With several Covid-19 vaccines nearing completion, there is a hope that things might soon return to normal. The pandemic has taken an incredible toll already. But we will have to adjust to the idea that while some things could go back to normal, others will not and this might not be so bad.
The pandemic affected the poor and minorities disproportionately and if anything, proved that the old normal was not acceptable.
In recent weeks, we have seen the results of several Covid-19 trials, with vaccines beginning to be rolled out sooner than we expected. Pfizer, Moderna, AstraZeneca and Johnson & Johnson appear to be among the most promising.
Experts such as Scott Gottlieb, a former commissioner of the US Federal Drug Agency, have claimed these vaccines could be “real game changers as we go into 2021”.
The vaccines, however, will not be rolled out as quickly as one might like.
Millions of people, health workers and the especially vulnerable, will need the vaccine before herd immunity is established and the pandemic cycle is broken. But there is light at the end of the tunnel.
And given the positive developments of these trials, we can begin to plan for the future in which we incorporate some of this year's positive changes.
Things are not going to be easy going forward.
In Britain, for instance, the economy is set to contract 11.3 per cent in 2020 – the most in over 300 years.
The global unemployment figures and shuttering of businesses across the world were among this year's most sobering statistics, second only to the figure of over 1.5 million deaths due to Covid-19.
It is said that losing a job can feel like the death of someone close. While there have been massive job cuts this year, companies in several sectors have slowly begun rehiring.
The difference from a pre-Covid-19 world is that more people are possibly being recruited to work from home – saving costs for organisations as well as employees.
After the pandemic we will have tighter social circles – and that, I would argue, may not be a bad thing
Even in the UK, despite the massive slump in economy, new positions are being advertised more aggressively than a couple of months ago.
Then there is the matter of mental health. As Erin N Marcus, a professor of clinical medicine at the University of Miami, wrote in the The Washington Post: "Along with the resurgence of Covid-19, an insidious and less perceptible pandemic has arisen: one of anxiety, depression and grief."
Restrictions on human contact have been difficult – more so for some than others.
With a possible end in sight of lockdown and socialising restrictions, we can reasonably assume that in just a matter of another few months, it is not going to be like this any more, in terms of going out and socialising.
After the year it has been, this does a great deal for people’s well-being. An excess of stress, it has been documented, leads to physical illness and affects the lives of people in the same way as a serious disease.
Yes, there will be long-lasting consequences – and some probably for the better. Steve Joordens, a psychology professor from the University of Toronto Scarborough, said recently: “We are walking around fearing human beings, fearing strangers.”
He noted that after the pandemic we will have tighter social circles – and that, I would argue, may not be a bad thing. Perhaps it will lead us to humanise each other, all the more essential in a time when social media can lead us to do the opposite.
There are some good things to look forward to in the post-pandemic era. As a researcher and academic, I certainly have missed conferences, seminars, participating with my colleagues.
But more often than not, these were limited in what expertise they could draw upon – for the simple reason that experts could not all be flown in.
In recent months, however, I have participated in online conversations that brought together talent from around the world, with no travel costs.
I am planning my own conference soon on 30 years after the release of Nelson Mandela and 10 years after the beginning of the Arab uprisings, with participants in South Africa, Lebanon, the US, the UK and other countries – without having to foot a massive bill.
I am hoping that even when we do return to conventional conferences we will keep up the use of these technologies. By all indicators, this will be the new normal.
Bringing in expertise via technology is not just likely to positively affect research institutes and universities but, I suspect, on more permanent office set-ups as well.
While the new normal varies for people depending on their different industries and countries, creating the opportunity to contribute fully without being in the office opens up new possibilities.
It is invigorating and exciting – because it means that employees can put to use their skills during office hours and in the time and expense saved on commuting, lead a more well-rounded life.
This would enable people to pursue other interests that foster well-being and reduce stress levels, thus contributing to better overall health.
Going forward, in a world where vaccines are readily available, if we can learn how to incorporate some of the practices learnt during the pandemic – with regard to socialising, travel and work – into a healthier, safer, more cost-effective and time-saving structure, we will have learnt something valuable this year.
Dr H A Hellyer is a senior associate fellow at the Royal United Services Institute (RUSI) in London and the Carnegie Endowment for International Peace in Washington DC
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.”
