ABU DHABI // Ahmed Abdelaziz was paralysed from the waist down more than 20 years ago but his condition is not a result of injury or disease.
As a child, he was taken to the doctor about a fever and given an injection that changed his life.
“When I was six years old, my parents took me to a government hospital in Abu Dhabi because my temperature was so high,” he says.
At the hospital a doctor, who has since fled the country, gave Mr Abdelaziz the injection that cost the boy the use of his legs.
“It started with my right leg,” he says. By age 11, Mr Abdelaziz, now 34, had lost the ability to move both legs.
“My parents were so upset and even took me abroad for treatment,” he says. “They didn’t press charges or sue the doctor because they were so focused on finding me treatment. When we later asked about the doctor, we were told he fled the country.”
Mr Abdelaziz’s parents, of Sudanese descent and born in Abu Dhabi, died 10 years ago and he lives in shared accommodation in Dubai with eight other people. He has no full-time job.
“I’ve had three surgeries but they were of no use,” he says. “They cut me up and put bolts in my knees.”
Doctors advised that the only way to save the remainder of Mr Abdelaziz’s limbs was to keep his muscles moving.
“That injection caused muscular weakening and failure,” he says.
With the use of prosthetic legs and back support, Mr Abdelaziz is able to move, but the prosthetics need to be adjusted and replaced every four years.
“The prosthetics were a lifesaver,” he says.
“They were all I needed and better than any surgery, which always led to more pain.”
The equipment costs Dh75,000, which Mr Abdelaziz cannot afford. He now uses a wheelchair and is in great pain.
“The last time I could use my prosthetic legs was in 2011,” he says.
His body is gradually weakening and wasting away.
“I can’t even sit up on the wheelchair any more because my back can’t support me,” he says. “I am not moving, so my muscles are weakening.”
Hisham Al Zahrani, manager of zakat and social services at Dar Al Ber Society, said Mr Abdelaziz needed Dh75,000 to buy the equipment to keep his body moving. “Without the equipment, which includes artificial legs and back support, his body will waste away and he will be completely paralysed,” he said.
salnowais@thenational.ae
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Match will be shown on BeIN Sports
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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UFC Fight Night 2
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- Of the adult population, 49 per cent men, 51 per cent women (not including foreigners annexe)
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PSA DUBAI WORLD SERIES FINALS LINE-UP
Men’s:
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Simon Rosner (GER)
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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.”