A digital vaccine passport that acts as proof of immunisation against Covid-19 for its carrier was launched in Bahrain on Wednesday, making the island nation the first Gulf country to adopt the policy.
The country's BeAware app will update a user's immunity status two weeks after receiving both doses of the vaccine, allowing for the time it takes for antibodies to develop and offer protection against coronavirus.
Residents have a choice of four vaccines in the country, all without charge: Sinopharm, Pfizer-BioNTech, AstraZeneca and Sputnik V.
Once fully inoculated, the app will present a green "Covid-19 vaccinated" shield with an official certificate detailing the user's name, date of birth, nationality and which vaccine they received.
A QR code linked to Bahrain’s national vaccine register allows authorities to check the status of an app user.
Similar programmes under development in Sweden and Denmark are scheduled to launch shortly.
The passport would have to be accepted and recognised worldwide before it can be used as a travel stamp allowing crossing into other nations without the need to quarantine, but Bahrain's programme could open up safe travel around the GCC.
The nation is just 40 minutes from Saudi Arabia, and relies heavily on close links with the kingdom for trade and tourism via the King Fahd Causeway.
The idea of vaccine passports was mooted across Europe, not just to aid a reopening of travel but to allow the hospitality sector to recover by welcoming back customers.
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Inside Bahrain International Airport's new art-infused passenger terminal
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Although some international travel is likely to require proof of inoculation against Covid-19, European governments are split on a bloc-wide endorsement of vaccination passports.
The UK government is also divided on the use of inoculation certificates to allow international travel. Some ministers say they are discriminatory.
Proof of vaccine in a digital wallet could provide an incentive for some to get vaccinated and offer new work opportunities.
Critics, however, say there is a lack of evidence that vaccines effectively prohibit transmission, too little is known about emerging new variants and passports could be vulnerable to fraud.
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
World Cricket League Division 2
In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.
UAE fixtures
Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final
Honeymoonish
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Arabian Gulf League fixtures:
Friday:
- Emirates v Hatta, 5.15pm
- Al Wahda v Al Dhafra, 5.25pm
- Al Ain v Shabab Al Ahli Dubai, 8.15pm
Saturday:
- Dibba v Ajman, 5.15pm
- Sharjah v Al Wasl, 5.20pm
- Al Jazira v Al Nasr, 8.15pm
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THREE
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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.”
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The specs
Engine: 3.9-litre twin-turbo V8
Transmission: seven-speed
Power: 720hp
Torque: 770Nm
Price: Dh1,100,000
On sale: now
MATCH INFO
Everton 0
Manchester City 2 (Laporte 45 2', Jesus 90 7')