Adopting digital health to unlock $230 billion market over next 5 years: A WGS-McKinsey & Company report

DUBAI, Increased adoption of digital-health technologies are expected to unlock an estimated US$230 billion globally including US$10 billion in the Middle East over the next 5 years, a new report entitled, ‘Digital Health: How Governments Can Accelerate the Value of Digital Health’, revealed.

The report was produced by the World Government Summit (WGS) in collaboration with McKinsey & Company and released as part of a broader knowledge partnership, outlines how governments can start implementing digital-health solutions now.

According to Mohamed Yousef AlSharhan, Deputy Managing Director of the World Government Summit Organisation, “Empowering governments and enhancing their readiness for the future is a priority for the WGS. Healthcare will play a significant role in building and empowering the new generation of governments, to leverage on this opportunity; proactive research on the global transformations and trends globally will support in developing future strategies, exploring opportunities and challenges, and developing effective solutions for the betterment of society.”

Although there are tremendous opportunities for digital adoption in the healthcare sector, a recent McKinsey study found that the healthcare industry was in the bottom three of 20 sectors in digital advancement globally. This is due in part to nonexistent digital-health laws, ambiguous existing laws, limited reimbursement terms, and a lack of regulations governing what may occur online related to digital health. However, improving technologies and the need to rethink systems during the pandemic are creating momentum for systems to embrace digital modalities.

According to Dr. Panco Georgiev, Senior Partner at McKinsey & Company, “Digital health can unlock tremendous value for governments in enhancing health systems’ operational efficiency, patient experience, and patient outcomes. It can also address some of the key challenges in the healthcare sector, like increasing access to care and mitigating rising healthcare costs. This report highlights some of the key actions governments can take to scale their digital health services.”

The report offers six options in innovation for governments to consider; the first using algorithm-based approvals systems – This could ensure that robust regulations are in place without unnecessarily slowing the pace of innovation. For instance, an algorithm-based system could expedite approvals by detecting and pre-approving approaches already vetted by national health bodies.

The second option is combining urban planning with public health – Although these two fields are often considered in isolation, a more integrated approach could contribute to smarter cities and more healthful environments. For instance, planners could leverage machine learning to identify communities at higher risk of heart disease and ensure that walking trails, parks, or fitness centres are available to form part of holistic prevention and treatment strategies.

The report highlighted the importance of creating a lifetime digital twin for every resident – In healthcare, a human digital twin is a virtual version of an individual that enables simulations of his or her health over time through modelling of complex physical and biochemical processes. It can be used to predict disease risks and personalize preventive interventions and treatment plans, particularly when equipped with data from wearables.

The report further explained that the fourth option is sponsoring global and intelligent patient passports – A unified ‘patient passport’ would eliminate redundancies and provide practitioners with a fuller picture of patients’ health leading to better outcomes. This could be achieved through inter-system data sharing (interoperability) that would allow data entered in one system to populate other relevant systems (liquidity).

The fifth option is supporting next-generation learning powered by analytics – Next-generation learning systems can be deployed to maintain continuous and targeted upskilling of the health workforce. For instance, such a system could curate a feed of courses to a radiologist based on the frequency and rarity of cases he or she has seen over the past few weeks based on case descriptions.

Lastly, creating digital health bonds – Government healthcare authorities could issue bonds for building digital-health infrastructures to attract investment and improve digital adoption. The bonds could be linked to specific patient outcome targets, such as the digitization of medical records or a reduction in prescription errors and patient adverse events. Reimbursement could depend on how quickly results are realized.

Source: Emirates News Agency

DUBAI CHAMBER OF COMMERCE RECOGNISES COMPANIES FOR OUTSTANDING TRADE PERFORMANCE

Dubai, UAE – Dubai Chamber of Commerce recently honoured four companies for their exceptional trade performance in the first four months of 2022 as part of the organisation’s Exporter of the Month initiative.

Capital Steel Trading FZCO was recognized as the company with the highest export value for January 2022. Al Barakah Dates Factory LLC was named as the company with the highest number of exports markets in February 2022. NRTC Dubai International Vegetables & Fruits Trading LLC was honoured for having the highest number of certificates of origin in March 2022, and Sam Precious Metals was acknowledged as a recent startup company with the highest export value in April 2022.

Atiq Juma Nasib, Senior Vice President of Commercial Services, Dubai Chamber of Commerce, presented the company representatives with certificates of recognition and praised them for their strong performance and resilience in navigating Covid-relates challenges.

He noted that the Exporter of the Month initiative enables the Chamber to monitor trade sector performance and shed light on market trends and identify key areas where companies are excelling.

“Beyond the benefits of recognition, Exporter of the Month provides a platform for top-performers to gain recognition and share best practices with other industry players,” he said, adding that the initiative fosters a culture of excellence within the local business community.

