Marc Choufani says the idea for his new business germinated a few years ago, following Abu Dhabi’s Weqaya report, while he was working as an executive in Mubadala Development’s healthcare division.
That report was rather shocking: the government study, carried out over several years and screening hundreds of thousands of Abu Dhabi’s residents, found that its population was in the middle of a non-communicable disease “crisis”, with a particularly high risk of cardiovascular disease and the world’s second-highest prevalence of pre-diabetes.
In a presentation to the World Health Organisation in 2011, the authors of the Weqaya (Arabic for prevention) report forecast that healthcare costs would balloon if preventative measures were not taken, with direct costs for treating diabetes alone doubling in the decade to 2020, to Dh3 billion and the societal costs running many times greater.
Abu Dhabi has made great strides in developing its healthcare system in the years since the report, including delivering the Cleveland Clinic on Al Maryah Island, a project that was led by Mr Choufani, and there are ambitious plans to develop Abu Dhabi and Dubai as regional healthcare hubs.
But spending in the UAE still lags behind other rich countries and at 4 per cent of GDP per head is only half the OECD average. There is still much to do on the prevention and wellness front, Mr Choufani says.
Working at Mubadala Healthcare for seven years from 2007 “reinforced for me that prevention and wellness is an important space in health care and that very little was being done here in the region”, he says.
He and partners set up OLEA, a holding company aimed at incubating healthcare businesses, the first project of which is the De Novu Institute, at Umm Al Sheif in Dubai.
How will it be different from other weight-loss clinics?
“We are not after the casual weight-loss market,” Mr Choufani says. “We are not looking for individuals who are looking to lose 2 kilograms or 5kg, we are not actively seeking those individuals, but people who have significant weight-loss needs, 10kg to 30kg, 40kg, 50kg.”
In looking for a model to follow and a partner, Mr Choufani found Institut de Varga in Paris, which could be said to take a fundamentalist approach to weight loss. It starts with a “remise en cause”, whereby clients take a good hard look at themselves and embark on “dietary rehabilitation”, which includes one-on-one coaching and a fair amount of psychological nurturing.
“They have been doing weight loss for the past 15 years and it was their approach and outcomes that impressed me,” Mr Choufani says. “Weight loss as a market is highly penetrated in Dubai – there is no shortage of gyms, healthy meal plan companies, personal training, hospitals offering weight-loss programmes. But in their programme only 23 per cent regained the weight. That’s what was interesting to me.” De Novu Institute started taking members in November, with a monthly membership fee running at Dh3,750 for its personalised programme.
“The nature of weight-loss service providers – not just in Dubai – is that they’re mostly transactional in nature. If you’re a meal plan provider you want them to keep buying meal plans. If you’re a nutritionist you want people to keep coming to see you. The business model is not necessarily aimed at achieving an objective. We’re not about weight loss but about transforming an individual’s life so they can live a sustainable lifestyle, so they can keep the weight off,” Mr Choufani says.
A background in management consultancy made de Varga’s data-driven and holistic approach attractive.
“We will measure the impact on clients and hold ourselves accountable,” Mr Choufani says.
More broadly, he sees the healthcare market moving firmly in the direction of prevention and wellness now that the case has been made.
“It was the single most striking takeaway not just from the Weqaya report, but looking at healthcare trends globally and the fact that 70 to 80 per cent of spending goes into hospitals to treat people when they are sick, it became obvious to me that not enough effort was being put into globally chronic diseases that are highly correlated to lifestyle.”
OLEA has a second incubating business in the prevention and wellness space that it expects to roll out this year.
__________________________________
More SMEs coverage
Mona Al Marzooqi / The National
■ Dubai SME ranking system can speed up payments
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■ Dubai ruler issues amendments to SME law to aid development
■ Comment: Lend a little and be good to the UAE economy
__________________________________
amcauley@thenational.ae
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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Gulf Men's League final
Dubai Hurricanes 24-12 Abu Dhabi Harlequins
5 of the most-popular Airbnb locations in Dubai
Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:
• Dubai Marina
The Marina and Jumeirah Beach Residence are popular locations, says Mr Grudziecki, due to their closeness to the beach, restaurants and hotels.
Frank Porter’s average Airbnb rent:
One bedroom: Dh482 to Dh739
Two bedroom: Dh627 to Dh960
Three bedroom: Dh721 to Dh1,104
• Downtown
Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure. “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."
Frank Porter’s average Airbnb rent:
One bedroom: Dh497 to Dh772
Two bedroom: Dh646 to Dh1,003
Three bedroom: Dh743 to Dh1,154
• City Walk
The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena. “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”
Frank Porter’s average Airbnb rent:
One bedroom: Dh524 to Dh809
Two bedroom: Dh682 to Dh1,052
Three bedroom: Dh784 to Dh1,210
• Jumeirah Lake Towers
Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.
Frank Porter’s average Airbnb rent:
One bedroom: Dh422 to Dh629
Two bedroom: Dh549 to Dh818
Three bedroom: Dh631 to Dh941
• Palm Jumeirah
Palm Jumeirah's proximity to luxury resorts is attractive, especially for big families, says Mr Grudziecki, as Airbnb renters can secure competitive rates on one of the world’s most famous tourist destinations.
Frank Porter’s average Airbnb rent:
One bedroom: Dh503 to Dh770
Two bedroom: Dh654 to Dh1,002
Three bedroom: Dh752 to Dh1,152
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
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The Africa Institute 101
Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction.
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
The story in numbers
18
This is how many recognised sects Lebanon is home to, along with about four million citizens
450,000
More than this many Palestinian refugees are registered with UNRWA in Lebanon, with about 45 per cent of them living in the country’s 12 refugee camps
1.5 million
There are just under 1 million Syrian refugees registered with the UN, although the government puts the figure upwards of 1.5m
73
The percentage of stateless people in Lebanon, who are not of Palestinian origin, born to a Lebanese mother, according to a 2012-2013 study by human rights organisation Frontiers Ruwad Association
18,000
The number of marriages recorded between Lebanese women and foreigners between the years 1995 and 2008, according to a 2009 study backed by the UN Development Programme
77,400
The number of people believed to be affected by the current nationality law, according to the 2009 UN study
4,926
This is how many Lebanese-Palestinian households there were in Lebanon in 2016, according to a census by the Lebanese-Palestinian dialogue committee
The specs: 2018 Volkswagen Teramont
Price, base / as tested Dh137,000 / Dh189,950
Engine 3.6-litre V6
Gearbox Eight-speed automatic
Power 280hp @ 6,200rpm
Torque 360Nm @ 2,750rpm
Fuel economy, combined 11.7L / 100km
The years Ramadan fell in May
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Engine: 4.0-litre flat-six
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Fuel economy, combined: 13.8L/100km
On sale: Available to order now
UAE currency: the story behind the money in your pockets
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.”
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
360Vuz PROFILE
Date started: January 2017
Founder: Khaled Zaatarah
Based: Dubai and Los Angeles
Sector: Technology
Size: 21 employees
Funding: $7 million
Investors: Shorooq Partners, KBW Ventures, Vision Ventures, Hala Ventures, 500Startups, Plug and Play, Magnus Olsson, Samih Toukan, Jonathan Labin
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
