©2021 Tom Nicholson. 18/01/2021. Beirut, Lebanon. Staff members work in the Emergency Room (ER) at the American University of Beirut (AUB) Hospital. Deaths in Lebanon from Coronavirus reached a peak high of 55 today. Photo credit : Tom Nicholson
©2021 Tom Nicholson. 18/01/2021. Beirut, Lebanon. Staff members work in the Emergency Room (ER) at the American University of Beirut (AUB) Hospital. Deaths in Lebanon from Coronavirus reached a peak high of 55 today. Photo credit : Tom Nicholson
©2021 Tom Nicholson. 18/01/2021. Beirut, Lebanon. Staff members work in the Emergency Room (ER) at the American University of Beirut (AUB) Hospital. Deaths in Lebanon from Coronavirus reached a peak high of 55 today. Photo credit : Tom Nicholson
©2021 Tom Nicholson. 18/01/2021. Beirut, Lebanon. Staff members work in the Emergency Room (ER) at the American University of Beirut (AUB) Hospital. Deaths in Lebanon from Coronavirus reached a peak h

Brain drain could create healthcare wasteland in Lebanon, doctors warn


Nick Webster
  • English
  • Arabic

Related: Inside a Beirut ICU where just 20 per cent survive battle with Covid-19

Hospitals in need of intensive care staff are fuelling the mass departure of doctors from Lebanon, heaping pressure on the nation's healthcare system.

There has been great demand in the region and around the world for medical staff.

That demand is placing further strain on Lebanon's pool of healthcare workers, many of whom were already looking to work overseas because of the country's economic crisis.

Dr Youssef Bakhach, general secretary of the Lebanese Order of Physicians in Beirut, said one in five doctors had already left the country or was planning to do so.

We estimate that 16 to 20 per cent of Lebanese doctors have already left or are planning to leave. The Gulf will always be an attractive destination

“We do not have exact numbers but we know every day we have up to 20 doctors coming to the LOP asking for their files to apply for ministry of health departments abroad. It is a big concern as we are depleting the system,” Dr Bakhach said.

He said many of those leaving were unlikely to return.

“Doctors leaving Lebanon is an increasing phenomenon and the problem will not be solved immediately," he said.

“We estimate that 16 to 20 per cent of Lebanese doctors have already left or are planning to leave.

“It could take 10 years to stabilise. The bleeding of doctors will continue as the Gulf region will always be an attractive destination.”

  • Medical staff members work in an intensive care unit for patients suffering from the coronavirus, at Rafik Hariri University Hospital, in Beirut, Lebanon. Reuters
    Medical staff members work in an intensive care unit for patients suffering from the coronavirus, at Rafik Hariri University Hospital, in Beirut, Lebanon. Reuters
  • A medical worker looks at a Covid-19 patient in the intensive care unit of the Rafik Hariri University Hospital in Beirut, Lebanon. AP
    A medical worker looks at a Covid-19 patient in the intensive care unit of the Rafik Hariri University Hospital in Beirut, Lebanon. AP
  • A medical worker assists a Covid-19 patient in the intensive care unit of the Rafik Hariri University Hospital in Beirut, Lebanon. AP
    A medical worker assists a Covid-19 patient in the intensive care unit of the Rafik Hariri University Hospital in Beirut, Lebanon. AP
  • A medical worker assists a patient suffering from coronavirus, in an intensive care unit at Rafik Hariri University Hospital, in Beirut, Lebanon. Reuters
    A medical worker assists a patient suffering from coronavirus, in an intensive care unit at Rafik Hariri University Hospital, in Beirut, Lebanon. Reuters
  • Medical staff members work at an intensive care unit for patients suffering from coronavirus, at Rafik Hariri University Hospital, in Beirut, Lebanon. Reuters
    Medical staff members work at an intensive care unit for patients suffering from coronavirus, at Rafik Hariri University Hospital, in Beirut, Lebanon. Reuters
  • A medical staff member assists a patient suffering from coronavirus, in an intensive care unit at Rafik Hariri University Hospital, in Beirut, Lebanon. Reuters
    A medical staff member assists a patient suffering from coronavirus, in an intensive care unit at Rafik Hariri University Hospital, in Beirut, Lebanon. Reuters
  • A medical worker takes care of Covid-19 patients in the intensive care unit of the Rafik Hariri University Hospital in Beirut, Lebanon. AP
    A medical worker takes care of Covid-19 patients in the intensive care unit of the Rafik Hariri University Hospital in Beirut, Lebanon. AP
  • Medical staff monitor Covid-19 patients on CCTV screens in the intensive care unit of the Rafik Hariri University Hospital in Beirut, Lebanon. AP
    Medical staff monitor Covid-19 patients on CCTV screens in the intensive care unit of the Rafik Hariri University Hospital in Beirut, Lebanon. AP

