Physicians at Cleveland Clinic Abu Dhabi successfully used a minimally invasive technique for high-risk heart patients, saving the lives of three Emiratis who were deemed too sick and old for surgery.
In an important step for the UAE’s health system, CCAD adopted the latest technology for treating a life-threatening heart condition in which the mitral valve, which is located between your left heart chambers, does not work properly.
The technology has only been used in a few medical institutions in Europe and means that patients no longer need to have open heart surgery.
Now surgeons can perform a “mitral valve annulus repair” by implanting a device into a patient’s heart while it is still beating. The device is inserted via a vein in the patient’s groin and guided through the body and into the heart of the patient using echo and fluoroscopic imaging.
Scarring is minimal and recovery time short. The first three procedures were performed last month.
Dr Rakesh Suri, chief executive at Cleveland Clinic, said: "This is cutting-edge technology for high-risk patients who have failed all other therapies and have little chance of survival. This procedure is currently only available in Abu Dhabi and a few centres in Europe.
“We were only able to introduce this innovative approach because of the expertise of our physicians, nurses and technicians, along with the incredible support of our UAE leaders.”
The three Emirati female patients, aged 65, 72 and 88, had exhausted all other therapeutic options.
Just three days after undergoing the procedure, patient Noor Al Ameri, 88, said she could feel the difference.
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"I was unable to walk and had been having heart valve issues for a long time," Ms Al Ameri said. "Since the operation, there has been a noticeable difference in my breathing and health."
Shaika Ali Al Maskari, another patient who underwent the procedure, said she was very happy with the outcome. "It was difficult to walk because I couldn't breathe properly. Hopefully it will help me and give me back my independence.
“I would also like to thank our government and leaders for making this possible.”
Dr Thomas Bartel, a member of the multidisciplinary team that performed the procedure, said: "This procedure is a real benefit for the patients, who can now breathe without difficulty and enjoy their daily lives."
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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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