Six new Mers cases in Saudi Arabia


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RIYADH // Saudi Arabia said on Wednesday it had detected six new cases of the deadly Middle East Respiratory Syndrome virus in 24 hours – the biggest daily jump in months.

Officials blamed lax hospital procedures for the recent surge in cases, which currently stands at 32.

The latest cases were focused in Riyadh and the western city of Taif, but remained far less extensive than the outbreak in April and May that infected hundreds.

Mers causes coughing, fever and sometimes pneumonia, killing around 40 per cent of its victims. Most of the confirmed cases worldwide have been found in Saudi Arabia, where 786 people have been infected, of whom 334 have died.

Two of the new cases announced by the health ministry were medical personnel, adding to concerns about the standard of infection control procedures in health facilities. Three different Taif hospitals were affected.

Some of the people infected with Mers in Taif this month were being treated in one renal clinic in a hospital in the city, which authorities regard as being responsible for some of the transmissions.

“The secret here of success is not to prevent the cases to be introduced to the community... the success is to control the transmission within health facilities,” Abdulaziz bin Saeed, undersecretary for public health said.

He also said that medical personnel may have relaxed their infection control standards after the kingdom’s last outbreak before the summer ebbed, but that the ministry had intervened to improve procedures in Taif hospitals.

The six new cases confirmed on Wednesday included three in Taif, where five others have fallen ill this month, two in Riyadh, where six others have been diagnosed with Mers since the start of October, and one in Hafr Al Batin, near Kuwait.

Cases of Mers have been found in other countries since the virus was identified in 2012, including in the United States, Europe, the Middle East and Asia.

Most of them had travelled to Saudi Arabia.

Scientists are not sure of the origin of the virus, but several studies have linked it to camels and some experts think it is being passed to humans through close physical contact or through the consumption of camel meat or camel milk.

The disease can then spread between people, and the largest previous outbreaks, including one in Jeddah in April and May that infected hundreds, have been linked to poor infection control procedures in hospitals.

* Reuters

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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.

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“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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