Typically, under labour laws, doctors work in UAE hospitals for a minimum of two years. But many choose to extend their contracts.

One hospital source said there was a surge of applications from Lebanon in recent months.

But some medics had unrealistic salary expectations compared with other applicants, the source said.

The collapse of Lebanon's banking system, anti-government protests and the port explosion that destroyed parts of Beirut have forced highly skilled medics to leave Lebanon.

Dr Bakhach said the mass departures would cause irreparable damage to Beirut's reputation as the medical capital of the Middle East and a health tourism destination.

Desperate need for doctors

A study by the European Commission predicted the EU would be in need of about 230,000 doctors to fill hospital vacancies.

Germany topped a list of nations reporting a shortage of staff owing to a large number of doctors reaching retirement age and too few new medics being trained. There are also more specialists in Germany than general practitioners.

As Germany doubled its intensive care beds to more than 40,000 in the summer of 2020 because of the pandemic, the country appealed to migrant doctors to fill the gap in hospitals.

Authorities focused on the 15,000 Syrian doctors already waiting to have their qualifications approved.

Since the outbreak of the civil war, about 70 per cent of medics in Syria have fled.

About 600 new doctors graduate each year at the seven internationally recognised medical schools in Lebanon.

  • Anti-government protesters hurl stones at Lebanese riot police during a protest against the Lebanese politicians who have ruled the country for decades, outside of the Lebanese Parliament in downtown Beirut, Lebanon. EPA
    Anti-government protesters hurl stones at Lebanese riot police during a protest against the Lebanese politicians who have ruled the country for decades, outside of the Lebanese Parliament in downtown Beirut, Lebanon. EPA
  • Anti-government protesters hurl stones at Lebanese riot police during a protest against the Lebanese politicians who have ruled the country for decades. EPA
    Anti-government protesters hurl stones at Lebanese riot police during a protest against the Lebanese politicians who have ruled the country for decades. EPA
  • People view the damage at the site of Tuesday's blast in Beirut's port area, Lebanon. Reuters
    People view the damage at the site of Tuesday's blast in Beirut's port area, Lebanon. Reuters
  • French rescue team member and a search and rescue dog walk near the damaged grain silo at the site of Tuesday's blast, at Beirut's port area, Lebanon. Reuters
    French rescue team member and a search and rescue dog walk near the damaged grain silo at the site of Tuesday's blast, at Beirut's port area, Lebanon. Reuters
  • An excavator cleans debris near the damaged grain silo at the site of Tuesday's blast, at Beirut's port area, Lebanon. Reuters
    An excavator cleans debris near the damaged grain silo at the site of Tuesday's blast, at Beirut's port area, Lebanon. Reuters
  • Members of forensic team walk near rubble at the site of Tuesday's blast, at Beirut's port area, Lebanon. Reuters
    Members of forensic team walk near rubble at the site of Tuesday's blast, at Beirut's port area, Lebanon. Reuters
  • People observe two coffins, damaged by Tuesday's massive explosion that rocked the city, in Beirut, Lebanon. Getty Images
    People observe two coffins, damaged by Tuesday's massive explosion that rocked the city, in Beirut, Lebanon. Getty Images
  • Structural damage, caused by Tuesday's massive explosion that rocked the city, is visible at St Michel Maronite Churchs cemetery in Beirut, Lebanon. Getty Images
    Structural damage, caused by Tuesday's massive explosion that rocked the city, is visible at St Michel Maronite Churchs cemetery in Beirut, Lebanon. Getty Images
  • Lebanese army member stands at the site of Tuesday's blast, at Beirut's port area, Lebanon. Reuters
    Lebanese army member stands at the site of Tuesday's blast, at Beirut's port area, Lebanon. Reuters
  • A handout picture obtained from Qatar's Internal Security Force, shows members of its search and rescue unit assisting their Lebanese counterparts in seeking survivors on the site of a massive blast at the Beirut port. AFP
    A handout picture obtained from Qatar's Internal Security Force, shows members of its search and rescue unit assisting their Lebanese counterparts in seeking survivors on the site of a massive blast at the Beirut port. AFP
  • A handout picture obtained from Qatar's Internal Security Force shows members of its search and rescue unit assisting their Lebanese counterparts in seeking survivors on the site of a massive blast at the Beirut port. AFP
    A handout picture obtained from Qatar's Internal Security Force shows members of its search and rescue unit assisting their Lebanese counterparts in seeking survivors on the site of a massive blast at the Beirut port. AFP
  • A forensic inspector walks on rubble at the site of Tuesday's blast, at Beirut's port area, Lebanon. Reuters
    A forensic inspector walks on rubble at the site of Tuesday's blast, at Beirut's port area, Lebanon. Reuters
  • A view of rubble near the damaged grain silo at the site of Tuesday's blast, at Beirut's port area, Lebanon. Reuters
    A view of rubble near the damaged grain silo at the site of Tuesday's blast, at Beirut's port area, Lebanon. Reuters
  • Damaged cars are seen at the site of Tuesday's blast, at Beirut's port area, Lebanon. Reuters
    Damaged cars are seen at the site of Tuesday's blast, at Beirut's port area, Lebanon. Reuters
  • An abandoned shoe is seen at the site of Tuesday's blast, at Beirut's port area, Lebanon. Reuters
    An abandoned shoe is seen at the site of Tuesday's blast, at Beirut's port area, Lebanon. Reuters

