INTERVIEW: Cambridge Medical focuses on post-pandemic rehabilitation

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Updated 01 November 2020
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INTERVIEW: Cambridge Medical focuses on post-pandemic rehabilitation

  • CEO of UAE-based clinics group explains why Saudi Arabia is the next stop in Middle East expansion strategy

At one point towards the end of my Zoom conversation with Howard Podolsky, chief executive officer of the Abu Dhabi-based Cambridge Medical and Rehabilitation Center, I suggested that he sounded a lot more like Dr Anthony Fauci, the American public health advisor, than he did President Trump.

“I’m a doctor at heart. It’s all about being smart and following the science,” Podolsky said, leaving little doubt as to how he views the big debate going on about how to react to the COVID-19 pandemic. “From a political and a pandemic standpoint, it breaks my heart to see all the craziness in the USA,” he added.

Podolsky, who has worked in the medical sector in the Middle East since 2012, has watched the progress of the pandemic in the region and the world with an expert’s eye since the beginning of the year, all the while running the business that has played a big role in alleviating pressure on the public health sector in the UAE as it battled the infection.

Cambridge is a specialist operator in the post-acute medical field, providing care and rehabilitation treatment for long-term ailments to patients from all age groups with different clinical needs.

That function was of crucial importance when cases were rising and hospitals were under threat of being overwhelmed in the early spring. Many COVID patients were in urgent need of intensive care treatment, often involving ventilation, and hospital capacity was under strain.

“The authorities saw a serious and significant need, and we had the flexibility to take non-COVID patients to free up acute care capacity, giving them the capacity to surge up if needed,” Podolsky said.

That co-operation between Cambridge and the UAE medical authorities has continued since the first wave of the virus. Podolsky’s two centers in Abu Dhabi and in Al-Ain have been taking post-COVID patients who are no longer infectious but may still need ventilator treatment, or are in therapy to wean them off ventilators, which is one of Cambridge’s specialties.

“Many patients no longer need to be in intensive care but still need treatment. All our staff are educated and trained in the science and technology of transitional ventilator weaning. It can take months or even years. We can incorporate them into our long-term rehabilitation services,” he said.

Cambridge is the only provider of long-term, post acute care in the UAE, offering facilities for in-patients through its 106 beds in the capital, 90 in Al-Ain, as well as out-patient and homecare facilities.

Last year, it saw a gap in the market in Saudi Arabia, and opened up in Dhahran, the home of Saudi Aramco, where it already had a relationship with the oil company’s long-term medical partner, Johns Hopkins.

“Saudi Arabia was a logical place for us,” Podolsky said. Not only did the much bigger population than the UAE make it a market rich in potential, but it was also relatively underserved in terms of post-acute care and rehabilitation facilities. “It made sense for us to explore the opportunity to develop a platform for long-term care in the Kingdom,” he added.


BIO

BORN: Toronto, Canada 1965

EDUCATION

  • Graduate from Buffalo School of Medical Science
  • Graduate from St Louis University School of Law
  • MBA from Washington University School of St Louis

CAREER

  • Various senior executive positions in US healthcare organizations
  • Group chief of staff, SEHA Abu Dhabi
  • Executive in residence, TVM Operations
  • Group chief executive officer, Cambridge Medical and Rehabilitation Centre.

Cambridge built a 60-bed “brownfield” centre in Dhahran that takes referrals not just from Johns Hopkins but also from other parts of the Saudi healthcare system. “There is a big ‘bed gap’ in Saudi post-acute care, and we are looking at opportunities elsewhere, around the big population centers in Riyadh and Jeddah,” Podolsky said. Cambridge could look to acquire a potential centre, as well as do a “brownfield” build.

The medical sector in the Kingdom is one of the areas earmarked for big expansion under the Vision 2030 plan to diversify the economy, and hospitals, clinics and medical centers have been discussed as possible subjects for privatization under the Vision.

Podolsky was a medical doctor before he studied law and business in the USA and then joined SEHA, the Abu Dhabi health services authority.

Cambridge launched in the UAE in 2014 with the backing of private equity investors led by TVM Capital Healthcare, the big global healthcare investment group. As with most medical operations in the region, it is run as a commercial operation, and Podolsky said that the COVID crisis has — on balance — been good for business.