Dubai Chamber of Commerce launched the Exporter of the Month initiative in 2009 under the name Exporter of the Quarter, to recognise the outstanding exporting companies in Dubai. The selection of companies is based on distinct and specific criteria derived from the Chamber’s Certificate of Origin database.

Source: Dubai Chamber of Commerce

Dubai records AED1.6 billion in real estate transactions Wednesday

DUBAI, Dubai real estate market recorded 454 sales transactions worth AED1.24 billion, in addition to 96 mortgage deals of AED259.02 million, and 22 gift deals amounting to AED150.27 million on Wednesday, data released by Dubai’s Land Department (DLD) showed.

The sales included 436 villas and apartments worth AED1.1 billion, and 18 land plots worth AED148.73 million, while mortgages included 92 villas and apartments worth AED206.75 million and 4 land plots valued at AED52.27 million, bringing the total realty transactions of today to over AED1.6 billion.

Source: Emirates News Agency

ENOC Group opens new compact station in Dubai South

DUBAI, ENOC Group today announced the launch of its newest compact station in the Dubai South area, the master-planned city with eight different sub-areas that spans across approximately 145 square kilometres.

The compact station will offer customers accessible and convenient refuelling services.

The latest compact station is strategically located in Dubai South free-zone area, one of the largest metropolitan developments in the UAE as well as in close proximity to Al Maktoum International Airport, Dubai Investment Park and Jebel Ali.

Saif Humaid Al Falasi, Group CEO of ENOC, said, “Our latest compact station in Dubai South is a testament to our commitment to energising the nation through safe, smart, and sustainable fuelling options. Dubai South’s strategic location and its close proximity to Al Maktoum International Airport and the nearby areas makes it a prime location and our compact station will support in fuelling the needs of commuters to the area. We will continue to invest in the UAE’s infrastructure to meet the growing demand for fuel.”

The compact station is equipped with six dispensers, allowing for fuelling on both sides of the station, offering special 95, Super 98 and Diesel. With a capacity of 70,000L, ENOC will be able to fuel 1,070 vehicles per day.

The compact station deploys a number of best HSE practices to enhance safety measures such as the installation of overfill prevention valve, audible alarm, pressure vacuum vents, and emergency vents for the inner and outer wall.

Source: Emirates News Agency

Federation of UAE Chambers, JETRO Dubai discuss establishing UAE-Japan business council

DUBAI, The Federation of UAE Chambers of Commerce and Industry (FCCI) has discussed with the Japan External Trade Organisation in Dubai (JETRO Dubai) the provisions of an MoU to establish a UAE-Japan business council.

The council aims to boost cooperation and visits between the business communities in both countries, as well as develop joint projects and exchange expertise.

This came during a meeting held today at the FCCI office in Dubai between Humaid Mohammed bin Salem, Secretary-General of the FCCI, and Masami Ando, Managing Director of JETRO Dubai, and attended by Japanese officials.

During the meeting, Bin Salem called on UAE and Japanese businesses to explore business opportunities in the two countries and develop active partnerships to boost trade exchange, and invited Japanese businesses to invest in the UAE and leverage government incentives and the conducive investment environment and legislation.

Source: Emirates News Agency

UAE launches NextGenFDI to attract world’s top digital companies

DUBAI, The UAE has launched “NextGenFDI”, a major campaign to attract digitally enabled companies and highly skilled talent to the country.

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, who oversees the file to attract FDI and global talent to the country, said NextGenFDI would encourage more than 300 global technology firms and software developers, data scientists and coders to relocate to the UAE.

An expanding array of measures have been introduced to make the market entry process for companies simpler and more efficient. These include rapid and flexible incorporation processes to speed up licensing, bulk visa issuances, banking facilitation and commercial and residential lease incentives. Seven strategic partners have signed up under the initiative so far, such as Financial centres Abu Dhabi Global Market (ADGM) and Dubai International Financial Centre (DIFC), freezones Dubai South and DMCC, tech hub Dubai Internet City, banks Emirates NBD and WIO. More are expected to join in subsequent phases.

NextGenFDI aims to leverage the UAE’s unique competitive advantage and global standing as a leading business, investment, and innovation hub to support the growth of the nation’s knowledge-driven economy. The campaign was launched by Dr. Al Zeyoudi alongside senior representatives from NextGenFDI.

NextGenFDI is aimed at seeking out businesses from all over the world that are focused on applied technology within various sectors and provide them with the necessary market entry fundamentals needed to launch and scale from within the UAE. These companies have highly skilled developers, coders and consultants within AI, gaming, data science and software. Housing such talent within the UAE is of vital importance and this new initiative will make the market entry process for bright minds with great ideas as seamless as possible.

“Large and SME businesses from across the world are approaching us and asking how they can relocate their talent, ideas and high-growth ventures to the UAE,” said Dr. Al Zeyoudi. “The global interest in 2022 is unprecedented and while we are already working with some, we know many more want to follow suit. We want to ensure that the world’s most promising digital companies can access all the benefits that our attractive, business-friendly environment offers – but we also want to make it easy for them. NextGenFDI is designed to ensure that our market entry process is as streamlined and coordinated as our technology ecosystem.”

