Abu Dhabi’s Hope Consortium expanded a vast freezer farm set up to store Covid-19 vaccines at ultra-cold temperatures.
Abu Dhabi Ports took delivery of an additional 32 ultra-cold freezers at its 19,000-square-metre cold and ultra-cold storage facility in Khalifa Industrial Zone Abu Dhabi, raising the number of units to 53.
The massive warehouse was already central to the mission of the Hope Consortium, an industry collective established to transport Covid-19 vaccines around the globe.
Other members of the task force include the Department of Health Abu Dhabi, Etihad Cargo and SkyCell, the Swiss company that makes the freezers.
The additions boost the centre’s ultra-cold storage capacity, which keeps vials at minus 80°C, from four million to 11.4 million doses.
This allows the consortium to distribute vaccines that must be stored at a very low temperature.
The Hope Consortium aims to deliver billions of Covid-19 vaccine doses around the world by the end of the year.
“Abu Dhabi stands at the threshold of achieving a truly historic accomplishment by enabling the global immunisation of billions of people through a fully integrated supply chain solution that melds leading-edge technology with strategic foresight,” said Capt Mohamed Juma Al Shamisi, group chief executive of Abu Dhabi Ports and chairman of the consortium’s executive committee.
“By delivering well-planned logistics solutions hand in hand with a diversified vaccine supply chain, Abu Dhabi is ensuring a smooth flow of life-saving vaccines around the world to those who need them most.”
The freezer farm complements the facility’s existing capacity to store more than 120 million vaccine vials at a temperature of between 2°C and 8°C.
It has the space to store 11,000 pallets of equipment, such as syringes, that is used to administer the vaccines.
“Abu Dhabi Ports’ decision to develop the UAE’s largest freezer farm late last summer was a bold move that has proven to be highly perceptive,” said Robert Sutton, head of the logistics cluster for Abu Dhabi Ports.
“With greater vaccine supplies coming on stream, the Hope Consortium is in a timely position to meet the expected surge in demand by having the largest regional capacity to store and distribute extensive quantities of vaccines across all temperature bands, especially at the ultra-cold temperature of minus 80°C.
“Thanks to forward planning and wise investment, along with the commitment of our Consortium partners, Abu Dhabi Ports is in prime position to deliver upon the promise of the Consortium in providing the hub as part of the global response to the pandemic.”
Sheikh Abdullah bin Mohammed Al Hamed, chairman of the Department of Health Abu Dhabi, toured the Covid-19 vaccine storage warehouse this month.
He praised the role played by the UAE capital in the global fight against Covid-19.
“Abu Dhabi has proven its ability to overcome all challenges, beat the impossible and spread hope,” he said.
“Abu Dhabi did not stop at being one of the leading cities with [a] vaccinated population against Covid-19. It also actively contributed to the development of such vaccines, through being home to some of the largest clinical trials globally and now with one of the largest capacities globally to handle the specialised task of transport, storage and distribution of the much-needed vaccines worldwide.”
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2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
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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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
SERIE A FIXTURES
Friday Sassuolo v Benevento (Kick-off 11.45pm)
Saturday Crotone v Spezia (6pm), Torino v Udinese (9pm), Lazio v Verona (11.45pm)
Sunday Cagliari v Inter Milan (3.30pm), Atalanta v Fiorentina (6pm), Napoli v Sampdoria (6pm), Bologna v Roma (6pm), Genoa v Juventus (9pm), AC Milan v Parma (11.45pm)
Mohammed bin Zayed Majlis
Straightforward ways to reduce sugar in your family's diet
- Ban fruit juice and sodas
- Eat a hearty breakfast that contains fats and wholegrains, such as peanut butter on multigrain toast or full-fat plain yoghurt with whole fruit and nuts, to avoid the need for a 10am snack
- Give young children plain yoghurt with whole fruits mashed into it
- Reduce the number of cakes, biscuits and sweets. Reserve them for a treat
- Don’t eat dessert every day
- Make your own smoothies. Always use the whole fruit to maintain the benefit of its fibre content and don’t add any sweeteners
- Always go for natural whole foods over processed, packaged foods. Ask yourself would your grandmother have eaten it?
- Read food labels if you really do feel the need to buy processed food
- Eat everything in moderation
Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
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.
The specs: 2017 GMC Sierra 1500 Denali
Price, base / as tested Dh207,846 / Dh220,000
Engine 6.2L V8
Transmission Eight-speed automatic
Power 420hp @ 5,600rpm
Torque 624Nm @ 4,100rpm
Fuel economy, combined 13.5L / 100km
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