The emergence of the Omicron variant of coronavirus has created upheaval on an international scale, with several destinations introducing temporary border closures and some reinstating restrictions on overseas visitors.
Other places that have had strict entry requirements since the onset of the pandemic remain committed to such measures as the coronavirus pandemic continues to rage on.
If you’re debating travelling in the near future, here are five destinations that you will need to strike from your travel list as tourism remains off limits for the majority of people.
China
The largest country with a zero Covid-19 policy has kept its borders tightly sealed to almost all foreigners since the onset of the pandemic.
There are specific instances where foreigners can enter China, but these are limited to people travelling for diplomatic services and those with valid Chinese residence permits for work, personal matters or humanitarian needs. Going to see The Great Wall of China, Beijing's Forbidden City or Xi'an's Terracotta Army is currently not allowed.
Foreigners who do fit into the limited categories of people allowed to travel to China must be prepared to follow strict instructions before their trip, including a 14-day pre-departure self-quarantine period before getting anywhere near an airport.
With such tight restrictions in place and lockdowns happening in China whenever new Covid-19 cases are reported, the country's reopening, at least for tourism purposes, seems a long way off.
New Zealand
Aided by its remote geographic isolation, New Zealand has enforced some of the tightest pandemic restrictions in the world in order to stem the spread of Covid-19. The country has remained closed to almost all travellers for nearly two years, and it doesn’t look like that’s set to change any time soon.
In December, the country pushed back the start of its gradual reopening owing to the Omicron variant, with non-quarantine travel, which was meant to open for New Zealanders in Australia this month, now not set to happen until February.
This means many New Zealanders who had been hoping for family reunions after a long time out of their homeland will need to sit tight a little longer. The delay also brings into question whether proposed plans to reopen New Zealand's borders to foreigners from April will go ahead or not.
Taiwan
If you had been thinking of visiting Taiwan in the near future, perhaps to see the island's natural beauty, visit the towering Taipei 101 or visit the National Palace Museum, home to one of the largest collections of Chinese imperial artefacts in the world, then you might need to press pause on your plans for a little longer.
The territory has had strict entry rules in place since the onset of the pandemic, and only limited groups of foreigners can currently enter, such as those with active residency, foreign spouses and children of Taiwanese citizens and some foreign workers. And even then there are strict protocols and managed isolation procedures in place for the limited few who can travel here.
Tourism is not currently allowed in Taiwan, with no tourism visas being issued and foreigners are also banned from transiting.
Philippines
Despite proposals to open borders to vaccinated travellers from select countries in December last year, travel to the Philippines remains a no-go owing to the prevalence of the Omicron variant. On Thursday, the country recorded a record number of Covid-19 cases and the measures put in place to stop the spread have halted inbound tourism indefinitely.
Entry to the Philippines remains limited to citizens and select categories of foreigners, largely those with residency visas or spouses or children of Filipinos. No tourism visas are being issued so trips to see Boracay's beaches, the islands of Palawan or Luzon’s volcanoes remain a distant dream until further notice.
Morocco
From its Atlas Mountains to the Sahara dunes, the bustling markets of Marrakesh and Fez's pretty riad hotels, Morocco has captured the interest of travellers for centuries and offers an amazing diversity that comes with the country's renowned Arabian hospitality. But for now, trips to the kingdom are on pause thanks to a temporary travel ban put in place to try and prevent the spread of Covid-19.
Morocco suspended all direct commercial passenger flights to the kingdom in November, with the ban in place until at least January 31. The move follows several cautionary procedures that the country has implemented since the onset of the global pandemic.
When flights do resume, some travellers will be able to visit the kingdom under certain conditions, with the Ministry of Health creating A, B and C lists of countries, each of which will have different regulations for tourists to follow for entry to Morocco. And if you have a future trip planned that transits Morocco, you'll be allowed entry so long as your transit time doesn't exceed 24 hours and that your onward booking is within the same day of arrival in Morocco, with night-time layovers temporarily suspended.
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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.”
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