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When Amy Pickles and her two children flew back to Dubai from the UK at the end of August, everyone was in perfect health.
The family had spent their summer holiday in rural Scotland, and Mrs Pickles tested negative for Covid-19 before boarding the flight from Glasgow back to the emirate.
The children went back to school for the autumn term, and the family settled back into life in Dubai. A few days later, Mrs Pickles, 43 took her son, Roddy, for a playdate.
"We didn't know at the time, but the little girl had Covid-19, which we presume she caught in London, because her family had just got back from the UK. She only had a headache, but later tested positive, so we tested Roddy."
It ripped through the house like wildfire. It is so contagious
Amy Pickles
Roddy, nine, had no symptoms, but his PCR test came back positive.
"At first I presumed it was a mistake because he was fine, and it was just annoying that we had to isolate and start home-schooling. But one day later he started to get ill, feeling grumpy with a temperature and he lost his taste and smell," said Mrs Pickles, who is from the UK.
"Then two days later, I woke up feeling dreadful and it started getting worse and worse and worse."
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The youngest in the house, Flossy, aged five, started to feel unwell around the same time, and then a day later the family's nanny came down with a temperature, and then the nanny's daughter.
Eventually they all tested positive for Covid-19.
"It ripped through the house like wildfire. It is so contagious. Some people suggested I should have isolated Roddy, but he's only nine. I'm not going to shut him in his room," said Mrs Pickles.
"Also I presumed that because the adults in the house were vaccinated, we would only get mild symptoms, if at all."
Mrs Pickles has had four vaccine doses in total – two Sinopharm shots in January and two Pfizer doses in June. Her nanny had two Sinopharm injections in February and March.
Nevertheless, both were struck down by the virus, with high temperatures, bad headaches and loss of appetite.
If she had not been vaccinated, her symptoms could have been far worse.
"I felt exhausted for four days. If I could have stayed in bed I would, but I had the two children to look after. Our nanny stayed in bed for three days. No cough, but it felt like a proper bout of the flu," said Mrs Pickles.
The children were worse off, with high temperatures, sore joints and a chicken pox-style rash all over their bodies.
Roddy lost his sense of smell, and Flossy had an eye infection, probably caused by the blistery spots forming on the inside of her eyelids.
"We did a Zoom call with the doctor, and he said a rash for children with Covid-19 is not uncommon. It was horrible. Flossy was tearful and hot, and covered with these horrible spots. She looked like a plague victim."
It took the children a week to recover, and the whole family are now certified all-clear, but Mrs Pickles has been left in no doubt of how badly the coronavirus can affect even vaccinated adults.
"I don't want to overstate how sick we were, but it was grislier for the children than I expected, and even after double doses of both vaccines, I was properly wiped out," she said.
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Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
RESULTS
Welterweight
Tohir Zhuraev (TJK) beat Mostafa Radi (PAL)
(Unanimous points decision)
Catchweight 75kg
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Manon Fiorot (FRA) beat Corinne Laframboise (CAN)
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Bogdan Kirilenko (UZB) beat Ahmed Al Darmaki
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Izzedine Al Derabani (JOR) beat Rey Nacionales (PHI)
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Yousef Al Housani (UAE) beat Mohamed Fargan (IND)
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Catchweight 69kg
Jung Han-gook (KOR) beat Max Lima (BRA)
(First round submission by foot-lock)
Catchweight 71kg
Usman Nurmogamedov (RUS) beat Jerry Kvarnstrom (FIN)
(TKO round 1).
Featherweight title (5 rounds)
Lee Do-gyeom (KOR) v Alexandru Chitoran (ROU)
(TKO round 1).
Lightweight title (5 rounds)
Bruno Machado (BRA) beat Mike Santiago (USA)
(RSC round 2).
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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