He added, “On one hand, this is about hyper-practical measures – making it painless and rewarding for companies to relocate here. On the other, in the wake of the pandemic and the UAE’s actions to position itself as a highly agile and resilient economy, this is a once-in-a-generation opportunity to bring some of the finest minds to the UAE and contribute to our drive to become the world’s leading innovation hub for years to come. The UAE has a relentless focus on helping next-generation businesses to scale at speed and the leaders of future industries recognise that. If you’re a company with a strong idea, the UAE would like to see it materialise and we’re here to make that process as simple and efficient as possible.”

Dr. Al Zeyoudi further stated, “This is an opportunity that comes by only once every generation to attract the smartest and most qualified to our country in support of our efforts to make the UAE the leading innovative hub of the future. We want to ensure that promising digital companies in the world can access all the benefits provided by our attractive and business-friendly investment environment.”

The UAE is one of the region’s fastest-growing economies. IMF predicts economic growth will accelerate to 4.2 percent in 2022, contrasting a slowdown in Europe, Asia and the US. In April this year, the UAE was ranked first globally as the best ecosystem for startups and entrepreneurs, according to the Global Entrepreneurship Monitor’s (GEM) 2022 report, as well as the region’s leading top country to attract foreign direct investment.

As a key pillar of its talent attraction drive, the National Programme for Coders is offering Golden Visas to 100,000 computer coders. The UAE also aims to establish 1,000 new digital companies and increase investment in startups from approximately US$400 million to US$1.3 billion. The NextGenFDI initiative will complement and accelerate these efforts.

“We are pleased to be part of the NextGen FDI, a great initiative by the Ministry of Economy that seeks to attract top technology companies and talents to boost the emirate’s economy. At Dubai South, our vision is aligned with all government initiatives, and we will be extending our full support to cater to all business needs towards achieving NextGen FDI’s overall objectives.” said Khalifa Al Zaffin, Executive Chairman, Dubai Aviation City Corporation and Dubai South.

Commenting on the launch of the NextGenFDI campaign, Ahmed Jasim Al Zaabi, Chairman of Abu Dhabi Global Market (ADGM), said, “UAE’s comprehensive business ecosystem and political stability continue to position the nation as the destination of choice for FDIs. ADGM has been playing an anchoring role in the financial landscape of the region by actively pioneering progressive regulations and innovative solutions to enable financial intermediation and attract more liquidity and investments. We have been frontrunners to introduce transformational initiatives from the first regulatory sandbox regime and fully digital eCourts to the first crypto asset framework in the region and across borders.”

He further added, “We intend for Abu Dhabi and the UAE to become a centre to raise and deploy capital with the prudent management of risk in support of sustainably oriented, long-term economic growth for the next-generation businesses. ADGM’s partnership in this campaign is a step forward and resonates with our commitment to work hand-in-hand with the UAE’s government, regulators, and private sector to develop a holistic approach, one that strengthens our country’s global standing as an innovative investment hub.”

For his part, Arif Amiri, CEO of DIFC, said, “DIFC has built the region’s largest FinTech and innovation community in the Middle East and North Africa of close to 600 businesses, representing over 60 percent of all those in the region.

“This already includes 34 from Eastern Europe and South Asia, illustrating DIFC is the perfect choice to help them access the fast-growing markets of the Middle East, Africa and South Asia region.”

“We provide them with the region’s most comprehensive innovation proposition which includes education, participation in incubator and accelerator programmes, cost effective operating and regulatory licenses, access to expertise and resources, and funding options,” he said.

In line with DIFC Strategy 2030, the Centre is supporting sustained economic growth and further differentiating Dubai as a global hub for financial institutions, FinTech businesses and innovation companies.

Ammar Al Malik, Managing Director of Dubai Internet City, commented, “The MENA region is a cradle of vast opportunities considering the size and diversity of its markets. Our leadership’s progressive business policies as well as access to skilled talent have made the UAE a reliable and attractive hub for global corporations and regional firms alike. At Dubai Internet City, we are proud to have played a critical role in providing a competitive ecosystem for tech companies to thrive and collaborate over the past 20 years and aim to continue enhancing our offerings to appeal to new and ambitious customers.”

Ahmad Hamza, Executive Director – Free Zone, DMCC, said, “As the world’s fastest growing free zone with over 21,000 registered companies, DMCC is thrilled to be partnering with the UAE Ministry of Economy on this strategic growth initiative. By streamlining incorporation processes and acerating key services, NextGenFDI will make it even more easier for innovative and high-tech companies from around the world to relocate to the UAE, which continues to demonstrate its commercial appeal as a hub for global businesses.”

Source: Emirates News Agency