Three cases of the Omicron coronavirus variant have been detected in the UK and measures are being introduced to slow its spread.
Discover how the variant went from an emerging cause for concern in southern parts of Africa to arriving in the UK.
November 23
UK scientists become aware of the new strain after samples are uploaded to a coronavirus variant tracking website from South Africa, Hong Kong and then Botswana.
November 25
Downing Street says the variant will be kept under “close investigation”.
Health Secretary Sajid Javid says early indicators show it may be more transmissible than the Delta variant and the vaccines may be less effective against it.
It is announced that from the next day, six southern African countries – South Africa, Namibia, Lesotho, Eswatini, Zimbabwe and Botswana – will be added to the travel red list, meaning flights are suspended.
People arriving before then are told to isolate themselves at home and have a PCR test on day two and day eight. Anyone who arrived up to 10 days prior is also told to take tests.
Mr Javid says scientists are “deeply concerned” about the variant.
November 26
Scientists describe the variant as “very serious”, with Prof James Naismith, director of the Rosalind Franklin Institute, declaring it will “almost certainly” make the vaccines less effective.
Mr Javid updates MPs in the Commons on the variant, called B.1.1.529, saying it “is highly likely that it has now spread to other countries”.
He tells of “very live” discussions over the prospect of adding further countries to the red list.
Mr Javid confirms the government is still following Plan A for managing Covid-19 in the autumn and winter but warns “if we need to go further, we will”.
Downing Street later urges those who have recently returned from one of the six southern African countries not to wait for NHS Test and Trace to contact them before getting tested.
After the news, around £72 billion ($96.07bn) is wiped off London’s top shares as the FTSE 100 drops by 3.6 per cent, one of its biggest falls since the early days of the pandemic in March 2020.
Later in the day, it is designated a variant of concern by the World Health Organisation, and named Omicron.
British Prime Minister Boris Johnson speaks to South African President Cyril Ramaphosa to discuss the challenges of the variant.
November 27
Two cases of the Omicron Covid-19 variant are discovered in Brentwood and in Nottingham, the Department of Health and Social Care announces.
The people who tested positive, and all members of their households, are retested and told to isolate themselves.
Mr Javid says the two cases are linked, as Malawi, Mozambique, Zambia and Angola are added to the travel red list.
Mr Johnson hosts a public briefing in Downing Street alongside England’s chief medical officer, Prof Chris Whitty, and chief scientific adviser Sir Patrick Vallance.
He tells the nation the new strain appears to spread “very rapidly”, can transmit between the double-vaccinated and may partially reduce the protection of existing vaccines.
To slow the “seeding” of the virus, Mr Johnson says anyone who enters the UK must take a PCR test by the end of the second day of their arrival and isolate themselves until they receive a negative result.
All contacts with a suspected case of the new variant will have to isolate for 10 days, regardless of their vaccination status.
Compulsory mask-wearing will also return in England’s shops and on public transport in the coming week, falling back into line with Scotland, Wales and Northern Ireland, but will not be required in pubs and restaurants.
Prof Whitty says the Joint Committee on Vaccination and Immunisation will look at whether the booster programme can be extended down to the over-18s, and whether second doses should be offered to 12 to 15-year-olds.
Mr Vallance warns the country needs to “face up” to the possibility the variant will be a “major issue” if it turns out to be highly transmissible and evades immunity.
November 28
It is announced that a third person tested positive for the variant after travelling to the UK, and the case is linked to travel to southern Africa.
The UK Health Security Agency said the person was no longer in the UK, but targeted testing is being carried out at locations they visited.
It said that while in the UK, the person was in Westminster, central London.
Mr Javid announces new mask-wearing rules for shops and public transport in England will come into force on Tuesday.
He said he expected advice on broadening the booster programme from the Joint Committee on Vaccination and Immunisation.
Mr Javid said the testing regime for international arrivals will be introduced “as soon as possible”, with online passenger locator forms stating PCR tests rather than lateral flow tests are required from 4am on Tuesday.
Scotland, Wales and Northern Ireland say they intend to copy the border restrictions.
UAE currency: the story behind the money in your pockets
Company%20Profile
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Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
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.”
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COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million