Coronavirus: Dubai in major expansion of vaccine rollout


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Dubai on Tuesday launched a major new phase in its Covid-19 vaccine campaign, making more people eligible for inoculation.

Authorities said all residents over the age of 40 with visas issued by Dubai can register to receive the vaccine at Dubai Health Authority (DHA) facilities.

And residents over the age of 60 with visas issued in any emirate can also register for inoculation – provided they can prove they live in Dubai.

Dubai authorities also expanded the age limits for receiving Covid-19 vaccines, in line with health regulations.

The Pfizer-BioNTech vaccine can now be administered to individuals aged 16 and above. Previously, the minimum age was 18.

And the Oxford-AstraZeneca vaccine can now be given to those aged 18 and above. Until now, it was only offered to those aged between 18 and 65.

The UAE has been running one of quickest vaccination campaigns in the world.

It has administered more than six million doses since December and carried out 31 million tests since the pandemic began.

New case figures have remained below 3,000 for the past three days, having hovered above 3,000 for much of the year.

Authorities have taken strict action to curb the virus, and on Tuesday Dubai announced the cancellation of all permits for Ramadan tents this year.

Dr Farida Al Khaja, chairwoman of the DHA's vaccination campaign, said the expansion of the vaccination scheme was based on a strategic plan developed late last year, which outlines phases and timelines.
She said people can book an appointment through the DHA smartphone app or through the contact centre at 800 342.
With the new additions, targeted categories include: Dubai resident visa holders aged 40 and above; Dubai residents aged 60 and above, with visas from any emirate; Dubai resident visa holders with chronic diseases or disabilities, aged over 16; and frontline and vital sector workers.

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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