Taboos have to be challenged



ABU DHABI // Doctors say a more meaningful dialogue is needed to raise awareness of conditions that are neglected because they are rare, unusual or simply unknown.

Dr Majid Bassuni, a consultant in general, laparoscopic and colorectal surgery at Medeor 24×7 Medical Hospital, said many disorders were not well known or understood in the UAE.

“That is usually due to cultural barriers and inability to talk about these private conditions openly,” he said. “More media campaigns by specialised doctors need to be initiated to talk about these conditions and break the ice.”

Dr Imad Yassin, a consultant in paediatrics and neurology at Medeor 24×7, said rare diseases were also referred to as “orphan diseases” – conditions that affect a very small percentage of the population.

In Europe, a disorder is defined as rare when it affects fewer than 1 in 2,000 citizens.

On many occasions, said Dr Yassin, diseases and disorders were so uncommon doctors struggled to diagnose them.

“Rare diseases as a whole represent a large medical challenge,” said Dr Yassin. “Combine this with the lack of financial or market incentives to treat or cure rare diseases, and you have a serious public health problem.”

Dr Deema Sihweil, clinical director and psychologist at Dubai’s Carbone Clinic, said many “hidden” abilities were often overshadowed by the symptoms or physical manifestations of disabilities.

“For example, the most prominent disability that affects children are specific learning disorders,” she said. “Often, schools continue to label children as being lazy, unmotivated or troublesome.

“Many ‘disabilities’ are really just ‘differences’. The education curriculum must be able to identify these unique differences and help children develop the interests they love and what they are able to do, rather than focus on what they are not able to do.”

The UAE Disability Act, passed in 2006, stipulates that Emiratis with disabilities have the same rights to work and occupy public positions.

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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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