The health tech iand innovation is seeing a boost following the coronavirus outbreak. Getty Images
The health tech iand innovation is seeing a boost following the coronavirus outbreak. Getty Images
The health tech iand innovation is seeing a boost following the coronavirus outbreak. Getty Images
The health tech iand innovation is seeing a boost following the coronavirus outbreak. Getty Images

Be patient as offices figure out how to manage Covid-19


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In reference to Sultan Al Jaber: capability, crisis management and connectivity key amid Covid-19 crisis (May 16): this was nicely put across, and we do have to be patient.

Danish Saleem Khan, Abu Dhabi

Before a second wave, protect the elderly by reverse isolating

I write to you in regard to Kelly Clarke's report Coronavirus: Abu Dhabi issues guidelines for people returning to work (May 15): several countries are preparing to ease their lockdowns but coming out of them without protecting the vulnerable could be detrimental. The elderly are particularly at risk since they have more chronic illnesses than the young and a weakening immune system due to ageing. WHO reports that over 95 per cent of Covid-19 deaths in Europe occurred in those older than 60 years. More than 50 per cent of all fatalities involved people aged 80 years or older.

If countries lift their lockdowns without reverse isolating the elderly, mortalities could increase during the possible second peak of the pandemic. Therefore, it may be wise to allow healthy individuals less than 60 years to get exposed and develop immunity. But those who get infected could be asymptomatic, hence they should practice social distancing with individuals over 60 years of age.

About six per cent of the people in the UAE are over 60 years. This is the population to be tested and isolated. Positive cases should be quarantined and monitored for severe symptoms.

Once the old are reverse quarantined, the young should be allowed to lead the ‘new normal’ life. Children should attend schools and economies should re-open. The young should be tested only if they are symptomatic. Hospitalisation should be reserved only for sick people, not for all positive cases.

However, for reverse isolating the elderly, there should be a system in place to address their health issues which include mental health problems that can arise due to isolation. It is time for us to protect and support our elders by providing access to food, supplies and medicines. We should help them stay connected and involved and feel less lonely.

Dr Praveen S Lal, specialist paediatrician, NMC Specialty hospital, Abu Dhabi

Finally some good news for Italy

With reference to the report Coronavirus: Italy to allow international travel from June 3 (May 16): Bergamo already opened. It was the worst hit area for Covid-19. The other places will open by June 3 as the numbers of infected people are going down fast for the last two weeks. That's why our lockdown ended and from May 18 all the shops, restaurants, etc will be open again, respecting social distance.

Antonia Tartaglia, Abu Dhabi 

This news made my day, my week, my month... I could not imagine summer without Italy – mountains, lakes, delicious food.

Victor Kolesnikov, Dubai 

UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EAlmouneer%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Dr%20Noha%20Khater%20and%20Rania%20Kadry%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EEgypt%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E120%3Cbr%3E%3Cstrong%3EInvestment%3A%20%3C%2Fstrong%3EBootstrapped%2C%20with%20support%20from%20Insead%20and%20Egyptian%20government%2C%20seed%20round%20of%20%3Cbr%3E%243.6%20million%20led%20by%20Global%20Ventures%3Cbr%3E%3C%2Fp%3E%0A
Profile of VoucherSkout

Date of launch: November 2016

Founder: David Tobias

Based: Jumeirah Lake Towers

Sector: Technology

Size: 18 employees

Stage: Embarking on a Series A round to raise $5 million in the first quarter of 2019 with a 20 per cent stake

Investors: Seed round was self-funded with “millions of dollars” 

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.”