A former US military hospital and one-time presidential bunker built for the Cold War has been transformed into a health research centre that promises to transform paediatric care.
The new Children’s National Research and Innovation Campus in Washington DC is the latest example of a long-standing partnership with the UAE and has been developed thanks to a $30 million (Dh110m) donation from Abu Dhabi.
The centre was officially inaugurated on Wednesday by Sheikh Abdulla bin Mohammed, chairman of Abu Dhabi Department of Health, two years later than planned due to the Covid-19 pandemic.
"The Children’s National Research and Innovation Campus is another milestone that will serve the field of paediatric health care in the UAE, USA and beyond,” he said.
“We are proud to see the fruit of this brilliant collaboration and we were impressed to hear of all the milestones achieved in supporting children around the world, and proud to nourish partnerships with leading organisations to boost research and innovation capabilities in the healthcare industry."
Paediatric care has historically lagged behind that of adult healthcare, but that is slowly changing thanks to the specific kind of research conducted at the centre.
The 15,000-square-metre site is sponsored by pharmaceutical firm Johnson and Johnson that will host an incubator — known as JLABS — for health care and life sciences by supporting new businesses and researchers.
It also features a 300-seat auditorium and clinical care building, and Washington’s largest solar canopy, situated on top of the main parking garage.
The installation is part of the 'Solar for All' programme to provide more than 325 income-qualified households with clean, renewable energy and electricity bill savings over the next 15 years.
The latest collaboration aims to develop research focused on rare disease and oncology and review real-world evidence to evaluate current data sources to further improve health care for some of the most seriously ill children.
In the partnership of more than a decade, hundreds of UAE graduates and postgraduate health practitioners and doctors have been seconded to the hospital to train in specialist paediatric surgery, and other care disciplines.
Research at the centre will complement and expand on medical breakthroughs already taking place at the nearby Sheikh Zayed Institute at the Children’s National Hospital, which opened in 2009 with a $150 million (Dh550m) gift from the Emirates.
Since it was established, the Sheikh Zayed Institute has issued 40 new patents for paediatric medical innovations and licensed eight new companies to market paediatric medical technologies.
The hospital treats about 70 children from the UAE each year, who have a range of serious health conditions. including cancer, heart problems and neurological issues.
It has also become a prime destination for paediatric transplant surgery, using the latest techniques and innovation.
“For over a decade, the Sheikh Zayed Institute for Paediatric Surgical Innovation has advanced research and led the development of new techniques that make paediatric surgery less invasive and painful,” said Yousef Al Otaiba, UAE’s ambassador to the USA.
“The inauguration of the new Research and Innovation Campus at Children’s National further enhances our long-standing relationship and shared commitment to improving medical care for kids in the US, UAE and around the world.”
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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.”
World%20Food%20Day%20
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Biography
Favourite drink: Must have karak chai and Chinese tea every day
Favourite non-Chinese food: Arabic sweets and Indian puri, small round bread of wheat flour
Favourite Chinese dish: Spicy boiled fish or anything cooked by her mother because of its flavour
Best vacation: Returning home to China
Music interests: Enjoys playing the zheng, a string musical instrument
Enjoys reading: Chinese novels, romantic comedies, reading up on business trends, government policy changes
Favourite book: Chairman Mao Zedong’s poems
UAE%20v%20West%20Indies
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