Faris Abbas, 45, talks to a customer at his Baghdad store.
Faris Abbas, 45, talks to a customer at his Baghdad store.

Herbalist delivers a dose of reality



BAGHDAD // The crab, which can only come from the city of Basra, has to be carefully crushed in a pestle. The herbs and olive oil are added in careful measure. "After you take this, it just stops all the cancer," said Ali Abu Mazin, 50, one of Baghdad's most respected herbal doctors. As he spoke, he lifted a dead, dry crab off his cluttered desk. "This is the type," he said. Mr Mazin has a shop down a dingy side alley in the Al Shourja area of central Baghdad. The alley is filled with rubbish and stray cats, and the concrete walls are crumbling but, despite appearances, business has never been better for the herbalist. "I am so busy," he said. And it is not just Mr Mazin's shop that is full of activity. Herbal doctors across the capital are enjoying a boom in trade. Unusual concoctions are flying off the shelves faster than ever before. Since the invasion in 2003 - when Iraq's borders opened up after years of isolation - weapons, insurgents and all manner of counterfeit goods, including pharmaceuticals, have flooded into the country. "Nobody knows for sure the source of the medicine. It is unregulated," Faris Abbas, 45, another herbal doctor, said. The sheer number of fake drugs on the market has led to people turning towards herbal doctors and placing their trust in alternative and more traditional treatments. At one stage, between 80 per cent and 90 per cent of all medicines in the private medical sector were found to be fakes. "The private sector was flooded with fake, corrupted medicine; some of it was powder, sugar and white cement," said Adil Mohsin, the inspector general for the ministry of health. The private sector accounts for about 50 per cent of the health market in Iraq. Mr Mazin, the herbalist, said he advised people not to take medicine. "It is fake or expired. Herbs are more healthy and have no side effects." He is unable to offer any concrete evidence that his mixtures work, although he did boast that the crab treatment was effective about 70 per cent of the time. Although many of the treatments used by Mr Mazin and Mr Abbas are passed down by their fathers from one generation to the next, the ­recent boom in business is unprecedented. "Frankly, the medicine here is useless ? Inside Iraq it is impossible to know what you get. You have to travel outside to trust anything and I don't have the money," said Um Ali, 42, who was buying herbs for a stomach complaint. "Two years ago I used medicine and my whole body felt terrible. Now for the pain in my stomach I take herbs," said Muhanid Moftar, 28, an actor. "It works." With government crackdowns and increased regulation, the percentage of fake medicine has reduced significantly, officials say, but there is still distrust and new dealers keep springing up. "Four people running illegal warehouses and bringing in illegal medicine were arrested just last week," Mr Mohsin, the ministry of health's inspector general, said. Despite government assurances that most of the illegal medicine is now off the shelves, and only accounts for 10 per cent of the market, a trip to a local pharmacy revealed a different story. Talking to the pharmacist, a Dr Haider - who did not want to give his full name because he sold illegal drugs - it was clear that many of the products sold were still fakes. In his clean, modern-looking pharmacy in the Karrada district of Baghdad he showed two nearly identical packets of a pill called Omnic, used to treat prostate problems. One, the original from Holland, cost 18,000 Iraqi dinar (Dh58), the other, a fake, cost 6,000 dinar. "Absolutely, the original is more expensive," he said. "If you took them to the lab you could find out the difference, but I can't tell you." Dr Haider said he had no idea what the ingredients or the dosage in the fake medicine were. Despite continued distrust in the legitimacy of the pharmaceuticals on the market the medical fraternity remains weary of herbal medicine. "I don't believe in alternative medicine," Mr Mohsin said. talbone@thenational.ae

MATCH INFO

 

Maratha Arabians 107-8 (10 ovs)

Lyth 21, Lynn 20, McClenaghan 20 no

Qalandars 60-4 (10 ovs)

Malan 32 no, McClenaghan 2-9

Maratha Arabians win by 47 runs

Game Changer

Director: Shankar 

Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram

Rating: 2/5

The specs: 2018 GMC Terrain

Price, base / as tested: Dh94,600 / Dh159,700

Engine: 2.0-litre turbocharged four-cylinder

Power: 252hp @ 5,500rpm

Torque: 353Nm @ 2,500rpm

Transmission: Nine-speed automatic

Fuel consumption, combined: 7.4L  / 100km

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COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners

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.”

The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

COMPANY%20PROFILE
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ICC T20 Team of 2021

Jos Buttler, Mohammad Rizwan, Babar Azam, Aiden Markram, Mitchell Marsh, David Miller, Tabraiz Shamsi, Josh Hazlewood, Wanindu Hasaranga, Mustafizur Rahman, Shaheen Afridi