Shoppers in the UAE are still being asked to maintain social distancing. The National
Shoppers in the UAE are still being asked to maintain social distancing. The National
Shoppers in the UAE are still being asked to maintain social distancing. The National
Shoppers in the UAE are still being asked to maintain social distancing. The National

UAE is approaching the next phase of the pandemic – recovery


Nick March
  • English
  • Arabic

The news this week that new coronavirus cases in the UAE are falling may well be a sign that a corner has been turned in the pandemic. The past few days of data show sharp declines in new infection rates from their peak at the end of January and early February.

The country's vaccination programme, meanwhile, continues at pace. Government data shows the rate of distribution is currently more than 67 doses per 100 people. Close to seven million doses have already been administered.

This is no time to relax, of course, even as each piece of encouraging data is released, which explains why officials talked on Tuesday evening of the measures that have been put in place to avoid a new spike in infections during Ramadan, including rules regarding public gatherings and exchanging food.

This global crisis has repeatedly taught us the folly of complacency. Only this week politicians in France have warned of a gathering third wave of infections in Europe.

The lingua franca of last summer, encapsulated in the idea of a “new normal” settling across society once the worst of the pandemic was over, now seems a totally inadequate way of describing the changes that have and will continue to occur to our everyday lives in the years ahead. Now, however, we are starting to discern what the post-pandemic world might look like, especially in the UAE.

Mohammed Al Gergawi, Minister of Cabinet Affairs, last week said the challenges the post-Covid-19 world faces rival those of the post-conflict reconstruction years of the late 1940s following the end of the Second World War. Few people would regard this as a hyperbolic statement, such has been the complexity and far-reaching nature of this year-long crisis. Making his remarks at the World Government Summit Dialogues, Mr Al Gergawi also suggested that those challenges would define the next decade but they would be met with "new motivation" to face them head on.

On Tuesday, the UAE unveiled its plans to celebrate the country's 50th anniversary this year. Announcing the "Year of the 50th", President Sheikh Khalifa reminded citizens and residents that the "rapidly changing world" of today provides opportunities for innovation and creativity.

We have seen several examples of this perspective this week.

The official logo for the UAE's 50th year celebrations. Wam
The official logo for the UAE's 50th year celebrations. Wam

On Sunday evening, the Securities and Commodities Authority announced that listed companies in the UAE will be required to have at least one female director on their boards. Minister of Economy, Abdulla bin Touq, said the move was designed to ensure UAE companies met the highest global standards. It certainly marks the UAE as a regional leader and sets a marker on the road.

The previous day, Dubai unveiled its 2040 urban master plan. The strategy set forward by Sheikh Mohammed bin Rashid will overhaul the city's landscape as it continues to develop people-led solutions and to continue to build out its reputation as a magnet for regional talent, essentially providing the city with the tools for the future.

Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, has hosted a series of Future of Industry Dialogues, to help develop the country's competitive advantages, most recently at the weekend.

The salary guide for Emiratis has been broken down into public sector jobs in Abu Dhabi and Dubai, and private sector jobs. Getty
The salary guide for Emiratis has been broken down into public sector jobs in Abu Dhabi and Dubai, and private sector jobs. Getty
This global crisis has repeatedly taught us the folly of complacency

Recent banking data also indicates economic bounce back is expected to be driven by services sector revival. An Abu Dhabi Commercial Bank survey released this week noted strong pent-up demand and an anticipated "return in consumption".

And on Monday, the Mohamed bin Zayed Majlis for Future Generations gave us a wide angle view of the nation's future. The meeting involved the participation of a dozen Cabinet ministers and many more officials.

The message that came out was that the country will emerge from the pandemic with resilience and purpose. The long-held commitment to a knowledge-based economy is unbreakable, but we will see even greater emphasis on technological innovation and on renewable energy.

Perhaps the most intriguing vision that emerged from the Majlis for Future Generations was of the social shifts that are occurring, which have been accelerated by the pandemic.

Responding to a question regarding social media and mental health and recognising the toll the past year has had on many communities and individuals, Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation, said that "mental health must be considered as important as physical health", while also saying that it is vital that the stigma that was once previously been attached to these subjects must be banished forever. "There is no shame in having them," he said.

