Ailing Sweden offered help by its Nordic neighbours to cope with Covid crisis


Paul Carey
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Sweden is being offered help by its Nordic neighbours to cope with an increase in Covid-19 cases that threatens to overwhelm hospitals.

Stockholm reported that 99 per cent of the region’s intensive care beds are full, sending the city into a panic and prompting calls for outside help.

The country's death toll exceeded 7,500 last week and its death rate per capita is several times higher than that of its Nordic neighbours but lower than several European countries that opted for lockdowns.

Stockholm is the Swedish region hardest hit by Covid-19, accounting for more than a third of the country's death toll from the virus.

Before Sweden draws on help from Finland and Norway, it will try to use available intensive care unit capacity in parts of the country that are less burdened.

Stockholm asked for additional healthcare staff from Sweden's armed forces, but it is not clear if the military has the resources to help.

In the meantime, more than 100 staff from a children's hospital were reportedly sent to ICUs, meaning children who were scheduled to receive non-emergency surgery will now be forced to wait.

However, neighbouring nations said they are ready to assist by freeing up space for Swedish ICU patients.

Sten Rubertsson, staff doctor at the National Board of Health and Welfare, told Dagens Medicin he was unsure if ICU beds can reach the 1,100 mark seen in the spring without outside help. "People are exhausted," Dr Rubertsson said.

Johanna Sandwall, who works for the health board, said Sweden’s regions have not yet hit their maximum capacity, but should that prove insufficient, “we can ask for help”.

The Ericsson Globe is pictured in Sweden's capital Stockholm. The city is currently badly hit by the coronavirus crisis. AFP
The Ericsson Globe is pictured in Sweden's capital Stockholm. The city is currently badly hit by the coronavirus crisis. AFP

Nordic countries have a co-operation agreement to share medical assistance at short notice in a crisis.

"We have not received an official request for help, but we assess on a daily basis what the hospital situation looks like and we are, of course, ready to help Sweden if we can," Kirsi Varhila, permanent secretary at Finland's ministry of social affairs and health, told Svenska Dagbladet newspaper.

Her Norwegian counterpart Maria Jahrmann Bjerke said: “If the Swedish authorities turn to us for assistance, we would have a positive attitude to it.”

On top of the pressure on ICUs, Sweden faces a shortage of healthcare workers as the number of resignations increases after a relentless year of caring for Covid-19 patients.

Sineva Ribeiro, chairwoman of the Swedish Association of Health Professionals, said the situation was terrible. Even before the first wave of the pandemic, in March, there was “a shortage of specialist nurses, including at ICUs”, she said.

Even if more ICU beds are provided, the bigger concern now is whether Sweden has enough healthcare workers with the skills needed to look after the country’s sickest patients.

Ms Ribeiro said that in May, members of her union described the situation as untenable. There are fewer qualified people available now than there were in the spring, making it more difficult to expand ICU capacity, she said.

Healthcare professionals emerged as the heroes of the Covid-19 crisis, often drawing cheers from grateful onlookers as they emerge from hospitals after long, gruelling shifts.

But, increasingly, staff are so desperate for some time off that they see resignation as the only way out, Ms Ribeiro said. A survey by broadcaster TV4 showed that in 13 of Sweden’s 21 regions, resignations in the healthcare profession are now up from a year ago, at as many as 500 a month.

Stockholm county mayor Irene Svenonius said the situation is "extremely tense". In an interview with the Dagens Nyheter daily newspaper, she acknowledged that healthcare staff are overworked and that there is a need for extra recruitment. "There's fatigue," she said. "You can't ignore that so it's extremely important to get more people."

The worry is that despite scientific strides that allow medics to better understand and treat Covid-19, there are not enough professionals left to put that knowledge into practice.

“We don’t have the staff to do it,” Ms Ribeiro said, describing the healthcare crisis facing the country as unprecedented.

Part of the problem is that nurses in particular are increasingly unwilling to subject themselves to the hours and conditions facing them during the crisis, given the average pay level.

Sara Nordin, once an assistant nurse at an ICU, told Bloomberg in October that she quit because she could not make ends meet on the $33,600 basic annual salary she received.

“I talked to members in August who said they would resign because it was the only way to get some time off and recover,” Ms Ribeiro said. “We see high rates of sickness, symptoms of exhaustion and members who have been infected.”

Sweden has yet to impose a lockdown, with its citizens encouraged to exercise common sense, but the country is now backtracking. The architect of its herd immunity policy, epidemiologist Anders Tegnell, appears to have been sidelined by his government.

Authorities said on Friday all pupils aged 14 to 16 in Stockholm will switch to remote learning for the rest of this year to help stem the second wave. It is the first time Sweden has recommended distance education for significant numbers of secondary school pupils.

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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.”

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Our legal consultants

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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Engine: 3.0-litre six-cylinder MHEV

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UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

If you go

Flight connections to Ulaanbaatar are available through a variety of hubs, including Seoul and Beijing, with airlines including Mongolian Airlines and Korean Air. While some nationalities, such as Americans, don’t need a tourist visa for Mongolia, others, including UAE citizens, can obtain a visa on arrival, while others including UK citizens, need to obtain a visa in advance. Contact the Mongolian Embassy in the UAE for more information.

