The detection of the Omicron variant of Covid-19 in Botswana and South Africa in November 2021 represented another milestone in the pandemic.
Delta, which was first detected in India the previous year, had become the dominant form of Sars-CoV-2 in many countries because of its ease of spread.
But Omicron was able to pass between people even more readily, and this meant that it took over as the most common variant and caused huge surges in cases in many parts of the world.
However, as was suspected by a doctor in South Africa who dealt with some of the first Omicron cases the new variant typically causes less severe disease. This has been confirmed by subsequent studies. So while case numbers have rocketed, death rates often have not.
According to data from a study in California cited by the US Centres for Disease Control and Prevention, Omicron is associated with a 53 per cent lower risk of hospital admission compared to Delta.
The research from January also found that the chance of being admitted to an intensive care unit was reduced by 74 per cent with Omicron, while the risk of death decreased even more steeply — by 91 per cent.
In some nations, this has given officials confidence to lift lockdown measures, even in the face of high case numbers.
Omicron is highly infectious ... we still don’t quite understand its killing power.
Prof John Oxford,
Queen Mary University of London
At the beginning of this month, Denmark became the first European Union country to lift all Covid-19 restrictions — despite having one of the highest infection rates in the world at the time.
Prof Eskild Petersen, of Aarhus University Hospital in Denmark, who is chairman of the European Society of Clinical Microbiology and Infectious Diseases, said a combination of high vaccination levels and Omicron being “milder” made this possible.
“Compared to a year ago, both the hospitalisation rate and the death rate is reduced by 90 per cent,” he said of the situation in Denmark.
“It’s milder, Omicron, and we have the vaccination. What is the vaccination and what is Omicron, I don’t know.”
While Omicron is milder, health officials have been keen for the public not to become complacent and say there are still significant risks. The CDC, for example, warns that people may still have severe disease, require hospital care and die.
“Even if only a small percentage of people with Omicron infection need hospitalisation, the large volume of cases could overwhelm the healthcare system, which is why it’s important to take steps to protect yourself,” the organisation said.
While the Omicron variant has been associated with milder infections, it does not mean that the coronavirus is no more of a concern than, say, influenza, said Prof John Oxford, emeritus professor of virology at Queen Mary University of London and co-author of the textbook Human Virology.
“It’s kind of a bigger threat than flu,” he said. “Omicron is highly infectious, [with] massive amounts of virus in the upper airways. We still don’t quite understand its killing power.
“With influenza, many people die from subsequent bacterial infections, but with these, antibiotics are a protective backstop.” With Covid-19, he said, there is no such backstop.
“It’s an immune reaction of their own body, so antibiotics aren’t much use,” he said. “So we’re going to have to look more deeply into how they are dying. What’s the immune reaction that’s killing these people?”
Omicron is characterised by about 50 mutations, 36 of which are on the spike protein, the section of the coronavirus that attaches to human cells. This is also the section of the virus detected by the antibodies produced by vaccination.
The European Medicines Agency (EMA) reports that vaccines are less effective at preventing symptomatic disease with Omicron than with other variants.
Before Omicron emerged and Delta was the predominant variant, two doses of the Pfizer-BioNTech vaccine had a 93 per cent effectiveness at preventing the need for hospital admission, according to a South African study.
The same vaccine was just 70 per cent effective at preventing the need for hospital admission with Omicron, a fall of 23 per cent efficacy.
However, the UK Health Security Agency said that after a booster or third dose, vaccination’s effectiveness at preventing the need for hospital admission increased to 88 per cent.
Data from the Washington State Department of Health in the US indicates that Omicron is less likely than other key variants to produce a symptomatic infection.
Omicron also behaves differently with respect to Covid-19 tests.
South African research has found that mouth swabs are better than nasal swabs at detecting Omicron, whereas with Delta, nasal swabs are more effective. Rapid tests are thought to be less likely to detect Omicron than earlier variants.
A sub-variant of Omicron called BA.2 has in some nations outcompeted the original form of Omicron, which is referred to as BA.1.
In countries as far apart as India and Denmark, BA.2, which has 20 mutations differentiating it from BA.1, has already become dominant.
It is suspected to be transmitted more easily than the original Omicron. The UK HSA said in a technical briefing at the end of January that 13.4 per cent of contacts of people with BA.2 were found to have tested positive, compared to 10.3 per cent with BA.1.
However, the UK HSA reported that “a preliminary assessment” did not find that vaccines were less effective at preventing BA.2 from causing symptomatic disease, compared to BA.1.
BA.2 may be more difficult for PCR testis to detect, thanks to the presence of what has been dubbed a “stealth deletion”.
Although increases in case rates with Omicron have typically not resulted in the steep increases in deaths seen previously, some specialists remain cautious.
Dr Bharat Pankhania, a senior consultant in communicable disease control and senior clinical lecturer at the University of Exeter in the UK, said it was only possible for authorities to be more relaxed about lockdown measures now because populations have been heavily vaccinated.
“It’s the immunisation that puts us in a safer place,” he said. “It’s not that suddenly Omicron is innocuous. The successful uncoupling [of case rates and death rates] is that it’s not death-causing if you’re fully immunised.
“Without a doubt Omicron is a nasty piece of work if you’re not immunised. It’s the vaccination that’s preventing people from becoming seriously ill, rather than that we’ve got a less nasty virus in circulation.”
Company%20profile
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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.”
UAE currency: the story behind the money in your pockets
Trump v Khan
2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US
2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks
2019: Trump calls Khan a “stone cold loser” before first state visit
2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”
2022: Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency
July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”
Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.
Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
FA CUP FINAL
Manchester City 6
(D Silva 26', Sterling 38', 81', 87', De Bruyne 61', Jesus 68')
Watford 0
Man of the match: Bernardo Silva (Manchester City)
UAE currency: the story behind the money in your pockets
UAE SQUAD
Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Rameez Shahzad, Shaiman Anwar, Mohammed Usman, Mohammed Boota, Zawar Farid, Ghulam Shabber, Ahmed Raza, Sultan Ahmed, Imran Haider, Qadeer Ahmed, Chirag Suri , Zahoor Khan
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
match info
Southampton 2 (Ings 32' & pen 89') Tottenham Hotspur 5 (Son 45', 47', 64', & 73', Kane 82')
Man of the match Son Heung-min (Tottenham)
UAE currency: the story behind the money in your pockets