The World Health Organisation says it is a question of 'when, not if' the world will face another global pandemic. Getty Images
The World Health Organisation says it is a question of 'when, not if' the world will face another global pandemic. Getty Images
The World Health Organisation says it is a question of 'when, not if' the world will face another global pandemic. Getty Images
The World Health Organisation says it is a question of 'when, not if' the world will face another global pandemic. Getty Images

'Crucial issues' still unresolved in plan to stop next pandemic, WHO warns


Tim Stickings
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Preparations for tackling the next pandemic are missing their "biggest piece of the puzzle" owing to delays in agreeing to a new treaty on sharing vaccines and medicine, the head of the World Health Organisation said on Monday.

Dr Tedros Adhanom Ghebreyesus said "crucial issues" remained unresolved months after 194 countries were supposed to agree on a pandemic treaty. He spoke in Berlin as a new risk report was presented, warning there was "every likelihood" of the world being "caught napping" by a disease outbreak, as it was with Covid-19.

Outbreaks of illnesses such as Middle East respiratory syndrome, H5N1 bird flu and the Marburg virus "remind us that the next pandemic is not a question of if, but when", Dr Tedros said in remarks to the World Health Summit.

Negotiators will resume talks on the pandemic treaty next month after missing a May deadline. The target date for the agreement and been revised to 2025. Divisions opened over how far rich countries should be required to share medicine and technology with the Global South, after some rich nations were accused of hoarding Covid-19 vaccine doses.

One treaty proposal that has caused contention would give the WHO access to up to 20 per cent of the vaccine stock, while countries would also commit to a “more equitable” sharing of medicine. The suggestion raised concerns about countries ceding sovereignty to the WHO.

"The biggest remaining piece of the puzzle is the WHO pandemic agreement. Although member states have made progress, some of the most crucial issues have not yet been resolved, but I am confident they will be," Dr Tedros said.

Negotiations on sharing vaccine doses and medicine have complicated talks on a pandemic treaty. Getty Images
Negotiations on sharing vaccine doses and medicine have complicated talks on a pandemic treaty. Getty Images

The WHO has said it does not want to dictate national policies and dismissed the suggestion it could order lockdowns or vaccination campaigns as conspiracy theories. The report, by the Global Preparedness Monitoring Board, said mistrust could hinder any response to a pandemic in the future.

Questions of social trust "have not yet received the sustained policy and scientific attention they deserve", it said. "Lack of trust can drive both the emergence of novel viruses and the amplification of outbreaks, by undermining compliance with control measures and incentivising secrecy rather than transparency."

Countries did agree in May to allow the WHO to declare a "pandemic emergency" as a new highest alert level, but its provisions are not binding. There have also been initiatives on disease monitoring and the development of mRNA vaccines.

"Despite these improvements, made in the wake of the Covid-19 pandemic, there is every likelihood that the next pandemic will again catch the world napping, without the readiness plans primed for implementation from day one," the report said.

WHO director general Dr Tedros Adhanom Ghebreyesus. Reuters
WHO director general Dr Tedros Adhanom Ghebreyesus. Reuters

Kolinda Grabar-Kitarovic, a former president of Croatia and chairwoman of the Global Preparedness Monitoring Board, told the Berlin summit that the world was "once again entering the phase of neglect in the typical panic-and-neglect cycle".

Although the Covid-19 pandemic was often described as a once-in-a-century health crisis, that "does not mean we can let our guard down for the next 100 years", Ms Grabar-Kitarovic said. "The Covid-19 pandemic has left a deep, lasting impact on societies, much like post-traumatic stress disorder," she added. "The prolonged exposure to uncertainty, loss and trauma has affected mental health and continues to influence behaviours and responses long after the immediate crisis has passed.

"People, governments and organisations are eager to move on from the pandemic. However, this rush to return to normalcy risks leading to complacency – exactly at a time when vigilance is needed most."

The bio

Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.

Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.

Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.

Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.

MATCH INFO

Who: UAE v USA
What: first T20 international
When: Friday, 2pm
Where: ICC Academy in Dubai

UAE currency: the story behind the money in your pockets
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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
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%3Cp%3EEngine%3A%203-litre%20V6%20turbo%20(standard%20model%2C%20E-hybrid)%3B%204-litre%20V8%20biturbo%20(S)%0D%3Cbr%3EPower%3A%20350hp%20(standard)%3B%20463hp%20(E-hybrid)%3B%20467hp%20(S)%0D%3Cbr%3ETorque%3A%20500Nm%20(standard)%3B%20650Nm%20(E-hybrid)%3B%20600Nm%20(S)%0D%0D%3Cbr%3EPrice%3A%20From%20Dh368%2C500%0D%3Cbr%3EOn%20sale%3A%20Now%3C%2Fp%3E%0A
Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

Simran

Director Hansal Mehta

Stars: Kangana Ranaut, Soham Shah, Esha Tiwari Pandey

Three stars

Updated: October 14, 2024, 2:56 PM