Coronavirus: PCR test cut to Dh85 in Dubai and Northern Emirates


Anam Rizvi
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Covid-19 screening centres across the country slashed the price of PCR tests to Dh85.

The Abu Dhabi Health Services Company, or Seha, will offer the discount rate at all of its screening centres in the capital, Dubai and the Northern Emirates.

The move is central to a national strategy to widen access to testing services and make the nasal swab more affordable to help limit the spread of the virus.

Private hospitals and clinics in Abu Dhabi have already cut prices and made swab tests available at Dh85 in line with the decision.

Private hospitals in Dubai have not announced any reduction in test prices yet.

Dr Ramzi Alshaiba, medical director at Bareen International Hospital in Mohammed bin Zayed City, said the hospital had reduced the cost of the test to Dh85.

“We believe that testing is an important tool and must actively continue to identify and arrest the spread of Covid-19 virus until vaccinations are available," said Dr Alshaiba.

“It is only through testing that one can identify a positive case. Asymptomatic cases are prevalent where an individual is healthy, yet he/she is still capable of transmitting the virus.

“Reduced Covid-19 testing prices will help people to undergo more tests, as and when required."

He said people who travelled frequently to other emirates needed regular testing, and the reduced price would help the public.

Previously, healthcare facilities in Abu Dhabi could not charge more than Dh180 for a swab test.

At the start of the outbreak, the standard price for a PCR test in the UAE was Dh370. This was reduced to Dh250 in September.

A few weeks later, clinics in Abu Dhabi dropped the price to Dh180, while government-run hospitals in Dubai offered PCR nasal swab tests for Dh150.

Dr Mohamad Al Nahas, chief executive at MenaLabs, which provides testing services in Abu Dhabi, Al Ain and Dubai, said their clinics in Abu Dhabi and Al Ain charged Dh85 for a PCR test.

But the same test cost Dh130 at their drive-though facility in Dubai.

Dr Al Nahas said they had seen more people coming in to get tested, since they reduced prices and introduced deals.

The clinic introduced a package deal under which one test costs Dh80, two tests Dh150 and three tests cost Dh210.

In Dubai, private healthcare providers are allowed to charge up to Dh250 for a Covid-19 swab test.

Prices have not changed at Medcare Hospital and clinics in Dubai. Swab tests at Medcare Medical Centres are Dh250.

NMC Specialty Hospital in Electra Street in Abu Dhabi will cost Dh85, while NMC hospitals in Dubai charge about Dh150 for the test.

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Tax authority targets shisha levy evasion

The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.

Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".

The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.

He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.

"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.

As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.

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The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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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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Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
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Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital

England v South Africa schedule
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