Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has given a grant to fund research into Type 1 diabetes. Photo: Crown Prince Court Abu Dhabi
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has given a grant to fund research into Type 1 diabetes. Photo: Crown Prince Court Abu Dhabi
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has given a grant to fund research into Type 1 diabetes. Photo: Crown Prince Court Abu Dhabi
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has given a grant to fund research into Type 1 diabetes. Photo: Crown Prince Court Abu Dhabi

Sheikh Mohamed gives grant to Harvard Stem Cell Institute for diabetes research


Sarah Forster
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The Harvard Stem Cell Institute has been given a grant by Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces to advance research into Type 1 diabetes.

Sheikh Mohamed's global health initiative, Reaching the Last Mile, works to end diseases and supports the development of innovative research and technology. The grant given to the Douglas Melton Laboratory at the prestigious Ivy League university will help fund research into beta-cell replacement therapy, which is at the forefront of potential cures for Type 1 diabetes.

“The promising results we’ve seen with stem cell-derived islet cells could deliver a life-changing therapy for people who suffer from the relentless life-long burden of Type 1 diabetes," said Dr Douglas Melton, co-director of the Harvard Stem Cell Institute.

If our strategies are successful this will lead to a future where beta-cell therapy becomes the standard treatment for patients with diabetes
Dr Douglas Melton,
Harvard Stem Cell Institute

"If our strategies are successful this will lead to a future where beta-cell therapy becomes the standard treatment for patients with diabetes.”

According to the World Health Organisation, about 422 million people worldwide have diabetes, and 1.6 million deaths are directly attributed to diabetes each year. Both the number of cases and the prevalence of diabetes have been steadily increasing over the past few decades.

“In the United Arab Emirates we strongly believe in the value of collaboration and advancement," said Sheikh Theyab bin Mohamed bin Zayed, chairman of Abu Dhabi Crown Prince Court.

“It is only through daring innovation that we can find new solutions to critical issues and help fulfil our commitment to advancing health and improving life for people around the globe.”

Type 1 diabetes is caused by the absence of insulin-producing beta cells, which are destroyed by the immune system through mechanisms that are still not known. While patients can manage diabetes, there is currently no cure.

The first milestone project will be making beta cells that evade immune elimination.

The announcement, made on Tuesday, also said two Emirati research fellows would join the Douglas Melton Lab, with the opportunity to take part in research and work to develop a breakthrough cure for diabetes.

“The opportunity for two Emiratis to join the Melton Lab as research fellows will be a cultural and academic enrichment to all those involved," said Dr Fatima Al Kaabi, from the Abu Dhabi Stem Cell Centre.

"We are looking forward to appointing the best individuals from our talented pool of academics, who we hope can help the team accelerate their research in finding a cure for Type 1 diabetes.”

Foods that help tackle diabetes – in pictures

  • People who have diabetes should eat plenty of fresh vegetables and avoid fried and sugary foods.
    People who have diabetes should eat plenty of fresh vegetables and avoid fried and sugary foods.
  • Tuna is rich in omega-3 fatty acids and helps to manage diabetes because it can lower inflammation and improve blood sugar control. Silvia Razgova / The National
    Tuna is rich in omega-3 fatty acids and helps to manage diabetes because it can lower inflammation and improve blood sugar control. Silvia Razgova / The National
  • Replacing processed foods with fresh, home-cooked meals brings many health benefits. Antonie Robertson / The National
    Replacing processed foods with fresh, home-cooked meals brings many health benefits. Antonie Robertson / The National
  • Berries are beneficial for people with diabetes because they are packed with antioxidants and fibre. iStockphoto
    Berries are beneficial for people with diabetes because they are packed with antioxidants and fibre. iStockphoto
  • Greek salads made with lettuce, onions, tomatoes and cucumbers are low in calories, high in nutrients and help regulate blood sugar levels.
    Greek salads made with lettuce, onions, tomatoes and cucumbers are low in calories, high in nutrients and help regulate blood sugar levels.
  • The good fats in avocados can help you prevent diabetes complications, such as heart attacks and strokes, and help your body to use insulin more effectively.
    The good fats in avocados can help you prevent diabetes complications, such as heart attacks and strokes, and help your body to use insulin more effectively.
  • Citrus fruits can lower blood sugar levels. Pawan Singh / The National
    Citrus fruits can lower blood sugar levels. Pawan Singh / The National
  • Walnuts can be a good snack for people with type-2 diabetes. They may help to prevent heart disease, control blood sugar levels and aid weight loss.
    Walnuts can be a good snack for people with type-2 diabetes. They may help to prevent heart disease, control blood sugar levels and aid weight loss.
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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.”

Company profile

Date started: December 24, 2018

Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer

Based: Dubai Media City

Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)

Sector: ConsumerTech and FinTech

Cashflow: Almost $1 million a year

Funding: Series A funding of $2.5m with Series B plans for May 2020

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Company%20profile
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%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Nag%20Ashwin%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EPrabhas%2C%20Saswata%20Chatterjee%2C%20Deepika%20Padukone%2C%20Amitabh%20Bachchan%2C%20Shobhana%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E%E2%98%85%E2%98%85%E2%98%85%E2%98%85%3C%2Fp%3E%0A
While you're here
Financial considerations before buying a property

Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.

“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says. 

Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.

Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier. 

What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

Updated: February 08, 2022, 9:37 AM