ABU DHABI // Four Abu Dhabi doctors treating a man infected with Mers have also been infected with the coronavirus.
The healthcare workers from two hospitals were involved in treating an Emirati man, 82, who this month became the first in the UAE to contract the virus.
The Health Authority Abu Dhabi said the four, all in stable conditions, had been isolated.
The World Health Organisation said that of the four, a man, 28, and a woman, 30, did not have symptoms. The others, women aged 30 and 40, had mild respiratory problems. All are stable.
The WHO also yesterday confirmed two new cases in Saudi Arabia, one of which was a healthcare worker. It urged hospitals to take the issue more seriously.
Mers has now infected 88 people globally and killed 45.
Among the dead are an Emirati man who died in hospital in Germany in March.
A Frenchman who had been visiting Dubai died in May.
Yesterday, Dr Mansour Al Zarouni, a member of the infection control committee at the Ministry of Health, said the infections "shouldn't have happened".
"It means either the virus is more easily transferable than we thought, or there was a gross breakdown in infection control practice. Most probably it's both," Dr Al Zarouni said.
He said part of the problem was in early diagnosis when a patient comes to the hospital complaining of respiratory problems.
"It is such a common scenario, and you cannot assume the worst for everyone," Dr Al Zarouni said. "It is kind of impractical.
"However, if you can quickly diagnose the patient to rule in or rule out the virus, then early precautions can be implemented."
The authority discovered the four new infections after screening 136 people who had been in close contact with the man.
"Healthcare facilities that provide care for patients suspected or confirmed with Mers-CoV infection should take appropriate measures to decrease the risk of transmission of the virus to other patients, healthcare workers and visitors," WHO said.
mcroucher@thenational.ae
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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.”
In numbers
Number of Chinese tourists coming to UAE in 2017 was... 1.3m
Alibaba’s new ‘Tech Town’ in Dubai is worth... $600m
China’s investment in the MIddle East in 2016 was... $29.5bn
The world’s most valuable start-up in 2018, TikTok, is valued at... $75bn
Boost to the UAE economy of 5G connectivity will be... $269bn
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Biog
Mr Kandhari is legally authorised to conduct marriages in the gurdwara
He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada
Father of two sons, grandfather of six
Plays golf once a week
Enjoys trying new holiday destinations with his wife and family
Walks for an hour every morning
Completed a Bachelor of Commerce degree in Loyola College, Chennai, India
2019 is a milestone because he completes 50 years in business
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
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