Dr Dirk Kuhlmeier, co-founder of Fraunhofer Project Centre, second from right, took part in a panel discussion hosted by Hayat Biotech in Abu Dhabi. Photo: Hayat Biotech
Dr Dirk Kuhlmeier, co-founder of Fraunhofer Project Centre, second from right, took part in a panel discussion hosted by Hayat Biotech in Abu Dhabi. Photo: Hayat Biotech
Dr Dirk Kuhlmeier, co-founder of Fraunhofer Project Centre, second from right, took part in a panel discussion hosted by Hayat Biotech in Abu Dhabi. Photo: Hayat Biotech
Dr Dirk Kuhlmeier, co-founder of Fraunhofer Project Centre, second from right, took part in a panel discussion hosted by Hayat Biotech in Abu Dhabi. Photo: Hayat Biotech

UAE

German researchers look to conduct UAE clinical trials on quick TB breath analysers

Device hoped to be on the market within three years

Shireena Al Nowais

June 08, 2023

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Researchers will conduct clinical trials in the UAE on a breath analyser that is said to be able to detect tuberculosis (TB) in minutes.

Currently, there are two kinds of tests used to detect TB bacteria in the body – a skin test and a blood test, both of which take time to produce results.

A senior executive from Fraunhofer-Gesellschaft, a German research institution, said it is seeking approval to conduct clinical trials for the new breath analyser in the UAE and take advantage of the large variety of nationalities living in the Emirates.

"For us, luckily we can't do the test in Germany at all, because we don't have that many people having tuberculosis so it would be difficult to gain enough samples but here, you have many different nationalities to create the algorithm behind the diagnostics," said Dr Dirk Kuhlmeier, head of microdiagnostics unit at Fraunhofer-Gesellschaft, speaking on Tuesday.

Dr Kuhlmeier was speaking at an event in Abu Dhabi hosted by UAE-based Hayat Biotech to discuss the future of the UAE healthcare system and the role of the emirate on the international stage. Hayat Biotech is a joint venture between Sinopharm CNBG and G42.

Abu Dhabi is currently hosting hundreds of clinical trials at the moment, with researchers making use of the Emirati Genome Programme, which aims to provide preventive and personalised health care for the Emirati population, and the Malaffi system which has unified health services and patient information.

In January, Abu Dhabi opened a clinical trials centre at Sheikh Shakhbout Medical City to further medical research and help to establish the capital as a global hub for medicine.

TB is a disease caused by germs that are spread from person to person through the air. It usually affects the lungs, but it can also affect other parts of the body, such as the brain, the kidneys, or the spine. A person with TB can die if they do not get treatment.

In the UAE, all resident expats must undergo TB screening while renewing their residence visas.

Those found with scars or active TB or found to have drug-resistant TB will be issued a “conditional fitness certificate” and be issued a one-year residence visa and have to undergo treatment.

The number of tuberculosis infections in the UAE increased by 0.1 cases per 100,000 people in 2021. In total, the number of tuberculosis infections amounted to 0.82 cases per 100,000 population in 2021.

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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.”

Updated: June 08, 2023, 5:26 AM
UAE