Jebel Ali Free Zone recorded a 12% increase in the number of healthcare and pharma tenants between 2019 and 2020. Pawan Singh / The National
Jebel Ali Free Zone recorded a 12% increase in the number of healthcare and pharma tenants between 2019 and 2020. Pawan Singh / The National
Jebel Ali Free Zone recorded a 12% increase in the number of healthcare and pharma tenants between 2019 and 2020. Pawan Singh / The National
Jebel Ali Free Zone recorded a 12% increase in the number of healthcare and pharma tenants between 2019 and 2020. Pawan Singh / The National

Economy

Jafza records 12% increase in healthcare and pharmaceuticals tenants

The free zone's healthcare segment is home to 174 companies from 41 countries

The National

June 19, 2021

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  • Arabic

Dubai's Jebel Ali Free Zone (Jafza) recorded a 12 per cent increase in the number of healthcare and pharmaceuticals tenants between 2019 and 2020.

The free zone's healthcare and pharmaceuticals segment, which spans an area of around 170,000 square metres, is currently home to 174 companies from 41 countries and provides jobs to 1,100 employees, Jafza said in a statement on Saturday.

"Our trade and logistics hub has expedited global distribution of Covid-19 equipment and played a key role in the Dubai Vaccine Logistics Alliance, an initiative launched in January 2021,"  Abdulla Bin Damithan, chief executive and managing director of DP World's UAE business and Jafza, said. "As a smart trade enabler, we have ensured a flawless supply chain throughout 2020, irrespective of the dynamic market conditions.”

The Covid-19 pandemic has spurred a boom in the healthcare sector, leading to increased demand for the transport and storage of medical supplies.

Dubai’s Vaccine Logistics Alliance will bring together Emirates airline, DP World’s global network of ports and logistic operations alongside Dubai Airports and International Humanitarian City to distribute the Covid-19 vaccine more quickly and efficiently.

As the only free zone with the ability to support local manufacturing for the healthcare and pharmaceutical sector, Jafza has facilities dedicated to the storage of ancillary vaccine preparation and administration items, it said.

Additionally, Jebel Ali Port has temperature-controlled warehouses and also consists of nearly 10,000 reefer points spread across the terminals to power refrigerated containers and support the pharmaceutical trade.

Several incentives like on-demand warehouses for short-term lease with multi-functional storage options, no VAT or customs duties and cost-effective transport services are among the benefits to companies that operate in Jebil Ali.

DP World's UAE business unit and Jafza will participate at the medical equipment's exhibition Arab Health 2021 in Dubai in June, according to the statement.

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. 

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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.”

HIV on the rise in the region

A 2019 United Nations special analysis on Aids reveals 37 per cent of new HIV infections in the Mena region are from people injecting drugs.

New HIV infections have also risen by 29 per cent in western Europe and Asia, and by 7 per cent in Latin America, but declined elsewhere.

Egypt has shown the highest increase in recorded cases of HIV since 2010, up by 196 per cent.

Access to HIV testing, treatment and care in the region is well below the global average.  

Few statistics have been published on the number of cases in the UAE, although a UNAIDS report said 1.5 per cent of the prison population has the virus.

What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

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Price, base / as tested Dh52,900 / Dh59,200

Engine 1.6L in-line four-cylinder

Transmission Continuously variable transmission

Power 115hp @ 5,500rpm

Torque 156Nm @ 4,000rpm

Fuel economy, combined 6.6L / 100km

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Explainer: Tanween Design Programme

Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.

The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.

It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.

The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.

Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”

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