DUBAI // Compulsory health insurance for all Dubai workers was one of the biggest strides forward in the health sector this year but there were other notable developments.
The year kicked off with the annual Arab Health conference in January, where representatives from across the region’s health sector attended the Dubai World Trade Centre to discuss the latest innovations.
The year will also be remembered for new health technologies, from wearable technology to monitor fitness and health biometrics, to robotics taking on delicate procedures once reserved for highly-skilled surgeons.
This year saw Robo Doc, an interactive hospital robot that can allow specialists to remotely examine and diagnose patients, be widely used at Hatta Hospital.
Meanwhile, other health conferences were further chances to show off the latest gadgets and gizmos. In October the REX robotic exoskeleton was on show at GITEX in Dubai, displaying how the mechanical suit was helping disabled people get out of their wheelchairs and walk.
Amana Healthcare is likely to be one of the first to be using the technology at its rehabilitation centres in Al Ain and Abu Dhabi in 2016.
The effect of compulsory health insurance for workers in Dubai, however, was perhaps the biggest change seen in the country this year.
In June, the first Emirati health-insurance programme to focus on prevention rather than cure launched in Dubai as part of Government efforts to improve the nation’s well-being.
The Saada scheme is for all Emiratis in Dubai who do not benefit from any other government-funded health-insurance cover and is expected to reach 130,000 people, offering them health care at 23 private hospitals and more than 500 medical clinics.
The mandatory health-insurance schemes for all employees was also gradually phased in during 2015.
Although health insurance was already compulsory for companies with more than 1,000 workers, phase two in July required companies with between 100 and 999 employees to insure the health of all employees. Companies with fewer than 100 workers have until the end of June next year to comply with the new regulations, or risk fines of up to Dh500,000.
The year also saw a commitment from the Dubai government to make the city more accessible to disabled people, laying out a five year plan that will see accessibility and attitudes within the workplace improve before Expo 2020 under the My Community initiative.
nwebster@thenational.ae
Read more on the UAE’s developments in 2015 in:
› Higher education: Universities make global ranks
› Education: A shift towards the sciences
The bio
Date of Birth: April 25, 1993
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School: Al Sufouh in Jumeirah, Dubai
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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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