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A 100-bed floating hospital has set sail from the UAE to provide crucial medical support to Palestinian patients affected by the Israel-Gaza war.
The repurposed vessel – which has 100 medical and administrative staff on board – will be docked off the coast of the Egyptian city of Al Arish to support relief efforts for Gaza.
The hospital has operating rooms, intensive care facilities, a laboratory, a pharmacy and medical warehouses.
The vast ship, which sailed from Khalifa Port, also boasts an evacuation plane and boat and fully equipped ambulances to transport patients.
It has been established in partnership with Abu Dhabi Department of Health and the Abu Dhabi Ports Group.
Its healthcare team have a range of specialities, including anaesthesia, general surgery, orthopaedics, nursing and emergency care.
The delivery of the hospital is part of the UAE's continuing humanitarian campaign – known as Gallant Knight 3 – ordered by President Sheikh Mohamed and aimed at providing a vital lifeline to the people of Gaza.
In December, the UAE established a field hospital in the Gaza Strip to help ease the significant pressure placed on Gaza's health service by a conflict now in its fifth month.
More than 3,500 patients have been treated at the 150-bed hospital, which is used for general surgery and orthopaedics, and offers anaesthetic services and intensive care for children and adults.
It also offers internal medicine, dentistry, family medicine and psychiatric treatment.
It is being operated with the support of the Khalifa Bin Zayed Al Nahyan Foundation, the Zayed Bin Sultan Al Nahyan Charitable and Humanitarian Foundation, and the Emirates Red Crescent.
UAE delivers support
The UAE has offered essential financial and humanitarian assistance since the war broke out on October 7.
On Saturday, the UAE sent a ship to Gaza carrying aid, including 4,500 tonnes of food, medicine, shelter materials and essentials for women and children.
The UAE President on Saturday ordered $5 million in financial aid to support humanitarian efforts to reconstruct Gaza, which has been heavily damaged by the war.
Sheikh Mohamed had previously pledged to provide treatment for 1,000 wounded Palestinian children and 1,000 cancer patients from the Gaza Strip in UAE hospitals.
Dozens more wounded Palestinian children and cancer patients arrived in the UAE for treatment on Wednesday.
The group of 86 patients – accompanied by family members – were evacuated from Gaza and transported to the Emirates from Al Arish Airport in Egypt.
They landed at Abu Dhabi International Airport and were taken to hospital.
It is the 10th group of Gazans to arrive in the Emirates for medical treatment under Gallant Knight 3.
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Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
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Results:
6.30pm: Handicap (Turf) | US$175,000 2,410m | Winner: Bin Battuta, Christophe Soumillon (jockey), Saeed bin Suroor (trainer)
7.05pm: UAE 1000 Guineas Trial Conditions (Dirt) | $100,000 | 1,400m | Winner: Al Hayette, Fabrice Veron, Ismail Mohammed
7.40pm: Handicap (T) | $145,000 | 1,000m | Winner: Faatinah, Jim Crowley, David Hayes
8.15pm: Dubawi Stakes Group 3 (D) | $200,000 | 1,200m | Winner: Raven’s Corner, Richard Mullen, Satish Seemar
8.50pm: Singspiel Stakes Group 3 (T) | $200,000 | 1,800m | Winner: Dream Castle, Christophe Soumillon, Saeed bin Suroor
9.25pm: Handicap (T) | $175,000 | 1,400m | Winner: Another Batt, Connor Beasley, George Scott
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.”