“We were busy already, but it has been positive for us. Unlike some medical businesses in the regions, we were never dependent on whether a patient makes a decision on elective health treatment,” he said.

Non-COVID related business — whether in strokes or post-traumatic traffic accident care — has continued during the pandemic. “Life doesn’t stop because there is a pandemic,” he said.

It was recently reported that TVM was looking to exit its investment in Cambridge, most likely via a sale of its stake to another hospital business. Podolsky is guarded on that possibility.

“Shareholders are always looking at opportunities. Our focus is on creating value for all our stakeholders — investors, customers and patients,” he said.

Is it the right time to sell a medical business in the middle of the biggest global health threat experienced for a century?

“It depends what kind of business it is. If it’s a business that depends on elective, discretionary decisions by patients, maybe not. But we are an integral part of the healthcare eco-system in the region, and we have embedded ourselves in it,” Podolsky said.

The other factor that has complicated the medical business scene in the UAE is the scandal that has overtaken NMC Healthcare, the Abu Dhabi-founded company that has gone bust with billions of dollars in debts and allegations of theft, fraud and forgery flying. Is there an “NMC discount” applied to the medical sector in the region?

“Healthcare organizations should not be painted with a broad brush. We are founded on integrity and governance, and TVM is focused on that as ethical and accountable business practice,” Podolsky said.

One of the NMC businesses, ProVita International Medical Centre, was acquired from investors including TVM in 2015, and operates in a similar segment to Cambridge. Many parts of NMC’s business are believed to be up for sale under a strategy to reduce its high levels of debt. “We’ll evaluate opportunities as they may or may not become available,” Podolsky said.

With his doctor’s hat back on, Podolsky talked more about the trajectory of the COVID-19 pandemic, and the possibility of a vaccine to halt the spread of a virus that is currently in a damaging “second wave” phase in many parts of the world. He is “cautiously optimistic.”

“I hope we could see several safe and successful vaccines by the end of the year, but getting them delivered will be the challenge. Remember we’re talking about a vaccine for more than 7 billion people, maybe with two shots.

“But I don’t think COVID is going away. It will not disappear, it will not be eradicated like polio. I think there will be micro-outbreaks for a considerable time, and it will be part of the public health ecosystem. We will just have to live with it, like we do with flu,” he said.

Part of “living with it” involves more testing, which he said could be an explanation for the big rise in cases in some countries that have ramped up testing efforts.

The UAE is treating front-line health workers with a Chinese-made vaccine, while also co-operating with manufacturers in other countries, but Podolsky has no time for “vaccine nationalism” by which countries try to be first with a cure or reserve treatments for their own populations. “It’s unfortunate that we have political issues around public health and pandemics. We need to follow the science and be transparent, open and honest,” he said.

He also took some comfort from the falling death rates from the disease, which he attributed to better therapeutics and treatment. “We’ve got smarter about how we treat patients to help them overcome the infections and issues with their immune response. As we get better, we will see fewer fatalities,” he said.

On the big debate about whether the world should just get on with its economic life regardless of the health threat to the most vulnerable, he said: “It is not a binary choice. We should protect the most vulnerable — the old, the obese and other high risk people — and take simple measures to target high risk people, like social distancing, wearing masks and washing hands,” he said.


Oil Updates – prices stabilize, Middle East tensions remain in focus

Updated 2 min 44 sec ago
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Oil Updates – prices stabilize, Middle East tensions remain in focus

NEW DELHI: Oil prices edged higher on Tuesday, after falling in the previous session, as investors continued to assess the risk from geopolitical concerns in the Middle East, according to Reuters.

Global benchmark Brent crude oil futures traded 18 cents higher at $87.18 a barrel by 9:34 a.m. Saudi time, and US West Texas Intermediate crude futures also gained 16 cents to $82.06 a barrel.

Both benchmarks fell 29 cents in the previous session on signs that a recent escalation of tensions between Israel and Iran had little near-term impact on oil supplies from the region.

“The unwinding of geo-political risk premium has dented crude oil prices recently as supply was not disrupted meaningfully,” said Sugandha Sachdeva, founder of Delhi-based research firm SS WealthStreet.

