People line up to get the AstraZeneca vaccine outside La Nuvola convention centre in Rome, Italy on Friday. EU member countries reintroduced the AstraZeneca Covid-19 vaccine in their inoculation campaigns. EPA
People line up to get the AstraZeneca vaccine outside La Nuvola convention centre in Rome, Italy on Friday. EU member countries reintroduced the AstraZeneca Covid-19 vaccine in their inoculation campaigns. EPA
People line up to get the AstraZeneca vaccine outside La Nuvola convention centre in Rome, Italy on Friday. EU member countries reintroduced the AstraZeneca Covid-19 vaccine in their inoculation campa
Warnings from the World Health Organisation on the perils of vaccine nationalism have failed to prevent the scourge spreading. The worst transgressor has been the EU, which has dropped any pretence that it is an idealistic player on the world stage.
In fact the EU is uniquely placed to do great damage to the vaccine rollout across the globe. There is every sign that it is willfully and knowingly doubling down on its threats to stop exports of the vaccine and its ingredients.
The US is celebrating 100 million shots into American arms. With a slightly larger population the EU is languishing in the low tens of millions. Just 9.5 per cent of German and French adults have been immunised. Other countries are vaccine super powers when measured by per capita, most notably the UAE.
Recently bolted from the EU, the UK has rolled out jabs for more than 26 million of its approximately 70 million population.
At one point during its transition out of the EU, the government of Boris Johnson came under fierce criticism for spurning participation in the EU's vaccine procurement system. Now it is racing ahead on its own while Brussels is straining to meet even the modest targets it has set for its distribution project. Britain can still look forward to the remarkable feat of vaccinating its adult population with at least one dose by the end of June.
The founding impulse behind the EU was to heal the wounds of division in the European continent. By coming together and erasing differences, the EU is an explicit project in seeking harmony and the elimination of conflict.
Its behaviour is having the opposite effect. The failings in the vaccine scheme are multiple and successive. The supposed strengths of Brussels' regulatory regime have been its primary weaknesses.
First the EU failed to order a front-loaded schedule of vaccines. We know that its contract with AstraZeneca/Oxford was weaker in crucial legal provisions than the UK version. Europe's medicines agency failed to use the emergency provisions processes for approving the new drugs. It fell weeks behind the UK and the seeds of resentment were sown.
This month's investigation into blood clots led to more than a dozen European countries suspending the AstraZeneca roll out. With all the big countries joining the ban, the populations affected was vast.
British Prime Minister Boris Johnson receives his first dose of the AstraZeneca Covid-19 vaccine in London. Johnson was on Friday trying to ensure that shipments from the Pfizer facilities near Brussels to the UK continue. AFP
Some European leaders tried to paint the move as a prudent measure to maintain confidence in the vaccine process. The argument went that by suspending AstraZeneca, the authorities were demonstrating that reported issues were being taken seriously.
In other words, there could be no truth in conspiracy theories that posited officials were reckless or malicious in promoting dangerous treatments.
Even though some European countries have resumed AstraZeneca vaccinations following an all-clear from EU regulators and the WHO, the suspension has damaged faith in the product. Even Britain experienced cancellations of vaccination appointments from the publicity questioning its safety.
There was a perverse impact, too. Angered Europeans expressed frustration that the governments were yet again throwing up new roadblocks in the vaccination campaign. Some were demanding the restoration of the AstraZeneca access, demands satisfied by a resumption of the rollout by some authorities.
French President Emmanuel Macron at one stage called AstraZeneca 'quasi-ineffective' and gives every impression of wanting to undermine the product, presumably because it was developed in Oxford, not Orleans. Reuters
French President Emmanuel Macron at one stage called AstraZeneca "quasi-ineffective" and gives every impression of wanting to undermine the product, presumably because it was developed in Oxford, not Orleans.
The EU position to the UK – and the rest of the world – is you cannot have what we don’t really want.
Mr Johnson was on the phone to the Belgian prime minister on Friday trying to ensure that shipments from the Pfizer facilities near Brussels continue. If these are interrupted, second doses for those already accessing the vaccine will be interrupted.
The EU could be described accurately as an integrated supply chain masquerading as a geopolitical power bloc. Shutting that down has international impact.
The threat to suspend millions of doses going from Belgium, the Netherlands and elsewhere to the UK is a direct and immediate shadow on supplies. The threat to interrupt the supply chain is even more insidious.
Vaccines are brewed in a biological process that is dependent on chemical reactions between ingredients. Any interruption of one part is a disruption of all.
Vials with Pfizer-BioNTech, AstraZeneca, and Moderna vaccine labels are seen in front of a US. Pfizer warned last week that US demand was curtailing production of other drugs. Reuters
Rarely has there been such a nakedly selfish set of behaviours put on display during a health emergency
Even in America, this is not a straightforward issue. Pfizer warned last week that US demand was curtailing production of other drugs. As 18 states joined the federal government in setting a May 1 deadline to triple the US vaccinated, the supply crunch will get even worse.
The mendacity of the European leadership in this situation grows ever harder to fathom. They are feeling the heat and want to provide political cover for their failings.
The legacy of this bitter period could take years to erase. Coming at time when there is nothing but friction with Britain over the post-Brexit arrangements, the strategic prospects for Europeans as a whole are calamitous.
This is to say little or nothing about the fact that the Europeans organised a global summit just 10 months ago to display their commitment to universal global access to the vaccine. Rarely has there been such a nakedly selfish set of behaviours put on display during a health emergency.
Vaccine nationalism is an evil. Leaders who aspire to be a global force for good cannot be absolved when they fall in its trawl.
Damien McElroy is the London bureau chief at The National
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), EsekaiaDranibota (Harlequins), Matt Mills (Exiles), JaenBotes (Exiles), KristianStinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), EmosiVacanau (Harlequins), NikoVolavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), ThinusSteyn (Exiles)
Company profile
Name: Steppi
Founders: Joe Franklin and Milos Savic
Launched: February 2020
Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year
Employees: Five
Based: Jumeirah Lakes Towers, Dubai
Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings
Second round raised Dh720,000 from silent investors in June this year
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
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
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
Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
Premier League-standard football pitch
400m Olympic running track
NBA-spec basketball court with auditorium
600-seat auditorium
Spaces for historical and cultural exploration
An elevated football field that doubles as a helipad
Specialist robotics and science laboratories
AR and VR-enabled learning centres
Disruption Lab and Research Centre for developing entrepreneurial skills
Key 2013/14 UAE Motorsport dates
October 4: Round One of Rotax Max Challenge, Al Ain (karting)
October 1: 1 Round One of the inaugural UAE Desert Championship (rally)
November 1-3: Abu Dhabi Grand Prix (Formula One)
November 28-30: Dubai International Rally
January 9-11: 24Hrs of Dubai (Touring Cars / Endurance)
March 21: Round 11 of Rotax Max Challenge, Muscat, Oman (karting)
April 4-10: Abu Dhabi Desert Challenge (Endurance)
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.”
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
The bio
Favourite book: The Alchemist by Paulo Coelho
Favourite travel destination: Maldives and south of France
Favourite pastime: Family and friends, meditation, discovering new cuisines
Favourite Movie: Joker (2019). I didn’t like it while I was watching it but then afterwards I loved it. I loved the psychology behind it.
Favourite Author: My father for sure
Favourite Artist: Damien Hurst
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area. Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife. Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple. The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items. According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”. He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale. Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950