Five years ago today, the UAE recorded its first case of Covid-19, as the disease spread around the globe.
That case on January 29, 2020, was reported in the early days of a pandemic that, according to official figures, has killed more than seven million people worldwide, although the real figure is likely to be much higher.
Hundreds continue to die from Covid-19 each week, statistics from the World Health Organisation indicate, while some who survive the infection face a malign legacy of long Covid. Warnings over the risks of the lingering effects of Covid-19 began in February 2020 and, a month later, the first individual account of the condition was published. More than 400 million people have had long Covid, a study published in August in the Nature Medicine journal says.
“Long Covid can have devastating impacts on individual lives and, due to its complexity and prevalence, it also has major ramifications for health systems and economies,” the study says.
The economic effects were estimated in the study to be about $1 trillion, or one per cent of the global economy. Symptoms associated with long Covid, also called post-Covid syndrome, include fatigue, breathlessness, depression, chest pain, brain fog, and poor sleep.
Fatal cost of Covid-19
Typically, Covid-19 symptoms would completely clear up after 12 weeks, the UK's National Health Service explains. Those whose symptoms last longer are said to have long Covid.
Numerous causes have been discussed, including persistence of the virus in the patient’s body and inflammation of endothelial cells, which line blood vessels. According to Gavi, the Vaccine Alliance, one idea is that fragments of SARS-CoV-2, the virus that causes Covid-19, remain in the body and cause blood vessels to become inflamed, in turn causing microclots that restrict blood flow and mean that there is less oxygen for tissues.
There have been more than 777.3 million reported cases of Covid-19, according to the latest data from the WHO.
Changing attitudes
“I believe it’s time to stop using the term long Covid – it wrongly implies there is something unique, exceptional and somewhat sinister about longer-term symptoms associated with Covid-19,” Dr John Gerrard, chief health officer of the Australian state of Queensland at the time, said early last year.
Research led by Dr Gerrard – whose comments sparked a backlash – indicated that other viral illnesses, including influenza, could cause similar lingering symptoms. While there is no specific test for long Covid, Dr Bharat Pankhania, a senior clinical lecturer at the University of Exeter Medical School in the UK, said the condition, which he described as “a collection of signs and symptoms” was real. It is similar, he told The National, to the condition of post-viral fatigue.
“With respect to post-Covid infection, yes, this condition exists and in some people it’s aggravated by repeated infections,” he said. “Repeated infection equals repeated assaults on the blood vessels and organs. As a result, the consequences are cumulative.”
Vaccination could reduce the effects of long Covid and booster shots are important for those more vulnerable to the disease, Dr Pankhania said. Another debate centres on long Covid’s prevalence. In a major study published about a year ago by scientists at Imperial College London, 7.5 per cent of respondents reported that they still had symptoms 12 weeks after the initial infection, while 5 per cent were still affected after a year.
Growing in numbers
Even if only a very small proportion of people with Covid-19 end up with long Covid, there have been so many infections that “incredibly large” numbers may have the lingering condition, said Prof Ian Jones, a professor of virology at the University of Reading in the UK.
“Because of the breadth of the infection, the numbers are so much greater,” he added. “It’s essentially what you might call the leftover from a serious infection.”
While Covid-19 cases are still reported, attention has turned to how the world should respond in the event of another pandemic. Before this year’s World Health Assembly, to be held in Geneva in May, WHO member states are negotiating a pandemic preparedness framework or treaty. This aims to promote equitable access to, for example, vaccines, personal protective equipment and treatment.
How nations were affected
In a briefing document, the UK Chatham House think tank said that preparedness was not only about detecting and responding to outbreaks, but also ensuring access to diagnostic tools, vaccines and treatments was equitable. With Covid-19, the focus of wealthier nations on their own populations may have extended the pandemic’s effects, he added.
“National sovereignty must be respected, but the challenge is to ensure such concerns do not override the solidarity required for an adequate global response,” it said.
Prof Paul Hunter, an infectious diseases researcher and professor in medicine at the University of East Anglia in the UK, indicated there was a risk that efforts to be prepared for the next pandemic could fall away over time.
“Typically we’re always really well prepared for the next pandemic when the last pandemic has only just ended,” he said. “Everybody gears up during the pandemic and we learn the lessons, and over the years people make cuts to the preparedness.”
Five expert hiking tips
- Always check the weather forecast before setting off
- Make sure you have plenty of water
- Set off early to avoid sudden weather changes in the afternoon
- Wear appropriate clothing and footwear
- Take your litter home with you
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AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
Torbal Rayeh Wa Jayeh
Starring: Ali El Ghoureir, Khalil El Roumeithy, Mostafa Abo Seria
Stars: 3
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
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Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
Director: Shawn Levy
Rating: 3/5
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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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