Vaccine volunteers at the Adnec volunteer facility. Victor Besa / The National
Vaccine volunteers at the Adnec volunteer facility. Victor Besa / The National
Vaccine volunteers at the Adnec volunteer facility. Victor Besa / The National
Vaccine volunteers at the Adnec volunteer facility. Victor Besa / The National


Boosters to Covid vaccines are a safe bet


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September 03, 2021

Heading into another autumn of living with the pandemic and as countries across the world are opening up, the UAE is starting to see a distinct return on investment: the past few months' accelerated vaccination drive has begun to pay off.

After a plateau period, Covid-19 cases in the Emirates over the past fortnight have plummeted. The cause and effect are clear: 76 per cent of the UAE's population has been fully vaccinated and 87 per cent has received at least one vaccine dose. The dip in infections also makes apparent the progress that has been made from where we were last year this time. Given the handle the UAE has on the coronavirus, there is reason to be optimistic about the future. A Lancet study has revealed that for adults who've been fully vaccinated, chances of long Covid dropped by half. On Thursday, authorities in Abu Dhabi announced that vaccinated travellers arriving in the emirate from all destinations worldwide would no longer be required to quarantine.

“The UAE has succeeded in reaching the recovery stage,” Dr Farida Al Hosani, health spokeswoman for the federal government said this week. “Two years have passed since the break out of Covid-19 pandemic. We are back to the workplace and our children and all students are back to schools and universities. We are now at full capacity in our economy.”

It has been said before but it bears repetition: the world becomes safer when more people are vaccinated. Ursula von Der Leyen, the president of the European Union's executive arm said the 27-nation bloc has reached its goal of getting 70 per cent of the adults in the EU fully vaccinated against the coronavirus by the end of the summer. It has taken health workers and global authorities a lot of work to reach that position.

Here in the UAE, to maintain the country's comfortable lead, people are advised to follow-up on their jabs and take their booster shots at the earliest opportunity. Abu Dhabi has said that people who received the Sinopharm vaccine more than six months ago need to take their booster shots by September 20, or else face some restrictions to enter public places.

In Dubai, a third dose of the vaccine has also been advised for people suffering from chronic conditions. Those ailing from, say, immune diseases have been advised to check with their doctors to see if they needed a booster of the Pfizer-BioNTech Covid-19 vaccine.

Booster shots will become necessary to ensure the world at large is safer in the coming months. Other countries are on track as well. France this week started administering booster shots to people over 65 and those with underlying health conditions to add to their vaccine protection.

These measures are for the greater good and stem from the best scientific knowledge. There is every reason to safeguard ourselves and our communities. Last year this time the delta variant was not a household phrase. Similarly, we cannot know of mutations that could be pervasive in the future. The World Health Organisation is already monitoring a new variant known as "mu" – identified first in Colombia nine months ago. Given the speed and unpredictability of viruses, there is common sense in being inoculated against all such possible threats.

The benefits of vaccines have been written about continuously over the past year, also in these pages. To a large extent, safety boils down to individual responsibility. We need to continue sanitisation, wearing masks when required and ensure that not only are we ourselves in the best of health – with the Al Hosn app on our devices reflecting a reassuring green status – but that by being up to date with our jabs, we have the moral right to espouse scientific facts to anti-vaxxers in our extended circles and help them rethink their stance. Doing so would be in all our best interests.

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.”

INDIA SQUADS

India squad for third Test against Sri Lanka
Virat Kohli (capt), Murali Vijay, Lokesh Rahul, Shikhar Dhawan, Cheteshwar Pujara, Ajinkya Rahane, Rohit Sharma, Wriddhiman Saha, Ravichandran Ashwin, Ravindra Jadeja, Kuldeep Yadav, Mohammed Shami, Umesh Yadav, Ishant Sharma, Vijay Shankar

India squad for ODI series against Sri Lanka
Rohit Sharma (capt), Shikhar Dhawan, Ajinkya Rahane, Shreyas Iyer, Manish Pandey, Kedar Jadhav, Dinesh Karthik, Mahendra Singh Dhoni, Hardik Pandya, Axar Patel, Kuldeep Yadav, Yuzvendra Chahal, Jasprit Bumrah, Bhuvneshwar Kumar, Siddarth Kaul

HOW TO WATCH

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TikTok: @thenationalnews   

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Fuel economy, combined: 6.7L / 100km

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To successfully install ToTok, users are asked to enter their phone number and then create a nickname.

The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.

Users can also invite other contacts to download ToTok to allow them to make contact through the app.

 

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Avengers 3: Infinity War: an American superhero film released in 2018 and based on the Marvel Comics story.  

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Lucifer: is a 2019 Malayalam-language action film. It dives into the gritty world of Kerala’s politics and has become one of the highest-grossing Malayalam films of all time.

Can NRIs vote in the election?

Indians residing overseas cannot cast their ballot abroad

Non-resident Indians or NRIs can vote only by going to a polling booth in their home constituency

There are about 3.1 million NRIs living overseas

Indians have urged political parties to extend the right to vote to citizens residing overseas

A committee of the Election Commission of India approved of proxy voting for non-resident Indians

Proxy voting means that a person can authorise someone residing in the same polling booth area to cast a vote on his behalf.

This option is currently available for the armed forces, police and government officials posted outside India

A bill was passed in the lower house of India’s parliament or the Lok Sabha to extend proxy voting to non-resident Indians

However, this did not come before the upper house or Rajya Sabha and has lapsed

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Over the past few months, Indians have received messages on mobile phones and on social media claiming that NRIs can cast their votes online

The Election Commission of India then clarified that NRIs could not vote online

The Election Commission lodged a complaint with the Delhi Police asking it to clamp down on the people spreading misinformation

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%3Cp%3E%3Cstrong%3EArtist%3A%20%3C%2Fstrong%3EKhaled%3Cbr%3E%3Cstrong%3ELabel%3A%20%3C%2Fstrong%3EBelieve%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Monster

Directed by: Anthony Mandler

Starring: Kelvin Harrison Jr., John David Washington 

3/5

 

The Sheikh Zayed Future Energy Prize

This year’s winners of the US$4 million Sheikh Zayed Future Energy Prize will be recognised and rewarded in Abu Dhabi on January 15 as part of Abu Dhabi Sustainable Week, which runs in the capital from January 13 to 20.

From solutions to life-changing technologies, the aim is to discover innovative breakthroughs to create a new and sustainable energy future.

The President's Cake

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Engine: naturally aspirated 6.5-liter V12

Power: 819hp

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Day 1

Toss: South Africa, field first

Pakistan (1st innings) 177: Sarfraz 56, Masood 44; Olivier 4-48

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Scoreline

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 Saudi Arabia Al Muwallad 63’

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  • Discounts on sales price of off-plan units
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  • DLD registration fee can be paid through banks or credit cards at zero interest rates
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Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

Updated: September 03, 2021, 2:00 AM