China hopes to work closely with the UAE to strengthen vaccine production and distribution, its ambassador has said.
Ni Jian said the two nations would co-operate on building a regional centre to make Sinopharm doses available to other countries.
Mr Ni, China's ambassador to the UAE, said the new Hayat-Vax facility that will be commissioned in Abu Dhabi's Kizad free zone and produce 200 million doses of Sinopharm vaccine a year, is evidence of their close relationship.
The co-operation will make the China-UAE made vaccine available to people of more countries and regions
"The Chinese side is willing to deepen vaccine co-operation with the UAE side, and help the UAE build a regional hub of vaccine production and transportation," Mr Ni told The National in an interview.
“The co-operation, in the meanwhile, will make the China-UAE made vaccine available to people of more countries and regions, contributing more to build a global community of health for all.”
Hayat-Vax (Hayat means life in Arabic) is the locally produced version of the Sinopharm vaccine, made possible after the UAE and China signed a major vaccine deal in March.
The doses are being produced at drug maker Julphar’s plant in Ras Al Khaimah that has a capacity of three million a month.
Mr Ni said both countries would work to implement the consensus reached between President Xi Jinping and Sheikh Mohamed bin Zayed, Crown Prince and Deputy Supreme Commander of the Armed Forces.
This would “strengthen co-operation and co-ordination in areas such as tripartite vaccine co-operation, vaccine transportation and distribution, and clinical use of traditional Chinese medicine.”
The ambassador spoke of the partnership between the two nations from the clinical trial stage.
“In the face of the sudden outbreak of Covid-19, China and the UAE have stood firmly together and helped each other in overcoming difficulties and setting a global example of co-operation in the fight against the pandemic,” he said.
He gave his “heartfelt thanks” to the UAE for including Chinese citizens in the vaccination programme.
Strengthening relations enter a new stage
Chinese Foreign Minister Wang Yi met Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation, during a visit to the Emirates in March and an agreement was reached to establish a regional vaccination site in the country for Chinese citizens.
A vaccination centre in Dubai was launched on May 27 to administer Sinopharm vaccines to Chinese visitors.
The ambassador said it was a sign that “Chinese-UAE cooperation against Covid-19 has entered a new stage”.
More than 500 Chinese nationals on short-stay visas have been vaccinated with Sinopharm, and 2,000 more registered with the embassy and consulate will be inoculated.
While the vaccines are free, Chinese visitors need to pay Dh100 per person as a service fee when vaccinated at the Al Safa and Al Mankhool health centres in Dubai.
Mr Ni said the vaccine drive is not yet open to Chinese nationals who live and work in neighbouring countries in the Middle East and Africa region.
“In the current phase, only Chinese citizens who are now in the UAE, over 16 years old and without UAE resident ID are eligible for the vaccination programme,” he said.
“Chinese citizens in other countries are temporarily not eligible for the programme at the moment.”
What is Spring Sprout Action
Mr Ni outlined the efforts taken so Chinese visitors on short-stay visas and without UAE residency could be vaccinated in Dubai.
The programme is called Spring Sprout Action as it holds the promise that the inoculations will effectively fight the pandemic.
“There is a Chinese saying, to sow in the spring and to harvest in the autumn,” Mr Ni said.
The Chinese word chun means spring, while miao translates 'to sprout' and can also refer to a vaccine.
Chun miao or 'spring sprout' refers to a vaccination programme launched in spring that is vigorous and will defeat Covid-19.
The Chinese embassy and consulate have used official websites and WeChat accounts to ask all Chinese nationals aged above 16 years on short-stay visas in the UAE to sign up for the Sinopharm vaccination.
“I wish the UAE an early and complete victory against Covid-19 and a speedy resumption of work,” said Mr Ni.
“China is willing to work with the UAE to continue to deepen our bilateral vaccine co-operation, fully support the UAE’s national vaccination programme, and make greater contributions to building a China-UAE health community and a community with a shared future for mankind.”
The UAE was the first country to grant approval to Sinopharm after a successful large-scale Phase 3 clinical trial.
The vaccine was approved for emergency use by the World Health Organisation in May.
It was the sole vaccine used in Abu Dhabi until the Pfizer-BioNTech shot was approved last month.
Chinese tourists get Covid-19 vaccine in UAE - in pictures
Tributes from the UAE's personal finance community
• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style
“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.
Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term.
From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”
• Sam Instone, director of financial advisory firm AES International
"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed. Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."
• Demos Kyprianou, a board member of SimplyFI.org
"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."
• Steve Cronin, founder of DeadSimpleSaving.com
"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.
His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.
Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."
• Zach Holz, who blogs about financial independence at The Happiest Teacher
"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen. He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”
• Tuan Phan, a board member of SimplyFI.org
"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."
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Islamophobia definition
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”.
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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.”