But the evolving geopolitical landscape remains critical in steering crude oil prices, she said.

“While there are no indications of an imminent full-scale war between the countries involved, any escalation in tensions could quickly reverse the current trend,” Sachdeva added.

ANZ analysts echoed the sentiment and highlighted US approval of new sanctions on Iran’s oil sector that broaden current sanctions to include foreign ports, vessels and refineries that knowingly process or ship Iranian crude.

Also, EU foreign ministers agreed in principle on Monday to expand sanctions on Iran after Tehran’s missile and drone attack on Israel, the bloc’s foreign policy chief Josep Borrell said.

“The geopolitical backdrop is still very fraught with so many risks at the moment, so clearly we’re going to see a lot of volatility until there’s a lot more clarity around it,” the ANZ analysts said in a podcast.

Israeli troops fought their way back into an eastern section of Khan Younis in a surprise raid, residents said on Monday, sending people who had returned to abandoned homes in the ruins of the southern Gaza Strip’s main city fleeing once more.

Investors are waiting for the release of the US gross domestic product figures and the March personal consumption expenditure data — the Fed’s preferred inflation gauge — later this week to assess the trajectory of monetary policy.

US crude oil inventories are expected to have increased last week while refined product stockpiles likely fell, according to a preliminary Reuters poll of analysts.

“Sticky US inflation figures, hawkish statements from key Fed officials, and rising US inventories are all acting as constraints on crude oil price growth,” Sachdeva said. 


Pakistan hopes to get new IMF loan by early July, says finance minister

Updated 23 April 2024
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Pakistan hopes to get new IMF loan by early July, says finance minister

  • Pakistan’s current $3 billion financial arrangement with IMF expires in late April
  • Islamabad is seeking “bigger,” long-term loan to ensure macroeconomic stability

Pakistan is hoping to reach a staff-level agreement with the International Monetary Fund by June or early July, its finance minister said on Tuesday.

The country’s current $3 billion arrangement with the fund runs out in late-April, which it secured last summer to avert a sovereign default.

Islamabad is seeking a long-term bigger loan to help bring permanence to macroeconomic stability as well as an umbrella under which the country can execute structural reforms.

“We are still hoping that we get a staff-level agreement by June or early July,” Finance Minister Muhammad Aurangzeb told a conference in Islamabad.

He returned from Washington last week after leading a team to attend the IMF and World Bank’s spring meetings. “We had very good discussions in Washington,” he said.

He said he did not know at this stage the volume and tenure of the longer program.


Riyadh prepares to host special meeting of World Economic Forum

Updated 22 April 2024
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Riyadh prepares to host special meeting of World Economic Forum

  • The aim of the gathering is to find solutions to global challenges relating to humanitarian issues, the climate and the economy

RIYADH: Final preparations are taking place this week in the Saudi capital, Riyadh, for a special meeting of the World Economic Forum in the city on April 28 and 29.

Heads of state and senior executives from the public and private sectors are expected to be among the participants, who will discuss a range of global economic issues and developments under the theme “Global Collaboration, Growth and Energy for Development.”

The aim of the meeting is to find solutions to a host of global challenges relating to humanitarian issues, the climate and the economy. On the sidelines of the main event, the Kingdom will host exhibitions and other events to highlight the latest developments and trends in areas such as sustainability, innovation and culture.

The selection of Riyadh as host of the special meeting reflects the extensive partnership between Saudi Arabia and the WEF, officials said.

It builds upon the Kingdom’s active participation and contributions to the WEF’s Annual Meetings in Davos.

The agenda is designed to rekindle the spirit of cooperation and collaboration with various panel discussions, workshops, and networking opportunities. It represents a significant gathering of global leaders and experts dedicated to forging a path toward a more resilient, sustainable, and equitable world.


ACWA Power inks deal to drive renewable energy development in Azerbaijan 

Updated 22 April 2024
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ACWA Power inks deal to drive renewable energy development in Azerbaijan 

RIYADH: Saudi energy giant ACWA Power is signing a new agreement to accelerate the development of renewable projects in Azerbaijan. 

The private water desalination company, known for its extensive green hydrogen storage capacity, announced it has now finalized an agreement with SOCAR, the State Oil Company of the Azerbaijan Republic.

