Abu Dhabi Police chief Maj Gen Maktoum Al Sharifi receives the Covid-19 vaccine. Abu Dhabi Police
Abu Dhabi Police chief Maj Gen Maktoum Al Sharifi receives the Covid-19 vaccine. Abu Dhabi Police
Abu Dhabi Police chief Maj Gen Maktoum Al Sharifi receives the Covid-19 vaccine. Abu Dhabi Police
Abu Dhabi Police chief Maj Gen Maktoum Al Sharifi receives the Covid-19 vaccine. Abu Dhabi Police

Coronavirus: Abu Dhabi Police chief receives Covid-19 vaccine


Haneen Dajani
  • English
  • Arabic

Abu Dhabi’s police chief has spoken of his pride after being immunised against Covid-19.

Maj Gen Maktoum Al Sharifi and fellow department heads at the force became the latest officials in the country to take China’s Sinopharm vaccine.

Maj Gen Al Sharifi said he was “happy and proud to be one of the people who took the vaccine for the noble goal of beating this virus”.

“Abu Dhabi Police believes in the importance of collective efforts spent in protecting our society from all risks. [It] is a national responsibility,” he said.

On Tuesday, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, announced he had had the jab.

“While receiving the Covid-19 vaccine today. We wish everyone safety and great health,” Sheikh Mohammed posted on Twitter.

“And we are proud of our teams who have worked relentlessly to make the vaccine available in the UAE.”

The country hosted a Phase-3 trial which involved 31,000 volunteers in the Emirates, Bahrain and Jordan.

The jab has since been administered to frontline medical workers, senior officials and some members of the Cabinet, after it received approval from the UAE Government in September for limited use.

At the weekend, Mohammed Al Gergawi, Minister of Cabinet Affairs, and Sheikh Rashid bin Humaid Al Nuaimi, president of the UAE Football Association and a member of Ajman’s ruling family, also received the vaccine.

Sheikh Rashid said he looked forward to “victory over the virus”.

Among the other high-profile leaders to receive the vaccine was Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation, and Sheikh Khalid bin Mohamed bin Zayed, chairman of Abu Dhabi Executive Office.

The Minister of Health and Prevention, Abdulrahman Al Owais, and chief of the National Crisis and Emergency Management Authority, Obaid Al Shamsi, have also received the jab.

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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Founded: 2018

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Sector: Startups

Size: 14

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