• Dr Adel Belbaisi, Executive Director Advisor of Global Health Development, has been working with Jordan's Ministry of Health in the Kingdom's Covid-19 response. Amy McConaghy/The National
    Dr Adel Belbaisi, Executive Director Advisor of Global Health Development, has been working with Jordan's Ministry of Health in the Kingdom's Covid-19 response. Amy McConaghy/The National
  • Public health expert Dr Adel Belbaisi speaks with The National on Jordan's upcoming vaccination programme. Amy McConaghy/The National
    Public health expert Dr Adel Belbaisi speaks with The National on Jordan's upcoming vaccination programme. Amy McConaghy/The National
  • Public health expert Dr Adel Belbaisi speaks with The National on Jordan's upcoming vaccination programme. Amy McConaghy/The National
    Public health expert Dr Adel Belbaisi speaks with The National on Jordan's upcoming vaccination programme. Amy McConaghy/The National
  • The first batch of the Pfizer-BioNTech vaccine arrives at Jordan's Queen Alia international airport in Amman on January 11, 2021. AFP
    The first batch of the Pfizer-BioNTech vaccine arrives at Jordan's Queen Alia international airport in Amman on January 11, 2021. AFP
  • The first batch of the Pfizer-BioNTech vaccine arrives at Jordan's Queen Alia international airport in Amman on January 11, 2021. AFP
    The first batch of the Pfizer-BioNTech vaccine arrives at Jordan's Queen Alia international airport in Amman on January 11, 2021. AFP
  • Workers unload the first batch of Covid-19 vaccines arriving in Amman on January 9, 2021. Reuters
    Workers unload the first batch of Covid-19 vaccines arriving in Amman on January 9, 2021. Reuters
  • A member of the Jordanian health ministry's epidemiological investigation team, takes a random nasal swab to test for Covid-19, from a man leaving the King Abdullah I mosque following the Friday noon prayers, in the capital Amman, on December 18, 2020. AFP
    A member of the Jordanian health ministry's epidemiological investigation team, takes a random nasal swab to test for Covid-19, from a man leaving the King Abdullah I mosque following the Friday noon prayers, in the capital Amman, on December 18, 2020. AFP
  • A member of the Jordanian health ministry's epidemiological investigation team, takes a random nasal swab to test for Covid-19, from a man leaving the King Abdullah I mosque following the Friday noon prayers, in the capital Amman, on December 18, 2020. AFP
    A member of the Jordanian health ministry's epidemiological investigation team, takes a random nasal swab to test for Covid-19, from a man leaving the King Abdullah I mosque following the Friday noon prayers, in the capital Amman, on December 18, 2020. AFP
  • Jordan's King Abdullah II attends the inauguration of a military field hospital for Covid-19 patients in Irbid Governorate. AFP
    Jordan's King Abdullah II attends the inauguration of a military field hospital for Covid-19 patients in Irbid Governorate. AFP
  • People wait at the main entrance of the Prince Hashem bin Hussein field hospital, Jordan's first Covid-19 field hospital, in the city of Zarqa. AFP
    People wait at the main entrance of the Prince Hashem bin Hussein field hospital, Jordan's first Covid-19 field hospital, in the city of Zarqa. AFP

Jordan’s King Abdullah tells Davos that protecting refugees is a global responsibility


Jamie Prentis
  • English
  • Arabic

King Abdullah of Jordan said protecting refugees is a global responsibility during the pandemic and called for Covid-19 vaccines to be circulated equitably to include the world’s poorest countries.

He told the World Economic Forum’s Davos 2021 that the new year began with many of the same challenges that marked 2020 as the virus continues to “ravage our world”. King Abdullah said “we have barely scratched the surface of its long-term humanitarian and economic implications”.

But he said there was a glimmer of hope because of the development of vaccines, as he urged the global community to work together.

“We must ensure the efficient and equitable distribution of Covid vaccines as well as treatments. It is a moral duty to treat the vaccine as a global public good that ensures that low income and poor countries are not left at the end of the waiting line as high income countries buy the majority of the most promising vaccines,” said King Abdullah, who has already been vaccinated.

“Amid these challenging times, safeguarding the health and well-being of refugees remains a global responsibility.”

Jordan began inoculating refugees this month. Nearly 2,000 people in the country's refugee camps have tested positive for Covid-19 since last September.

He said as host of “the second highest number of refugees per capita globally, Jordan continues to protect refugees in its pandemic response, and we are among the first countries in the world to start vaccinating refugees for free”.

"But international support is also essential. We must collectively work to develop new policy tools to help us address the problems of today and tomorrow," King Abdullah said.
Jordan has recorded more than 323,000 cases of Covid-19 and at least 4,262 deaths.

King Abdullah drew attention to global warming as he called for a recovery that prioritises green energy and renewable investments.

He also said it was crucial that the global digital divide be reduced so that labour forces could be prepared for the “jobs of tomorrow”.

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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.”

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE