• Sheikh Khaled bin Mohamed, Member of Abu Dhabi Executive Council and chairman of Abu Dhabi Executive Office, inaugurated the Fatima bint Mubarak Centre
    Sheikh Khaled bin Mohamed, Member of Abu Dhabi Executive Council and chairman of Abu Dhabi Executive Office, inaugurated the Fatima bint Mubarak Centre
  • The centre, at Cleveland Clinic Abu Dhabi, provides patients with personalised care, including screening and diagnostic testing
    The centre, at Cleveland Clinic Abu Dhabi, provides patients with personalised care, including screening and diagnostic testing
  • It has 32 exam rooms for multidisciplinary cancer consultations
    It has 32 exam rooms for multidisciplinary cancer consultations
  • The event was attended by Abu Dhabi officials, Mubadala Investment Company executives and senior guests
    The event was attended by Abu Dhabi officials, Mubadala Investment Company executives and senior guests

Sheikh Khaled opens new oncology centre at Cleveland Clinic Abu Dhabi


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Sheikh Khaled bin Mohamed, Member of Abu Dhabi Executive Council and chairman of Abu Dhabi Executive Office, has inaugurated the Fatima bint Mubarak Centre at Cleveland Clinic Abu Dhabi.

The new centre provides patients with personalised care, including screening and diagnostic testing, advanced radiation treatments and precision cellular therapies.

Modelled on Cleveland Clinic’s highly rated Taussig Cancer Centre in Cleveland, the 19,000-square-metre centre has a team of 150 nurses, physicians and radiologists.

It has 32 exam rooms for multidisciplinary cancer consultation, 24 private infusion rooms for administering medications intravenously, two procedure rooms and an area devoted exclusively to women's oncology services.

The naming of the oncology centre honours the leadership role played by Sheikha Fatima, Mother of the Nation, in the development of the UAE's healthcare sector.

“The Fatima bint Mubarak Centre provides patients access to world-class screening, cutting-edge diagnostics, and personalised treatment plans to improve their outcomes and quality of life,” said Waleed Al Muhairi, chairman of Cleveland Clinic Abu Dhabi and deputy group chief executive of Mubadala Investment Company.

“The opening of the centre represents a major milestone in the development of the region’s healthcare industry and enhances Abu Dhabi’s status as a global leader in the life sciences industry.”

Dr Jorge Guzman, chief executive of Cleveland Clinic Abu Dhabi, said the new centre “will transform the level of care available to cancer patients in the region and eliminate the need for them to travel overseas”.

“The facility will participate in worldwide clinical trial programmes benefiting from collaboration and expert knowledge sharing with partners across Cleveland Clinic’s global healthcare network.

“Cancer is currently the third most common cause of death in the UAE. The Fatima bint Mubarak Center will bring pioneering technologies and life-saving treatments to set a benchmark in the efficacy of cancer care in the region.”

The inauguration was attended by officials of the Abu Dhabi Government, members of Mubadala Investment Company’s leadership team and senior guests from local and international partners and organisations.

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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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Profile

Name: Carzaty

Founders: Marwan Chaar and Hassan Jaffar

Launched: 2017

Employees: 22

Based: Dubai and Muscat

Sector: Automobile retail

Funding to date: $5.5 million

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Director: Sriram Raghavan

Producer: Matchbox Pictures, Viacom18

Cast: Ayushmann Khurrana, Tabu, Radhika Apte, Anil Dhawan

Rating: 3.5/5

Updated: March 06, 2023, 3:39 PM