About 19,000 cases of mpox have been reported since the beginning of this year. Reuters
About 19,000 cases of mpox have been reported since the beginning of this year. Reuters
About 19,000 cases of mpox have been reported since the beginning of this year. Reuters
About 19,000 cases of mpox have been reported since the beginning of this year. Reuters

Big Pharma treating mpox as African problem puts global population at risk


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Mpox has been largely considered as an "African problem", and Big Pharma’s apparent lack of interest in developing vaccines puts people on the continent - as well as around the world -  at increased risk of exposure to a deadlier strand, experts have warned.

The limited availability of vaccines approved by the World Health Organisation and the higher cost they are sold at means financially strained African nations could struggle to get hold of whatever quantities are available, making disease prevention an extremely difficult task, industry experts say.

Unlike their rush to develop and market billions of doses of vaccines to curb Covid-19, the big pharmaceutical companies have yet to commit resources to develop vaccines for large-scale inoculation of Africans against mpox.

The field is left wide open for smaller vaccine manufacturers, which have limited capabilities. However, Big Pharma, with its deep pockets, can muscle in anytime to buy out smaller companies if there is a commercial case to enter the mpox market.

“Mpox has been, frankly, overlooked," Seth Lederman, chief executive of US-based Tonix Pharamceuticals, which is in race to develop its own mpox vaccine told The National.

"Traditionally, mpox has been a market in Africa which is … not something that typically attracts a lot of attention. One of the things about these big [pharmaceutical] companies is that they can wait until the very end, and they can pay up, and they can buy whatever they want.”

Pfizer declined to comment. Johnson & Johnson said it currently does not have plans to develop an mpox vaccine. Moderna did not immediately return The National's request for comment.

  • A laboratory nurse takes a sample from a child with a suspected case of mpox at a treatment centre near Goma, in the Democratic Republic of the Congo, in July. Reuters
    A laboratory nurse takes a sample from a child with a suspected case of mpox at a treatment centre near Goma, in the Democratic Republic of the Congo, in July. Reuters
  • A doctor verifies the growth of skin lesions on the ear of a child suffering from mpox in July. Reuters
    A doctor verifies the growth of skin lesions on the ear of a child suffering from mpox in July. Reuters
  • A mother points out the rash marks on her child who recovered from mpox, in July. Reuters
    A mother points out the rash marks on her child who recovered from mpox, in July. Reuters
  • This image provided by the National Institute of Allergy and Infectious Diseases shows a colourised transmission electron micrograph of mpox particles (red) found in an infected cell (blue). Niaid / AP
    This image provided by the National Institute of Allergy and Infectious Diseases shows a colourised transmission electron micrograph of mpox particles (red) found in an infected cell (blue). Niaid / AP
  • The World Health Organisation has declared its second public health emergency of international concern on the mpox virus in two years. AP
    The World Health Organisation has declared its second public health emergency of international concern on the mpox virus in two years. AP
  • Mpox, formerly known as monkeypox, can be treated with antiviral medication, and it can be prevented with a two-dose vaccine regimen. AP
    Mpox, formerly known as monkeypox, can be treated with antiviral medication, and it can be prevented with a two-dose vaccine regimen. AP
  • African health officials said mpox cases have risen by 160% in the past year. Doctors Without Borders / AP
    African health officials said mpox cases have risen by 160% in the past year. Doctors Without Borders / AP
  • Images from the UK Health Security Agency show the stages of monkeypox. UK Health Security Agency
    Images from the UK Health Security Agency show the stages of monkeypox. UK Health Security Agency
  • An image taken during an outbreak of mpox in the Democratic Republic of the Congo in 1996 and 1997 shows the arms and torso of a patient with skin lesions. Reuters
    An image taken during an outbreak of mpox in the Democratic Republic of the Congo in 1996 and 1997 shows the arms and torso of a patient with skin lesions. Reuters
  • A man's hands are covered in a rash caused by the mpox virus that swept through the Democratic Republic of the Congo from 1996 to 1997. Reuters
    A man's hands are covered in a rash caused by the mpox virus that swept through the Democratic Republic of the Congo from 1996 to 1997. Reuters
  • This 2003 electron microscope image from the Centres for Disease Control and Prevention shows an mpox virion, from a sample associated with the 2003 prairie dog outbreak. AP
    This 2003 electron microscope image from the Centres for Disease Control and Prevention shows an mpox virion, from a sample associated with the 2003 prairie dog outbreak. AP

Two mpox global emergencies

On August 14, the WHO declared mpox in the Democratic Republic of the Congo and neighbouring countries to be a public health emergency of international concern.

