Training hospital hopes to prepare next generation of Emirati doctors


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AJMAN // Preparing the next generation of Emirati doctors and nurses for a career in medicine is the aim of a multi-million dirham training hospital set to open in Ajman.

The facility forms part of expansion plans by the Gulf Medical University, which currently has 165 Emiratis enrolled on courses out of a 1,100 students.

Thumbay Moideen, founder and president of the university, hopes to see that figure increase significantly when the new hospital opens in 2017 or 2018.

“We encourage them to come,” said Mr Moideen. “The government of Ajman wants us to support Emiratis also. We also have a scholarship scheme for Emiratis. Anyone who’s weak financially can still join us because we want Emiratis.”

He said interest from citizens – who would otherwise enrol at the federal UAE University for their medical studies, as it does not charge fees – is growing.

“It’s very important for us. We are in this country and need to support the locals,” said Mr Moideen.

“It’s our duty to do it. Our Emirati graduates are out there all over the country doing very well in top positions, in [Ras Al Khaimah], Dubai, Ajman, Al Ain.”

Dr Hassan Galadari, an assistant professor of dermatology who trained and teaches at UAE University, said Emiratis would traditionally choose government universities for a variety of reasons.

“Historically, UAE nationals have preferred enrolling in UAE University. The school ranks high in research and teaching of its students. It has also established strong relationships with foreign medical schools for collaboration and student exchange.

“The other [medical] schools mainly target the expatriate population of the UAE,” said Dr Galadari.

“All are private and admission to some may be financially restrictive, but those schools are representative of the UAE general population. Nationals who usually enrol are those who are geographically closer to the institution and are able to afford it.

“Unlike expatriates, nationals tend to start a family earlier. This may actually affect them being enrolled in private schools as that may require them to take in loans.”

mswan@thenational.ae

Tearful appearance

Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday. 

Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow. 

She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.

A spokesman said her upset demeanour was due to a personal matter.

The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

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What are the regulations?
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The Gandhi Murder
  • 71 - Years since the death of MK Gandhi, also christened India's Father of the Nation
  • 34 - Nationalities featured in the film The Gandhi Murder
  • 7 - million dollars, the film's budget 
Mane points for safe home colouring
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Like a Fading Shadow

Antonio Muñoz Molina

Translated from the Spanish by Camilo A. Ramirez

Tuskar Rock Press (pp. 310)

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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.”