As coronavirus case rates in much of continental Europe are rising, the UK has been recording a fall in the number of positive tests.
Although the decrease took some by surprise, modellers forecast that instead of soaring as winter approached, case numbers in the UK could decline.
The situation remains finely balanced, however, with some suggestions that numbers may be creeping up again.
UK Prime Minister Boris Johnson said this week he could not rule out a Christmas lockdown if infection rates did continue to climb.
Nonetheless, the recent figures have given cause for optimism only weeks after the English Health Secretary, Sajid Javid, gave a warning that positive tests could more than double to 100,000 a day.
I think it’s the beginning of the end of the pandemic
Prof Ian Jones
But why does the UK appear to be bucking the upwards trend of many of its neighbours?
The National explains.
What has been happening to UK case numbers?
By mid-to-late October, the UK had seen five successive weeks of increases in the number of positive Covid-19 cases. This fuelled concerns that the country was going to experience a tough winter in which hospitals would be put under extreme pressure, especially given the risk that influenza cases could spiral, too.
In the week beginning on October 18, there were 330,465 confirmed cases, the country's highest figure since January and third-highest since the start of the pandemic.
However, the trend since has been for case numbers to fall by more than 10 per cent each week, although in the last seven days case numbers have crept back up by six per cent to 262,419.
Trends in deaths tend to follow several weeks behind cases. In the latest seven-day period there were 1,093 deaths, 6.9 per cent down on the previous seven-day period.
Hospital admissions have fallen too.
Has the recent fall in cases come as a surprise?
David Taylor, professor emeritus of pharmaceutical and public health policy at University College London, said the UK had some of the world’s best disease modellers in the world – and they had forecast a decline. He highlighted in particular work by Imperial College London and UCL.
A UCL forecast published on November 3, for example, suggested that the number of deaths per day would remain at about 150 then decline slowly.
“[These] models for some months have been indicating that if we maintain levels of vaccination and use the booster, and at the same time there are relatively high numbers of cases in children and young adults, causing immunity with little harm, the outlook for the UK over the winter is good,” Prof Taylor said.
“Although our record is in some ways chequered, on this occasion … it may be that we’re going to see quite a good level of control, although we shouldn’t in any way get complacent.”
What is causing the fall?
In the UK case numbers and death rates over the summer tended to be higher than those of similarly sized countries in Europe.
Young people in particular experienced significant increases in case numbers but more recently, there have been large falls in younger age groups.
Because more young people have now had Covid-19, levels of natural immunity have increased, which means that it is now harder for the virus to spread in people of this age group.
Also, vaccinated people in the UK may have more durable immunity to Covid-19 because first and second doses were spaced further apart then they were on the continent.
The UK has also given 12.6 million people a third “booster” coronavirus vaccine dose, which will help to protect some of the most vulnerable.
What is likely to happen now?
Ian Jones, a professor of virology at the University of Reading in the UK, said case numbers would change in waves. But he said these waves would be more modest than previous ones and a return to a lockdown – which some European nations are now experiencing – was unlikely.
“I think it’s the beginning of the end of the pandemic,” he said. “I think we’re at the end … we’ve just reached it before the continent.
“There are just less susceptible people around now … I don’t want to use the term 'herd immunity', because it’s a difficult concept.
“But you reach the point where the virus is finding it harder to infect people. Even though it can infect vaccinated people, it doesn’t find it easy.”
The UK, he said, was following Israel, which was one of the fastest to distribute vaccinations and has given boosters to four million of its population of 9.4 million. Rates are now low in Israel, with about 20 deaths per week.
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Profile of Hala Insurance
Date Started: September 2018
Founders: Walid and Karim Dib
Based: Abu Dhabi
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Funders: Oman Technology Fund, AB Accelerator, 500 Startups, private backers
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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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A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
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2006: Didier Drogba (Chelsea and Ivory Coast)
2007: Frederic Kanoute (Sevilla and Mali)
2008: Emmanuel Adebayor (Arsenal and Togo)
2009: Didier Drogba (Chelsea and Ivory Coast)
2010: Samuel Eto’o (Inter Milan and Cameroon)
2011: Yaya Toure (Manchester City and Ivory Coast)
2012: Yaya Toure (Manchester City and Ivory Coast)
2013: Yaya Toure (Manchester City and Ivory Coast)
2014: Yaya Toure (Manchester City and Ivory Coast)
2015: Pierre-Emerick Aubameyang (Borussia Dortmund and Gabon)
2016: Riyad Mahrez (Leicester City and Algeria)
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Takreem Awards winners 2021
Corporate Leadership: Carl Bistany (Lebanon)
Cultural Excellence: Hoor Al Qasimi (UAE)
Environmental Development and Sustainability: Bkerzay (Lebanon)
Environmental Development and Sustainability: Raya Ani (Iraq)
Humanitarian and Civic Services: Women’s Programs Association (Lebanon)
Humanitarian and Civic Services: Osamah Al Thini (Libya)
Excellence in Education: World Innovation Summit for Education (WISE) (Qatar)
Outstanding Arab Woman: Balghis Badri (Sudan)
Scientific and Technological Achievement: Mohamed Slim Alouini (KSA)
Young Entrepreneur: Omar Itani (Lebanon)
Lifetime Achievement: Suad Al Amiry (Palestine)
LEADERBOARD
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COMPANY PROFILE
Name: Rain Management
Year started: 2017
Based: Bahrain
Employees: 100-120
Amount raised: $2.5m from BitMex Ventures and Blockwater. Another $6m raised from MEVP, Coinbase, Vision Ventures, CMT, Jimco and DIFC Fintech Fund
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Most F1 world titles
7 — Michael Schumacher (1994, ’95, 2000, ’01 ’02, ’03, ’04)
7 — Lewis Hamilton (2008, ’14,’15, ’17, ’18, ’19, ’20)
5 — Juan Manuel Fangio (1951, ’54, ’55, ’56, ’57)
4 — Alain Prost (1985, ’86, ’89, ’93)
4 — Sebastian Vettel (2010, ’11, ’12, ’13)