G42 Healthcare, a subsidiary of Abu Dhabi technology company Group 42, and the UK's AstraZeneca have signed an agreement to manufacture pharmaceutical products in the emirate, positioning the UAE capital as a "powerhouse" in international medical research.
The five-year partnership, which is backed by Abu Dhabi's Department of Health (DoH), will see co-operation in research and development, the localisation of manufacturing innovative products and promoting sustainable practices, boosting the emirate's status as a hub for life sciences, according to a statement from the Abu Dhabi Media Office on Tuesday.
The agreement, aimed at helping deliver top-of-the-line health care to patients, was signed by Ashish Koshy, chief executive of G42 Healthcare, and Pelin Incesu, area vice president for the Middle East and Africa at Cambridge-based AstraZeneca.
At the ceremony were Abdulla bin Mohammed, chairman of the DoH, Peng Xiao, group chief executive of G42, and Pascal Soriot, executive director and chief executive of AstraZeneca.
This will help boost the local manufacturing industry and contribute to the growth of the "Made in Abu Dhabi" campaign, a "cornerstone" for sustainable development across all sectors, said Jamal Al Kaabi, undersecretary of the DoH.
"Abu Dhabi continues to lead on critical research with the support of international partners to explore the sustainability and resilience of the global healthcare sector while ensuring the delivery of quality health care for patients," he said.
"As a result of the sectors’ robust growth potential, international appetite and investment opportunities across the biopharmaceutical and healthcare value-chain continue to emerge in Abu Dhabi."
Boosting the UAE’s manufacturing sector and adoption of advanced technologies are among the central planks of the UAE’s economic diversification strategy. Health care, in particular, is being given special focus.
Abu Dhabi aims to become a destination of choice for clinical trials and collaborative health care research. It has a robust infrastructure and legislation that aims to attract investments from the industry's biggest companies.
The capital has a goal of capturing the world's first population-wide genetic library, pioneer connected health and build on previous collaborations with pharmaceutical majors, including AstraZeneca and Pfizer, in medical research.
In September, the government launched a new programme of funding that aims to support research and innovation to fight life-threatening diseases.
In 2021, Abu Dhabi emirate doubled its capacity to develop scientific and clinical research, with more research projects during the year compared to the previous five years.
The collaboration between G42 Healthcare and AstraZeneca aims to develop sustainable solutions for health care advancement while achieving a balance between economic growth and sustainability.
It will also expand Abu Dhabi’s footprint in life science research and development, plus enable innovation across all streams of the health care sector.
"At the core of this partnership is our will to foster sustainable manufacturing capabilities and driving innovation at the global level," Mr Koshy said.
G42 Healthcare is a unit of G42, which also has G42 Cloud, geospatial intelligence company Bayanat and data centre services provider Khazna under its umbrella. It is tapping into the capabilities of artificial intelligence and other emerging technology to develop a world-class health care sector in the UAE and beyond.
London-listed AstraZeneca, which developed one of the vaccines for Covid-19, is among the top pharmaceutical companies globally. It reported revenue of more than $37.4 billion in 2021 and has the eighth-largest market capitalisation at about $217 billion as of Tuesday, according to data from Companies Market Cap.
Abu Dhabi and AstraZeneca already have existing collaborations. In August, the emirate announced that Sheikh Khalifa Medical City will host a study into the effectiveness of an antibody therapy created by AstraZeneca, which will run over 15 months.
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Our Time Has Come
Alyssa Ayres, Oxford University Press
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
Trippier bio
Date of birth September 19, 1990
Place of birth Bury, United Kingdom
Age 26
Height 1.74 metres
Nationality England
Position Right-back
Foot Right
If you go
The flights
Emirates and Etihad fly direct to Nairobi, with fares starting from Dh1,695. The resort can be reached from Nairobi via a 35-minute flight from Wilson Airport or Jomo Kenyatta International Airport, or by road, which takes at least three hours.
The rooms
Rooms at Fairmont Mount Kenya range from Dh1,870 per night for a deluxe room to Dh11,000 per night for the William Holden Cottage.
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.”
MATCH INFO
Uefa Champions League semi-final, second leg result:
Ajax 2-3 Tottenham
Tottenham advance on away goals rule after tie ends 3-3 on aggregate
Final: June 1, Madrid
Brief scores:
Day 1
Toss: India, chose to bat
India (1st innings): 215-2 (89 ov)
Agarwal 76, Pujara 68 not out; Cummins 2-40
New Zealand 21 British & Irish Lions 24
New Zealand
Penalties: Barrett (7)
British & Irish Lions
Tries: Faletau, Murray
Penalties: Farrell (4)
Conversions: Farrell
COMPANY%20PROFILE
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Essentials
The flights
Etihad and Emirates fly direct from the UAE to Delhi from about Dh950 return including taxes.
The hotels
Double rooms at Tijara Fort-Palace cost from 6,670 rupees (Dh377), including breakfast.
Doubles at Fort Bishangarh cost from 29,030 rupees (Dh1,641), including breakfast. Doubles at Narendra Bhawan cost from 15,360 rupees (Dh869). Doubles at Chanoud Garh cost from 19,840 rupees (Dh1,122), full board. Doubles at Fort Begu cost from 10,000 rupees (Dh565), including breakfast.
The tours
Amar Grover travelled with Wild Frontiers. A tailor-made, nine-day itinerary via New Delhi, with one night in Tijara and two nights in each of the remaining properties, including car/driver, costs from £1,445 (Dh6,968) per person.
MATCH INFO
Barcelona 2
Suarez (10'), Messi (52')
Real Madrid 2
Ronaldo (14'), Bale (72')
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Zimbabwe v UAE, ODI series
All matches at the Harare Sports Club:
1st ODI, Wednesday, April 10
2nd ODI, Friday, April 12
3rd ODI, Sunday, April 14
4th ODI, Tuesday, April 16
UAE squad: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Mohammed Usman, CP Rizwan, Chirag Suri, Mohammed Boota, Ghulam Shabber, Sultan Ahmed, Imran Haider, Amir Hayat, Zahoor Khan, Qadeer Ahmed
Company%20profile
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
