The UAE recorded 70 new Covid-19 cases on Thursday, bringing the country's tally to 741,790.
A further 90 people beat the virus as the recovery tally reached 736,601.
The death toll remains at 2,145.
The latest cases were detected as a result of an additional 263,429 tests, meaning the UAE is now only 23,462 tests away from reaching 100 million since the outbreak began.
Extensive testing, plus a nationwide vaccination drive, have been credited with helping to limit the spread of the virus in the UAE.
A new variant
Despite extensive vaccination campaigns around the world, Covid-19 cases are rising, in particular in northern European countries where winter is causing more people to stay indoors. The virus spreads more easily in enclosed spaces.
A lockdown have been imposed in Austria, and the Netherlands is considering tougher Covid-19 restrictions this week.
Germany recorded a new high of 419.7 new infections per 100,000 people this week, and 351 died in the past 24 hours, bringing its official death toll since the start of the pandemic to 100,119.
Concerns are also rising regarding the discovery of a new variant in South Africa, which has prompted the UK and other nations to impose a ban on flights from the region.
Experts from the World Health Organisation are meeting officials on Friday to assess the mutation, which is called B.1.1529.
The variant could eventually be called "Nu" by the WHO, as the most concerning variants are named using letters from the Greek alphabet.
Covid-19 in Europe
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A Father Christmas figure holds Covid-19-related hygiene instructions for visiting the Christmas market in Hagen, western Germany. AFP -

People wait to be vaccinated below Albrechtsburg castle and the cathedral in Meissen, Germany. AP -

A pupil at the Petri primary school in Dortmund, western Germany. AFP -

A drive-in vaccination centre at Lanxess Arena in Cologne, Germany. Reuters -

Shoppers in face masks at a Christmas market in Frankfurt, Germany. Bloomberg -

People in a queue reported to be 700 metres long wait to be vaccinated at the Philharmonic Hall in the northern German city of Hamburg. AFP -

A medical worker administers a vaccine to a patient in a dressing room at the Theatre de Verdure vaccination centre in Nice, France. Reuters -

Cyclists on a 'coronapiste', a temporary cycle path created during the pandemic in Paris, France. Mayor of Paris Anne Hidalgo set up about 60 kilometres of new cycling roads to take pressure off public transport during the pandemic. AFP -

A healthcare worker administers a vaccine during a vaccination campaign for foreign tourists in Benidorm, Spain. AFP -

Visitors have their Covid-19 health passes checked at the Christmas market in Trento, Italy, on its opening weekend. Reuters -

Health workers administer booster shots at San Giovanni Addolorata Hospital in Rome, Italy. EPA -

The closed Christmas market next to Stephen's Cathedral, which would normally be packed with crowds of people, in Vienna, Austria. The country is under a nationwide lockdown. AFP -

An unusually quiet street decorated with Christmas lights in Vienna, Austria. AFP -

People queue to receive a vaccine in Vienna, Austria. AP -

Police patrol the centre of the northern city of Zwolle, where an emergency order is in force after three nights of unrest in the Netherlands over new Covid-19 measures. AFP
Tomorrow 2021
Biography
Favourite Meal: Chicken Caesar salad
Hobbies: Travelling, going to the gym
Inspiration: Father, who was a captain in the UAE army
Favourite read: Rich Dad Poor Dad by Robert Kiyosaki and Sharon Lechter
Favourite film: The Founder, about the establishment of McDonald's
Coal Black Mornings
Brett Anderson
Little Brown Book Group
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
How to help
Donate towards food and a flight by transferring money to this registered charity's account.
Account name: Dar Al Ber Society
Account Number: 11 530 734
IBAN: AE 9805 000 000 000 11 530 734
Bank Name: Abu Dhabi Islamic Bank
To ensure that your contribution reaches these people, please send the copy of deposit/transfer receipt to: juhi.khan@daralber.ae
The specs
The biog
Name: Mohammed Imtiaz
From: Gujranwala, Pakistan
Arrived in the UAE: 1976
Favourite clothes to make: Suit
Cost of a hand-made suit: From Dh550
UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
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 specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Padmaavat
Director: Sanjay Leela Bhansali
Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
3.5/5
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
While you're here
Company Profile
Founder: Omar Onsi
Launched: 2018
Employees: 35
Financing stage: Seed round ($12 million)
Investors: B&Y, Phoenician Funds, M1 Group, Shorooq Partners
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
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