This development follows an initial cooperation understanding signed in February 2023.

This deal focuses on the joint evaluation of the “Low-Carbon/Green Fertilizer” project, in which the two bodies will collaborate on assessing the production of green hydrogen to support the decarbonization of SOCAR downstream assets.

Marco Arcelli, CEO of ACWA Power, said in a statement, “I am proud to announce our collaboration with SOCAR to ignite a new era of renewable energy development in Azerbaijan. With our shared vision and commitment to sustainability, this partnership will not only drive innovation but also pave the way for a cleaner and brighter future for this country.”

The primary directive of the agreement will be to enhance SOCAR’s carbamide fertilizer facility, striving toward more value-added low-carbon products.

As part of the project, SOCAR and ACWA Power will conduct feasibility studies to assess the potential production and sale of green fertilizers, aligning with Azerbaijan’s vision of achieving a clean environment.

ACWA Power will take a role in driving the project’s renewable energy and green hydrogen production aspects, bringing their expertise to bear on this initiative.

For his part, Anar Mammadov, vice president of SOCAR, said, “Azerbaijan is committed to building a sustainable future, and our partnership with ACWA Power underscores our shared dedication to driving renewable energy development in the region. Together, we will work towards realizing our vision of a cleaner, greener Azerbaijan.”

He added: “The cooperation with ACWA Power represents a significant step forward in Azerbaijan’s transition towards a low-carbon economy and underscores the commitment of both organizations to sustainable development practices.” 

Preceding this announcement, the two nations posed their intent to collaborate on renewables as Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman met with Azerbaijan’s Minister of Environment and Natural Resources Mukhtar Babayev in March.

During the meeting, the counterparts discussed opportunities for work and cooperation between their two countries in the field of climate change. 

They also talked about joint efforts to achieve the goals of the UN Framework Convention on Climate Change and the Paris Agreement, the Kingdom’s ministry said in a statement at the time.


Closing Bell: TASI edges down to close at 12,509 points 

Updated 22 April 2024
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Closing Bell: TASI edges down to close at 12,509 points 

RIYADH: Saudi Arabia’s Tadawul All Share Index closed at 12,508.93 points on Monday, losing 9.29 points or 0.07 percent. 

The parallel market, Nomu, also shed 343.96 points or 1.28 percent to end the day’s trading at 26,596.22. 

Concurrently, the MSCI Tadawul 30 Index fell 3.95 points or 0.25 percent to finish at 1,567.16. 

The main index posted a trading value of SR8.8 billion ($2.3 billion), with 74 stocks advancing and 148 declining. On the other hand, Nomu reported a trade volume of SR37.7 million. 

Al-Rajhi Company for Cooperative Insurance was the top performer on TASI as its share price surged 9.93 percent to SR126.20. LIVA Insurance Co. followed next with its share price jumping 9.92 percent to close at SR21.50. 

Gulf General Cooperative Insurance Co.  also performed well, climbing 9.16 percent to SR16.44. Raydan Food Co. and Fitaihi Holding Group increased 8.14 and 8.11 percent to SR28.55 and SR4.40, respectively. 

Conversely, Saudi Cable Co. recorded the most significant dip, declining 4.94 percent to SR75. 

Alkhaleej Training and Education Co. and Ash-Sharqiyah Development Co. also experienced setbacks, with their shares dropping to SR31.50 and SR23.40, reflecting declines of 4.83 and 4.10 percent, respectively.

Nomu’s top performer was Dar Almarkabah for Renting Cars Co., which saw a 9.73 percent jump to SR44. Mayar Holding Co. and Alqemam for Computer Systems Co. also recorded notable gains, with their shares closing at SR4.27 and SR89.80, marking an increase of 7.02 and 5.03 percent, respectively. Arabian International Healthcare Holding Co. and Foods Gate Trading Co. also fared well. 

On Nomu, Raoom Trading Co. was the worst performer, declining by 7.28 percent to SR135. Other underperformers included Natural Gas Distribution Co. and National Environmental Recycling Co., whose share prices dropped 5.58 percent and 5.23 percent to SR42.30 and SR12.32, respectively. 

Watani Iron Steel Co. and Future Care Trading Co. declined during the day to settle at SR2.81 and SR8.70, respectively.