Dexamethasone is believed to reduce death rates by about a third among the most severe Covid-19 patients. Reuters
Dexamethasone is believed to reduce death rates by about a third among the most severe Covid-19 patients. Reuters
Dexamethasone is believed to reduce death rates by about a third among the most severe Covid-19 patients. Reuters
Dexamethasone is believed to reduce death rates by about a third among the most severe Covid-19 patients. Reuters

How a Dh25 Covid-19 drug helped to save a million lives


Daniel Bardsley
  • English
  • Arabic

One of the driving forces behind the development of an inexpensive Covid-19 drug believed to have helped save one million lives says its success shows what the scientific world can achieve.

Prof Sir Martin Landray was a co-chief investigator for a clinical trial of dexamethasone in the early stages of the pandemic.

The steroid, which can cost less than Dh25 per patient, has since proved an invaluable tool – not only to show what works against the virus, but what doesn't.

It was the UK’s Recovery (Randomised evaluation of Covid-19 therapy) trial that demonstrated the drug’s ability to cut deaths by about one third among the sickest patients.

“The Recovery trial has demonstrated just what can be achieved,” Sir Martin said.

Involving 46,000 patients, most in the UK but with others spread around the world, Recovery provided vital insight into which medicines were most and least effective.

Notably, it showed the ineffectiveness of hydroxychloroquine, the malaria drug hailed by some as a wonder cure for Covid-19.

Launched in early 2020 and designed to make the process of managing trials simpler, Recovery is regarded as a shining example of how to test drugs in the midst of a pandemic, when health services and the people working in them face unprecedented pressures.

At the beginning of the pandemic, as the world faced a new virus, a new disease and no known treatments, speed was of the essence, so the focus was on “repurposing” drugs already approved to combat other conditions.

Some drug trials doomed to fail

“We started from the top of the list and we worked our way down,” Sir Martin said. “If we just threw treatments at people, we could end up wasting a lot of drugs for no good.

“We were going to have to know first which ones worked and which ones didn’t.”

At a time when many clinicians were exceptionally busy, evidence had to be gathered in a practical way, but the results had to be high quality to allow decisions about which treatments worked to be made.

Sir Martin, a professor of medicine and epidemiology at the University of Oxford’s Nuffield Department of Population Health, said this often was not the case with other trials of potential Covid-19 medicines. As the renowned scientific journal Nature described it in a headline, “Covid broke the evidence pipeline”.

“95 per cent of all clinical trials for Covid never had any hope of answering or providing a useful answer,” he said. “They weren’t designed to provide a useful answer.”

  • A healthcare worker prepares to administer a Covid-19 vaccine in Mogadishu, Somalia. Reuters
    A healthcare worker prepares to administer a Covid-19 vaccine in Mogadishu, Somalia. Reuters
  • Workers take samples for Covid-19 tests at a drive-through clinic in Auckland, New Zealand. AP
    Workers take samples for Covid-19 tests at a drive-through clinic in Auckland, New Zealand. AP
  • A monk uses his mobile phone in Ho Chi Minh City, Vietnam. Reuters
    A monk uses his mobile phone in Ho Chi Minh City, Vietnam. Reuters
  • A man reads a newspaper next to closed shops after the government announced an island-wide lockdown in Colombo, Sri Lanka. EPA
    A man reads a newspaper next to closed shops after the government announced an island-wide lockdown in Colombo, Sri Lanka. EPA
  • A woman instructs her grandson to clean his hands at the State Fair in Louisville, Kentucky. Reuters
    A woman instructs her grandson to clean his hands at the State Fair in Louisville, Kentucky. Reuters
  • Medics transport a Covid-positive patient to a hospital in Houston, Texas. AFP
    Medics transport a Covid-positive patient to a hospital in Houston, Texas. AFP
  • Members of the security forces guard the Taj Mahal after sunset in Agra, India. EPA
    Members of the security forces guard the Taj Mahal after sunset in Agra, India. EPA
  • Vancouver Whitecaps goalkeeper Maxime Crepeau signs autographs before his team's match against Los Angeles FC in Vancouver, Canada. AP
    Vancouver Whitecaps goalkeeper Maxime Crepeau signs autographs before his team's match against Los Angeles FC in Vancouver, Canada. AP
  • An employee stands at the entrance of a supermarket to check visitors' health app QR codes and body temperature in Shanghai, China. EPA
    An employee stands at the entrance of a supermarket to check visitors' health app QR codes and body temperature in Shanghai, China. EPA
  • A man shows the green pass on his phone before entering a shopping mall in Abu Dhabi, UAE. Khushnum Bhandari / The National
    A man shows the green pass on his phone before entering a shopping mall in Abu Dhabi, UAE. Khushnum Bhandari / The National