It is clear that the complex renegotiation all of us have been forced to undertake, and will continue to have to do so this year, will leave behind scars that will take time to heal. The prolonged uncertainty of the situation creates an uneasy tension for many. That's why it is all the more important that societies and economies don't just snap back to what they were at the end of 2019, but reimagine themselves and regenerate to address our new circumstances.

We can already see a strong sense of purpose in the UAE’s short and long-term responses, with commitments to international co-operation, candid recognition and social awareness to address the rapidly changing world, backed by strategic economic stimulus and investment.

Nick March is an assistant editor-in-chief at The National

Mia Man’s tips for fermentation

- Start with a simple recipe such as yogurt or sauerkraut

- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.

- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.

- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.

 

History's medical milestones

1799 - First small pox vaccine administered

1846 - First public demonstration of anaesthesia in surgery

1861 - Louis Pasteur published his germ theory which proved that bacteria caused diseases

1895 - Discovery of x-rays

1923 - Heart valve surgery performed successfully for first time

1928 - Alexander Fleming discovers penicillin

1953 - Structure of DNA discovered

1952 - First organ transplant - a kidney - takes place 

1954 - Clinical trials of birth control pill

1979 - MRI, or magnetic resonance imaging, scanned used to diagnose illness and injury.

1998 - The first adult live-donor liver transplant is carried out

The specs

Engine: 2.0-litre 4-cyl turbo

Power: 247hp at 6,500rpm

Torque: 370Nm from 1,500-3,500rpm

Transmission: 10-speed auto

Fuel consumption: 7.8L/100km

Price: from Dh94,900

On sale: now

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

Brief scores:

Toss: South Africa, chose to field

Pakistan: 177 & 294

South Africa: 431 & 43-1

Man of the Match: Faf du Plessis (South Africa)

Series: South Africa lead three-match series 2-0

Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

Racecard

6.35pm: The Madjani Stakes – Group 2 (PA) Dh97,500 (Dirt) 1,900m 

7.10pm: Evidenza – Handicap (TB) Dh87,500 (D) 1,200m 

7.45pm: The Longines Conquest – Maiden (TB) Dh82,500 (D) 2,000m 

8.20: The Longines Elegant – Conditions (TB) Dh82,500 (D) 

8.35pm: The Dubai Creek Mile – Listed (TB) Dh132,500 (D) 1,600m 

9.30pm: Mirdif Stakes – Conditions (TB) Dh120,000 (D) 1,400m 

10.05pm: The Longines Record – Handicap (TB) Dh87,500 (D) 1,900m  

'Jurassic%20World%20Dominion'
%3Cp%3EDirector%3A%20Colin%20Trevorrow%3C%2Fp%3E%0A%3Cp%3EStars%3A%20Sam%20Neill%2C%20Laura%20Dern%2C%20Jeff%20Goldblum%2C%20Bryce%20Dallas%20Howard%2C%20Chris%20Pratt%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
The years Ramadan fell in May

1987

1954

1921

1888

Brown/Black belt finals

3pm: 49kg female: Mayssa Bastos (BRA) v Thamires Aquino (BRA)
3.07pm: 56kg male: Hiago George (BRA) v Carlos Alberto da Silva (BRA)
3.14pm: 55kg female: Amal Amjahid (BEL) v Bianca Basilio (BRA)
3.21pm: 62kg male: Gabriel de Sousa (BRA) v Joao Miyao (BRA)
3.28pm: 62kg female: Beatriz Mesquita (BRA) v Ffion Davies (GBR)
3.35pm: 69kg male: Isaac Doederlein (BRA) v Paulo Miyao (BRA)
3.42pm: 70kg female: Thamara Silva (BRA) v Alessandra Moss (AUS)
3.49pm: 77kg male: Oliver Lovell (GBR) v Tommy Langarkar (NOR)
3.56pm: 85kg male: Faisal Al Ketbi (UAE) v Rudson Mateus Teles (BRA)
4.03pm: 90kg female: Claire-France Thevenon (FRA) v Gabreili Passanha (BRA)
4.10pm: 94kg male: Adam Wardzinski (POL) v Kaynan Duarte (BRA)
4.17pm: 110kg male: Yahia Mansoor Al Hammadi (UAE) v Joao Rocha (BRA

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

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.”