Bill Gates, co-chair of the Bill and Melinda Gates Foundation, spoke at the World Economic Forum in Riyadh, Saudi Arabia, a week before the agreement was reached. EPA
Bill Gates, co-chair of the Bill and Melinda Gates Foundation, spoke at the World Economic Forum in Riyadh, Saudi Arabia, a week before the agreement was reached. EPA
Bill Gates, co-chair of the Bill and Melinda Gates Foundation, spoke at the World Economic Forum in Riyadh, Saudi Arabia, a week before the agreement was reached. EPA
Bill Gates, co-chair of the Bill and Melinda Gates Foundation, spoke at the World Economic Forum in Riyadh, Saudi Arabia, a week before the agreement was reached. EPA

Health

Bill & Melinda Gates Foundation joins partnership to support global health research

Three-year initiative will see $300 million invested

Tom Evans

May 06, 2024

  • English
  • Arabic

The Bill & Melinda Gates Foundation has partnered up with the Novo Nordisk Foundation and The Wellcome Trust to accelerate global health equity.

The trio will support the world of science in a bid to tackle global health challenges, it was announced at the Novo Nordisk Foundations’ Global Science Summit in Elsinore, Denmark, on Monday.

Each organisation will commit $100 million over three years, meaning $300 million will be invested overall.

Initial funding will focus on the health effects of climate change, infectious disease and research into the relationship between nutrition and immunity.

“By pooling the vast experience and unique expertise of each organisation – across research, technology, innovation, and enterprise – we can make advances that wouldn’t otherwise be possible,” said Mads Krogsgaard Thomsen, chief executive of Novo Nordisk Foundation.

“I am particularly excited about the chance to break down barriers between often isolated areas of work – between cardiometabolic and infectious diseases, or between scientific discovery and delivery of solutions, for example – and support the development of truly innovative solutions that can improve, and save lives.”

The Novo Nordisk Foundation is an international enterprise foundation focusing on medical treatment and research, while The Wellcome Trust is a London-based charitable foundation, first established in 1936, focused on health research with links to pharmaceutical magnate Henry Wellcome.

It comes after Saudi Arabia pledged to give $500 million to efforts to help eradicate polio in children around the world.

The pledge was made last week at a World Economic Forum meeting in Riyadh, with the money being donated to the Global Polio Eradication Initiative, a public-private partnership led by governments with six partners, including the Bill & Melinda Gates Foundation.

As part of the agreement, the Bill & Melinda Gates Foundation will open an office in Riyadh.

“We’re on the cusp of so many scientific breakthroughs in agriculture, health, and nutrition, and with the right support these innovations will save and improve lives around the world,” said Mark Suzman, chief executive of the Bill & Melinda Gates Foundation.

“Every sector has a critical role to play, and we hope this collaboration opens the door for other funders and partners to contribute to scaling up existing innovations and developing the tools of tomorrow.”

KILLING OF QASSEM SULEIMANI
House-hunting

Top 10 locations for inquiries from US house hunters, according to Rightmove

  1. Edinburgh, Scotland 
  2. Westminster, London 
  3. Camden, London 
  4. Glasgow, Scotland 
  5. Islington, London 
  6. Kensington and Chelsea, London 
  7. Highlands, Scotland 
  8. Argyll and Bute, Scotland 
  9. Fife, Scotland 
  10. Tower Hamlets, London 

 

Company%20profile
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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.

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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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Organic waste will be processed at the new onsite Central Waste Facility, treated and converted into compost to be re-used to green the expo area

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In its current iteration, Diwali is celebrated with a puja to welcome the goodness of prosperity Lakshmi (an incarnation of Sita) into the home, which is decorated with diyas (oil lamps) or fairy lights and rangoli designs with coloured powder. Fireworks light up the sky in some parts of the word, and sweetmeats are made (or bought) by most households. It is customary to get new clothes stitched, and visit friends and family to exchange gifts and greetings.  

 

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How to donate

Send “thenational” to the following numbers or call the hotline on: 0502955999
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Updated: May 06, 2024, 8:38 AM
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