But many look to continue their training in the US, Canada and Europe.

The UAE is becoming an increasingly popular destination, with about 80,000 Lebanese already living in the country.

Dr Bakhach, a professor of plastic surgery at the American University of Beirut Medical Centre, fears Lebanon could become a medical wasteland.

“Even before the pandemic, in Lebanon, our doctors used to look for work outside the country. It is a big concern for us to have them leave Lebanon” he said.

“This phenomenon is increasing and the long-term economic impact will not be solved immediately.

“Before we were the hospital of the Middle East and all people in the Gulf used to come to Lebanon for medical services.

"Now the Lebanese expertise is in Dubai and Abu Dhabi or Jeddah. Patients will not even think about coming to Lebanon any more.”

On average, doctors' salaries in Lebanon are a fifth of what they were a year ago. Private hospitals are owed more than $1.3 billion in outstanding payments dating back to 2011.

It has led many professionals to look to the Gulf for long-term reliable careers.

Malvika Varma, head of human resources for Prime Hospital in Dubai, expects new opportunities to continue to arise.

"The demand in the UAE is always there and we continue to source from other Gulf countries, as well as India and the Philippines," she said.

“We are looking for intensive care roles, nurses and doctors in particular.

“Mostly we recruit doctors from Lebanon rather than nurses."

She said the hospital received many CVs and applications from professionals in Beirut.

“They want to get recruited and know it is a standard two-year contract, but most of the doctors end up staying longer and renew their contracts," she said.

Mariah Siddiqui, chief executive of Hasa Consulting, recruits doctors for hospitals across the UAE and reported an increase in demand from Lebanese professionals.

“Lebanon is well known for high-end doctors thanks to its medical education and training facilities,” Ms Siddiqui said.

“Healthcare is a main priority for growth here and there has been a significant increase in the amount of upcoming hospitals and world-class infrastructure.

“As a result, last year we saw an increase in the amount of inquiries from healthcare professionals in Lebanon expressing an interest to work in the UAE.”

