The eradication of polio is finally within our grasp

Last year just 22 cases of polio were reported to the World Health Organisation. This represents a tremendous victory against a cruel disease that in 1988 claimed 350,000 victims − mainly children under five − in 125 countries. Today, thanks to the success of a decades-long international vaccine programme, it retains a foothold in only three countries: Afghanistan, Pakistan and Nigeria. World Polio Day tomorrow, however, serves as a reminder that it is not yet time to celebrate.

The impact of the Global Polio Eradication Initiative, an unprecedented 30-year partnership of governments, institutions and other partners launched in 1988, cannot be overstated and demonstrates the power of collaboration under visionary leadership.

The UN estimates that the lives of 1.5 million children have been saved and that there are 16 million people walking the earth today who would otherwise have been paralysed by the disease for life.

All this, however, could be undone so long as a single child anywhere in the world remains infected with the polio virus.

If imported into a polio-free country, poliomyelitis could spread rapidly among unimmunised populations and the UN predicts that failure to completely eradicate the disease could result in as many as 200,000 new cases every year within the next 10 years.

There is no cure for polio, but it can be prevented with a vaccine which, administered multiple times, can protect against it for life.

Thanks to a range of factors, from violence and social unrest to cultural and religious barriers, thousands of children remain unvaccinated the countries where it is still a threat. So long as they do, millions more around the world are at risk.

In 2013 the Polio Eradication and Endgame Strategic Plan was unveiled at a global vaccine summit in the UAE, a nation that has worked tirelessly to get vaccines to more than 57 million children.

Since 2011, Sheikh Mohamed bin Zayed has donated $167 million to support global programmes dedicated to ending the disease.

That goal may not yet have been achieved, but it is within our grasp. It is now crucial that the global community, philanthropists and business leaders come together and make the final push to eliminate polio once and for all.

Stamping out this crippling virus, which affects some of the most vulnerable people on the planet, is a moral imperative that transcends national borders and requires a collective effort.

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.”

How it works

Each player begins with one of the great empires of history, from Julius Caesar's Rome to Ramses of Egypt, spread over Europe and the Middle East.

Round by round, the player expands their empire. The more land they have, the more money they can take from their coffers for each go.

As unruled land and soldiers are acquired, players must feed them. When a player comes up against land held by another army, they can choose to battle for supremacy.

A dice-based battle system is used and players can get the edge on their enemy with by deploying a renowned hero on the battlefield.

Players that lose battles and land will find their coffers dwindle and troops go hungry. The end goal? Global domination of course.

Red flags

Promises of high, fixed or 'guaranteed' returns.
Unregulated structured products or complex investments often used to bypass traditional safeguards.
Lack of clear information, vague language, no access to audited financials.
Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
Hard-selling tactics - creating urgency, offering 'exclusive' deals.

Courtesy: Carol Glynn, founder of Conscious Finance Coaching