Most countries in the Middle East reported a fall in the number of coronavirus cases and deaths in recent weeks, the World Health Organisation said on Wednesday.
“Thankfully, we have observed a decline this week and last week, compared with the previous one,” Dr Ahmed Al Mandhari, WHO regional director for the Eastern Mediterranean, said during an online briefing.
Case numbers declined by 16 per cent and deaths by 8 per cent in the WHO's Eastern Mediterranean region, which comprises 21 countries and the occupied Palestinian territories – a population of about 679 million people.
Dr Al Mandhari said that “the situation remains fragile and unpredictable”.
Five territories in the region – Egypt, the Palestinian territory, Somalia, Syria and Yemen – are reporting surges in coronavirus cases and deaths.
The Eastern Mediterranean region has reported a total of more than 15 million confirmed cases and in excess of 278,000 deaths.
Variants of concern, low take-up of public health measures and insufficient vaccination coverage because of limited distribution are all challenges that plague the Middle East, Dr Al Mandhari said.
“There are no shortcuts. We can break the chain of Covid-19 transmission only when we apply all available measures at once,” he said.
There are four main variants of concern across the region – Alpha, Beta, Delta and Gamma.
The highly contagious Delta variant, which has been detected in 163 countries, is in at least 16 countries in the region, the WHO said.
Nine countries in the Middle East will not meet the WHO global target of vaccinating 10 per cent of the population by the end of this month, Dr Al Mandhari said.
The WHO has set further vaccination targets of 40 per cent by the end of this year and 70 per cent by the middle of next year.
Globally, almost 90 per cent of high-income countries have now reached the 10 per cent target, and more than 70 per cent have reached the 40 per cent target. Not a single low-income country has reached the minimum target.
In the region, some countries have vaccinated less than 1 per cent of their populations, while others reached 75 per cent, Dr Al Mandhari said.
Dr Richard Brennan, WHO regional emergency director for the Eastern Mediterranean, said countries should refrain from offering booster shots in the interest of vaccine equity.
“Given the shortage of vaccines and the fact that some of the most vulnerable people in lower income countries have not been vaccinated, we’re asking that the third doses not be administered at this stage and that the available vaccines be equitably distributed,” he said.
The region has so far received about 51 million vaccine doses through the Covax programme for equitable distribution out of 89 million doses allocated.
Iran, which has the highest number of cases and deaths in the region, received its fourth Covax shipment on Saturday, taking the total to nearly 9.7 million doses.
The country of 85 million has reported a total of more than 5.3 million cases and 115,000 deaths.
“The trend is showing a decrease in the last few days,” said Dr Syed Hussain, the WHO representative in Iran, at the briefing.
On Tuesday, the number of daily positive cases was 22,329, a decrease of 212 cases from the previous day.
The number of deaths was 408, a decline of 40.
Iran has fully vaccinated about 14 per cent of its population, reaching a daily vaccination rate of more than 1.2 million people.
It will be able to reach or surpass the WHO targets “if the current flow of vaccines from Covax and other sources is maintained”, Dr Hussain said.
The Iranian Food and Drug Administration has approved two locally produced vaccines for emergency use, COVIran Barekat and Pasteurcovac. About half a million doses have been made available.
But Dr Hussain said vaccination will not be enough to end the pandemic in Iran, noting that the country's five Covid-19 waves coincided with festivities, elections or religious gatherings.
"The community’s willingness to apply the public health measures needs to be much more enhanced, and that will be the key to stop the circulation of the virus," Dr Hussain said.
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
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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.
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British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
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Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
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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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