When Dubai resident Shayani Madushika felt a slight itch and pain in her left breast last July, she quickly feared the worst.
Initially brushing it off as nothing untoward, the mother-of-two decided to consult a doctor, mainly for reassurance, as the pain persisted and a lump had formed.
Ms Madushika, 44, had only recently moved from Sri Lanka to Dubai with her two children to join her husband but her life was turned upside-down only days after that initial appointment, when she received a diagnosis that the small lump was a cancerous tumour.
The doctors, nurses and all medical staff have been nothing but wonderful
Shayani Madushika,
cancer survivor
“Life was normal in Dubai,” she said. "The kids continued their schooling online and we were happy to be together again as a family.
“But on July 28, I felt a slight itch on my left breast above the nipple area. I then felt it was a little hard, like a lump. I felt numb [with worry].”
After several tests, doctors confirmed the presence of a tumour and informed Ms Madushika that it needed to be removed.
“The radiologist's test results came back and showed a suspicious lump,” she said. "[I was advised to get] a biopsy to confirm what exactly it was.
“Everything was happening so fast and additional test results confirmed that the lump was cancerous.
“I felt like I was given a death sentence.”
Having only recently moved to Dubai, she had no medical insurance and limited funds to hand.
Sri Lanka was in the midst of its worst economic crisis in decades and although the couple had put in a request to withdraw their savings from their bank back home, it was rejected.
Fearing this would delay her recommended treatment, she began to feel helpless.
“Doctors confirmed I did not need to undergo chemotherapy but said I needed to start a three-week bout of radiation,” she said.
“When I inquired about the costs of treatment, it was extremely expensive.”
Her doctor recommended she get in touch with the Al Jalila Foundation in Dubai, which could help with the costs of the treatment.
After attending the foundation’s Majlis Al Amal, a cancer drop-in centre dedicated to supporting female patients, she met many women who were in a similar situation.
“The foundation is absolutely amazing,” she said. "In a matter of a few days, my request was approved and I was set to have my radiation treatment in the best hospitals in UAE. I felt blessed."
Not only did the foundation cover the cost of the treatment, she said the emotional support she received through the Majlis helped her to maintain a positive attitude throughout.
“I am ever so grateful to the Al Jalila Foundation for funding the total cost of my radiation treatment,” she said.
“I was blessed to have been in UAE for the treatment. The doctors, nurses and all medical staff have been nothing but wonderful.
“I have never received or seen that kind of kindness and patience.”
In December, Ms Madushika underwent her last radiation session and doctors confirmed that the cancer had not spread.
Speaking to The National, Dr Abdulkareem Al Olama, chief executive of Al Jalila Foundation, said breast cancer was the most common form of the disease affecting women in the UAE.
“[It makes up] 38 per cent of all female cancers,” he said. "A breast cancer patient knows first-hand just how valuable having the right treatment to fight the disease is.
“Al Jalila Foundation consider it a privilege not only to be in a position to provide financial medical assistance to patients like Shayani, but also to offer emotional support through our Majlis Al Amal community.”
Ms Madushika has since returned to Sri Lanka so her children can attend in-person classes but said being in Dubai at the time of her diagnosis saved her life.
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.”
Profile Box
Company/date started: 2015
Founder/CEO: Mohammed Toraif
Based: Manama, Bahrain
Sector: Sales, Technology, Conservation
Size: (employees/revenue) 4/ 5,000 downloads
Stage: 1 ($100,000)
Investors: Two first-round investors including, 500 Startups, Fawaz Al Gosaibi Holding (Saudi Arabia)
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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