A global health chief has lauded Sheikh Mohamed bin Zayed for his leading role in the fight to eradicate polio.
Tedros Adhanom Ghebreyesus, director general of the World Health Organisation, said the Crown Prince of Abu Dhabi's contribution was crucial to realising the long-held goal.
The UAE has been at the forefront of efforts to drive down infection rates across the world in recent years through a major vaccination programme.
Sheikh Mohamed bin Zayed, also Deputy Supreme Commander of the Armed Forces, has pledged more than $250 million (Dh918m) to combating the debilitating disease in high-risk areas in Pakistan and Afghanistan, the only two countries in which polio is still in existence.
"I extend my sincere thanks and gratitude to His Highness Sheikh Mohamed bin Zayed for the support of the UAE and its great contribution to the global efforts aimed at eradicating polio," Mr Adhanom said on Twitter.
"This goal can only be achieved with partners like you."
Polio, or poliomyelitis, is a disabling and life-threatening disease caused by the poliovirus.
The virus spreads from person to person and can infect the spinal cord, causing paralysis.
Vaccines can be hugely effective in safeguarding the lives of children against the threat of polio.
According to the US-based Centres for Disease Control and Prevention, 99 per cent of children who receive all recommended doses of the inactivated polio vaccine will be protected against the virus.
The Emirates Polio Campaign, established in 2014 under the directives of President Sheikh Khalifa and Sheikh Mohamed, has provided vital assistance to Pakistan.
Since its launch, the campaign has delivered more than 483 million polio vaccines, reaching 86 million children across the country.
In marking World Polio day on Saturday, Sheikh Mohamed commended the work of health workers during the unique challenges of a pandemic.
Between July and September this year, 28 million vaccine doses were delivered and more than 16 million children were reached by the Emirates Polio Campaign, he said.
“Never has the world been closer to eradicating polio. Today, wild polio can only be found in Afghanistan and Pakistan,” Sheikh Mohamed said on Twitter.
Nigeria officially eliminated polio last year, moving the world a step closer to defeating the disease.
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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.”
