In March, when Covid-19 was declared a pandemic by the World Health Organisation, few people imagined that the outbreak would stretch into the summer. Many political leaders were hopeful that temporary lockdowns across the world would end the crisis and that life could soon go back to normal. Yet, in the absence of avaccine, precautions such as wearing masks, working from home and physical distancing have become the new norm.
On Monday, WHO director general Tedros Adhanom Ghebreyesus warned that a solution may, in fact, never be found. When it comes to the coronavirus, he said: “there is no silver bullet at the moment – and there might never be”, despite the world’s best efforts to find a cure or a treatment for Covid-19.
It is the WHO’s responsibility to inject a dose of reality into global health policies and to manage expectations. Vaccines can take years to develop and test until they are safe for the public to use, but this does not mean that the coronavirus crisis cannot be controlled until that happens.
Research into treatments and cures are already well under way. Across the world there are 23 vaccines being tested on humans, but only three of them have entered the last phase. The UAE, having understood the importance of research into the coronavirus early on, invested in it heavily. It is the first country in the world that began phase III clinical trials and thousands of people volunteered to take the jab here in Abu Dhabi.
While the public awaits a vaccine, there is hopeful news: treatments to alleviate the suffering of patients and hasten their recovery have shown promising results.
In May, Abu Dhabi Stem Cell Centre said it had developed a new type of stem cell therapy that could help shorten recovery time for Covid-19 patients. This treatment is free for those suffering from the disease in the UAE. In the US, meanwhile, the antiviral drug Remdesivir has managed to improve the health of patients who are severely affected by Covid-19.
It is the WHO's responsibility to inject a dose of reality into global health policies and manage expectations
While scientists are at work to find a vaccine or a treatment, the knowledge they have gathered so far about Covid-19 has equipped governments and the public to fight the pandemic more efficiently. Directives on wearing masks, physical distancing and actively sanitising are among measures now understood and adopted widely. Lockdowns, despite their negative economic impact, have slowed the spread of the virus, especially when cases peaked.
As nations gradually reopen, governments are more aware of the tools needed to prevent a public health catastrophe. Mass testing and equipping hospitals with life-saving personal protective equipment and ventilators are a must. In the UAE, enforcing such measures has allowed the country to attain a 90 per cent coronavirus cure rate, as 5 million tests have been carried out nationwide.
While the coronavirus is unlikely to be eradicated in the near future, the world has learnt to better control outbreaks. A time will hopefully come when the pandemic is behind us. Till then, however, wemust use and perfect the tools and knowledge gathered in the past eight months to continue fighting the coronavirus.
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
May 15: Yokohama, Japan
June 5: Leeds, UK
June 24: Montreal, Canada
July 10: Hamburg, Germany
Aug 17-22: Edmonton, Canada (World Triathlon Championship Final)
Nov 5-6 : Abu Dhabi, UAE
Date TBC: Chengdu, China
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
About Tenderd
Started: May 2018
Founder: Arjun Mohan
Based: Dubai
Size: 23 employees
Funding: Raised $5.8m in a seed fund round in December 2018. Backers include Y Combinator, Beco Capital, Venturesouq, Paul Graham, Peter Thiel, Paul Buchheit, Justin Mateen, Matt Mickiewicz, SOMA, Dynamo and Global Founders Capital
What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
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.”
What are the influencer academy modules?
Mastery of audio-visual content creation.
Cinematography, shots and movement.
All aspects of post-production.
Emerging technologies and VFX with AI and CGI.
Understanding of marketing objectives and audience engagement.
Tourism industry knowledge.
Professional ethics.
UAE currency: the story behind the money in your pockets
Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.