When King Artaxerxes I of Persia issued the first known passport in the fifth century BC – in the form of a letter requesting safe passage – to one of his officials travelling to what is now Palestine, he did so to assure the rulers of the lands in between that his man posed no threat to them or their nations. The world was a suspicious place and borders were a natural way to ensure that foreign dangers were kept out.
International travel has become a much less fraught affair over the last 2,500 years. But the coronavirus pandemic has reminded us what borders have always been: both an expression of countries' fears and a tool to allay them. The virus, as many public figures have taken to pointing out, knows no borders. But in the past 10 months, with nations either shuttering or significantly tightening their borders, people have got to know them very well.
The fortunes of the international travel and aviation sectors are inextricable from the permeability of borders, and so in the current climate the consequences for them have been dire. That has rippled into other corners of the global economy, too, from tourism to manufacturing.
It has been clear since the early days of the pandemic that diagnosing those who were infected quickly and efficiently, through mass testing, is critical. The development and distribution of vaccines would come next.
All of these steps have materialised in some form, albeit imperfectly and unevenly, across much of the world. Most countries have some form of testing, though the technologies deployed vary widely. And most have formulated some kind of vaccination plan, though the ability to realise them varies, too.
So long as the success of all of these efforts remains a work in progress, however, any return to “normality” remains frozen by the necessity of intermittent lockdowns and quarantines for travellers. So when can we get the world moving again?
The simple answer is, when every country's path – or at least a plurality of them – out of the pandemic begins to converge through a concerted, global effort. The variations in progress must minimise in favour of a unified approach trusted by everyone.
In a bid to save its sector, the International Air Transport Association, a global aviation trade body, is rolling out a "travel pass". Iata envisions it as a "digital passport" – a mobile phone app linking the information from a traveller's physical passport with records of their coronavirus tests and vaccinations.
Crucially, the app will cross-reference the records with the testing and vaccination requirements of departure and destination countries, reassuring border officials that the person is safe to travel. Iata will also work with the World Health Organisation and other international bodies to ascertain what testing and vaccine regimes will form the basis for a comprehensible global standard.
Iata has already announced plans to trial the travel pass with Abu Dhabi's Etihad Airways and Dubai's Emirates, two airlines that, thanks to the UAE's ability to roll out testing and vaccinations quickly, have been spared the worst of the pandemic's havoc on the sector.
The digital passport, Iata hopes, will eventually "re-open borders without quarantine" so that governments can be "confident that they are effectively mitigating the risk of importing Covid-19". For most of the world, that confidence is probably still a long way off. But global standards for dealing with the pandemic are the right goal for which countries should aim. They will be integral in restoring trust. And trust, as travellers since the time of Artaxerxes have known, is the only way to ensure safe passage.
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.”
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
RESULTS
5pm: Wathba Stallions Cup – Maiden (PA) Dh70,000 (Dirt) 1,400m
Winner: Yas Xmnsor, Sean Kirrane (jockey), Khalifa Al Neyadi (trainer)
5.30pm: Falaj Hazza – Handicap (PA) Dh70,000 (D) 1,600m
Winner: Arim W’Rsan, Dane O’Neill, Jaci Wickham
6pm: Al Basrah – Maiden (PA) Dh70,000 (D) 1,800m
Winner: Kalifano De Ghazal, Abdul Aziz Al Balushi, Helal Al Alawi
6.30pm: Oud Al Touba – Handicap (PA) Dh70,000 (D) 1,800m
Winner: Pharitz Oubai, Sean Kirrane, Ibrahim Al Hadhrami
7pm: Sieh bin Amaar – Conditions (PA) Dh80,000 (D) 1,800m
Winner: Oxord, Richard Mullen, Abdalla Al Hammadi
7.30pm: Jebel Hafeet – Conditions (PA) Dh85,000 (D) 2,000m
Winner: AF Ramz, Sean Kirrane, Khalifa Al Neyadi
8pm: Al Saad – Handicap (TB) Dh70,000 (D) 2,000m
Winner: Sea Skimmer, Gabriele Malune, Kareem Ramadan
AUSTRALIA%20SQUAD
%3Cp%3EPat%20Cummins%20(capt)%2C%20Scott%20Boland%2C%20Alex%20Carey%2C%20Cameron%20Green%2C%20Marcus%20Harris%2C%20Josh%20Hazlewood%2C%20Travis%20Head%2C%20Josh%20Inglis%2C%20Usman%20Khawaja%2C%20Marnus%20Labuschagne%2C%20Nathan%20Lyon%2C%20Mitchell%20Marsh%2C%20Todd%20Murphy%2C%20Matthew%20Renshaw%2C%20Steve%20Smith%2C%20Mitchell%20Starc%2C%20David%20Warner%3C%2Fp%3E%0A
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Countries recognising Palestine
France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
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