King Charles III talks with Prof Magdi Yacoub at Buckingham Palace on November 24. Prof Yacoub was awarded the Order of Merit by Queen Elizabeth II in 2014. Reuters
King Charles III talks with Prof Magdi Yacoub at Buckingham Palace on November 24. Prof Yacoub was awarded the Order of Merit by Queen Elizabeth II in 2014. Reuters
King Charles III talks with Prof Magdi Yacoub at Buckingham Palace on November 24. Prof Yacoub was awarded the Order of Merit by Queen Elizabeth II in 2014. Reuters
King Charles III talks with Prof Magdi Yacoub at Buckingham Palace on November 24. Prof Yacoub was awarded the Order of Merit by Queen Elizabeth II in 2014. Reuters

Renowned surgeon Magdi Yacoub appointed honorary chancellor of British University in Egypt


Kamal Tabikha
  • English
  • Arabic

Renowned cardiologist Prof Magdi Yacoub has been appointed as the first honorary chancellor of the British University in Egypt.

The professor of cardiothoracic surgery at Imperial College London is the founder of the Magdi Yacoub Institute at Harefield Heart Science Centre in Uxbridge.

The 87-year-old is also one of Egypt’s most respected surgeons and one of its most charitable, having launched the Magdi Yacoub Heart Foundation in 2008 to provide medical services for the country's poor.

The university held an inauguration ceremony on Saturday night in Cairo attended by Farida Khamis — the chairwoman of its board of trustees — its President and Vice Chancellor Mohamed Lotfi, in addition to the British ambassador to Egypt, Gareth Bayley.

The ceremony was also attended by Egypt’s ministers of health, planning and economic development in addition to a deputy from the country’s Higher Education Ministry.

“It is an honour to have someone as inspirational and awe-inspiring as Prof Sir Magdi Yacoub as our first Inaugural Chancellor, and we would like to thank everyone for joining us at such a monumental and one-of-a-kind event,” the university said.

In a tweet posted on Saturday, Mr Bayley, who spoke at the ceremony, said his message to the audience was simple: "Be like Sir Magdi.”

Prof Yacoub, a British citizen, was knighted in the 1992 New Year Honours list and subsequently awarded the Order of Merit by Queen Elizabeth II in 2014.

In 1983, Dr Yacoub performed the UK's first combined heart and lung transplant. He went on to hold prominent positions at the British Heart Foundation, the National Heart and Lung Institute and Imperial College Faculty of Medicine.

His Magdi Yacoub Heart Foundation, funded mainly through donations, also provides free scientific, medical and nursing training.

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Who is Allegra Stratton?

 

  • Previously worked at The Guardian, BBC’s Newsnight programme and ITV News
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  • In October 2020 she was hired to lead No 10’s planned daily televised press briefings
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  • Ms Stratton, 41, is married to James Forsyth, the political editor of The Spectator
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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.

“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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Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

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The specs

Price, base / as tested Dh960,000
Engine 3.9L twin-turbo V8 
Transmission Seven-speed dual-clutch automatic
Power 661hp @8,000rpm
Torque 760Nm @ 3,000rpm
Fuel economy, combined 11.4L / 100k

Updated: June 20, 2023, 6:01 AM