• The UAE has sent 60,000 vaccines to Socotra Govornate in Yemen to support local efforts to combat the pandemic. Wam
    The UAE has sent 60,000 vaccines to Socotra Govornate in Yemen to support local efforts to combat the pandemic. Wam
  • The shipment of doses aims to protect the elderly, vulnerable and those suffering from chronic diseases from contracting the Covid-19 virus. Wam
    The shipment of doses aims to protect the elderly, vulnerable and those suffering from chronic diseases from contracting the Covid-19 virus. Wam
  • The ERC is coordinating with health authorities in Socotra in order to deliver a free vaccination campaign at the Khalifa bin Zayed hospital. Wam
    The ERC is coordinating with health authorities in Socotra in order to deliver a free vaccination campaign at the Khalifa bin Zayed hospital. Wam
  • The Socotra Governate will be the first the first in Yemen to offer vaccines to its residents. Wam
    The Socotra Governate will be the first the first in Yemen to offer vaccines to its residents. Wam
  • The UAE has been supporting the Yemeni people, most notably Socotra’s residents, in a variety of ways, most notably the health sector. Wam
    The UAE has been supporting the Yemeni people, most notably Socotra’s residents, in a variety of ways, most notably the health sector. Wam
  • The UAE’s health and humanitarian initiative also coincides with the work of the Khalifa bin Zayed Al Nahyan Foundation to provide residents with basic services. Wam
    The UAE’s health and humanitarian initiative also coincides with the work of the Khalifa bin Zayed Al Nahyan Foundation to provide residents with basic services. Wam
  • The Sheikh Khalifa bin Zayed hospital was established in Socotra in 2012 to provide adequate health services. Wam
    The Sheikh Khalifa bin Zayed hospital was established in Socotra in 2012 to provide adequate health services. Wam
  • The shipment of aid was coordinated via the Emirates Red Crescent organisation (ERC). Wam
    The shipment of aid was coordinated via the Emirates Red Crescent organisation (ERC). Wam

UAE

Emirates Red Crescent sends 60,000 vaccines to Socotra Governate in Yemen

The UAE supports the Yemeni people in a variety of ways, most notably in the health sector

The National

June 17, 2021

  • English
  • Arabic

The UAE has sent 60,000 vaccines to a province in Yemen to help tackle the coronavirus pandemic.

The shipment will assist in protecting the elderly, those suffering from chronic diseases and other vulnerable groups from the virus.

The  Emirates Red Crescent is co-ordinating with health authorities in Socotra Governorate to vaccinate people free of charge at the Khalifa bin Zayed hospital.

The Socotra Governate will be the first in Yemen to offer vaccines to its residents.

The UAE has been supporting the Yemeni people, particularly Socotra's residents, in various ways, most notably in the health sector.

The Sheikh Khalifa bin Zayed hospital was established in Socotra in 2012 to provide health services.

The UAE's health and humanitarian initiative coincides with the work of the Khalifa bin Zayed Al Nahyan Foundation to provide residents with basic services.

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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.”

While you're here
The specs: 2018 Mitsubishi Eclipse Cross

Price, base / as tested: Dh101,140 / Dh113,800


Engine: Turbocharged 1.5-litre four-cylinder


Power: 148hp @ 5,500rpm


Torque: 250Nm @ 2,000rpm


Transmission: Eight-speed CVT


Fuel consumption, combined: 7.0L / 100km

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