the US, where she witnessed the impact of poor diabetes management on eye disorders, including blindness. A key aspect was that patients who were from a lower economic background did not always have their records, which caused further issues.
Returning to Egypt, she began practising and set up her own private clinic in 2003, but remained keen to tackle the challenge of supporting more diabetic patients with better services and care.
“I wanted to create this specialised service where patients have their medical data on them, they don't have to carry it in this paper bag or plastic bag and lose it in their house or in the cab or anywhere.”
Five ways to prevent diabetes – in pictures
In 2014, she and a friend, Rania Kadry, started working on the concept of Almouneer, a health technology company, trialling an in-house software in her clinic. The company was officially launched three years later, in 2017.
“We started the first chain of tech-enabled clinics in Egypt, catering to diabetic eye diseases. And we had created our own software so, basically … it's a fully electronic medical record practice management system,” Ms Khater says.
The start-up then started providing its solution, called NoRa, to other clinics on a revenue-sharing basis.
As the next step, Almouneer, which means “one who lights” in Arabic, wanted to further personalise the experience. “We wanted the patient to have their own medical records on them, so they own their medical data,” says Ms Khater.
That led to the launch of the Dru app, where patients can upload their medical records and information about vitals such as sugar and blood pressure. The bilingual app, available in Arabic and English, also provides them reminders about medications.
Another key service, says Ms Khater, is that the subscription-based app offers a 24/7 medical support line, allowing patients to connect with doctors whenever they have concerns.
The rates start at $2 a month and patients also get discounts on lab services, radiology reports and other areas.
The company currently has a network of more than 200,000 patients and works with more than 70 providers.
In May, it partnered with the International Medical Centre, an Egyptian military hospital, with Ms Khater saying they are “growing the network” rapidly to add other hospitals and clinics.
The focus on diabetes is rising as the condition continues to affect a growing population worldwide.
Roughly one in 10 of the adult population (aged 20 to 79 years) or an estimated 537 million people have diabetes, the International Diabetes Federation's Diabetes Atlas (2021) report found.
Almost half are unaware that they are living with the condition.
The number of diabetics is predicted to rise to 643 million by 2030 and 783 million by 2045, the report found.
In the Mena region, one in six adults (73 million) are living with diabetes, the report found, with one in three undiagnosed.
The number of adults with diabetes is expected to reach 95 million by 2030 and 136 million by 2045 in the region.
Meanwhile, diabetic retinopathy is the leading cause of blindness in working-age adults, according to the US Centres for Disease Control and Prevention. The condition occurs when high blood sugar damages blood vessels in the retina. Damaged blood vessels can swell and leak, causing blurry vision, the CDC states.
The increased focus on tackling the condition and its related health issues has led to a growth in the number of specialised service providers.
Almouneer, which was started with about $500,000 and bootstrapped until 2022, raised $3.6 million from its first seed investment round which closed last year.
It was led by Dubai-based Global Ventures, with participation from Proparco and Digital Africa, through the Bridge Fund, UK-based Wrightwood Investments – the family office of Diane and Henry Engelhardt, and other international funds.
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“We broke even very early on, we made sure of that because we had the mindset of bootstrapping from the very beginning,” Ms Khater says.
As a women-led venture in health care, the start-up “ticked a lot of boxes” and depended heavily on support, including SME loans from the government and grant funding from other organisations. It was also selected as a case study by Insead three times, all of which helped the start-up sustain through Covid-19 as well.
“After we took on the funding, we are now investing more in growth, we maintain our profitability, but … we can afford to hire talent, Ms Khater says. “The hires in tech are very challenging, very costly, especially in Egypt where now you have a lot of talent escaping towards certain countries that are actually a very important market for us.
“So, it is a different challenge. But we're trying to address it, especially as we move towards our regional expansion.”
The start-up aims to expand into Saudi Arabia first, to leverage the massive market in the kingdom.
“If we go to Saudi, we have to have a local team. We can keep part of the operations in Egypt because the overheads here are less, but going to Saudi we definitely will have … a very strong company presence, if not, maybe even consider having headquarters there,” she says.
