Mers watched ‘round the clock’



ABU DHABI // A 65-year-old died after contracting Mers, Health Authority Abu Dhabi said on Thursday.

The patient, who was not Emirati, was one of two new confirmed cases in the country.

He developed symptoms on May 31 and was admitted to hospital on June 6, the World Health Organisation reported.

The WHO said the patient had “comorbidities and tested positive for Mers-CoV on June 14”.

They also said that he had “no history of exposure to known risk factors in the 14 days prior to the onset of symptoms”.

The second patient is being treated in hospital and is expected to recover, state news agency Wam reported. The authority is working with the Ministry of Health and other institutions to investigate the cases and isolate any potential spread of the disease.

The ministry said that its epidemic investigation centres were monitoring the situation around the clock.

Last month, two expatriates who contracted the virus in Al Ain after working with camels were discharged from hospital after being given the all-clear.

Also on Thursday, Thailand became the fourth Asian country this year to register the virus, when its health ministry confirmed a 75-year-old businessman from Oman had tested positive for Mers.

A recent outbreak in South Korea has caused 23 deaths, with 165 confirmed cases of the infection and more than 6,700 people held in quarantine. The outbreak, the largest outside Saudi Arabia, may be slowing down with the number of new cases dropping to single digits. China and the Philippines have each reported a case this year.

As of Tuesday, globally, WHO has been notified of 1,293 laboratory-confirmed cases of infection, including at least 458 related deaths. The organisation emphasised the need for food hygiene practices to be observed and said people should avoid drinking raw camel milk or camel urine, or eating meat that has not been properly cooked.

newsdesk@thenational.ae

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Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa

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Plan to boost public schools

A major shake-up of government-run schools was rolled out across the country in 2017. Known as the Emirati School Model, it placed more emphasis on maths and science while also adding practical skills to the curriculum.

It was accompanied by the promise of a Dh5 billion investment, over six years, to pay for state-of-the-art infrastructure improvements.

Aspects of the school model will be extended to international private schools, the education minister has previously suggested.

Recent developments have also included the introduction of moral education - which public and private schools both must teach - along with reform of the exams system and tougher teacher licensing requirements.

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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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