DUBAI // Princess Haya bint Al Hussein has said that the nation’s ageing population is one of the most significant health challenges facing the country.
On Thursday, the wife of Sheikh Mohammed bin Rashid, Vice President and Prime Minister of the UAE and Ruler of Dubai, said it is a collective responsibility of those living in the country to care for the elderly, both now and in the future.
“There is growing evidence that the current local system will be unsustainable if not changed over the next 20 years,” she said. “Health care is changing. And most of these changes are the effect of ageing.”
Princes Haya, the chairwoman of Dubai Healthcare City Authority, gave the keynote speech at the Leaders in Health Care conference, which this year focused on geriatric care in the Middle East.
She joked that she could relate to an ageing population, telling delegates: “Like Arab Health, I have just had my 40th birthday. Surprisingly it was far less painful procedure than I expected it to be.”
However, she said an ageing population is a serious matter that need to be addressed urgently.
Those over the age of 60 make up a little more than 1 per cent of the UAE population, but their numbers are growing rapidly. Delegates heard this is expected to increase to 34 per cent by 2050.
With the number of elderly people requiring health care set to soar, the Emirate needs to better its infrastructure to provide the right and best care for its ageing population, she said.
“The UAE has come far in its delivery of healthcare,” she said. “However of course there remains much to do.”
“It is a truth that we are getting older. Today approximately 12 per cent of the world’s population are aged 60 or over. That is roughly 800 million people — a number forecast to be 1.4 billion by 2030.
“Although it is difficult to be exact it is likely 25 per cent of the world’s population will be over the age of 60 by 2050. That is over 2 billion people.”
Ageing affects all countries, she said.
“No country is immune. Of course an ageing population is good and living longer is a sign of progress and something we should be proud of. However, with ageing comes declining health that stretches healthcare resources.”
This will lead to a crisis in the future of healthcare if not addressed, she said.
“To make our healthcare system sustainable and future proof we must understand the challenge an ageing population presents to our healthcare and welfare systems. We must have clear visions of what these systems will look like in the next three to four decades.
“We must take an undertaking of the needs of older people which cannot be done without their direct involvement in the design and delivery of services that meets their needs.”
A healthy ageing population will help the UAE in its vision to become a leader in healthcare, she said.
“Across the Emirates, particularly in Dubai, we are concentrating on delivering the best healthcare possible in close collaboration with you — our talented healthcare professionals in keeping our nation healthy and disease free. Together with our partners we strive to deliver patient centred care.
“As we are often reminded by His Highness Sheikh Mohammed bin Rashid Al Maktoum, success does not come easily and certainly requires more than just luck.
“It requires a good strategy with clear objectives and the right financial and human resources, careful planning, focus and dedication. But most of all it requires desire and dedication.”
Speaking about lifestyle diseases, Princess Haya urged everyone to take care of themselves and maintain a healthy lifestyle — pointing to the “sobering statistic” that 36 per cent of deaths in Emirates are due to heart attacks and diabetes.
She added that healthcare systems must be transparent to ensure patient safety and trust, she said, while a strong digital background is needed to allow for the easy exchange of information and to strengthen healthcare systems.
Princess Haya also addressed the need for more studies and data to support an evolving healthcare system.
“We are now in a position to significantly increase the number of peer reviewed publications collecting statistics and data on diseases relevant to our population. We must create our own world of data and forge ahead.”
She also spoke about a struggle to train and recruit specialists leading to shortage.
“We need to encourage a generation who all have their own place in the healthcare spectrum,” she said.
Princess Haya said the UAE had plans in place to build educational institutions to train home-grown talent.
“All of this framework will take us far. But only so far. To go further we need to create a climate, a real climate of change.”
She asked the audience to consider two important questions.
“If you lost your respected elder early on in life — what would you be most proud of if they came back today? The second is as you progress in life what is the truest lesson — one that maybe stemmed from regret — that you have learnt?”
She recounted her husband’s answer to the first question.
“He said if His Highness Sheikh Rashid or His Highness Sheikh Zayed would come back today, he would not show them the tall buildings or the cutting edge modern infrastructure around the city. He would show them the real achievements of those that have touched the lives of human beings for the better.”
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Formula Middle East Calendar (Formula Regional and Formula 4)
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Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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Profile
Company name: Jaib
Started: January 2018
Co-founders: Fouad Jeryes and Sinan Taifour
Based: Jordan
Sector: FinTech
Total transactions: over $800,000 since January, 2018
Investors in Jaib's mother company Alpha Apps: Aramex and 500 Startups
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.”