Coronavirus: UAE reports 812 new cases and three deaths


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Latest update: UAE confirms 781 new cases taking total to 29,485

The UAE announced 812 new cases of coronavirus, which took the country’s total to 28,704.

On Saturday, the Ministry of Health and Prevention reported a further three deaths and 697 recoveries.

The number of Covid-19 patients who have recovered from the disease has now risen to 14,495 and deaths have reached 244. The authorities said the new cases were discovered from 39,000 tests, taking the total number of Covid-19 screenings to more than 1.5 million.

The announcement came on the night before the first day of Eid Al Fitr, which the authorities said should be spent at home to avoid spreading the virus.

“Consider the medical precautions, instructions and the fatwa given by the UAE Fatwa Council that prayers should be performed only at home. This is not only a safety measure but a legal obligation and a national commitment,” the ministry said.

The government has called on people to avoid family gatherings and urged people to use phone calls or video conference applications instead.

“Throughout this Eid holiday, let us maintain social distancing and communicate through virtual apps only,” it said.

People with mild cases of Covid-19 or who are asymptomatic must remain in home quarantine.

Similar home isolation measures are mandated for people who have come into contact with someone who went on to test positive for the virus.

Both sets of people would be fined Dh50,000 if they break home quarantine regulations, the ministry warned.

It said testing centres would give patients electronic wristbands to wear and patients must download the Al Hosn app, which the authorities said is critical for effective contact tracing and will help control the spread of the virus.

The wristband can be removed after the wearer tests negative for the virus twice consecutively. People who have tested positive and do not comply with the rules will be fined Dh10,000.

People with low immunity levels and chronic health conditions, including diabetes, hypertension and heart problems, were also asked not to visit public spaces to lower their risk of contracting the virus.

Residents have been instructed to wear masks when exercising near their homes. Exercise can be performed outside for a maximum of two hours with no more than three people in a group.

Officials also reminded residents to be careful when they returned home to keep their family safe.

The ministry cautioned people to remove footwear before entering their residence since bacteria could be transported indoors.

How to use Al Hosn app

The biog

Age: 23

Occupation: Founder of the Studio, formerly an analyst at Cleveland Clinic Abu Dhabi

Education: Bachelor of science in industrial engineering

Favourite hobby: playing the piano

Favourite quote: "There is a key to every door and a dawn to every dark night"

Family: Married and with a daughter

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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