Kuwait has imposed a two-week ban on the entry of foreigners from February 7, after a sharp rise in coronavirus cases.
Government spokesman Tareq Al Mazrem announced the measure after an extraordinary Cabinet meeting on Wednesday.
Medical personnel in the government and private sectors and members of the diplomatic corps are exempt from the ban. Foreigners who are first-degree relatives of Kuwaitis, such as parents and children as well as their accompanying domestic workers, are also exempted.
All arriving passengers will have to quarantine in local hotels for seven days at their own expense, followed by a seven-day home quarantine, Mr Al Mazrem said.
The civil aviation department has indefinitely extended the limit on passengers per flight to 35, which was due to end on February 6.
The Cabinet also ordered shops and restaurants to close from 8pm to 5am for one month from February 7, but allowed delivery services to continue.
Pharmacies, supermarkets and food stores are exempted, Mr Al Mazrem said.
The restrictions could be extended if the situation does not improve, he said.
All events and gatherings, including national holiday celebrations later this month, have also been cancelled.
Kuwait reported 756 new Covid-19 cases on Wednesday. Daily infections fell below 300 late last year from a peak of more than 1,000 in May.
The Cabinet urged citizens and residents to comply with health guidelines and rules to help curb the surge in coronavirus cases.
The new restrictions came on the back of recent instances of some airline passengers carrying fake negative PCR test certificates while entering the country.
Mr Al Mazrem said if people did not co-operate and comply with health precautions such as wearing face masks and observing social distancing, the government would consider "additional" measures. He said authorities would take legal action against passengers arriving with fake PCR certificates.
The Kuwaiti ministry of foreign affairs advised citizens against overseas travel except when “absolutely necessary” because of the new variants of coronavirus spreading worldwide.
Assistant Undersecretary for Public Affairs Buthaina Al Mudhaf said on Wednesday that the health ministry had not detected any infection with the mutated strain from South Africa.
Kuwait has authorised the emergency use of the Oxford-AstraZeneca vaccine against the virus after a comprehensive evaluation of its safety, efficacy and quality, said Abdullah Al Bader, assistant undersecretary for drug and food control.
Kuwait will receive the first batch of 200,000 doses within days, he said.
'Nightmare Alley'
Director:Guillermo del Toro
Stars:Bradley Cooper, Cate Blanchett, Rooney Mara
Rating: 3/5
Venom
Director: Ruben Fleischer
Cast: Tom Hardy, Michelle Williams, Riz Ahmed
Rating: 1.5/5
Infobox
Western Region Asia Cup Qualifier, Al Amerat, Oman
The two finalists advance to the next stage of qualifying, in Malaysia in August
Results
UAE beat Iran by 10 wickets
Kuwait beat Saudi Arabia by eight wickets
Oman beat Bahrain by nine wickets
Qatar beat Maldives by 106 runs
Monday fixtures
UAE v Kuwait, Iran v Saudi Arabia, Oman v Qatar, Maldives v Bahrain
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
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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England v South Africa Test series:
First Test: at Lord's, England won by 211 runs
Second Test: at Trent Bridge, South Africa won by 340 runs
Third Test: at The Oval, July 27-31
Fourth Test: at Old Trafford, August 4-8
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Profile of Hala Insurance
Date Started: September 2018
Founders: Walid and Karim Dib
Based: Abu Dhabi
Employees: Nine
Amount raised: $1.2 million
Funders: Oman Technology Fund, AB Accelerator, 500 Startups, private backers