An Abu Dhabi schoolboy's dream to help his brother's battle with epilepsy could become a reality - thanks to the support of a billionaire health boss.
Ahmed Al Romaithi, who is 15, has come up with an idea for a technology that would alert parents or caregivers if a child is having a seizure.
It is a cause close to the heart of the youngster, whose brother suffers from epilepsy.
“He would have a seizure in the middle of the night and we wouldn’t know about it,” he said.
The bid is set to get off the ground thanks to the support of VPS Healthcare, which has set up a million-dirham fund to support six healthcare projects developed by Emirati high school students.
Dr Shamsheer Vayalil, the founder and managing director of VPS Healthcare, was so impressed with the schemes of the six finalists in the competition, including that of Al Romaithi, he decided to fund all of them.
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Last October, a competition was launched for the best healthcare business plan in a partnership between the Abu Dhabi's Al Bayt Mitwahid Association and VPS healthcare. From 22 teams of over 100 Emirati high school students, six teams of 22 students made it to the finals. But there was to be no winner.
“While listening to the business plans presented by the students, Dr Shamsheer Vayalil was so impressed that he got up and said, 'I know I have to select one winner, but I want to fund all of your projects',” a VPS spokesperson said.
The cash will be used to set up business incubators for all of the projects. Business incubators are used to help fledgling companies or projects to develop by providing services such as management training and office space, offering the tools to put a plan into practice.
The students will also get the opportunity to visit The Wharton School at the University of Pennsylvania for a two-week intensive summer experience at The Global Young Leaders Academy (GYLA). The academy will give students a taste of accounting, marketing, management and finance. Students are required to develop a team-based business plan at the end.
The cost of the programme, Dh18,770, is being covered by Medeor 24x7 Hospital.
“We want to be a part of the community and help develop key opinion leaders from the younger generation to lead the evolution of the UAE healthcare industry,” says Dr. Arun Menon, Al Ain regional director of VPS Healthcare.
“Healthcare is not only about doctors and nurses. This business plan competition is a great platform for students to learn about the healthcare industry and make informed choices about their careers in the healthcare sector. We are truly amazed by the enthusiasm of the students and we are gearing up for much larger participation for this year’s competition,” Dr Menon said.
The students will go on their American journey from July 21 to August 4.
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The competition is all part of a bid to encourage more Emiratis to get involved in the health profession.
“Very few Emiratis are in healthcare and clearly that is a challenge. The reason, according to studies, are cultural as far as nurses are concerned because it isn’t seen as a prestigious profession and it can take up to 14 years of education [to qualify]. Lastly, they don’t see too many people like themselves in healthcare so that mentorship and role models isn’t there,” the VPS spokesperson said.
Last year's competition was a pilot programme, and there will be another version of the competition this year, open to all Emiratis across the UAE.
Abdulla Al Neyadi, chairman of Al Bayt Mitwahid’s executive committee, said that VPS is their first health partner. “Our main aim is to encourage Emirati students to join the healthcare sector and make them aware that joining this sector is not only about being a doctor, but there are many other professions, such as lab technician, radiologist, nurses, and so on.
“Im sure you rarely see Emirati lab technicians,” he said. According to the latest statistics there are only 124 female Emirati nurses out of more than 7,000 nurses in SEHA hospitals and only one Emirati male nurse.
“Ultimately this is a project that would benefit the private sector and the government,” he said.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
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.”
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
