With Covid-19 cases and Delta variant infections surging across the world, the 410 million people who live in the Mena region have not been spared.
Despite over 165m vaccine doses having been administered across the region, reported cases have surpassed the 13m mark. The Delta variant has been detected in 15 Mena countries as of late July, with drastic rises recorded in Iraq, Lebanon, Libya, Morocco and Tunisia. Compared to the previous month, the region witnessed a 67 per cent increase in cases and a 24 per cent surge in deaths, translating to a weekly average of 363,000 new cases and 4,300 deaths. Even the UAE, which launched one of the world’s fastest vaccination campaigns, has been grappling with rising Delta variant cases.
These concerning trends have left many countries scrambling to regain control over growing infection rates while simultaneously pushing to secure and administer Covid-19 vaccines as quickly as possible. In Tunisia, for example, a sharp rise in cases and deaths has pushed the healthcare system close to collapse. As alerts of oxygen shortages resounded from hospitals around the country, the number of cases and deaths climbed to unprecedented levels, giving Tunisia the number one slot for Covid-19 mortality in the region.
As the situation has continued to deteriorate, surpassing 20,000 reported deaths, countries from across the region have intervened in what is a remarkable movement of solidarity. From Egypt to Saudi Arabia to Algeria and the UAE, shipments of vaccines and medical aid have poured in quickly. Support has also arrived from outside the region, including from Italy, Turkey, China, Mauritania and the World Bank, which approved millions of dollars to support the Covid-19 response. The USA and France have also contributed two million jabs via the Covax facility.
These acts of extraordinary solidarity are crucial to ending the pandemic, especially in countries that do not have the resources to fight it. Thanks to these collective efforts, Tunisia is finally beginning to overcome this latest surge in Covid-19 cases. Last week, it managed to vaccinate more than 500,000 people in just one day and brought its oxygen needs to a level that can meet its supply. While we should celebrate this unprecedented wave of support, we must also realise that we cannot continue to manage the regional and global Covid-19 crises on a country-by-country basis.
In addition to reinforcing regional solidarity, we must also continue to call for bolder commitments from world leaders and global institutions to deliver more funds urgently, boost dose sharing to address shortages in the short-term emergency phase and, more sustainably, address vaccine-manufacturing efforts and ensure equitable access to vaccines. While Covax has made great strides in delivering vaccines around the world, many populations across the region still do not have access to these life-saving measures. As of the end of July, a mere 5.5 per cent of the region’s population had been fully vaccinated.
Despite this gloomy portrait, discussions around local vaccine production, and therefore increased local access, continue to progress as potential ways to mitigate the ongoing waves of infection. The UAE is already producing the Sinopharm vaccine locally and has supplied over 100m doses around the world, as well as being at the forefront for approving highly effective treatments for the disease. As the first country in the Arab world to produce the Sinopharm vaccine through Hayat-Vax, a joint collaboration between Sinopharm CNBG and Abu Dhabi’s G42 Healthcare, the UAE is a leader in increasing vaccine manufacturing to meet growing demand.
Morocco also recently signed a major deal to secure local production of the Sinopharm vaccine, and Egypt is playing a leading role in locally manufacturing vaccines as it finalises plans to produce Sinovac and Sputnik. Subject to clinical trials, Egypt is also on track to produce a locally developed vaccine by the end of 2022. The World Health Organisation’s announcement of setting up an mRNA Covid-19 vaccine hub in South Africa in June has also sparked hope of increased local production.
While the pandemic continues to evolve, it has become increasingly apparent that waves of Covid-19 will continue for far longer than we had originally expected. Government leaders and global institutions must demonstrate stronger support to Covax, and commit to bolder action now for the region, and the world, to protect the health and well-being of all populations.
There has never been a more urgent need to expand collective action and continue strengthening regional solidarity. The experience of the Mena region over the past few weeks provides a positive example of the value of regional solidarity. We must replicate this collective response across the globe and ensure that all countries and all communities have the vaccines, diagnostics, treatments and health systems needed to respond to Covid-19. Where there is strong collaboration, there are better outcomes for all. Where there is collective effort, there is lasting progress. We must therefore continue pushing for vaccine equity and replicate these unified acts of solidarity now.
