Around 75 per cent of expats living in the UAE, Singapore, Germany and Mexico are likely to continue living in their host countries in spite of the Covid-19 pandemic, a survey by international health insurer Aetna has found.
The study, conducted from May 8-16, surveyed 1,000 expats living in the four countries, which were affected by the pandemic in varying degrees.
Expats living in countries where deaths attributed to Covid-19 were low reported greater satisfaction with their living situation in the host nations.
Around 87 per cent of those surveyed in the UAE felt confident in maintaining their expat status, while the figure was 88 per cent in Singapore.
In both countries, Covid19-related deaths per million population remain low. The UAE recorded 194 deaths per 1 million, while the figure was only six in Singapore as of Friday, according to Worldometer, which tracks the pandemic.
Expats living in Germany and Mexico, which were more adversely affected by Covid-19, were less confident. Around 69 per cent of expats in Germany were confident about maintaining their expat status, while 70 per cent in Mexico felt the same.
In both countries, deaths per 1 million of the population were comparatively higher at 1,096 for Germany and 1,841 for Mexico.
Germany has struggled with Covid-19 with vaccination efforts off to a slow start in comparison with countries such as the UAE, were inoculation drives were more robust.
“In what has been a difficult and uncertain time, confidence is key. Especially for those planning and trying to build a life in another country," said Damian Lenihan, executive director of Europe at Aetna International.
"Returning to some sort of ‘normality’ is what everyone is hoping for but feeling safe with access to quality health care is paramount to this becoming a reality. Wherever we are in the world," he added.
A key deciding factor for expats considering whether to move or stay is the quality of healthcare and insurance provided by their host countries.
The Aetna survey found that 70 per cent of expats cited access to quality healthcare as a key concern during the pandemic.
Around 38 per cent of those surveyed said they were concerned enough to consider moving back to their home countries in order to have access to better health care.
Around 32 per cent remained concerned about quality of healthcare but did not consider moving home as a consequence.
In spite of international travel restrictions, around 54 per cent of those surveyed moved back to their home countries temporarily during the pandemic. Most of those were from countries where the pandemic had a bigger impact. Around 65 per cent of expats surveyed in Germany, which has over 3.7 million cases returned home at some point during the pandemic.
The figure was 67 per cent for those living Mexico, which has a total case count of over 2.8 million.
In comparison, only 37 per cent and 34 per cent of expats living in Singapore and UAE, respectively returned to their home countries during the pandemic. The total case counts in Singapore and the UAE are 64,861 and 679,321, respectively as of Friday, according to Worldometer.
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Top 10 locations for inquiries from US house hunters, according to Rightmove
- Edinburgh, Scotland
- Westminster, London
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Meydan race card
6pm Dubai Trophy – Conditions(TB) $100,000 (Turf) 1,200m
6.35Dubai Trophy – Conditions(TB) $100,000 (Turf) 1,200m
1,800m
7.10pm Jumeirah Derby Trial – Conditions (TB) $60,000 (T)
1,800m ,400m
7.45pm Al Rashidiya – Group 2 (TB) $180,000 (T) 1,800m
8.20pm Al Fahidi Fort – Group 2 (TB) $180,000 (T) 1,400m
8.55pm Dubawi Stakes – Group 3 (TB) $150,000 (D) 1,200m
9.30pm Aliyah – Rated Conditions (TB) $80,000 (D) 2,000m
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”.
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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.”
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Killing of Qassem Suleimani