It is the second time in two years that the global health watchdog has elevated mpox's threat level and asked for a global response to control its spread.

The last mpox global health emergency was declared over in May 2023. However, the latest outbreak is more complex, more dangerous as it is being spread through human contact, rather than primarily through sexual transmission as was observed in previous outbreaks. It has also spread beyond the DRC, where it originated, to parts of Central and East Africa.

Since the beginning of this year, close to 19,000 cases of mpox have been reported, with the death toll in the DRC rising to more than 550 so far this year, according to the Africa Centres for Disease Control and Prevention.

New cases of the deadlier Clade 1b strand of the disease have also been detected in Europe and Asia among people with a travel history to Africa, the European Centre for Disease, Prevention and Control said in its latest mpox update.

On August 15, the first recorded case of the deadlier strain of the mpox outside of Africa was reported in Sweden, while Pakistan's Health Ministry also confirmed one patient had the virus.

Demand factor

Mpox, has been around for decades but the last two outbreaks have received a lot of attention, coming on the heels of the coronavirus pandemic.

Covid-19 brought the world economy to its knees, pushing it into the worst recession since the 1930s. The closure of borders around the globe brought the aviation and tourism industries to a grinding halt.

Millions of jobs were lost around the globe, as well as trillions of dollars in revenue across sectors as all but essential businesses were closed.

The human toll of the pandemic was even greater. More than 704 million cases of Covid-19 were reported around the globe, with death toll hitting 7.01 million globally, according to Worldometer, which collated data reported by governments across the world.

The world’s two biggest economies, the US and China, were among the worst affected, with the US suffering the highest number of reported Covid cases and China among the last countries to ease restrictions, which severely dented the growth of its manufacturing and exports sectors.

The impact of China’s slowdown is still reverberating through the global economy.

The sheer demand for Covid-19 vaccines by governments around the globe led to companies such as Pfizer, Moderna, AstraZeneca and China's Sinopharm racing to get their vaccines approved for emergency use by the WHO, the US Food and Drug Administration and other health regulators around the globe.

More than 5.65 billion people worldwide received at least one dose of a Covid-19 vaccine, equal to about 70.1 per cent of the world population, as of August 12 of this year, according to Our World in Data, an Oxford University data programme.

The sheer scale of demand for Covid-19 vaccines, which triggered the global pharma industry race to develop inoculations, is not even comparable to the rather small requirements for a vaccine to tackle the mpox problem.

Right now, there is no commercial case for these companies, hence the apparent lack of the interest, experts said.

Mpox is not Covid-19

The nature of disease is also different. It is less deadly than Covid-19 and it has been a known entity since 1970, when it was first discovered in the DRC.

With lessons learnt from the Covid-19 pandemic, health watchdogs around the globe are also better prepared to handle the latest mpox outbreak.

Dr Hans Kluge, regional director for Europe at the WHO, said that mpox, from a European perspective, was “not the new Covid [and] we know how to control it”.

“The risk in general to the population is low so there is no need for panic. People are asking ‘do we have to go to lockdown with this?’ Absolutely not, but we have to share all information between countries”, and stand in solidarity with Africa, he told BBC 4 radio last week.

Jimmy Whitworth, emeritus professor of epidemiology at the London School of Hygiene and Tropical Medicine, agreed. Mpox is a public health emergency and it has been declared so because it is spreading rapidly in central and eastern Africa and that is where it needs to be controlled, he said.

“Because with international travel it’s reasonable to assume that cases are going to pop up outside of Africa”, he said. However, if the world is “alert to the possibility of mpox [spreading], then this is entirely controllable outside of Africa", he added.

Africa’s inoculation drive

The Africa Centres for Disease Control estimates that 10 million doses are needed across the continent, with the DRC in need of the lion's share.

However, experts say the global shortage of mpox vaccines could slow progress in the fight against the disease.

“There’s a constraint, as there is with a number of vaccines around the world,” Prof Whitworth said. “This isn’t the only one in which we have shortfalls because of unanticipated sudden demand. You don’t want to be making vast amounts of vaccines that aren’t used and then expire.

“The companies that make the vaccines are acting responsibly here – manufacturers have agreed to provide doses on an immediate basis for the outbreak we have at the moment.”