COMPANY%20PROFILE
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The specs
Engine: 1.5-litre 4-cyl turbo
Power: 194hp at 5,600rpm
Torque: 275Nm from 2,000-4,000rpm
Transmission: 6-speed auto
Price: from Dh155,000
On sale: now
Company profile
Date started: Founded in May 2017 and operational since April 2018
Founders: co-founder and chief executive, Doaa Aref; Dr Rasha Rady, co-founder and chief operating officer.
Based: Cairo, Egypt
Sector: Health-tech
Size: 22 employees
Funding: Seed funding
Investors: Flat6labs, 500 Falcons, three angel investors
COMPANY%20PROFILE%20
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The Details
Kabir Singh
Produced by: Cinestaan Studios, T-Series
Directed by: Sandeep Reddy Vanga
Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa
Rating: 2.5/5
MORE ON TURKEY'S SYRIA OFFENCE
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Mica
Director: Ismael Ferroukhi
Stars: Zakaria Inan, Sabrina Ouazani
3 stars
Specs%20
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UAE currency: the story behind the money in your pockets
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It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
UAE cricketers abroad
Sid Jhurani is not the first cricketer from the UAE to go to the UK to try his luck.
Rameez Shahzad Played alongside Ben Stokes and Liam Plunkett in Durham while he was studying there. He also played club cricket as an overseas professional, but his time in the UK stunted his UAE career. The batsman went a decade without playing for the national team.
Yodhin Punja The seam bowler was named in the UAE’s extended World Cup squad in 2015 despite being just 15 at the time. He made his senior UAE debut aged 16, and subsequently took up a scholarship at Claremont High School in the south of England.
57%20Seconds
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RESULTS
6.30pm: Al Maktoum Challenge Round-1 Group 1 (PA) Dh119,373 (Dirt) 1,600m
Winner: Brraq, Adrie de Vries (jockey), Jean-Claude Pecout (trainer)
7.05pm: Handicap (TB) Dh102,500 (D) 1,200m
Winner: Taamol, Connor Beasley, Ali Rashid Al Raihe.
7.40pm: Handicap (TB) Dh105,000 (Turf) 1,800m
Winner: Eqtiraan, Connor Beasley, Ali Rashid Al Raihe.
8.15pm: UAE 1000 Guineas Trial (TB) Dh183,650 (D) 1,400m
Winner: Soft Whisper, Pat Cosgrave, Saeed bin Suroor.
9.50pm: Handicap (TB) Dh105,000 (D) 1,600m
Winner: Hypothetical, Mickael Barzalona, Salem bin Ghadayer.
9.25pm: Handicap (TB) Dh95,000 (T) 1,000m
Winner: Etisalat, Sando Paiva, Ali Rashid Al Raihe
If you go
The flights
There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.
The trip
Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.
The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.
Top%2010%20most%20competitive%20economies
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Company%20profile%20
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The biog
Age: 46
Number of Children: Four
Hobby: Reading history books
Loves: Sports
The 12 Syrian entities delisted by UK
Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV
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.”
The biog
Age: 32
Qualifications: Diploma in engineering from TSI Technical Institute, bachelor’s degree in accounting from Dubai’s Al Ghurair University, master’s degree in human resources from Abu Dhabi University, currently third years PHD in strategy of human resources.
Favourite mountain range: The Himalayas
Favourite experience: Two months trekking in Alaska
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
ENGLAND SQUAD
Goalkeepers Henderson, Pickford, Pope.
Defenders Alexander-Arnold, Chilwell, Coady, Dier, Gomez, Keane, Maguire, Maitland-Niles, Mings, Saka, Trippier, Walker.
Midfielders Henderson, Mount, Phillips, Rice, Ward-Prowse, Winks.
Forwards Abraham, Barnes, Calvert-Lewin, Grealish, Ings, Kane, Rashford, Sancho, Sterling.
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Avatar%3A%20The%20Way%20of%20Water
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