There were “hundreds” of trials of hydroxychloroquine that were never going to provide rigorous information about the drug’s worth against Covid-19.

Trials were set up without, for example, enough participants to provide statistically robust answers. Others lacked the required control groups – people not given the treatment, for comparison with those who have.

Part of the problem, Sir Martin said, is that researchers are given more academic credit for setting up and leading a trial than for assisting with an existing one.

Helping to lead the recovery

The aim is to extend Recovery into influenza, although this has been delayed because measures to prevent the spread of the coronavirus have meant there is little flu in the UK and some other countries, making trials difficult.

Recovery offers lessons for future pandemics, including that there should be more nimble systems to approve clinical trials.

“The virus can get on a plane and go from Bangalore to Boston in 12 hours,” Sir Martin said. “We cannot have a situation where it takes six to 12 months to get the trials up and running and the approvals in place.”

While getting started is important, the pandemic has also shown the need not for more trials, but for “more better trials”.

Taking lessons from Recovery, Sir Martin has launched Protas, a not-for-profit organisation to run clinical trials. Sanofi, the French pharmaceutical company, will provide up to £5 million (Dh24.6 million) for the venture.

Cutting costs is key

  • A sign pointing the way out of the pandemic on the London Underground. Reuters
    A sign pointing the way out of the pandemic on the London Underground. Reuters
  • UK Prime Minister Boris Johnson visits a coronavirus vaccination training session during a visit to Milton Keynes University Hospital. AFP
    UK Prime Minister Boris Johnson visits a coronavirus vaccination training session during a visit to Milton Keynes University Hospital. AFP
  • A picture by street artist 'Palley' in Glasgow's East End shows Bruce Lee kicking a coronavirus molecule. PA
    A picture by street artist 'Palley' in Glasgow's East End shows Bruce Lee kicking a coronavirus molecule. PA
  • National Health Service workers carry an NHS polo shirt with a slogan written across it during a protest against vaccine rules in Trafalgar Square, central London. Reuters
    National Health Service workers carry an NHS polo shirt with a slogan written across it during a protest against vaccine rules in Trafalgar Square, central London. Reuters
  • A marcher burns a flare during the NHS staff protest in London. Reuters
    A marcher burns a flare during the NHS staff protest in London. Reuters
  • Commuters walk over London Bridge during the morning rush hour. The British government has asked people to return to working in offices as coronavirus restrictions are eased. AP
    Commuters walk over London Bridge during the morning rush hour. The British government has asked people to return to working in offices as coronavirus restrictions are eased. AP
  • The National Covid Memorial Wall outside St Thomas' Hospital in London. PA
    The National Covid Memorial Wall outside St Thomas' Hospital in London. PA
  • Trainee nurse Chloe Slevin, with her painting 'Corona Lisa'. The interpretation of Leonardo da Vinci's masterpiece in PPE clothing will be auctioned for charity. PA
    Trainee nurse Chloe Slevin, with her painting 'Corona Lisa'. The interpretation of Leonardo da Vinci's masterpiece in PPE clothing will be auctioned for charity. PA

The aim is to cut the cost of trials and, in doing so, enable more drugs to enter clinical trials and potentially be used for dementia, heart failure, kidney failure and arthritis.

Through its work with charities, industry, researchers, clinicians and patient groups to deliver trials, Protas aims to bring more drugs to market and reduce their eventual price.

“Because a single trial may cost $1 billion, many interesting drugs are left in the laboratory,” said Sir Martin, who is Protas's chief executive.

“Or people try to reduce the cost by making the trial too small … so we don’t fully understand the value of the treatment.