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Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
Last 10 NBA champions
2017: Golden State bt Cleveland 4-1
2016: Cleveland bt Golden State 4-3
2015: Golden State bt Cleveland 4-2
2014: San Antonio bt Miami 4-1
2013: Miami bt San Antonio 4-3
2012: Miami bt Oklahoma City 4-1
2011: Dallas bt Miami 4-2
2010: Los Angeles Lakers bt Boston 4-3
2009: Los Angeles Lakers bt Orlando 4-1
2008: Boston bt Los Angeles Lakers 4-2
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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
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The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Three tips from La Perle's performers
1 The kind of water athletes drink is important. Gwilym Hooson, a 28-year-old British performer who is currently recovering from knee surgery, found that out when the company was still in Studio City, training for 12 hours a day. “The physio team was like: ‘Why is everyone getting cramps?’ And then they realised we had to add salt and sugar to the water,” he says.
2 A little chocolate is a good thing. “It’s emergency energy,” says Craig Paul Smith, La Perle’s head coach and former Cirque du Soleil performer, gesturing to an almost-empty open box of mini chocolate bars on his desk backstage.
3 Take chances, says Young, who has worked all over the world, including most recently at Dragone’s show in China. “Every time we go out of our comfort zone, we learn a lot about ourselves,” she says.
List of alleged parties
- May 15 2020: Boris Johnson is said to have attended a Downing Street pizza party
- 27 Nov 2020: PM gives speech at leaving do for his staff
- Dec 10 2020: Staff party held by then-education secretary Gavin Williamson
- Dec 13 2020: Mr Johnson and his then-fiancee Carrie Symonds throw a flat party
- Dec 14 2020: Shaun Bailey holds staff party at Conservative Party headquarters
- Dec 15 2020: PM takes part in a staff quiz
- Dec 18 2020: Downing Street Christmas party
Gulf rugby
Who’s won what so far in 2018/19
Western Clubs Champions League: Bahrain
Dubai Rugby Sevens: Dubai Hurricanes
West Asia Premiership: Bahrain
What’s left
UAE Conference
March 22, play-offs:
Dubai Hurricanes II v Al Ain Amblers, Jebel Ali Dragons II v Dubai Tigers
March 29, final
UAE Premiership
March 22, play-offs:
Dubai Exiles v Jebel Ali Dragons, Abu Dhabi Harlequins v Dubai Hurricanes
March 29, final
More from Neighbourhood Watch:
The years Ramadan fell in May
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
KILLING OF QASSEM SULEIMANI
Sam Smith
Where: du Arena, Abu Dhabi
When: Saturday November 24
Rating: 4/5
Mohammed bin Zayed Majlis
'Munich: The Edge of War'
Director: Christian Schwochow
Starring: George MacKay, Jannis Niewohner, Jeremy Irons
Rating: 3/5
The five pillars of Islam
Zayed Sustainability Prize
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), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199
More Expo 2020 Dubai pavilions:
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The%20pillars%20of%20the%20Dubai%20Metaverse%20Strategy
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The Birkin bag is made by Hermès.
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.
Defined benefit and defined contribution schemes explained
Defined Benefit Plan (DB)
A defined benefit plan is where the benefit is defined by a formula, typically length of service to and salary at date of leaving.
Defined Contribution Plan (DC)
A defined contribution plan is where the benefit depends on the amount of money put into the plan for an employee, and how much investment return is earned on those contributions.
Conservative MPs who have publicly revealed sending letters of no confidence
- Steve Baker
- Peter Bone
- Ben Bradley
- Andrew Bridgen
- Maria Caulfield
- Simon Clarke
- Philip Davies
- Nadine Dorries
- James Duddridge
- Mark Francois
- Chris Green
- Adam Holloway
- Andrea Jenkyns
- Anne-Marie Morris
- Sheryll Murray
- Jacob Rees-Mogg
- Laurence Robertson
- Lee Rowley
- Henry Smith
- Martin Vickers
- John Whittingdale
Gifts exchanged
- King Charles - replica of President Eisenhower Sword
- Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
- Donald Trump - hand-bound leather book with Declaration of Independence
- Melania Trump - personalised Anya Hindmarch handbag
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ILT20%20UAE%20stars
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The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
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'I Want You Back'
Director:Jason Orley
Stars:Jenny Slate, Charlie Day
Rating:4/5