Shattered dreams



ABU DHABI // Before his accident, Ahmed Matrooshi was on the verge of making the UAE’s national football team and had a year left of school before graduating.

Instead, the 19-year-old Emirati is now an amputee and has suffered devastating injuries that have ended his dreams of playing the sport again – a direct consequence of being in a speeding car while not wearing a seatbelt.

The father of the Sharjah-born teenager, who declined to give his name, said his son and friends were socialising on the Corniche in Kalba, Sharjah, on November, 29, 2012, when Ahmed’s life changed.

“At the time of the accident, they were speeding and racing another vehicle when they crashed into the traffic light pole,” he said. “All four friends were unrestrained by seatbelts.

“The driver was not licensed and sustained a broken leg, and the two back-seat passengers were fortunate enough to not suffer any injuries.” However, it was Ahmed, sitting in the front passenger seat, who suffered the most. To his father, the list of his injuries seemed endless: a severe traumatic brain injury, severe injuries to his lower left leg resulting in its amputation below the knee, multiple other fractures, several muscle contusions and multiple damage to ligaments and tendons.

“I struggle with sadness when I leave Ahmed after visiting,” said his father. “I feel like I am missing one of my sons.”

After receiving rehabilitation treatment in Germany for a year-and-a-half after the accident, Ahmed is now at Amana Healthcare in Al Ain.

“He has a minimal state of consciousness and is dependent for all activities of daily living,” said his father. “Due to the length of time since his injury, this is unlikely to change.”

“Don’t drive if you do not have a licence and wear your seatbelt,” he added.

newsdesk@thenational.ae

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Thalassaemia is part of a family of genetic conditions affecting the blood known as haemoglobin disorders.

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The condition mainly affects people of Mediterranean, South Asian, South-East Asian and Middle Eastern origin. Saudi Arabia recorded 45,892 cases of carriers between 2004 and 2014.

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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.”