“When it comes to market, someone has to pay for that cost – not only for the successes, but also for the failures. So health services are saying, ‘We won’t use it at all, or in a limited way.’”

The cost of major drug trials “could easily be reduced to less than one tenth” of the current spend, Sir Martin believes.

“Exactly what that looks like will vary, but a big trial … may cost $100 million instead of $1 billion. At its most extreme end, the recovery trial is about $15 million, certainly less than $20 million, for 46,000 patients and ten drugs. Trials do not have to be expensive.”

Savings can be made in several ways, including by not using commercial contractors, who are not incentivised to cut costs, to run trials.

Technology can help, too, as participants can use smartphones to input their own details, and much information routinely collected by health services can, with permission, be used.

The aim is to recruit into trials not just patients at large facilities linked to universities in major cities, but also patients at smaller hospitals.

Drawing on lessons from Recovery, duplication can be reduced and trials simplified.

“The way many trials are done is that they take the last protocol, people copy it across, and add more details,” Sir Martin said.

“The protocol becomes more and more complicated, often with information that’s not critical to the key question. It’s a bit like if you try to write a book together, nobody cuts much out, they keep adding to the word count.

“Our approach is, ‘Let’s start with a blank page for each question. What are the critical questions we really need to know? How are we going to deliver this for this particular drug?’”

So the method that proved successful during the pandemic could yield more medical advances, this time for a much wider range of illnesses.

What is Reform?

Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.

It was founded in 2018 and originally called the Brexit Party.

Many of its members previously belonged to UKIP or the mainstream Conservatives.

After Brexit took place, the party focused on the reformation of British democracy.

Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.

The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.

At a glance - Zayed Sustainability Prize 2020

Launched: 2008

Categories: Health, energy, water, food, global high schools

Prize: Dh2.2 million (Dh360,000 for global high schools category)

Winners’ announcement: Monday, January 13

 

Impact in numbers

335 million people positively impacted by projects

430,000 jobs created

10 million people given access to clean and affordable drinking water

50 million homes powered by renewable energy

6.5 billion litres of water saved

26 million school children given solar lighting

UAE%20Warriors%2045%20Results
%3Cp%3E%3Cstrong%3E%0DMain%20Event%0D%3A%20Lightweight%20Title%3C%2Fstrong%3E%0D%3Cbr%3EAmru%20Magomedov%20def%20Jakhongir%20Jumaev%20-%20Round%201%20(submission)%0D%3Cbr%3E%3Cstrong%3ECo-Main%20Event%0D%3A%20Bantamweight%3C%2Fstrong%3E%0D%3Cbr%3ERany%20Saadeh%20def%20Genil%20Franciso%20-%20Round%202%20(submission)%0D%3Cbr%3E%3Cstrong%3ECatchweight%20150%20lbs%3C%2Fstrong%3E%0D%3Cbr%3EWalter%20Cogliandro%20def%20Ali%20Al%20Qaisi%20-%20Round%201%20(TKO)%0D%3Cbr%3E%3Cstrong%3EBantamweight%3C%2Fstrong%3E%0D%3Cbr%3ERenat%20Khavalov%20def%20Hikaru%20Yoshino%20-%20Round%202%20(TKO)%0D%3Cbr%3E%3Cstrong%3EFlyweight%3C%2Fstrong%3E%0D%3Cbr%3EVictor%20Nunes%20def%20Nawras%20Abzakh%20-%20Round%201%20(TKO)%0D%3Cbr%3E%3Cstrong%3EFlyweight%3C%2Fstrong%3E%0D%3Cbr%3EYamato%20Fujita%20def%20Sanzhar%20Adilov%20-%20Round%201%20(submission)%0D%3Cbr%3E%3Cstrong%3ELightweight%3C%2Fstrong%3E%0D%3Cbr%3EAbdullo%20Khodzhaev%20def%20Petru%20Buzdugen%20-%20Round%201%20(TKO)%0D%3Cbr%3E%3Cstrong%3ECatchweight%20139%20lbs%3C%2Fstrong%3E%0D%3Cbr%3ERazhabali%20Shaydullaev%20def%20Magomed%20Al-Abdullah%20-%20Round%202%20(submission)%0D%3Cbr%3E%3Cstrong%3EFlyweight%3C%2Fstrong%3E%0D%3Cbr%3ECong%20Wang%20def%20Amena%20Hadaya%20-%20Points%20(unanimous%20decision)%0D%3Cbr%3E%3Cstrong%3EMiddleweight%3C%2Fstrong%3E%0D%3Cbr%3EKhabib%20Nabiev%20def%20Adis%20Taalaybek%20Uulu%20-%20Round%202%20(submission)%0D%3Cbr%3E%3Cstrong%3ELight%20Heavyweight%3C%2Fstrong%3E%0D%3Cbr%3EBartosz%20Szewczyk%20def%20Artem%20Zemlyakov%20-%20Round%202%20(TKO)%3C%2Fp%3E%0A
What the law says

Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.

“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.

“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”

If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.

The%20specs
%3Cp%3E%3Cstrong%3EPowertrain%3A%20%3C%2Fstrong%3ESingle%20electric%20motor%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E201hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E310Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20auto%0D%3Cbr%3E%3Cstrong%3EBattery%3A%20%3C%2Fstrong%3E53kWh%20lithium-ion%20battery%20pack%20(GS%20base%20model)%3B%2070kWh%20battery%20pack%20(GF)%0D%3Cbr%3E%3Cstrong%3ETouring%20range%3A%20%3C%2Fstrong%3E350km%20(GS)%3B%20480km%20(GF)%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh129%2C900%20(GS)%3B%20Dh149%2C000%20(GF)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Asia Cup Qualifier

Venue: Kuala Lumpur

Result: Winners play at Asia Cup in Dubai and Abu Dhabi in September

Fixtures:

Wed Aug 29: Malaysia v Hong Kong, Nepal v Oman, UAE v Singapore

Thu Aug 30: UAE v Nepal, Hong Kong v Singapore, Malaysia v Oman

Sat Sep 1: UAE v Hong Kong, Oman v Singapore, Malaysia v Nepal

Sun Sep 2: Hong Kong v Oman, Malaysia v UAE, Nepal v Singapore

Tue Sep 4: Malaysia v Singapore, UAE v Oman, Nepal v Hong Kong

Thu Sep 6: Final

 

Asia Cup

Venue: Dubai and Abu Dhabi

Schedule: Sep 15-28

Teams: Afghanistan, Bangladesh, India, Pakistan, Sri Lanka, plus the winner of the Qualifier

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

THE SPECS

Aston Martin Rapide AMR

Engine: 6.0-litre V12

Transmission: Touchtronic III eight-speed automatic

Power: 595bhp

Torque: 630Nm

Price: Dh999,563

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

UAE currency: the story behind the money in your pockets
THE SPECS

Engine: 1.5-litre turbocharged four-cylinder

Transmission: Constant Variable (CVT)

Power: 141bhp 

Torque: 250Nm 

Price: Dh64,500

On sale: Now

CONCRETE COWBOY

Directed by: Ricky Staub

Starring: Idris Elba, Caleb McLaughlin, Jharrel Jerome

3.5/5 stars

The candidates

Dr Ayham Ammora, scientist and business executive

Ali Azeem, business leader

Tony Booth, professor of education

Lord Browne, former BP chief executive

Dr Mohamed El-Erian, economist

Professor Wyn Evans, astrophysicist

Dr Mark Mann, scientist

Gina MIller, anti-Brexit campaigner

Lord Smith, former Cabinet minister

Sandi Toksvig, broadcaster

 

French business

France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.

Company profile

Date started: 2015

Founder: John Tsioris and Ioanna Angelidaki

Based: Dubai

Sector: Online grocery delivery

Staff: 200

Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends

UAE currency: the story behind the money in your pockets

Best Academy: Ajax and Benfica

Best Agent: Jorge Mendes

Best Club : Liverpool   

 Best Coach: Jurgen Klopp (Liverpool)  

 Best Goalkeeper: Alisson Becker

 Best Men’s Player: Cristiano Ronaldo

 Best Partnership of the Year Award by SportBusiness: Manchester City and SAP

 Best Referee: Stephanie Frappart

Best Revelation Player: Joao Felix (Atletico Madrid and Portugal)

Best Sporting Director: Andrea Berta (Atletico Madrid)

Best Women's Player:  Lucy Bronze

Best Young Arab Player: Achraf Hakimi

 Kooora – Best Arab Club: Al Hilal (Saudi Arabia)

 Kooora – Best Arab Player: Abderrazak Hamdallah (Al-Nassr FC, Saudi Arabia)

 Player Career Award: Miralem Pjanic and Ryan Giggs

'Joker'

Directed by: Todd Phillips

Starring: Joaquin Phoenix

Rating: Five out of five stars

Our legal advisor

Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.

Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation. 

Education: Sagesse University, Beirut, Lebanon, in 2005.

Dubai Creek Open in numbers
  • The Dubai Creek Open is the 10th tournament on this year's Mena Tour
  • It is the first of five events before the season-concluding Mena Tour Championship
  • This week's field comprises 120 players, 21 of which are amateurs
  • 15 previous Mena Tour winners are competing at Dubai Creek Golf and Yacht Club  

First Person
Richard Flanagan
Chatto & Windus 

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Who has been sanctioned?

Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.

Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.

Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.

Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.

The years Ramadan fell in May

1987

1954

1921

1888

Scoreline

Al Wasl 1 (Caio Canedo 90 1')

Al Ain 2 (Ismail Ahmed 3', Marcus Berg 50')

Red cards: Ismail Ahmed (Al Ain) 77'

Scoreline

UAE 2-1 Saudi Arabia

UAE Mabkhout 21’, Khalil 59’

Saudi Al Abed (pen) 20’

Man of the match Ahmed Khalil (UAE)

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.”

Barbie
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Greta%20Gerwig%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Margot%20Robbie%2C%20Ryan%20Gosling%2C%20Will%20Ferrell%2C%20America%20Ferrera%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3Cbr%3E%3C%2Fp%3E%0A
THREE POSSIBLE REPLACEMENTS

Khalfan Mubarak
The Al Jazira playmaker has for some time been tipped for stardom within UAE football, with Quique Sanchez Flores, his former manager at Al Ahli, once labelling him a “genius”. He was only 17. Now 23, Mubarak has developed into a crafty supplier of chances, evidenced by his seven assists in six league matches this season. Still to display his class at international level, though.

Rayan Yaslam
The Al Ain attacking midfielder has become a regular starter for his club in the past 15 months. Yaslam, 23, is a tidy and intelligent player, technically proficient with an eye for opening up defences. Developed while alongside Abdulrahman in the Al Ain first-team and has progressed well since manager Zoran Mamic’s arrival. However, made his UAE debut only last December.

Ismail Matar
The Al Wahda forward is revered by teammates and a key contributor to the squad. At 35, his best days are behind him, but Matar is incredibly experienced and an example to his colleagues. His ability to cope with tournament football is a concern, though, despite Matar beginning the season well. Not a like-for-like replacement, although the system could be adjusted to suit.

UAE SQUAD

Goalkeepers: Ali Khaseif, Fahad Al Dhanhani, Mohammed Al Shamsi, Adel Al Hosani

Defenders: Bandar Al Ahbabi, Shaheen Abdulrahman, Walid Abbas, Mahmoud Khamis, Mohammed Barghash, Khalifa Al Hammadi, Hassan Al Mahrami, Yousef Jaber, Salem Rashid, Mohammed Al Attas, Alhassan Saleh

Midfielders: Ali Salmeen, Abdullah Ramadan, Abdullah Al Naqbi, Majed Hassan, Yahya Nader, Ahmed Barman, Abdullah Hamad, Khalfan Mubarak, Khalil Al Hammadi, Tahnoun Al Zaabi, Harib Abdallah, Mohammed Jumah, Yahya Al Ghassani

Forwards: Fabio De Lima, Caio Canedo, Ali Saleh, Ali Mabkhout, Sebastian Tagliabue, Zayed Al Ameri

The 12 Syrian entities delisted by UK 

Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV

While you're here

Michael Young: Where is Lebanon headed?

Kareem Shaheen: I owe everything to Beirut

Raghida Dergham: We have to bounce back

Updated: January 28, 2022, 8:07 AM