Stroke is the third leading cause of death worldwide. According to statistics published by the World Health Organisation, ischaemic heart disease and stroke claimed a combined total of 15 million lives in 2015 alone. In the US, where someone has a stroke every 40 seconds and 140,000 die annually as a result of stroke. In the UAE, someone suffers a stroke every hour and most of the victims are under the age of 45. The spike in stroke-related deaths and disabilities is relatively recent, a consequence of obesity, stress and poor lifestyle choices. Last week, the Government announced its decision to fund cutting-edge stroke research and clinical care.
The Sheikh Khalifa Stroke Institute at the Johns Hopkins hospitals, which will open this spring in Abu Dhabi and Baltimore, will enable scientists to apply research and advances in biomedical engineering, artificial intelligence, neurosurgery and precision medicine to diagnose and treat stroke patients. The UAE government's $50 million gift to the project, the largest ever donation to a stroke-specific initiative, will help stroke patients while creating new avenues for scientific collaboration between the US and this country in healthcare. As Yousel Al Otaiba, the UAE's ambassador to Washington, told The National following the institute's launch event in New York on Thursday, "outside national security issues, healthcare is [the UAE's] primary focus, as foundation for a healthy society."
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As with international aid, this institute is a symbol of the this country's commitment to aiding and improving the world beyond its own shores. Nor is this the first time that the UAE has collaborated with Johns Hopkins. The Sheikh Zayed Cardiovascular and Critical Care Tower at Johns Hopkins, which opened in 2012, has done pioneering work in elevating care for patients of heart ailments. Beyond Johns Hopkins, the UAE also has important partnerships in healthcare with Susan Komen Breast Cancer Foundation and with the Cleveland Clinic. As Michael Bloomberg, the former mayor of New York, pointed out on Thursday to The National, though the UAE "is a small country, it has an impact much larger than its size", as affirmed, yet again, by the Sheikh Khalifa Stroke Institute.
Ultimately, stroke prevention is the best method of arresting mortality rates, and the UAE has been at the forefront of this fight, introducing a "sin tax" on tobacco and sugary products last year. Mr Bloomberg, who waged a successful political campaign to introduce his own version of the tax as mayor of New York, endorsed the UAE's initiative to "sway young people from smoking and becoming obese." The tax, he said, "shows the government actually cares" about saving people's lives. It is this quest for a healthy society that is at the heart of the Sheikh Khalifa Stroke Institute.
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PROFILE
Name: Enhance Fitness
Year started: 2018
Based: UAE
Employees: 200
Amount raised: $3m
Investors: Global Ventures and angel investors
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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.”
Company profile
Company: Verity
Date started: May 2021
Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif
Based: Dubai
Sector: FinTech
Size: four team members
Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000
Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors
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What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
Greatest Royal Rumble results
John Cena pinned Triple H in a singles match
Cedric Alexander retained the WWE Cruiserweight title against Kalisto
Matt Hardy and Bray Wyatt win the Raw Tag Team titles against Cesaro and Sheamus
Jeff Hardy retained the United States title against Jinder Mahal
Bludgeon Brothers retain the SmackDown Tag Team titles against the Usos
Seth Rollins retains the Intercontinental title against The Miz, Finn Balor and Samoa Joe
AJ Styles remains WWE World Heavyweight champion after he and Shinsuke Nakamura are both counted out
The Undertaker beats Rusev in a casket match
Brock Lesnar retains the WWE Universal title against Roman Reigns in a steel cage match
Braun Strowman won the 50-man Royal Rumble by eliminating Big Cass last
'Nope'
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