Dh1 billion hospital and medical college for Dubai



DUBAI // A new teaching hospital and associated medical college are to be built in Dubai at a cost of Dh1 billion.

The ambitious project is targeted at the growing medical tourism business, and will also address the serious shortage of medical graduates, an issue identified in a consultancy study only this week.

The 300-bed University Hospital in Dubai Silicon Oasis will create at least 4,000 jobs, will have the capacity to treat 700,000 patients a year and will open in 2017.

The associated Fakeeh Medical University will open two years later.

“The initiative is a step forward in the implementation of the strategy of the executive office to make Dubai a hub for medical tourism,” said Dr Mohammed Al Zarooni, vice chairman of Dubai Silicon Oasis Authority.

"Recent statistics show that the number of medical tourists receiving treatment is estimated to increase by 15 per cent each year.

"Additionally, healthcare spending in the UAE is expected to reach Dh40 billion by 2015, while medical tourists are set to cross the 20 million mark for the same period."

The hospital will be built in the Dubai Silicon Oasis technology park and aims to cater for about 40,000 admissions and 20,000 operations a year.

The associated Fakeeh Medical University will have centres of excellence in mother and child health, cardiology and spine surgery, plastic and cosmetic laser surgery and obesity management.

"This new project, as will any new project, will boost medical tourism," said Dr Khaliq Raza Khan of Ismail Medical Centre in Dubai.

“People want to come to the Gulf and to Dubai for health care.

“Not only that but bringing more competitiveness in the market will improve the service for all residents in the emirate.”

He also welcomed the announcement of a new medical university in the wake of a report this week by the management consultants McKinsey & Company which found that the Arabian Gulf states are producing too few medical graduates to meet soaring demand for health care.

It predicts that overall demand for health care in the GCC will increase by 240 per cent in the next 20 years but up to 80 per cent of medical staff in some hospitals and clinics are from outside the region and have been trained in more than 50 different countries.

“It is better to train home-grown talent than to employ from overseas – of course it is,” said Dr Khan. “We have to invest in the education of our own; that is very important.”

The privately run facility will operate in partnership with the Rochester Institute of Technology in Dubai Silicon Oasis, the American University of Sharjah and Al Ain University.

The hospital and medical university project will be developed by Dr Soliman Fakeeh Hospital in Jeddah, Saudi Arabia.

“We are confident that their vision to create a premier medical academic institution perfectly matches and balances our efforts to provide a better quality of life to DSO’s residents through the application of best practices in the field,” said Dr Al Zarooni.

Dr Mazen Fakeeh, the president of Dr Soliman Fakeeh Hospital, said: “By extending our reach to Dubai … we hope to provide our quality health care to a wider cross-section of GCC residents.

“As one of the few teaching hospitals in the UAE, we hope to train and enhance the supply of healthcare professionals.”

jbell@thenational.ae

SPECS
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The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
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How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

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Israel Palestine on Swedish TV 1958-1989

Director: Goran Hugo Olsson

Rating: 5/5

Ziina users can donate to relief efforts in Beirut

Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”

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.”

Premier Futsal 2017 Finals

Al Wasl Football Club; six teams, five-a-side

Delhi Dragons: Ronaldinho
Bengaluru Royals: Paul Scholes
Mumbai Warriors: Ryan Giggs
Chennai Ginghams: Hernan Crespo
Telugu Tigers: Deco
Kerala Cobras: Michel Salgado

The Two Popes

Director: Fernando Meirelles

Stars: Anthony Hopkins, Jonathan Pryce 

Four out of five stars

Sheer grandeur

The Owo building is 14 storeys high, seven of which are below ground, with the 30,000 square feet of amenities located subterranean, including a 16-seat private cinema, seven lounges, a gym, games room, treatment suites and bicycle storage.

A clear distinction between the residences and the Raffles hotel with the amenities operated separately.

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TRAP

Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue

Director: M Night Shyamalan

Rating: 3/5

The specs

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

McIlroy's recent struggles

Last six stroke-play events (First round score in brackets)

Arnold Palmer Invitational Tied for 4th (74)

The US Masters Tied for 7th (72)

The Players Championship Tied for 35th (73)

US Open Missed the cut (78)

Travellers Championship Tied for 17th (67)

Irish Open Missed the cut (72)

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