Adolfo Panfili: "Every kind of robotic surgery will be able to be performed at the centre." Venturelli / WireImage
Adolfo Panfili: "Every kind of robotic surgery will be able to be performed at the centre." Venturelli / WireImage
Adolfo Panfili: "Every kind of robotic surgery will be able to be performed at the centre." Venturelli / WireImage
Adolfo Panfili: "Every kind of robotic surgery will be able to be performed at the centre." Venturelli / WireImage

Plans to build first-of-its-kind robotic surgery centre in UAE


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ABU DHABI // A world-renowned surgeon is in talks with UAE investors to build a multimillion-dirham robotic surgery centre in the emirate.

It would be the first in the world with the technology to perform every kind of robotic surgery under one roof, said Adolfo Panfili, an Italian surgeon.

Robotic surgery is a technique in which a surgeon performs an operation using a computer that remotely controls tiny instruments attached to a robot.

Prof Panfili said that, while the plan was still in the very early stages, he had met several investors for talks on the private health centre.

It would provide robotic neurosurgery, spine, knee, hip and general surgery, and urological, vascular and ophthalmological operations.

Robotic equipment is expensive, and Prof Panfili estimates the centre would cost up to US$20 million (Dh73.4m).

A standard surgical robot costs about €1.3m (Dh6.2m), while the world's most advanced model, Da Vinci, which was used in almost 400,000 operations worldwide last year, costs about €2m.

While robotic surgery is a fast-growing sector of medicine, the concept is new to the Emirates, said Prof Panfili.

He said robotic surgery had a 99.7 per cent success rate - about 10 per cent better than traditional operations.

The technology also minimises the damage to the patient, while other benefits include quicker procedures and speedier recovery times.

"There are 20 different kinds of robots," said Prof Panfili. "There are robots for the hip, for the knee, for the brain.

"Worldwide, several centres are implementing robotic devices for surgery in specific fields but none is implementing a holistic concept using all of the robots available on the market today.

"My aim is to develop a kind of centre where every kind of robotic surgery can be performed. One like this does not exist in the world."

Prof Panfili said he hoped the centre would be built in the next two to five years, and include a training centre for surgeons.

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The biog

First Job: Abu Dhabi Department of Petroleum in 1974  
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work

Starring: Jamie Foxx, Angela Bassett, Tina Fey

Directed by: Pete Doctor

Rating: 4 stars

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Avatar: Fire and Ash

Director: James Cameron

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Rating: 4.5/5

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.”