According to Bloomberg, the UAE is third in the world and first regionally for countries that handled the Covid-19 pandemic most effectively. Photo: Silvia Razgova / The National
According to Bloomberg, the UAE is third in the world and first regionally for countries that handled the Covid-19 pandemic most effectively. Photo: Silvia Razgova / The National
According to Bloomberg, the UAE is third in the world and first regionally for countries that handled the Covid-19 pandemic most effectively. Photo: Silvia Razgova / The National
According to Bloomberg, the UAE is third in the world and first regionally for countries that handled the Covid-19 pandemic most effectively. Photo: Silvia Razgova / The National

Covid rules for UAE Commemoration and National Day events are announced


Georgia Tolley
  • English
  • Arabic

The ‎UAE has announced its precautionary Covid-19 measures for the coming Commemoration Day and 50th National Day events.

Negative PCR test results will be required to attend events and gatherings. Masks will need to be worn when in proximity to other people.

Attendees will not need to maintain social distancing from members of their own family, however.

The National Emergency, Crisis and Disaster Management Authority set out the regulations on Tuesday during its weekly Covid-19 briefing.

"Let us celebrate safely, and preserve the gains and efforts made for the state for the sake of our health and safety," an Ncema representative said.

The rules announced are as follows.

  • to attend a celebration, attendees must be able to present a negative PCR test taken within 96 hours of the event
  • event capacity is 80 per cent, and temperatures should be taken before entry
  • masks must be worn at all times while indoors or when the event is crowded
  • a physical distance of 1.5 metres must be respected – however, one family is allowed to sit or stand together without the need to apply physical distance
  • people of all ages are allowed to attend the event, provided they have received a vaccine more than 14 days ago, received a booster shot, or have a green-pass status on their Al Hosn application
  • greetings should be given from a distance, without handshakes or hugs
  • social distancing should also be respected during photographs‎

Ncema rules now primarily cover Abu Dhabi, although most of the other emirates base their Covid-19 rules on these guidelines.

According to Bloomberg Covid Resilience Ranking for October, the UAE is third in the world and first regionally when it comes to dealing with Covid-19.

"This reflects the efficiency of its leading model in managing the crisis," the Ncema representative said.

Rules for celebrations

NCEMA rules for National Day celebrations. Photo: NCEMA
NCEMA rules for National Day celebrations. Photo: NCEMA

Event organisers will be required to form teams to ensure that the safety requirements are carried out and respected. They will also ensure that entry and exit is carefully organised to prevent crowding.

Continuous and periodic disinfection is also required. Hand sanitiser should be placed at the entrances and exits of public toilets.

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.”

The biog

Hometown: Birchgrove, Sydney Australia
Age: 59
Favourite TV series: Outlander Netflix series
Favourite place in the UAE: Sheikh Zayed Grand Mosque / desert / Louvre Abu Dhabi
Favourite book: Father of our Nation: Collected Quotes of Sheikh Zayed bin Sultan Al Nahyan
Thing you will miss most about the UAE: My friends and family, Formula 1, having Friday's off, desert adventures, and Arabic culture and people
 

Updated: November 03, 2021, 4:56 AM