The specs: 2018 Genesis G70

Price, base / as tested: Dh155,000 / Dh205,000

Engine: 3.3-litre, turbocharged V6

Gearbox: Eight-speed automatic

Power: 370hp @ 6,000rpm

Torque: 510Nm @ 1,300rpm

Fuel economy, combined: 10.6L / 100km

Profile

Company: Libra Project

Based: Masdar City, ADGM, London and Delaware

Launch year: 2017

Size: A team of 12 with six employed full-time

Sector: Renewable energy

Funding: $500,000 in Series A funding from family and friends in 2018. A Series B round looking to raise $1.5m is now live.

The specs
Engine: 2.5-litre, turbocharged 5-cylinder

Transmission: seven-speed auto

Power: 400hp

Torque: 500Nm

Price: Dh300,000 (estimate)

On sale: 2022 

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

SPECS

Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now

UAE central contracts

Full time contracts

Rohan Mustafa, Ahmed Raza, Mohammed Usman, Chirag Suri, Mohammed Boota, Sultan Ahmed, Zahoor Khan, Junaid Siddique, Waheed Ahmed, Zawar Farid

Part time contracts

Aryan Lakra, Ansh Tandon, Karthik Meiyappan, Rahul Bhatia, Alishan Sharafu, CP Rizwaan, Basil Hameed, Matiullah, Fahad Nawaz, Sanchit Sharma

Terror attacks in Paris, November 13, 2015

- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France

BELGIUM%20SQUAD
%3Cp%3EGoalkeepers%3A%20Thibaut%20Courtois%2C%20Simon%20Mignolet%2C%20Koen%20Casteels%0D%3Cbr%3E%0D%3Cbr%3EDefenders%3A%20Jan%20Vertonghen%2C%20Toby%20Alderweireld%2C%20Leander%20Dendoncker%2C%20Zeno%20Debast%2C%20Arthur%20Theate%2C%20Wout%20Faes%0D%3Cbr%3E%0D%3Cbr%3EMidfielders%3A%20Hans%20Vanaken%2C%20Axel%20Witsel%2C%20Youri%20Tielemans%2C%20Amadou%20Onana%2C%20Kevin%20De%20Bruyne%2C%20Yannick%20Carrasco%2C%20Thorgan%20Hazard%2C%20Timothy%20Castagne%2C%20Thomas%20Meunier%0D%3Cbr%3E%0D%3Cbr%3EForwards%3A%20Romelu%20Lukaku%2C%20Michy%20Batshuayi%2C%20Lo%C3%AFs%20Openda%2C%20Charles%20De%20Ketelaere%2C%20Eden%20Hazard%2C%20Jeremy%20Doku%2C%20Dries%20Mertens%2C%20Leandro%20Trossard%3C%2Fp%3E%0A
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3ESmartCrowd%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ESiddiq%20Farid%20and%20Musfique%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%20%2F%20PropTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24650%2C000%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2035%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EVarious%20institutional%20investors%20and%20notable%20angel%20investors%20(500%20MENA%2C%20Shurooq%2C%20Mada%2C%20Seedstar%2C%20Tricap)%3C%2Fp%3E%0A

 

 

 

Second Test

In Dubai

Pakistan 418-5 (declared)
New Zealand 90 and 131-2 (follow on)

Day 3: New Zealand trail by 197 runs with 8 wickets remaining

What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

Sustainable Development Goals

1. End poverty in all its forms everywhere

2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture

3. Ensure healthy lives and promote well-being for all at all ages

4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all

5. Achieve gender equality and empower all women and girls

6. Ensure availability and sustainable management of water and sanitation for all

7. Ensure access to affordable, reliable, sustainable and modern energy for all

8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all

9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation

10. Reduce inequality  within and among countries

11. Make cities and human settlements inclusive, safe, resilient and sustainable

12. Ensure sustainable consumption and production patterns

13. Take urgent action to combat climate change and its effects

14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development

15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss

16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels

17. Strengthen the means of implementation and revitalise the global partnership for sustainable development

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

Total eligible population

About 57.5 million people
51.1 million received a jab
6.4 million have not

Where are the unvaccinated?

