Tuesday evening's UAE coronavirus briefing provided updates on the country's vaccination programme, with more than 10.4 million vaccine doses now administered nationwide.
At an earlier briefing we had heard that two-thirds of eligible groups have been vaccinated. In some age categories, including the over-60s, the uptake has been higher. Officials this week said that society and government were “working together” to keep up momentum.
It was also reported that the UAE is now ranked eighth globally, and first in the Arab world, on Bloomberg’s international Covid resilience index, which looks at a range of indicators to measure the effectiveness of a country’s pandemic response. Singapore topped the table, overtaking New Zealand in the process, which fell to second spot as its vaccination programme has been slow to gather momentum. The UAE, meanwhile, rose three places.
UAE officials have been clear, however, that more needs to be done, reflecting the broader sense that there is little room for complacency even when data appears to paint an encouraging picture.
Addressing this point, Dr Saif Al Dhaheri, spokesperson for the National Emergency Crisis and Disasters Management Authority, earlier this month discussed some instances of vaccine hesitancy among sections of the community.
“Your hesitation today is an obstacle to our goals,” he said at a briefing. "It puts your family, loved ones and community at risk. The vaccine is our best means to recover and return to a normal life."
While there are good reasons why some members of society are unable to receive the vaccine – those who are too young, who may have allergies or underlying health conditions, among other reasons – the hesitancy of others is seen as a risk in the daily battle to recover ground lost to the pandemic.
Why people have delayed is a point of conjecture, although choice may have been a contributory factor, meaning some may have been tempted to delay while they wait for a particular vaccine to become licensed.
Dr Farida Al Hosani, health sector spokesperson, confirmed on Tuesday in an interview with The National that vaccine options will be available for the foreseeable future but added that no one option was better than another. The choice was simply there to spur community uptake and because "the UAE always tries to bring the best for its people".
The Sinopharm vaccine was initially the only approved vaccine, but both the Oxford-AstraZeneca and Pfizer-Biontech vaccine were subsequently given the go-ahead, as well as the Sputnik V, which has been approved for emergency use.
Dr Farida Al Hosani, spokeswoman for the UAE government's health authorities, said the country is seeing 'good progress' in Covid-19 vaccine take-up. Courtesy Oloum Aldar
Each of the available vaccines do the job they are meant to do, which is to save lives. It is easy to lose sight of that when there is so much talk of vaccine delivery helping to open up international travel and movement once more.
Data released by the Abu Dhabi Public Health Centre this year found that the Sinopharm vaccine was more than 90 per cent effective in preventing hospitalisation and 95 per cent effective against admission to intensive care.
Those data points are a reminder that vaccines are primarily there to protect communities from infection, rather than being vehicles to enable complete freedom of movement for the inoculated, which is the implied definition of so-called vaccine passports, a subject of widespread discussion around the world.
In that same interview, Dr Al Hosani cautioned against travelling abroad this summer if you were not fully vaccinated or intending to journey to somewhere in the world where the risk of infection was high.
Her words served as a reminder that we need to be cautious about both the terminology and application of vaccine passports.
Most of us connect such passports with the idea that getting vaccinated will open up international borders. Access to vaccines will certainly speed our journey to the latter, by helping to protect and save lives, but it is misleading to promote the idea of vaccine passports as freedom-guaranteeing status symbols. That kind of symbolism is all wrong.
The very dynamic situations in India and Turkey this month are a reminder of how quickly borders can close. Reuters
The wholesale opening of borders in the longer term should hinge on regular testing as much as vaccination
The very dynamic situations in India and Turkey this month are a reminder of how quickly borders can close, at which point a vaccine passport is largely redundant, save for it providing proof that the bearer has been inoculated and is less at risk than someone who has not been.
A return to the idea of certification, the 20th-century response to the post-1918 pandemic, is more appropriate than a so-called vaccine passport, which also could potentially discriminate against those who are unable to take some vaccines, such as pregnant women or breastfeeding mothers, vulnerable community members and children.
So, we need to move carefully in the next phase. Test events should be carried out, such as the plans that are being made for the President's Cup in May, and in the short-term interests of public safety it is appropriate to require protocols to be followed, such as capacity limits and spectators needing to show they have been vaccinated.
The wholesale opening of borders in the longer term should hinge on regular testing as much as vaccination. To date, the UAE has conducted more than 40 million tests on its population of approximately 10 million people.
A combination of the two strands – widespread testing and a comprehensive vaccine drive – will pay greater dividends over the coming months.
Nick March is an assistant editor-in-chief at The National
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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.”
Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.
The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.
1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):
a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33
b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.
2. For those who have worked more than five years
c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.
Note: The maximum figure cannot exceed two years total salary figure.
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Countries offering golden visas
UK Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