Nomadic Road offers expedition-style trips to Mongolia in January and August, and other destinations during most other months. Its nine-day August 2020 Mongolia trip will cost from $5,250 per person based on two sharing, including airport transfers, two nights’ hotel accommodation in Ulaanbaatar, vehicle rental, fuel, third party vehicle liability insurance, the services of a guide and support team, accommodation, food and entrance fees; nomadicroad.com

A fully guided three-day, two-night itinerary at Three Camel Lodge costs from $2,420 per person based on two sharing, including airport transfers, accommodation, meals and excursions including the Yol Valley and Flaming Cliffs. A return internal flight from Ulaanbaatar to Dalanzadgad costs $300 per person and the flight takes 90 minutes each way; threecamellodge.com

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Moon Music

Artist: Coldplay

Label: Parlophone/Atlantic

Number of tracks: 10

Rating: 3/5

The biog

Hobbies: Salsa dancing “It's in my blood” and listening to music in different languages

Favourite place to travel to: “Thailand, as it's gorgeous, food is delicious, their massages are to die for!”  

Favourite food: “I'm a vegetarian, so I can't get enough of salad.”

Favourite film:  “I love watching documentaries, and am fascinated by nature, animals, human anatomy. I love watching to learn!”

Best spot in the UAE: “I fell in love with Fujairah and anywhere outside the big cities, where I can get some peace and get a break from the busy lifestyle”

Key figures in the life of the fort

Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.

Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.

Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.

Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.

Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.

Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.

Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.

Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.

Sources: Jayanti Maitra, www.adach.ae

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Company profile

Name: Infinite8

Based: Dubai

Launch year: 2017

Number of employees: 90

Sector: Online gaming industry

Funding: $1.2m from a UAE angel investor

In numbers

- Number of children under five will fall from 681 million in 2017 to 401m in 2100

- Over-80s will rise from 141m in 2017 to 866m in 2100

- Nigeria will become the world’s second most populous country with 791m by 2100, behind India

- China will fall dramatically from a peak of 2.4 billion in 2024 to 732 million by 2100

- an average of 2.1 children per woman is required to sustain population growth

Will the pound fall to parity with the dollar?

The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.

Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.

New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.

“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.

The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.

The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.

Bloomberg

Martin Sabbagh profile

Job: CEO JCDecaux Middle East

In the role: Since January 2015

Lives: In the UAE

Background: M&A, investment banking

Studied: Corporate finance

The biog

Name: Salvador Toriano Jr

Age: 59

From: Laguna, The Philippines

Favourite dish: Seabass or Fish and Chips

Hobbies: When he’s not in the restaurant, he still likes to cook, along with walking and meeting up with friends.

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UAE SQUAD

 Khalid Essa (Al Ain), Ali Khaseif (Al Jazira), Adel Al Hosani (Sharjah), Mahmoud Khamis (Al Nasr), Yousef Jaber (Shabab Al Ahli Dubai), Khalifa Al Hammadi (Jazira), Salem Rashid (Jazira), Shaheen Abdelrahman (Sharjah), Faris Juma (Al Wahda), Mohammed Shaker (Al Ain), Mohammed Barghash (Wahda), Abdulaziz Haikal (Shabab Al Ahli), Ahmed Barman (Al Ain), Khamis Esmail (Wahda), Khaled Bawazir (Sharjah), Majed Surour (Sharjah), Abdullah Ramadan (Jazira), Mohammed Al Attas (Jazira), Fabio De Lima (Al Wasl), Bandar Al Ahbabi (Al Ain), Khalfan Mubarak (Jazira), Habib Fardan (Nasr), Khalil Ibrahim (Wahda), Ali Mabkhout (Jazira), Ali Saleh (Wasl), Caio (Al Ain), Sebastian Tagliabue (Nasr).

Banthology: Stories from Unwanted Nations
Edited by Sarah Cleave, Comma Press

RACE CARD

5pm: Sheikh Mansour bin Zayed Al Nahyan Racing Festival Purebred Arabian Cup Conditions (PA); Dh 200,000 (Turf) 1,600m
5.30pm: Sheikha Fatima bint Mubarak Cup Conditions (PA); Dh 200,000 (T) 1,600m
6pm: Sheikh Sultan bin Zayed Al Nahyan National Day Cup Listed (TB); Dh 380,000 (T) 1,600m
6.30pm: Sheikh Sultan bin Zayed Al Nahyan National Day Group 3 (PA); Dh 500,000 (T) 1,600m
7pm: Sheikh Sultan bin Zayed Al Nahyan National Day Jewel Crown Group 1 (PA); Dh 5,000,000 (T) 2,200m
7.30pm: Sheikh Mansour bin Zayed Al Nahyan Racing Festival Handicap (PA); Dh 150,000 (T) 1,400m
8pm: Wathba Stallions Cup Handicap (PA) Dh 100,000 (T); 1,400m