Abu Dhabi healthcare company Burjeel Holdings is aiming to do more clinical trials in the UAE, as it seeks to boost its oncology and paediatric services, its chairman has said.
A total of 25 clinical trials have been either completed or are under way by the company. These include a multicentre study of the efficacy and safety of the drug Mitapivat for patients with thalassaemia, an inherited blood disorder, as well as trials in cancer treatment.
In April, the Department of Health in Abu Dhabi also said it had successfully completed a clinical trial in collaboration with Swedish company Cellcolabs and Burjeel Holdings to evaluate cell-based therapies for degenerative joint diseases.
“Clinical trials are coming up – it's about seeing the opportunity, inviting pharma here, because clinical trials have never happened outside [the traditional hubs]. So we are opening up a new horizon,” Dr Shamsheer Vayalil, founder and chairman of Burjeel Holdings, told The National at the Make it in the Emirates event in Abu Dhabi.
“But for that, you need the clinical strength … We have it now, and we are adding on to it. It's a constantly evolving process, but we have made a lot of progress,” Dr Vayalil added. There is already “huge” global interest in the region, he said.
Earlier in May, it was announced that the UAE will host the first clinical trials outside the US of a wireless brain chip made by tech billionaire Elon Musk's Neuralink company. The chip is designed to improve the lives of paralysed people. The Department of Health in Abu Dhabi said it had teamed up with Cleveland Clinic Abu Dhabi and Neuralink to launch the trial programme, known as UAE-PRIME.
“Health care should become a way of enabling the economy,” Dr Vayalil said. “We want to improve the GDP. We want to bring clinical trials. We want to bring in research. We want to train doctors. We want this to become a mode of enabling an economy.
“We have interest in trials, we have interest in pharma, we have interest in innovation. So that's how we look at health care. I think health care should move more into solutions.”
Clinics on ships
Burjeel Holdings this week also revealed more details of its healthcare logistics joint venture with AD Ports Group, called Docktour.
The platform is focused on addressing Africa’s healthcare challenges and will facilitate the deployment of modular healthcare units, including container-based hospitals and clinics. It will also help to set up full-service medical infrastructure, including field hospitals and permanent facilities.
Docktour will also provide emergency response capabilities and support local capacity-building through clinical training.
The joint venture will partner with national health ministries, international NGOs, and UAE-led humanitarian initiatives to provide services.
“I think this is going to be something that will disrupt [the market] … it's a local solution for a global problem,” Dr Vayalil said. “What is the problem today? It is the reach, logistics, manpower. We work in remote sites. For us, the growth should come from deserving places as well, meaningful growth.”
However, he also stressed that the company focuses on “bankable projects” and that their plan with Docktour was long-term.
“I'm not too worried about where the bill will come. We are talking to various organisations. We are making a model which is very compelling. We are going to show governments how they can save on the cost,” he said.
Cancer care in focus
Abu Dhabi-listed Burjeel Holding this month reported a 64 per cent drop in first quarter net profit attributable to shareholders to reach Dh36.37 million ($9.9 million), although revenue rose by 5.7 per cent to Dh1.27 billion. Revenue growth was driven by a 5.3 per cent annual increase in patient footfall.
The company said it was hit by a “number of operational challenges, with group performance impacted by a sharper-than-anticipated slowdown in March and delays in the conversion of complex care programmes”.
The hiring of niche specialists is one reason that quarterly earnings were affected, Dr Vayalil said.
“You hire a haemato-oncologist, who is not a regular physician … he takes a while to settle down, the referral system needs to fall in place. So, we are deliberately taking certain decisions which are time-consuming, because if I only look at the balance sheet and [quarter to quarter], we're not going to be meaningful. We always say that it's the net result versus the Q-to-Q,” he said.
The company is focusing heavily on cancer care and building the practice. In April, it partnered with US non-profit Caring Cross to locally manufacture CAR T-cell therapies at up to 90 per cent less than current international costs, estimated to range from $350,000 to more than $1 million.
CAR-T therapies reprogramme a patient’s immune cells to attack cancer cells and are being used to treat blood cancers such as leukaemia and lymphoma. Caring Cross will support with the technology, materials and specialised training to establish a local system.
“We don’t want to be a supermarket of health care, we want to be a boutique. Ultimately, we want to be known for certain things. Cancer is top of our stuff, as well as paediatrics,” Dr Vayalil said.
The company is considering further expansion in Africa and other emerging markets, he said, but did not provide any specifics.
Dr Vayalil also said Burjeel is focused on using technology to support physicians. “We don't want to take a position of replacing the doctor,” he said.
“If you ask me about five-year growth, I would not be able to even define and tell you precisely, but if our execution ability would prevail, I think we will make lot of noise in the right direction.”
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
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- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
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.”
Killing of Qassem Suleimani
Who has been sanctioned?
Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.
Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.
Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.
Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
Winners
Best Men's Player of the Year: Kylian Mbappe (PSG)
Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)
TikTok Fans’ Player of the Year: Robert Lewandowski
Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)
Best Women's Player of the Year: Alexia Putellas (Barcelona)
Best Men's Club of the Year: Chelsea
Best Women's Club of the Year: Barcelona
Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)
Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)
Best Coach of the Year: Roberto Mancini (Italy)
Best National Team of the Year: Italy
Best Agent of the Year: Federico Pastorello
Best Sporting Director of the Year: Txiki Begiristain (Manchester City)
Player Career Award: Ronaldinho
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KILLING OF QASSEM SULEIMANI
Killing of Qassem Suleimani
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Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
