Insight and opinion from The National’s editorial leadership
November 28, 2021
It's sometimes hard to remember quite how much Covid-19 has expanded our epidemiological vocabulary during the past year and a half. Now, there's a new word that is worrying experts, governments and ordinary people the world over: Omicron, or, as it was known at first, the "Nu" variant. It refers to a new strain of Covid-19 that was recently identified in South Africa.
It is spreading, with cases reported throughout southern Africa and as far as Belgium and Hong Kong. It is too early to know quite how dangerous it is. And while worrying, the situation seems relatively manageable for now although the world must remain alert. The chair of the South African Medical Association, Angelique Coetzee, has said only "very mild cases" have been spotted in her country.
In general, new virus strains rarely pose a significantly greater danger in terms of individual illness. The most serious potential threat is on a larger, global scale. Omicron appears to be the most radical Covid-19 mutation to date. This increases the risk of vaccines being less effective against it. Mutations can also be more contagious. When these seemingly subtle changes are applied to billions around the world, the results are huge. The situation is particularly risky for countries that have low inoculation rates.
Today's anxiety mirrors the early days of the Delta variant in December last year. The strain did indeed turn out to be more dangerous, with higher transmission rates and perhaps more severe illness, particularly among the unvaccinated. It now represents 99.8 per cent of all cases that the WHO have sequenced in the past 60 days.
Beyond health, today's heightened uncertainty is hurting the economy. The price of oil, for example, fell about 13 per cent on Friday, the biggest decline since the early days of Covid-19. Hotspots face a particularly hard hit. South Africa has already had a difficult year, with high case numbers and widespread riots in July. It was banking on a strong tourism season, which now seems in doubt. The same is true for the rest of southern Africa. Just as people would have been looking forward to Christmas at home, many countries are putting in place travel bans to the region.
A Father Christmas figure holds Covid-19-related hygiene instructions for visiting the Christmas market in Hagen, western Germany. AFP
People wait to be vaccinated below Albrechtsburg castle and the cathedral in Meissen, Germany. AP
A pupil at the Petri primary school in Dortmund, western Germany. AFP
A drive-in vaccination centre at Lanxess Arena in Cologne, Germany. Reuters
Shoppers in face masks at a Christmas market in Frankfurt, Germany. Bloomberg
People in a queue reported to be 700 metres long wait to be vaccinated at the Philharmonic Hall in the northern German city of Hamburg. AFP
A medical worker administers a vaccine to a patient in a dressing room at the Theatre de Verdure vaccination centre in Nice, France. Reuters
Cyclists on a 'coronapiste', a temporary cycle path created during the pandemic in Paris, France. Mayor of Paris Anne Hidalgo set up about 60 kilometres of new cycling roads to take pressure off public transport during the pandemic. AFP
A healthcare worker administers a vaccine during a vaccination campaign for foreign tourists in Benidorm, Spain. AFP
Visitors have their Covid-19 health passes checked at the Christmas market in Trento, Italy, on its opening weekend. Reuters
Health workers administer booster shots at San Giovanni Addolorata Hospital in Rome, Italy. EPA
The closed Christmas market next to Stephen's Cathedral, which would normally be packed with crowds of people, in Vienna, Austria. The country is under a nationwide lockdown. AFP
An unusually quiet street decorated with Christmas lights in Vienna, Austria. AFP
People queue to receive a vaccine in Vienna, Austria. AP
Police patrol the centre of the northern city of Zwolle, where an emergency order is in force after three nights of unrest in the Netherlands over new Covid-19 measures. AFP
However mild Omicron might be for those fortunate enough to be healthy and vaccinated, it is worth remembering those set to be worst hit. Fortunately, after a year and a half of the pandemic, the measures we need are known. Hygiene measures and wearing masks are as important as ever, as is social responsibility; Dr Farida Al Hosani, a government health spokeswoman, has urged people in the UAE to holiday at home this National Day and Christmas.
Outside the Emirates, promoting vaccine equality is the best tool we have for stopping Omicron and future variants. It is no coincidence that this strain has come about in a part of the world that has low inoculation rates. Less than a quarter of South Africa's population is fully inoculated. All countries must work together to bring up rates in poorer countries.
We have been here before, and therefore know what we must do. Whether Omicron takes hold or not, at the most fundamental level it is a reminder that vigilance remains of the utmost importance.
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister. "We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know. “All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.” It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins. Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement. The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
A Cat, A Man, and Two Women
Junichiro Tamizaki Translated by Paul McCarthy
Daunt Books
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
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
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.”
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
POSSIBLE ENGLAND EURO 2020 SQUAD
Goalkeepers: Jordan Pickford, Nick Pope, Dean Henderson. Defenders: Trent Alexander-Arnold, Kieran Trippier, Joe Gomez, John Stones, Harry Maguire, Tyrone Mings, Ben Chilwell, Fabian Delph. Midfielders: Declan Rice, Harry Winks, Jordan Henderson, Ross Barkley, Mason Mount, Alex Oxlade-Chamberlain. Forwards: Harry Kane, Raheem Sterling, Marcus Rashford, Jadon Sancho, Tammy Abraham, Callum Hudson-Odoi.
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid When: April 25, 10.45pm kick-off (UAE) Where: Allianz Arena, Munich Live: BeIN Sports HD Second leg: May 1, Santiago Bernabeu, Madrid
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Scores
Oman 109-3 in 18.4 overs (Aqib Ilyas 45 not out, Aamir Kaleem 27) beat UAE 108-9 in 20 overs (Usman 27, Mustafa 24, Fayyaz 3-16, Bilal 3-23)
Name: Thndr Started: 2019 Co-founders: Ahmad Hammouda and Seif Amr Sector: FinTech Headquarters: Egypt UAE base: Hub71, Abu Dhabi Current number of staff: More than 150 Funds raised: $22 million
UAE currency: the story behind the money in your pockets
