People walk by the Pfizer world headquarters in New York this week. Pfizer has announced its vaccine is "90 per cent effective" against Covid-19 infections. AFP
People walk by the Pfizer world headquarters in New York this week. Pfizer has announced its vaccine is "90 per cent effective" against Covid-19 infections. AFP
People walk by the Pfizer world headquarters in New York this week. Pfizer has announced its vaccine is "90 per cent effective" against Covid-19 infections. AFP
The latest UAE Government briefing on coronavirus told us more about the current state of infection in this country.
This week, officials announced that there had been 1,214 new infections from 114,653 tests in the latest 24-hour reporting period, as well as 741 recoveries and two new deaths. The number of active cases now stands at 4,637.
On several occasions in the past few weeks, although not on Wednesday, recoveries have outpaced new cases and at this point in the progress of the pandemic, active cases may tell the most accurate story of how live the virus is in the country.
Although the number of active infections has risen since the start of this month, when they briefly dipped below 2,000 open cases, they are still back down at the level of infections that were being reported in mid-April.
Furthermore, active cases had been trending downwards for more than a month until the beginning of November. The current number of active cases is around a quarter of the number of infections when the pandemic reached its peak in the UAE in early June.
The broader data released on Tuesday told us that 894,104 tests had been conducted nationwide in the week ending November 10, underlining the country’s commitment to mass testing that has been so evident throughout this crisis.
Approximately 15 million tests have been carried out since the outbreak began in a country with a population of 10 million. With mandatory regular testing in place in several industries and economic sectors, that overall test figure will breach 20 million in December.
Dr Saif Al Dhaheri, spokesperson for the UAE’s National Covid-19 Crisis Recovery Management and Governance Committee, said that the country was on the “right track” on the road to what he termed final recovery. "The health sector is able to control the situation, which is reflected in the number of recoveries,” he added.
That last point is crucial, because medical science and healthcare professionals have helped build out our understanding of effective treatment for the virus and ensured the death rate in this country has remained low. The worst-case scenarios have not transpired. Instead, recovery rates have been growing stronger as the months have passed.
A vaccine volunteer gets a medical check-up at the Adnec volunteer facility. Victor Besa / The National
The pandemic is not just about the right now, it is about tomorrow and the day after
It also helps explain why more elements of society are opening back up, particularly for young people. The final three year groups in Abu Dhabi’s private schools will go back to in-person teaching in January after being on distance-learning programmes since March. Sporting activity for children over 12 years old has more fully opened up in the past few days.
This should give us hope, but there are still obstacles to be negotiated, particularly as the global picture for recovery is mixed.
Covid-19 cases are being reported in record numbers elsewhere in the world, but the race to produce a vaccine has been turbocharged this week by the news that a Pfizer and BioNTech venture has proved 90 per cent effective in clinical trials. The vaccine developed by Sinopharm, meanwhile, has already been administered here to key officials, ministers and workers here in the UAE, along with tens of thousands of volunteers. Other vaccines are in progress in a 21st Century approximation of the so-called space race of the 1960s, which spurred an era of innovation and accomplishment.
The Pfizer/BioNTech news was initially met with great excitement, but the cold reality of what will happen next is beginning to settle in. It will take time and huge amounts of capital to undertake a worldwide vaccination campaign. The cost of such an undertaking with the Pfizer vaccine was initially estimated at $20 a dose and there will be fierce demand for it. It may be years before it truly delivers on its promising headlines.
Perhaps playing to this general point, the National Crisis and Emergency Management Authority, or Ncema, tweeted shortly after the Tuesday night briefing that responsibility for containing the virus “rests with everyone”, which means observing the now well-established safety protocols that are part of our daily routine. There is no magic formula for now.
In parts of the region and in Europe, meanwhile, lockdowns are being re-imposed. Lebanon will enter a two-week lockdown on November 14, with intensive care units in the country nearing capacity. England entered what has been termed "lockdown 2" earlier this month, although as The National reported, "masses of humanity roamed footloose" in the country over the weekend in mild defiance of policymakers.
This is not surprising. Governments need to weigh the potential benefits of locking down their societies against the many downsides, such as increased incidents of anxiety, stress, insomnia and depression that could be triggered by isolation, disconnection and lack of human interaction among those who do not contract the virus and are required to shelter at home. Higher rates of obesity have also been recorded in some countries under restriction of movement orders.
Keeping economies and societies open, while having appropriate guidelines in place to reduce the chances of infection, appears to represent a better path forward than the enforced disconnection of lockdowns, although they still serve a purpose when hospitals and health care sectors become stretched to breaking point and when they are applied strategically.
A quiet Trafalgar Square in London. Getty Images
England today began a second national lockdown to curb a surge in Covid-19 cases, closing pubs, restaurants and an array of shops deemed non-essential. Getty Images
Trains at Waterloo Station. The new rules, which will expire on 2 December, also ban most indoor and outdoor household mixing and grass-roots sports. Getty Images
Fog shrouds the Shard and the view towards the Canary Wharf business district. Unlike the first lockdown earlier this year, schools in England will remain open. Getty Images
People walk through Hyde Park. Getty Images
Sports pitches near the Barbican. Getty Images
The Bank of England in the City of London's Square Mile. Getty Images
A quiet Oxford Circus. Getty Images
Fog shrouds the Canary Wharf business district. Getty Images
A quiet Piccadilly Circus. Getty Images
City Hall on the first day of the new national lockdown. Getty Images
A new study has also found that those who recover from coronavirus are more likely to experience psychological stress, which means governments must now also balance containing and constraining the virus with rehabilitation and support for those who have recovered.
This underlines once again that this a vast human crisis and one that extends far beyond how many new cases have been identified on any given day. The pandemic is not just about the right now, it is about tomorrow and the day after.
Nick March is an assistant editor-in-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)
The flights Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes.
Where to stay
In Kuala Lumpur,Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes.
In Penang,Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes. 23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes.
In Langkawi,Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Cryopreservation: A timeline
Keyhole surgery under general anaesthetic
Ovarian tissue surgically removed
Tissue processed in a high-tech facility
Tissue re-implanted at a time of the patient’s choosing
Full hormone production regained within 4-6 months
Water waste
In the UAE’s arid climate, small shrubs, bushes and flower beds usually require about six litres of water per square metre, daily. That increases to 12 litres per square metre a day for small trees, and 300 litres for palm trees.
Horticulturists suggest the best time for watering is before 8am or after 6pm, when water won't be dried up by the sun.
A global report published by the Water Resources Institute in August, ranked the UAE 10th out of 164 nations where water supplies are most stretched.
The Emirates is the world’s third largest per capita water consumer after the US and Canada.
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
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.”
Kalra's feat
Becomes fifth batsman to score century in U19 final
Becomes second Indian to score century in U19 final after Unmukt Chand in 2012
Scored 122 in youth Test on tour of England
Bought by Delhi Daredevils for base price of two million Indian rupees (Dh115,000) in 2018 IPL auction
Date of Birth: April 25, 1993 Place of Birth: Dubai, UAE Marital Status: Single School: Al Sufouh in Jumeirah, Dubai University: Emirates Airline National Cadet Programme and Hamdan University Job Title: Pilot, First Officer Number of hours flying in a Boeing 777: 1,200 Number of flights: Approximately 300 Hobbies: Exercising Nicest destination: Milan, New Zealand, Seattle for shopping Least nice destination: Kabul, but someone has to do it. It’s not scary but at least you can tick the box that you’ve been Favourite place to visit: Dubai, there’s no place like home
COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
The specs: Aston Martin DB11 V8 vs Ferrari GTC4Lusso T