England 11%
Scotland 9%
Wales 10%
Northern Ireland 14% 

Company Profile

Founders: Tamara Hachem and Yazid Erman
Based: Dubai
Launched: September 2019
Sector: health technology
Stage: seed
Investors: Oman Technology Fund, angel investor and grants from Sharjah's Sheraa and Ma'an Abu Dhabi

GREATEST ROYAL RUMBLE CARD

The line-up as it stands for the Greatest Royal Rumble in Saudi Arabia on April 27

50-man Royal Rumble

Universal Championship
Brock Lesnar (champion) v Roman Reigns

Casket match
The Undertaker v Rusev

Intercontinental Championship
Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe

SmackDown Tag Team Championship
The Bludgeon Brothers v The Usos

Raw Tag Team Championship
Sheamus and Cesaro v Bray Wyatt and Matt Hardy

United States Championship
Jeff Hardy (champion) v Jinder Mahal

Singles match
Triple H v John Cena

To be confirmed
AJ Styles will defend his WWE World Heavyweight title and Cedric Alexander his Cruiserweight Championship, but matches have yet to be announced

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EShaffra%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2023%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDIFC%20Innovation%20Hub%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3Emetaverse-as-a-Service%20(MaaS)%3Cbr%3E%3Cstrong%3EInvestment%3A%20%3C%2Fstrong%3Ecurrently%20closing%20%241.5%20million%20seed%20round%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3Epre-seed%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%20Abu%20Dhabi%20and%20different%20PCs%20and%20angel%20investors%20from%20Saudi%20Arabia%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3Enine%3C%2Fp%3E%0A

Top 5 concerns globally:

1. Unemployment

2. Spread of infectious diseases

3. Fiscal crises

4. Cyber attacks

5. Profound social instability

Top 5 concerns in the Mena region

1. Energy price shock

2. Fiscal crises

3. Spread of infectious diseases

4. Unmanageable inflation

5. Cyber attacks

Source: World Economic Foundation

Traits of Chinese zodiac animals

Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent   

Specs

Engine: Dual-motor all-wheel-drive electric

Range: Up to 610km

Power: 905hp

Torque: 985Nm

Price: From Dh439,000

Available: Now

Stan%20Lee
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20David%20Gelb%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
The specs

Engine: 6.2-litre supercharged V8

Power: 712hp at 6,100rpm

Torque: 881Nm at 4,800rpm

Transmission: 8-speed auto

Fuel consumption: 19.6 l/100km

Price: Dh380,000

On sale: now 

ENGLAND SQUAD

Goalkeepers Pickford (Everton), Pope (Burnley), Henderson (Manchester United)

Defenders Alexander-Arnold (Liverpool), Chilwell (Chelsea), Coady (Wolves), Dier (Tottenham), Gomez (Liverpool), James (Chelsea), Keane (Everton), Maguire (Manchester United), Maitland-Niles (Arsenal), Mings (Aston Villa), Saka (Arsenal), Trippier (Atletico Madrid), Walker (Manchester City)

Midfielders: Foden (Manchester City), Henderson (Liverpool), Grealish (Aston Villa), Mount (Chelsea), Rice (West Ham), Ward-Prowse (Southampton), Winks (Tottenham)

Forwards: Abraham (Chelsea), Calvert-Lewin (Everton), Kane (Tottenham), Rashford (Manchester United), Sancho (Borussia Dortmund), Sterling (Manchester City)

UK%20record%20temperature
%3Cp%3E38.7C%20(101.7F)%20set%20in%20Cambridge%20in%202019%3C%2Fp%3E%0A

Profile Periscope Media

Founder: Smeetha Ghosh, one co-founder (anonymous)

Launch year: 2020

Employees: four – plans to add another 10 by July 2021

Financing stage: $250,000 bootstrap funding, approaching VC firms this year

Investors: Co-founders

Miss Granny

Director: Joyce Bernal

Starring: Sarah Geronimo, James Reid, Xian Lim, Nova Villa

3/5

(Tagalog with Eng/Ar subtitles)

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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UAE v Ireland

1st ODI, UAE win by 6 wickets

2nd ODI, January 12

3rd ODI, January 14

4th ODI, January 16