Russia's Sputnik V coronavirus vaccine will be tested in the UAE, the government said on Monday.
Phase-3 trials will be overseen by Abu Dhabi's public hospital operator Seha, the Ministry of Health and Prevention and the Department of Health Abu Dhabi.
The announcement was made after a phone call between Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, and Russian President Vladimir Putin.
The UAE trials of Sputnik V vaccine are the second to be held abroad, after testing in Belarus. A further trial is expected to begin in Venezuela soon.
We are planning to expand in several other countries, and we are delighted that Abu Dhabi will be the first place in which we do so in the Middle East
"The UAE is committed to the global fight against Covid-19," UAE Health Minister Abdulrahman Al Owais said.
"We are pleased to support this process and welcome partnerships between UAE organisations and international players."
The trial results will be released before the end of November, state news agency Wam reported.
Russia registered Sputnik V as the world's first coronavirus vaccine, even before the Phase-3 trials began.
It has been introduced in limited numbers to senior Russian figures, including one of Mr Putin's daughters, and thousands of volunteers.
Kirill Dmitriev, head of the Russian Direct Investment Fund, which has financed Russia's vaccine work, was in Abu Dhabi for the announcement.
"We are planning to expand in several other countries over the coming months, and we are delighted that Abu Dhabi will be the first place in which we do so in the Middle East," Mr Dmitriev said.
He has explained how Sputnik V, produced by Moscow's Gamaleya National Research Institute, differed from other vaccines.
It is based on two human adenoviruses – common viruses that cause fever and cold and flu-like symptoms – that were rendered harmless and genetically engineered to carry coronavirus genes.
That is in contrast with some other vaccines that use adenoviruses from chimpanzees.
“Countries have a choice to make and we think they’ll focus on a portfolio of different vaccines,” Mr Dmitriev said recently.
“But we’re absolutely sure that a human adenovirus vaccine will be in the portfolio of most countries.”
Other medicine, including Chinese drug maker Sinopharm's vaccine, were created from weakened coronaviruses or those that have been killed with chemicals and re-engineered to protect the body from infection.
"We have enough capacity originally only for Russia," Mr Dmitriev told CNN's Connect the World programme in Abu Dhabi.
"We will we be inoculating our people, massively, from the end of the month, early November, and all of the vaccine produced will be for Russia.
"So this is why we need productions in India and Brazil to manufacture for the rest of the world."
The UAE was chosen as a partner for Sinopharm's Phase-3 trial in July.
More than 30,000 volunteers were part of the process and more were later sought in limited numbers from Bahrain and Jordan.
One of the reasons for holding trials abroad is to ensure volunteers are from a broad variety of ethnicities and backgrounds.
The UAE is home to about 200 nationalities, whereas China and Russia are largely homogenous societies.
An early version of the vaccine was approved by Emirati authorities for use by frontline workers and others.
Senior officials, including Mr Al Owais, have taken the vaccine.
The six points:
1. Ministers should be in the field, instead of always at conferences
2. Foreign diplomacy must be left to the Ministry of Foreign Affairs and International Co-operation
3. Emiratisation is a top priority that will have a renewed push behind it
4. The UAE's economy must continue to thrive and grow
5. Complaints from the public must be addressed, not avoided
6. Have hope for the future, what is yet to come is bigger and better than before
The biog
Favourite film: Motorcycle Dairies, Monsieur Hulot’s Holiday, Kagemusha
Favourite book: One Hundred Years of Solitude
Holiday destination: Sri Lanka
First car: VW Golf
Proudest achievement: Building Robotics Labs at Khalifa University and King’s College London, Daughters
Driverless cars or drones: Driverless Cars
How Islam's view of posthumous transplant surgery changed
Transplants from the deceased have been carried out in hospitals across the globe for decades, but in some countries in the Middle East, including the UAE, the practise was banned until relatively recently.
Opinion has been divided as to whether organ donations from a deceased person is permissible in Islam.
The body is viewed as sacred, during and after death, thus prohibiting cremation and tattoos.
One school of thought viewed the removal of organs after death as equally impermissible.
That view has largely changed, and among scholars and indeed many in society, to be seen as permissible to save another life.
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.”
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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%3Cp%3EAuthor%3A%20Salha%20Al%20Busaidy%3C%2Fp%3E%0A%3Cp%3EPages%3A%20316%3C%2Fp%3E%0A%3Cp%3EPublisher%3A%20The%20Dreamwork%20Collective%C2%A0%3C%2Fp%3E%0A
COMPANY PROFILE
Name: N2 Technology
Founded: 2018
Based: Dubai, UAE
Sector: Startups
Size: 14
Funding: $1.7m from HNIs
SPECS
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ENGLAND SQUAD
Goalkeepers: Jack Butland, Jordan Pickford, Nick Pope
Defenders: John Stones, Harry Maguire, Phil Jones, Kyle Walker, Kieran Trippier, Gary Cahill, Ashley Young, Danny Rose, Trent Alexander-Arnold
Midfielders: Eric Dier, Jordan Henderson, Dele Alli, Jesse Lingard, Raheem Sterling, Ruben Loftus-Cheek, Fabian Delph
Forwards: Harry Kane, Jamie Vardy, Marcus Rashford, Danny Welbeck
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
