Pakistani Christians attend a mass praying for the recovery of child activist Malala Yousafzai at a church in Lahore, Pakistan.
Pakistani Christians attend a mass praying for the recovery of child activist Malala Yousafzai at a church in Lahore, Pakistan.

UAE medical team flying Taliban-shooting victim Malala to UK



ABU DHABI // A UAE medical and air ambulance team took-off from Pakistan this morning flying Malala Yousafzai to the UK for specialist, long-term care.

Malala, 14, who was attacked on her school bus in the former Taliban stronghold of the Swat valley last Tuesday, was sent abroad at a time when her condition is "optimal and before any unforeseen complications set in", the military said.

The specialist air ambulance provided by the United Arab Emirates took off from Islamabad airport after daybreak, and Pakistan said an army intensive care specialist was accompanying her.

"Pakistan has arranged with the UAE for a specially equipped air ambulance to transfer Malala to the UK," it said in a statement.

UAE officials have been working closely with Pakistani authorities to arrange for the specialised care and Malala’s transfer has been coordinated closely between the two governments.

"The attempt on Malala's life was not only an attack on a defenceless child, it was an attack on her and every girl's right to a future unlimited by prejudice and oppression," Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, said last night.

“Her assailants must be universally denounced and brought to justice. Malala bravely confronted extremists in their attempts to ban girls from attending school. We must all stand with Malala in promoting tolerance and respect.”

Two Taliban gunmen shot Malala and two classmates on their school bus in the town of Mingora in the Swat Valley on October 9.
Doctors removed a bullet from her neck and she is on a ventilator in a military hospital.

Doctors have reduced Malala’s medication and she can move her legs and hands. They also yesterday removed her ventilator for a "successful" short trial.

The army said that a panel of Pakistani doctors and international experts now agreed that Malala needs "prolonged care to fully recover from the physical and psychological effects of trauma that she has received".

It is also expected that in due time damaged bones in her skull will need to be repaired or replaced, and that she will need "long-term rehabilitation, including intensive neuro-rehabilitation".

Pakistan has not disclosed the name or location of the centre where Malala will be treated, but said it had the "capability to provide integrated care to children who have sustained severe injury".

Malala is an advocate for education and women's rights who spoke out about the Taliban's activities in the north-west Swat Valley.

azacharias@thenational.ae
* With additional reporting by the Associated Press and Agence France-Presse

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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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