Bavarian Nordic, which makes the only US Food and Drug Administration-approved mpox vaccine for use in US and Europe, said earlier this week that the company will ramp up the manufacturing of the vaccine.

It currently has the capacity to manufacture 10 million doses by the end of 2025, in addition to its current orders. The company could supply up to two million doses this year.

“Bavarian Nordic is working closely with all stakeholders to ensure the equitable access to our mpox vaccine,” said Paul Chaplin, president and chief executive of Bavarian Nordic, in a bourse filing.

“We are also working with the WHO on a regulatory path to ensure access to all countries while, in parallel, seeking approval for use in adolescents and also conducting clinical studies in Africa to further expand the use to children.”

While companies are boosting capacity to broaden the equitable supply of the mpox vaccine, the price at which it is being provided can be a deterrent to progress.

“They sell for between $100 and $200 a dose, and you need to give everybody two doses. So, that’s a very expensive vaccine,” Voice of America quoted Prof Salim Abdool Karim, a virologist at the Nelson Mandela School of Medicine in Durban, South Africa, as saying.

Bavarian Nordic has not publicly disclosed the price at which it is selling its mpox vaccine.

What's available in the market

The WHO currently recommends the use of Bavarian Nordic’s MVA-BN vaccine or the Japan-based KM Biologics’ LC16 vaccine, the only mpox vaccine currently licensed for children.

When the other two vaccines are not available, the WHO recommends the use of the US-based Emergent BioSolutions' ACAM2000 vaccine.

The US FDA on Friday expanded the approval of the ACAM2000 vaccine for use by people at high risk of contracting mpox, which boosted the drug maker's shares by 20 per cent in pre-trading before it closed the day down 6.73 per cent.

However, the WHO recommends that vaccines should only be used by people who are at risk and does not recommend mass vaccination at the moment, according to the mpox guidance on its website.

On August 9, the WHO extended an invitation to mpox vaccine manufacturers to submit an expression of interest for Emergency Use Listing, an authorisation process, developed to “expedite the availability of unlicensed medical products like vaccines that are needed in public health emergency situations”.

“Granting of an EUL will accelerate vaccine access, particularly for those lower-income countries which have not yet issued their own national regulatory approval,” the WHO said. “The EUL also enables partners including Gavi and Unicef to procure vaccines for distribution.”

Struggling African nations

However, African countries are struggling to mobilise the necessary funds to put in place medical countermeasures, including vaccines, Dr Javier Guzman, director of global health policy and senior policy fellow at the Centre for Global Development think tank in Washington, told The National earlier this month.

“Gavi, the Vaccine Alliance’s $500 million First Response Fund is available but remains non-operational because it requires WHO emergency use listing for mpox vaccines, despite these vaccines already being approved by well-resourced regulatory authorities,” he said. “This process needs to be updated.”

Africa has so far secured less than 10 per cent of the estimated $245 million it needs to fight the mpox outbreak on the continent, Reuter’s cited Africa Centres for Disease Control chief of staff Ngashi Ngongo as saying on Wednesday.

It is currently looking at a shortfall of $224 million, he said at a WHO meeting in the Republic of the Congo's capital, Brazzaville.

What smaller vaccine producers are doing?

With lack of interest from the bigger pharmaceutical companies, the smaller vaccine manufacturers are trying to fill the void.

Tonix Pharmaceuticals last week said it was collaborating with Bilthoven Biologicals, a part of the Cyrus Poonawalla Group, which includes the world’s biggest vaccine producer, the Serum Institute of India, to advance Tonix's mpox vaccine candidate TNX-801.

The potential vaccine would be a single-dose vaccine, which Mr Lederman said can be “rapidly scaled up” because of the Serum Institute in India’s involvement.

He would not disclose how much the company is investing in the project or when the vaccine could be ready for mass use, but said “we're not going to be the first … we're playing the long game”.

“We believe ours could be the most important, particularly if we have to vaccinate large segments of populations” such as the DRC in Africa or the US, he added.

While companies such as Tonix are developing their vaccine candidates, there are others such as Jynneos that have a US CDC-approved finished product and are awaiting a nod from the WHO.

The problem is “right in front of us”, which is that the WHO still has not approved the Jynneos vaccine or given it emergency use, Dr Chris Beyrer, director at the Duke Global Health Institute, told The National.

Countries such as the DRC, Burundi and the Republic of the Congo do not have capacity to approve drugs on their own and rely on the WHO, he said.

