Dr Hawaa Al Mansouri is one of the 70 endocrinologists and diabetologists at the two centres of Imperial College in Abu Dhabi and Al Ain. Ravindranath K / The National
Dr Hawaa Al Mansouri is one of the 70 endocrinologists and diabetologists at the two centres of Imperial College in Abu Dhabi and Al Ain. Ravindranath K / The National
Dr Hawaa Al Mansouri is one of the 70 endocrinologists and diabetologists at the two centres of Imperial College in Abu Dhabi and Al Ain. Ravindranath K / The National
Dr Hawaa Al Mansouri is one of the 70 endocrinologists and diabetologists at the two centres of Imperial College in Abu Dhabi and Al Ain. Ravindranath K / The National

Medical innovation boosts Abu Dhabi


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The region’s healthcare market is headed towards one dominated by the private public partnership model amid the cuts in subsidies across the Arabian Gulf region.

In Abu Dhabi, the sector has seen some mega investments from the Government with the aim to decrease dependence on travel abroad for treatment.

Over the past few years, Mubadala, an investment arm of the Abu Dhabi Government, has invested in facilities such as Imperial College London Diabetes Centre, Cleveland Clinic Abu Dhabi, Abu Dhabi Telemedicine Center, primary care and multi-speciality hospital Healthpoint, National Reference Laboratory, Capital Health Screening Center and Tawam Molecular Imagine Center.

Last year, the healthcare sector generated Dh1.11 billion of Mubadala’s total revenues of Dh34.1bn, which was up from Dh32.7bn in 2014. The healthcare division revenues also went up from Dh867.9 million in 2014, according to Mubadala’s financial results released in March.

At the two facilities of Imperial College London Diabetes Centre – in Abu Dhabi and Al Ain – more than 800,000 patients have received care in the past decade, according to Mubadala.

Run in partnership with the UK’s Imperial College London, it provides a range of services from diagnosis to management of diabetes-related complications.

Dr Hawaa Al Mansouri, the consultant endocrinologist and diabetologist at Imperial College London Diabetes Centre (ICLDC) in Abu Dhabi, is involved in the way the centre fosters innovation.

She joined the centre in 2014. Here, she talks to The National about the ICLDC and developments in medical innovation.

What is innovation to you?

Innovation is creating something new, something that’s also needed. It can also be coming up with an idea or product to develop something that is needed.

Why is it important in the healthcare sector in the UAE? How is Mudabala fostering innovation in healthcare?

In every field the way to advance is to innovate. The UAE is a young country that has always pride itself with new ideas. Mubadala has different assets and we have this environment of sharing information among different centres, sharing cases and experiences. For instance, if we have a complicated surgical case that we might see here, we refer them to Cleveland Clinic Abu Dhabi.

So, basically putting together these large number of positions, specialities, and experiences and fostering an environment of knowledge transfer. This not only encourages good healthcare but an environment to innovate, and discuss and question.

Here at ICLDC, we collaborate with other physicians among the centres here and in London. In endocrinology if there is a complicated case where the treatment is not clear, outside the realm of what we are used to, we have weekly meetings, case presentations to the Imperial College of London and to the other fellow physicians here and we discuss it. Such as if we want to use a medication that is not approved for the indication but we think it is necessary for the care of the patient, we discuss it as a team. If we agree it is the best for the patient, we go ahead and do it.

We have collegial discussions and lectures from fellow physicians from other Mubadala assets, or from foreign and local [entities] almost every day of the week, for an hour. You never know who is going to walk in as what, so it’s important to draw in all our assets.

You improved on an ultrasound-compatible catheter, the SonoStik, as part of a team at the George Washington University School of Medicine and Health Sciences in Washington, DC. What will it do? When will it be available in the market?

I improved on an existing tool, which is a peripheral access catheter. It is a mechanism of how to insert a line, which is a tube, and is a way to administer medications or to draw blood among other things. I made two changes and those were patented.

One was the material, which can be visualised under an ultrasound so you can see where you are going in and decreases the number of pokes and complications of repeated insertions. Another was to put in a wheel mechanism, the insertion of the previous SonoStik used both hands. This helps to free up the other hand to use the ultrasound. I helped to develop it when I was a trainee at George Washington University School of Medicine and Health Sciences in Washington, DC, between 2012 and 2013. There was a business competition at the university that we entered as a team, me and two other physicians. There were two other engineers but they were not yet in the team. To collect the cash prize, we had to set up a company in the US. That is how SonoStik LLC began, a start-up with the cash prize of US$25,000 [as part of winning the business competition]. With the money, we hired the two engineers, paid for the lawyer fees, and the patent fees. Then I came back here and Sheikh Mansour [bin Zayed Al Nahyan, Minister of Presidential Affairs and Deputy Prime Minister] adopted our idea, and was kind enough to fund us for the next steps. We produced 200 medical grade catheters in the US for testing [purposes] to get an FDA [federal drugs agency] approval, we can’t sell anything unless we got the approval. The FDA approved the company’s application for premarket notification in October last year. The next step would be to establish a management company here, and then a production company, and launch it here.

Mubadala fosters an environment that encourages us to be creative. When I came here, I was encouraged to present the idea here.

How did you start? What interested you to study medicine?

When I was five years old, I saw a picture of the human body in the encyclopaedia and I fell in love with biology. Being a physician I found was like being a detective. I graduated from high school in 1999 and got a scholarship from the Government’s Sheikh Zayed Al Nahyan Scholarship. I was among the first batch of students to be sent abroad on the scholarship, to study at University of Maryland. I got two bachelor degrees there and studied neurobiology and psychology. And then went to George Washington University School of Medicine and Health Sciences, where I studied medicine and also did my residency.

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Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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.”

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How to play the stock market recovery in 2021?

If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.

Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.

Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.

Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).

Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal. 

Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.

By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.

As demand for energy fell, the oil and gas industry had a tough year, too.

Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.

He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.” 

This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”

Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.

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