The start-up is planning its series A funding round by the end of this year, and is hoping to raise a minimum of $10 million, which will be used to support its expansion into Saudi Arabia as well as the UAE.
As a tech venture, the start-up is also focused on data privacy and is investing in a data team to ensure compliance. It is already seeing major gains from the adoption of technology.
“We have data on how we have managed our patients, how we have improved their lifestyle – it's 70 per cent improvement, [we have] maintained the vision by 60 per cent,” Ms Khater says.
“And then we have the experience, we have the passion, we have the presence … so I think we have a good head start.”
Looking ahead, artificial intelligence will prove to be extremely beneficial, she says.
“It's going to help us in scaling, in serving more patients, in taking the right decisions, in looking at data in a different way, in using this data to assist the doctors, because the number of doctors in the world by no means can match the number of patients in the world. So, this is why you need more investment in technology and particularly in AI, so it's a blessing.”
Technology can also help providers ensure that they focus on prevention as much as possible.
“We want to serve our patients better and we believe that this very much starts with lifestyle, what you eat, how you exercise, how you sleep, and then, even if you have type two diabetes, you can reverse the disease by proper lifestyle management and awareness,” she says.
“My vision for the company is to become the number one lifestyle management app for any human being.”
Q&A with Dr Noha Khater, chief executive and co-founder of Almouneer
Who is your role model?
My father, because he inspired me. He made me believe that I can do whatever I want. That there is no limit to your ambition or your dreams and that no matter what people try to tell you, if you think you can do it, then you will do it. So for inspiring me to do the things that I thought I couldn't do.
If there was any other company that you could have started, what would it be?
[Something] in education.
If you could start all over again, is there anything that you would do differently?
Yes, I would educate myself more about financials.
What are the key things that you've learned in the process of setting up this venture?
It is important to build the proper structure from the very beginning and not to have to work things backward. I guess it's against the nature of an entrepreneur, but now that you move forward, you want to go back and start things the right way.
What is the key advice you would give to other entrepreneurs?
Choose the right partner. Don't give up. And there's always a way, it's never a dead end.
What is your personal vision?
I hope to create an impact in what I'm doing … I'm always driven by impact and value. You know, like when you treat a patient, when they come back to you and they are seeing well and they are happy, this is the best kind of reward you can ever get. I want to see the same in all the patients that we touch or we deal with.
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
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.”
Killing of Qassem Suleimani
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BELGIUM%20SQUAD
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How the UAE gratuity payment is calculated now
Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.
The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.
1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):
a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33
b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.
2. For those who have worked more than five years
c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.
Note: The maximum figure cannot exceed two years total salary figure.
MATCH INFO
Chelsea 0
Liverpool 2 (Mane 50', 54')
Red card: Andreas Christensen (Chelsea)
Man of the match: Sadio Mane (Liverpool)
TICKETS
Tickets start at Dh100 for adults, while children can enter free on the opening day. For more information, visit www.mubadalawtc.com.
SHAITTAN
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MATCH INFO
Champions League last 16, first leg
Tottenham v RB Leipzig, Wednesday, midnight (UAE)
Drivers’ championship standings after Singapore:
1. Lewis Hamilton, Mercedes - 263
2. Sebastian Vettel, Ferrari - 235
3. Valtteri Bottas, Mercedes - 212
4. Daniel Ricciardo, Red Bull - 162
5. Kimi Raikkonen, Ferrari - 138
6. Sergio Perez, Force India - 68
Brief scores:
Pakistan (1st innings) 181: Babar 71; Olivier 6-37
South Africa (1st innings) 223: Bavuma 53; Amir 4-62
Pakistan (2nd innings) 190: Masood 65, Imam 57; Olivier 5-59
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
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Biometrics: Touch ID, Face ID
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In the box: iPad mini, USB-C cable, 20W USB-C power adapter
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Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
THE CLOWN OF GAZA
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Starring: Alaa Meqdad
Rating: 4/5
Shubh Mangal Saavdhan
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Starring: Ayushmann Khurrana, Bhumi Pednekar
Turkish Ladies
Various artists, Sony Music Turkey
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
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