US President Joe Biden, Japanese Prime Minister Yoshihide Suga, Australian Prime Minister Scott Morrison and Indian Prime Minister Narendra Modi during their virtual meeting last week. Bloomberg
US President Joe Biden, Japanese Prime Minister Yoshihide Suga, Australian Prime Minister Scott Morrison and Indian Prime Minister Narendra Modi during their virtual meeting last week. Bloomberg
US President Joe Biden, Japanese Prime Minister Yoshihide Suga, Australian Prime Minister Scott Morrison and Indian Prime Minister Narendra Modi during their virtual meeting last week. Bloomberg
Should swiftly vaccinating as many people as possible be an endeavour that brings us all together, around the world? Or is it in reality yet another arena for political one-upmanship and great power contestation?
China's President Xi Jinping was quite clear when he addressed the World Health Assembly in May last year. The vaccines China developed, he announced, would be a "global public good". Shortly before, one of the country's top virologists, Major General Chen Wei, said their efforts would be a "contribution to humankind".
Plenty have reason to be grateful for the results so far. According to officials, by the end of February China had provided free vaccines to 69 countries and was selling doses to 28 more. Serbia – with a population of seven million – had received one and a half million Sinopharm vaccines by the middle of that month, with more promised. The UAE, which tested Sinopharm and found it 86 per cent effective, started rolling out free inoculations to the public in December.
Closer to home, last year Chinese companies committed to supplying Indonesia with 250 million doses through 2021. Beijing took a clear early lead in manufacturing and distribution, with the added plus that all its vaccines can be stored in refrigerators, unlike those produced by Pfizer, which must be kept at between -80°C to -60°C.
With some notable exceptions, such as the UK, western countries were by contrast slow off the mark in placing orders for vaccines, quarrelled about who should get what once vaccines were available, and were accused of hoarding a surplus of doses sufficient to inoculate every adult in the whole of Africa. Under former president Donald Trump, the US stood alone and prevented international access to American-produced doses.
Some countries had reservations about the Chinese vaccines, but as Yanzhong Huang of the US Council on Foreign Relations wrote in a recent essay, America’s abdication of pandemic orchestration meant that “Beijing filled a leadership void that Washington left open".
Now there appears to be a politicalpushback. Although the International Olympic Committee has accepted China's offer to supply all participants in this summer's Tokyo games with vaccines, the Olympic Minister, Tamayo Marukawa, has said that Japanese athletes would not accept them. A polite explanation for this could be that Japan has very low rates of confidence in vaccines in general – under 30 per cent believe they are safe and effective, one survey found.
Sinopharm vaccine efficacy rate was revised to 79 per cent, following trials in multiple countries. AP Photo
But Japan is also one of the four members of the "Quad" group, along with the US, India and Australia, which had its first ever heads of government meeting last week, at which they announced they would supply up to a billion vaccine doses across "the Indo-Pacific region" by the end of 2022.
These will be made in India and guided by a Quad Vaccine Experts Working Group that, as the countries' four leaders put it in an op-ed in The Washington Post, "brings together the sharpest scientific leaders from Australia, India, Japan and the United States to meet the region's pressing needs".
They listed potential partners in Asia and the Pacific, but there was no mention of co-operation with China; and given that the Quad's main purpose is to counter Beijing – without that ever being expressed quite so explicitly – the vaccine plan is naturally being seen as part of an effort to compete with and contain China. A benign take would be that the more doses produced, the better, but I do not think that making vaccination distribution a geopolitical contest is to be welcomed.
A prayer ceremony for the victims of the 2004 tsunami at Marina Beach in Chennai in 2019. The Quad has its roots in its four member countries coming together to respond to the disaster that killed over 200,000 people. Reuters
Quad was reborn in 2017 – but, as they don't say, it was reborn as something different
It didn’t have to be like this. The Quad, as its current leaders concede, has its roots in the four member countries coming together to respond to the 2004 tsunami that killed over 200,000 people and caused a humanitarian crisis in many Indian Ocean littoral states. After a long pause, it was “reborn in 2017” – but, as they don’t say, it was “reborn” as something quite different. It has since focused almost exclusively on security issues, and aims for a “free, open, resilient and inclusive… Indo-Pacific” in which “all countries are able to make their own political choices, free from coercion”.
“In recent years, that vision has increasingly been tested,” they say. The question “by whom?” needs no answer.
Many see the Quad being the core of an alliance of western-orientated democracies as problematic in itself. As a recent Carnegie Endowment for International Peace commentary points out: “If other countries in Asia view the Quad as little more than a talk shop to discuss the looming risks posed by China’s rise while occasionally holding joint military exercises, it is unlikely that other countries will see its utility or view it as a model for their own choices and conduct.”
Boxes of the AstraZeneca vaccine, manufactured by the Serum Institute of India and provided through the global Covax initiative, arrive in Mogadishu this week. AP Photo
But there is a wider point. The Quad’s current trajectory is a manifestation of a binary approach that is dialling up, not down, tensions in Asia. Another course was set out in an enlightened paper by the Quincy Institute for Responsible Statecraft this January, which called for “an inclusive, stable order in East Asia designed to manage shared, top-priority challenges such as climate change and pandemics”, in which “some initiatives should be jointly led by the United States and China… as a signal that the two sides are committed to working together to promote peace, stability and prosperity in Asia".
If working together to ensure all countries in the region receive full vaccine coverage isn’t a prime example of just such an initiative, I don’t know what is. This isn’t just a matter of how a fading superpower can rub along with a rising one, vital though that is. It is also that, to quote UN Secretary General Antonio Guterres: “At this critical moment, vaccine equity is the biggest moral test before the global community.”
So the Quad’s target of one billion vaccines is good news – but if, and only if, they are willing to work with everyone, including China, to make the region – and by extension the world – safe. As far as is possible, seeking geopolitical advantage should have no place in this time of pandemic.
Sholto Byrnes is an East Asian affairs columnist for The National
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.”
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
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
November 2025
180 Petrofac employees laid off in the UAE
Juliot Vinolia’s checklist for adopting alternate-day fasting
- Don’t do it more than once in three days
- Don’t go under 700 calories on fasting days
- Ensure there is sufficient water intake, as the body can go in dehydration mode
- Ensure there is enough roughage (fibre) in the food on fasting days as well
- Do not binge on processed or fatty foods on non-fasting days
- Complement fasting with plant-based foods, fruits, vegetables, seafood. Cut out processed meats and processed carbohydrates
- Manage your sleep
- People with existing gastric or mental health issues should avoid fasting
- Do not fast for prolonged periods without supervision by a qualified expert
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.