A determined Dubai adventurer who bounced back from two major heart operations has overcome adversity once again after battling freezing temperatures and high winds on an epic 5,000-metre mountain climb in the Himalayas.
Shadi Joweihan, 49, was forced to call in helicopter rescue as wind speeds reached more than 70kph in one of the coldest Nepalese winters in recent years.
The resilient Australian, who has called Dubai home for 28 years, fell agonisingly short of his goal of reaching the 6,119-metre summit of Lobuche East, in the Khumbu region.
But he accomplished his mission of showing people they can continue to live life to the full, even if they encounter setbacks along the way.
Mr Joweihan was diagnosed with a faulty heart valve in 2012. He returned to Sydney for open heart surgery in 2014 and had a follow-up procedure two years later to allow him to maintain his active lifestyle.
The two week expedition that left Dubai for the Himalayas on December 14 came to a premature end due to treacherous climbing conditions that forced many other experienced mountaineers to also abandon hopes of reaching the summit.
Mr Joweihan, who is due back in the UAE on a FlyDubai flight this week, said he was glad to be returning to his family in one piece.
“The team said it was the coldest year they have had for some time, with wind speeds at 70kph lifting our tents off the ground from where we were rescued from,” he said.
“We were supposed to come down but I had bad altitude sickness and it was getting dark quickly so we had to make camp.
“Our helicopter could not come into land to take us off so we have to use another specialist rescue company to get us to Lukla and the airport there.
“There were a lot of other experienced mountaineers who also failed to summit and were forced off due to the extreme weather.”
Because of his oxygen saturation levels dropping dangerously low, and his prior heart condition, the decision was made to abort the expedition and return home.
There was much to proud of, however, as the team displayed Australian and UAE flags at 5,400km above the ground. It is a higher point than the Mount Everest base camp, at 5,364 metres, as well as summits of Mont Blanc — 4,809 metres — and the Matterhorn in Switzerland, at 4,478 metres.
Climber aims to inspire others
Mr Joweihan hopes his story will encourage more people to get checked out for hidden heart conditions, and inspire recovering cardiac patients to lead a normal, active life post surgery.
“Because of my heart issues I was put on oxygen,” he said.
“I thought the worst would happen, and recorded a video for my little girl.
“The scary thing was it was very remote, we had a phone signal but not all the time. If a rescue helicopter couldn’t find us there was nothing they could do.
“The experience alone set new heights for me. I was experimenting with my body to see what is possible.
“There was a risk element, but it had to be a strong message to show what is possible.
“Hopefully it will encourage more people to get their hearts checked.
“I have gone through this and I am living my life. I have no regrets.”
PROFILE BOX
Company name: Overwrite.ai
Founder: Ayman Alashkar
Started: Established in 2020
Based: Dubai International Financial Centre, Dubai
Sector: PropTech
Initial investment: Self-funded by founder
Funding stage: Seed funding, in talks with angel investors
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Retirement funds heavily invested in equities at a risky time
Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.
Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.
The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.
The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.
Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.
The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.
• Bloomberg
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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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