London's Zayed Centre celebrates two years of medical research


Tim Stickings
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The UK’s Zayed Centre for researching rare diseases in children is celebrating its second anniversary with praise for its pioneering work on gene therapy and Covid-19.

The centre, which is linked to London’s Great Ormond Street Hospital for Children, opened shortly before the pandemic arrived in Britain.

It is named after the UAE’s Founding Father, Sheikh Zayed, whose wife Sheikha Fatima donated £60 million ($82.6m) to the Great Ormond Street charity in 2014.

Entering its third year, the centre praised its scientists for investigating the smallest amount of coronavirus that is needed to cause an infection, helping the world’s understanding of Covid-19.

The hospital described this as the first human challenge trial of the pandemic, meaning healthy volunteers were deliberately exposed to the virus under controlled conditions to help develop treatments.

This research has “supported the global pandemic response by aiding vaccine and treatment development”, the centre said.

A separate gene therapy trial ended with 48 out of 50 patients no longer showing symptoms of a rare, inherited immune deficiency called ADA-SCID.

It came as the hospital celebrated 20 years since the first gene therapy carried out at Great Ormond Street, on a child called Rhys Evans who celebrated his 21st birthday in October.

Gene therapy researcher Prof Manju Kurian said working at the Zayed Centre had been “absolutely life-transforming” for him and his colleagues.

The Zayed Centre for Research completed two years since its opening. Photo: Executive Affairs Authority
The Zayed Centre for Research completed two years since its opening. Photo: Executive Affairs Authority

“We answer the questions that families ask us: why has my child got this condition, how has this happened and what can you do to make my child’s life better?,” he said.

“And being in the Zayed Centre has allowed us to answer them. We have the most amazing laboratory space, we have state-of-the-art tissue culture facilities and we are in a milieu of other researchers who have the same goal, propelling us forward for these children.”

The centre said it had treated more than 105,000 young patients since it opened. There were more than 25,000 appointments at a section called Falcon Outpatients.

Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, toured the centre on a visit to the UK in September.

He said he was inspired by the pioneering research taking place there and thanked staff for helping children from around the world.

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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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Updated: January 05, 2022, 3:54 PM