Pacific Islander scientist working in lab
A new cancer research centre set to open in tow years will serve 4,000 patients by 2027. Getty.

Health

New cancer research centre to launch in Dubai

Dubai Oncology and Research Centre to open its doors by 2020

The National

24 July, 2018

A new cancer centre of excellence is set to launch in Dubai by 2020 - offering specialised treatment to hundreds of patients battling the disease.

The Dubai Oncology and Research Centre will initially provide support to 700 patients - 35 per cent of the current number of diagnosed cancer patients in the emirate - with that number rising to 4,000 by 2027.

The centre of excellence is to be managed by Dubai Health Authority (DHA).

Humaid Al Qutami, director-general of DHA, said that the centre aims to provide state-of-the-art oncological services for all types of cancer and across all age groups under one roof, to reduce reliance on international centres.

Mr Al Qutami made the announcement during a visit to Dubai Hospital to inspect the centre’s progress. He revealed that while the centre will be diagnosing and treating all types of cancers, in its first phase it will focus on four types of cancer: breast cancer, colon cancer, lung cancer and prostate cancer.

During his visit, specialised doctors provided an overview of the progress of the centre. They highlighted that the establishment of an oncology and research centre in Dubai is greatly needed as cancer is the third most common cause of death in the UAE.

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Read more:

Cancer is one of the biggest killers in the UAE - and the cost of treatment can be a double blow

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Cancer patient overjoyed after Crown Prince of Dubai answers online plea to pay medical bill

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The new cancer centre of excellence will provide multi- specialised cancer treatment for UAE residents and medical tourists seeking treatment in Dubai.

Along with the launch of the centre, the DHA will also be putting in place strategic plans to decrease the prevalence of cancer, ensure early detection, provide quality diagnostic and treatment services, and raise awareness about the disease.

The centre will focus on providing specialised cancer research, creating a cancer patient database, promoting local and international collaborations in the field, utilising the best technology in the field and launching high-standard cancer training programmes that are on par with international standards.

Al Qutami said the centre is one of a series developmental projects set up to enhance Dubai’s health system - and put the city on the map as a leading destination for medical tourism.

He said that this is in line with the vision of Sheikh Mohammed bin Rashid, the Vice President, Prime Minister and Ruler of Dubai, to provide quality healthcare services and innovative solutions that meet the growing needs of the population.

Al Qutami also said that the centre will begin providing its services in 2020, in partnership with international bodies that specialise in the field of cancer treatment and diagnosis. He said the centre will be equipped with the latest state-of-the-art technologies and specialised medical cadres.

Al Qutami said that the DHA is continuing its strategy to create a first-class health model that will effectively contribute to the health of UAE nationals, residents and visitors by focusing on care and treatment and prevention of all diseases, including cancer.

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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.”

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Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries

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