DHA collects Dh11million to treat poor hospital patients


Nick Webster
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  • Arabic

DUBAI // Financially struggling hospital patients have had their medical bills taken care of thanks to donations worth Dh11 million to the Dubai Health Authority's assistance programme this year.
Charities and members of the public have offered the cash, helping out 891 patients who would otherwise not have afforded a range of treatments and procedures.
The Mosaadah programme is a key initiative of the authority's Community and Humanitarian Services Department.
It has paid for procedures for both minor and life threatening conditions such as burns, heart problems and cancer treatments.
Patients from 46 nationalities benefited from the benevolence last year, up from 40 in 2013 and 34 the year before that.
Total numbers benefiting from the programme are also on the rise, almost trebling from 2012 when just 299 patients had their health care paid for.
Salim bin Lahej, DHA director of the community and humanitarian services section, said: "Since the inception of this programme in 2012, we have come a long way.
"Donors and volunteers have made a tremendous difference to the lives of these patients, several of whom are battling chronic-conditions but do not have the means to seek treatment."
In 2012 the programme helped collect Dh473,322, in 2013 it raised Dh2,879,849 and in 2014 donations worth Dh11,894,696 were received.
Of the 891 patients treated last year, 162 needed surgeries, 124 patients were provided one-time medical assistance and 145 patients received medications.
Other payments were made for general procedures including X-rays, tests and diagnostics, as well as hospital stays and physiotherapy.
"Often the cost of medication is quite expensive," Mr bin Lahej added.
"For example, patients seeking blindness prevention treatment require four to five injections over a course of few months and each injection is Dh10,000.
"Patients undergoing chemotherapy require several cycles of treatment, each costs approximately Dh8,000."
In 2014, seventeen patients received medical beds worth Dh79,700 and eight patients were provided with oxygen cylinders costing Dh40,100. Wheelchairs worth Dh32,000 were provided to 11 patients and one patient needed a custom-made prosthetic arm, with the fund paying the Dh9,500 bill.
Donations were raised from the Department of Islamic Affairs and Charitable Activities, Beit Al Khair, Dar Al Bar, Dubai Charity, Union Coop, Dubai Islamic bank Humanitarian Foundation, Awqaf and Minors Affairs Foundation and Axois International.
nwebster@thenational.ae

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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