“[However,] we're stuck in bureaucratic approvals and regulatory approvals that are basically barriers between vaccine supply – which is not enough – and people who need to be protected.”

Ain Dubai in numbers

126: The length in metres of the legs supporting the structure

1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch

16 A380 Airbuses: The equivalent weight of the wheel rim.

9,000 tonnes: The amount of steel used to construct the project.

5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place

192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.

Reading List

Practitioners of mindful eating recommend the following books to get you started:

Savor: Mindful Eating, Mindful Life by Thich Nhat Hanh and Dr Lilian Cheung

How to Eat by Thich Nhat Hanh

The Mindful Diet by Dr Ruth Wolever

Mindful Eating by Dr Jan Bays

How to Raise a Mindful Eaterby Maryann Jacobsen

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

MATCH INFO

World Cup qualifier

Thailand 2 (Dangda 26', Panya 51')

UAE 1 (Mabkhout 45 2')

Dunki
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Explainer: Tanween Design Programme

Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.

The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.

It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.

The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.

Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”

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SUE%20GRAY'S%20FINDINGS
%3Cp%3E%22Whatever%20the%20initial%20intent%2C%20what%20took%20place%20at%20many%20of%20these%20gatherings%20and%20the%3Cbr%3Eway%20in%20which%20they%20developed%20was%20not%20in%20line%20with%20Covid%20guidance%20at%20the%20time.%3C%2Fp%3E%0A%3Cp%3E%22Many%20of%20these%20events%20should%20not%20have%20been%20allowed%20to%20happen.%20It%20is%20also%20the%20case%20that%20some%20of%20the%3Cbr%3Emore%20junior%20civil%20servants%20believed%20that%20their%20involvement%20in%20some%20of%20these%20events%20was%20permitted%20given%20the%20attendance%20of%20senior%20leaders.%C2%A0%3C%2Fp%3E%0A%3Cp%3E%22The%20senior%20leadership%20at%20the%20centre%2C%20both%20political%20and%20official%2C%20must%20bear%20responsibility%20for%20this%20culture.%C2%A0%3C%2Fp%3E%0A%3Cp%3E%22I%20found%20that%20some%20staff%20had%20witnessed%20or%20been%20subjected%20to%20behaviours%20at%20work%20which%20they%20had%20felt%20concerned%20about%20but%20at%20times%20felt%20unable%20to%20raise%20properly.%3C%2Fp%3E%0A%3Cp%3E%22I%20was%20made%20aware%20of%20multiple%20examples%20of%20a%20lack%20of%20respect%20and%20poor%20treatment%20of%20security%20and%20cleaning%20staff.%20This%20was%20unacceptable.%22%C2%A0%3C%2Fp%3E%0A
Mina Cup winners

Under 12 – Minerva Academy

Under 14 – Unam Pumas

Under 16 – Fursan Hispania

Under 18 – Madenat

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Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EHakbah%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ENaif%20AbuSaida%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ESaudi%20Arabia%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E22%20%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24200%2C000%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3Epre-Series%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EGlobal%20Ventures%20and%20Aditum%20Investment%20Management%0D%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
The%20US%20Congress%20explained
%3Cp%3E-%20Congress%20is%20one%20of%20three%20branches%20of%20the%20US%20government%2C%20and%20the%20one%20that%20creates%20the%20nation's%20federal%20laws%3C%2Fp%3E%0A%3Cp%3E-%20Congress%20is%20divided%20into%20two%20chambers%3A%20The%20House%20of%20Representatives%20and%20the%20Senate%3C%2Fp%3E%0A%3Cp%3E-%C2%A0The%20House%20is%20made%20up%20of%20435%20members%20based%20on%20a%20state's%20population.%20House%20members%20are%20up%20for%20election%20every%20two%20years%3C%2Fp%3E%0A%3Cp%3E-%20A%20bill%20must%20be%20approved%20by%20both%20the%20House%20and%20Senate%20before%20it%20goes%20to%20the%20president's%20desk%20for%20signature%3C%2Fp%3E%0A%3Cp%3E-%20A%20political%20party%20needs%20218%20seats%20to%20be%20in%20control%20of%20the%20House%20of%20Representatives%3C%2Fp%3E%0A%3Cp%3E-%20The%20Senate%20is%20comprised%20of%20100%20members%2C%20with%20each%20state%20receiving%20two%20senators.%20Senate%20members%20serve%20six-year%20terms%3C%2Fp%3E%0A%3Cp%3E-%20A%20political%20party%20needs%2051%20seats%20to%20control%20the%20Senate.%20In%20the%20case%20of%20a%2050-50%20tie%2C%20the%20party%20of%20the%20president%20controls%20the%20Senate%3C%2Fp%3E%0A
Zimbabwe v UAE, ODI series

