Sheikh Tahnoon bin Zayed and David Printy, the president of Oasis Hospital, yesterday look at redevelopment designs that will see the number of beds quadruple at the facility.
Sheikh Tahnoon bin Zayed and David Printy, the president of Oasis Hospital, yesterday look at redevelopment designs that will see the number of beds quadruple at the facility.
Sheikh Tahnoon bin Zayed and David Printy, the president of Oasis Hospital, yesterday look at redevelopment designs that will see the number of beds quadruple at the facility.
Sheikh Tahnoon bin Zayed and David Printy, the president of Oasis Hospital, yesterday look at redevelopment designs that will see the number of beds quadruple at the facility.

Childhood spent inside Oasis Hospital


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  • Arabic

Al Ain // When she was only seven years old Kathleen Kennedy would hold a torch while her mother delivered babies at night.

"I wasn't scared, I just wanted to help in any way," she said, recalling her younger years at Oasis Hospital in Al Ain, founded 50 years ago by her parents, Pat and Marian Kennedy.

Back then, "every birth was a crisis", she said.

"My mother would have to sometimes sleep on a bed next to the patient, who would be bleeding or needed blood, then my father would connect them with tubes. She was O negative [a universal donor] - so perfect for all."

Kathleen, her sister Nancy and their brothers, Scott and Douglas, arrived from the United States with their parents on November 20, 1960. Sheikh Zayed, the late President of the UAE, donated his guest house to use as the hospital.

Nancy's earliest memory was of sleeping next to a baby fox. The cub was a gift from a grateful patient.

"We never asked for money," said Kathleen, who attended a ceremony yesterday with her sibling to mark the anniversary of the hospital.

"But with Arabs, they never wanted to feel like they were in debt. So they would do this out of honour," she said.

"These women were so patient back then and used to wait in Sheikh Zayed's guest house. They would sit for hours after travelling for days where there was no air conditioning."

Although Pat and Marian Kennedy had been trained as family doctors, there were times when they had to perform operations.

"When a bullet is shot at weddings, the bullet has to go somewhere," Kathleen said.

Yesterday's celebration, attended by Sheikh Tahnoon bin Zayed, was held at the Al Ain Palace Museum, his father's former home.

"I used to come here with my mum to visit Sheikha Fatima and her son Sheikh Mohammed," Nancy said.

"We were around the same age and grew up together. Back then the place was made of mud, not cement like today.

"Sheikh Mohammed was the sixth birth at the hospital. Of course we didn't know he would be a sheikh, but my mum was so proud later when we knew."

The sisters will spend the next few days visiting childhood friends who did not make it to the event. Their father died in 2000 and their mother in 2008.

"We already met many of our local friends when we got here, and some members of the Royal Family," said Nancy.

"When we sit together, we always laugh about how long it used to take us to go from one place to another. Every trip was an adventure."

Dr David Printy, the president and chief executive of Oasis Hospital, said he was thrilled the Kennedys had made it.

"In 1960, 35 per cent of women died in labour. Al Ain's population was 18,000 at that time and it was decreasing. The Kennedy family helped to put a stop to this.

"News of the Kennedys travelled across the region up to Syria, and we treated everyone, from labourers to Royal Family, whether they could pay or not."

When it was founded only 50 per cent of babies survived but now the infant mortality has been slashed to less than 1 per cent.

More than 90,000 babies have been born in the hospital, including Sheikh Mohammed bin Zayed, the Crown Prince of Abu Dhabi.

Today the hospital has 47 doctors and 50 private rooms. By 2012, the medical centre is expected to expand, with a Dh300 million hi-tech centre that will quadruple the number of beds.

During Kathleen's speech, which she delivered half in Bedu, she quoted her mother: "This is where we learnt to know some of the most wonderful people in the world."

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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.”

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
Results

Stage three:

1. Stefan Bissegger (SUI) EF Education-EasyPost, in 9-43

2. Filippo Ganna (ITA) Ineos Grenadiers, at 7s

3. Tom Dumoulin (NED) Jumbo-Visma, at 14s

4. Tadej Pogacar (SLO) UAE-Team Emirates, at 18s

5. Joao Almeida (POR) UAE-Team Emirates, at 22s

6. Mikkel Bjerg (DEN) UAE-Team Emirates, at 24s

General Classification:

1. Stefan Bissegger (SUI) EF Education-EasyPost, in 9-13-02

2. Filippo Ganna (ITA) Ineos Grenadiers, at 7s

3. Jasper Philipsen (BEL) Alpecin Fenix, at 12s

4. Tom Dumoulin (NED) Jumbo-Visma, at 14s

5. Tadej Pogacar (SLO) UAE-Team Emirates, at 18s

6. Joao Almeida (POR) UAE-Team Emirates, at 22s

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

All or Nothing

Amazon Prime

Four stars

War

Director: Siddharth Anand

Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor

Rating: Two out of five stars 

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BULKWHIZ PROFILE

Date started: February 2017

Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)

Based: Dubai, UAE

Sector: E-commerce 

Size: 50 employees

Funding: approximately $6m

Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait

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5.30pm: Wathba Stallions Cup (PA) Handicap; Dh70,000; 1,400m​​​​​​​
6pm: UAE Matyrs Trophy (PA) Maiden; Dh80,000; 1,600m​​​​​​​
6.30pm: Sheikha Fatima bint Mubarak (IFAHR) Apprentice Championship (PA) Prestige; Dh100,000; 1,600m​​​​​​​
7pm: Sheikha Fatima bint Mubarak (IFAHR) Ladies World Championship (PA) Prestige; Dh125,000; 1,600m​​​​​​​
8pm: Sheikh Zayed bin Sultan Al Nahyan Jewel Crown (PA) Group 1; Dh5,000,000; 1,600m