The UAE Health Minister, Abdulrahman Al Owais, has approved the use of a Covid-19 vaccine for frontline workers after successful clinical trials in Abu Dhabi.
Mr Al Owais said the inactive vaccine could be used in "cases of emergency" involving healthcare staff.
He said extensive tests involving 31,000 volunteers had shown the vaccine to be safe.
Dr Nawal Al Kaabi, chairwoman of the National Clinical Committee for Covid-19, said volunteers felt only minor symptoms, such as a sore throat, during the trial.
"The emergency use of the vaccine is fully and completely compatible with the laws and regulations," Mr Al Owais said.
"And our goal is to provide all safety means for the first line of defence to protect them from any dangers they may face due to the nature of their work.
"The results of studies during the final stages of the third phase showed that the vaccine is effective and resulted in a strong response and the generation of antibodies to the virus.
"Studies on the safety of the vaccination have been reviewed and showed that it is safe for use."
Mr Al Owais said the move to make the vaccine available, on a limited basis initially, was a significant step forward in efforts to protect lives.
The vaccine was developed by Sinopharm, based in China, where Phases 1 and 2 of the trials were successfully conducted.
The UAE is involved through an agreement with technology company Group 42 and was chosen for Phase 3.
The World Health Organisation-recognised trial began on July 16.
A clinic was set up at Abu Dhabi National Exhibition Centre to manage the trial and another was later established in Sharjah.
Hundreds of medical staff also came forward to lend their support to the project.
Dr Al Kaabi said the results of the clinical trials were "very positive".
She thanked the volunteers, representing 125 nationalities, for playing a key role in the fight to contain the pandemic.
"The initial results are encouraging in terms of the presence of antibodies in the body," Dr Al Kaabi said.
She said that studies were continuing.
"The side-effects that were detected are simple and expected, like any other vaccine," Dr Al Kaabi said.
"There were very normal symptoms, like feeling some pain in the throat.
"There were no serious side effects that required medical intervention. The preliminary results are positive.
"The vaccine was tried on 1,000 volunteers suffering from chronic diseases and no complications occurred to them."
Dr Al Kaabi said health authorities had taken every precaution to ensure the quality and safety of the vaccine trial.
The major breakthrough was announced as the UAE recorded 777 new coronavirus cases, bringing the country's total to 80,266.
A further 530 patients recovered as the overall tally climbed to 69,981.
No patients died during the 24-hour reporting period. The toll remained at 399.
The latest infections were detected after 64,084 more tests were conducted.
The UAE has conducted almost 8.2 million tests since the start of the outbreak.
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.”
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
The years Ramadan fell in May
COMPANY%20PROFILE
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Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Juliot Vinolia’s checklist for adopting alternate-day fasting
- Don’t do it more than once in three days
- Don’t go under 700 calories on fasting days
- Ensure there is sufficient water intake, as the body can go in dehydration mode
- Ensure there is enough roughage (fibre) in the food on fasting days as well
- Do not binge on processed or fatty foods on non-fasting days
- Complement fasting with plant-based foods, fruits, vegetables, seafood. Cut out processed meats and processed carbohydrates
- Manage your sleep
- People with existing gastric or mental health issues should avoid fasting
- Do not fast for prolonged periods without supervision by a qualified expert
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
More on Quran memorisation:
MATCH INFO
Uefa Champions League semi-final, first leg
Tottenham v Ajax, Tuesday, 11pm (UAE).
Second leg
Ajax v Tottenham, Wednesday, May 8, 11pm
Games on BeIN Sports
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
Moving%20Out%202
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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.
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.
Fixtures
50-over match
UAE v Lancashire, starts at 10am
Champion County match
MCC v Surrey, four-day match, starting on Sunday, March 24, play starts at 10am
Both matches are at ICC Academy, Dubai Sports City. Admission is free.
UAE currency: the story behind the money in your pockets
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
