The Roger Salengro hospital where France's first victim of a Sars-like virus which the 65-year-old man who visited the UAE has died,
The Roger Salengro hospital where France's first victim of a Sars-like virus which the 65-year-old man who visited the UAE has died,
The Roger Salengro hospital where France's first victim of a Sars-like virus which the 65-year-old man who visited the UAE has died,
The Roger Salengro hospital where France's first victim of a Sars-like virus which the 65-year-old man who visited the UAE has died,

Frenchman who visited UAE dies from Mers coronavirus as Saudi cases rise


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France's first victim of a Sars-like virus, a 65-year-old man who had been travelling in Dubai, has died, health officials said yesterday.
"The first patient is dead," a spokesman with the Directorate General for Health said, referring to the man who was hospitalised on April 23.
Another man, who shared a hospital room with him for three days, was later found to have the nCoV-EMC virus, which is a cousin of the Severe Acute Respiratory Syndrome (Sars) that sparked a health scare around the world in 2003.
The other man, who is in his 50s, has been in hospital in the northern city of Lille since May 9.
Meanwhile the Saudi health ministry said it has recorded five new cases of the virus in the east of the Kingdom.
It identified those affected as elderly people aged between 73 and 85 who had been grappling with chronic illnesses.
The new virus has killed 24 people. Like Sars, it appears to cause an infection deep in the lungs, with patients suffering from a temperature, cough and breathing difficulty, but it differs from Sars in that it also causes rapid kidney failure.
The virus had been known as the novel coronavirus, or nCoV-EMC, but was redubbed the Middle East Respiratory Syndrome Coronavirus, or Mers.
Saudi Arabia counts by far the most cases, with more than 30 confirmed infections and 18 fatalities, while cases have also been detected in Jordan, Qatar, Tunisia, the UAE, Germany, Britain and France.
Scientists at the Erasmus medical centre in Rotterdam have determined that the virus appears to infect the body via a docking point in lung cells, suggesting bats may be a natural reservoir for it.
Bats were also pinpointed as a likely natural reservoir for Sars in a 2005 study, and are known carriers of the deadly haemorrhagic fever Ebola.
The World Health Organisation said Friday that much uncertainty remained surrounding Mers, stressing that it aimed to work closely with Saudi Arabia, Tunisia and perhaps other Middle Eastern countries to determine how great the risk is.

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Goalkeepers: Ibrahim Alma, Mahmoud Al Youssef, Ahmad Madania.
Defenders: Ahmad Al Salih, Moayad Ajan, Jehad Al Baour, Omar Midani, Amro Jenyat, Hussein Jwayed, Nadim Sabagh, Abdul Malek Anezan.
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Major honours

ARSENAL

  • FA Cup - 2005

BARCELONA

  • La Liga - 2013
  • Copa del Rey - 2012
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CHELSEA

  • Premier League - 2015, 2017
  • FA Cup - 2018
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SPAIN

  • World Cup - 2010
  • European Championship - 2008, 2012

Top 5 concerns globally:

1. Unemployment

2. Spread of infectious diseases

3. Fiscal crises

4. Cyber attacks

5. Profound social instability

Top 5 concerns in the Mena region

1. Energy price shock

2. Fiscal crises

3. Spread of infectious diseases

4. Unmanageable inflation

5. Cyber attacks

Source: World Economic Foundation

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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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Rating: 3/5