Live updates: follow the latest news on Covid-19 variant Omicron
Lebanese Health authorities will impose a curfew on unvaccinated people during the coming holiday period as concerns mount over a new wave of coronavirus driven by the Omicron Covid-19 variant.
Lebanon has yet to register a case of Omicron, but fears that the virus will spread to the cash-strapped country have pushed authorities into preventive action.
From December 17 until January 9, 2022 the unvaccinated will need to provide a negative PCR test that is not older than 48 hours to move around from 7pm until 6am.
Health Minister Firass Abiad said the new measures aim to limit socialising as Lebanese expatriates flood home for the holiday season, while sparing the country's ailing economy after two years of financial collapse. He did not specify how people would prove their PCR test status, or what penalties there may be for those flouting the new rules.
“Most activities in the evenings are social in nature anyway, we do not want to put the entire country on hold,” he said at a press conference.
Starting from January 10, all medical workers, education, tourism and public sector employees, including army and security forces, must be fully vaccinated to go to work. Unvaccinated staff must provide a negative PCR test result twice a week at their own expense.
Schools and universities will be closed from December 16 until January 9, 2022.
All tourist establishments, restaurants and hotels will refuse entry to customers who cannot provide proof of vaccination or negative PCR test results beginning December 10, 2021.
Parties and gatherings must be limited to 50 per cent capacity. People organising events with more than 100 guests must request permission from the Tourism ministry to proceed.
Mr Abiad ran Lebanon’s largest hospital before he became a minister and often warned of the struggles Lebanese hospitals faced due to economic hardship.
Lebanese hospitals were once among the best in the Middle East but after two years of economic collapse the medical sector is struggling.
Power cuts and shortages of medicine and the exodus of highly skilled medical workers have weighed on Lebanese hospitals, sparking concerns about their ability to handle a new wave of Covid-19.
The variant first spotted in South Africa has now spread, and scientists fear that vaccines may not be as effective for Omicron.
Travel
Passengers arriving at Beirut airport from December 10, 2021 will be required to obtain a Ministry of Public Health pass prior to boarding their flights.
Fully vaccinated travellers are exempt from taking a PCR test. Others must take a test before boarding the plane and on arrival.
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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Off-roading in the UAE: How to checklist
How to vote
Canadians living in the UAE can register to vote online and be added to the International Register of Electors.
They'll then be sent a special ballot voting kit by mail either to their address, the Consulate General of Canada to the UAE in Dubai or The Embassy of Canada in Abu Dhabi
Registered voters mark the ballot with their choice and must send it back by 6pm Eastern time on October 21 (2am next Friday)
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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