All matches at the Harare Sports Club:

1st ODI, Wednesday, April 10

2nd ODI, Friday, April 12

3rd ODI, Sunday, April 14

4th ODI, Tuesday, April 16

UAE squad: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Mohammed Usman, CP Rizwan, Chirag Suri, Mohammed Boota, Ghulam Shabber, Sultan Ahmed, Imran Haider, Amir Hayat, Zahoor Khan, Qadeer Ahmed

In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

Dirham Stretcher tips for having a baby in the UAE

Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:

• Buy second hand stuff

 They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.

• Get a health card and vaccinate your child for free at government health centres

 Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.

• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.

Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.

• Once baby is ready for solids, cook at home

Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.

The specs: 2018 Nissan Altima


Price, base / as tested: Dh78,000 / Dh97,650

Engine: 2.5-litre in-line four-cylinder

Power: 182hp @ 6,000rpm

Torque: 244Nm @ 4,000rpm

Transmission: Continuously variable tranmission

Fuel consumption, combined: 7.6L / 100km

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MOST%20POLLUTED%20COUNTRIES%20IN%20THE%20WORLD
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Despacito's dominance in numbers

Released: 2017

Peak chart position: No.1 in more than 47 countries, including the United States, the United Kingdom, Australia and Lebanon

Views: 5.3 billion on YouTube

Sales: With 10 million downloads in the US, Despacito became the first Latin single to receive Diamond sales certification

Streams: 1.3 billion combined audio and video by the end of 2017, making it the biggest digital hit of the year.

Awards: 17, including Record of the Year at last year’s prestigious Latin Grammy Awards, as well as five Billboard Music Awards

The Penguin

Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz

Creator: Lauren LeFranc

Rating: 4/5

SPEC SHEET

Display: 6.8" edge quad-HD  dynamic Amoled 2X, Infinity-O, 3088 x 1440, 500ppi, HDR10 , 120Hz

Processor: 4nm Snapdragon 8 Gen 1/Exynos 2200, 8-core

Memory: 8/12GB RAM

Storage: 128/256/512GB/1TB

Platform: Android 12

Main camera: quad 12MP ultra-wide f/2.2, 108MP wide f/1.8, 10MP telephoto f/4.9, 10MP telephoto 2.4; Space Zoom up to 100x, auto HDR, expert RAW

Video: 8K@24fps, 4K@60fps, full-HD@60fps, HD@30fps, super slo-mo@960fps

Front camera: 40MP f/2.2

Battery: 5000mAh, fast wireless charging 2.0 Wireless PowerShare

Connectivity: 5G, Wi-Fi, Bluetooth 5.2, NFC

I/O: USB-C

SIM: single nano, or nano and SIM, nano and nano, eSIM/nano and nano

Colours: burgundy, green, phantom black, phantom white, graphite, sky blue, red

Price: Dh4,699 for 128GB, Dh5,099 for 256GB, Dh5,499 for 512GB; 1TB unavailable in the UAE

How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

Ziina users can donate to relief efforts in Beirut

Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”

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Apple's%20Lockdown%20Mode%20at%20a%20glance
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Company profile

Name: Tratok Portal

Founded: 2017

Based: UAE

Sector: Travel & tourism

Size: 36 employees

Funding: Privately funded

The years Ramadan fell in May

1987

1954

1921

1888

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.”

Brief scores:

Manchester City 3

Bernardo Silva 16', Sterling 57', Gundogan 79'

Bournemouth 1

Wilson 44'

Man of the match: Leroy Sane (Manchester City)

Dhadak 2

Director: Shazia Iqbal

Starring: Siddhant Chaturvedi, Triptii Dimri 

Rating: 1/5

The biog

Birthday: February 22, 1956

Born: Madahha near Chittagong, Bangladesh

Arrived in UAE: 1978

Exercise: At least one hour a day on the Corniche, from 5.30-6am and 7pm to 8pm.

Favourite place in Abu Dhabi? “Everywhere. Wherever you go, you can relax.”

Updated: September 03, 2024, 3:09 PM