A global decline in Covid-19 numbers over the past six weeks is a "good sign" but does not mean people should become complacent, a top World Health Organisation official said.
Maria Van Kerkhove, head of the WHO's emerging diseases unit, told an online Abu Dhabi Public Health conference on Thursday that easing measures would undo the positive trend.
Ms Van Kerkhove advised that countries intensify efforts to stamp out Covid-19 for good.
“According to the latest epidemiological curve, we are seeing a reduced trend globally over the last six weeks in terms of case incidence as well as reported death. This is a good sign,” she said during one of the panel discussions.
All of us are unsafe until we are safe
There were case surges in some countries but Ms Van Kerkhove said there was an overall global decline.
“But we should not become complacent. This is not the time to let down our guard," she said.
"We need to continue to drive down transmission and save as many lives as we can.”
Ms Van Kerkhove said there were different situations in each country, with some managing to avoid large outbreaks entirely.
Many island states have been able to implement strong measures to avoid the virus "seeding within their population".
Other countries had major outbreaks that came under control but surged again once public health measures were lifted.
"Now we are lucky seeing a decline globally and those are good trends,” Ms Van Kerkhove said.
The goal is to save lives and suppress transmission, but the latest challenge is also to ensure vaccines are delivered to every person in the world, while tracking new variants of the coronavirus.
“It is critical that we make sure that safe and effective vaccines are produced in mass and that they reach all populations at risk in all countries, and not just all people in a few countries,” Ms Van Kerkhove said.
“This is critical and this is part of why Covax has been established and what we are now seeing.”
The Covax vaccination alliance comprises 19 countries and aims to deliver 150 million doses of Covid-19 vaccines to some of the world’s poorest nations in the first quarter of the year.
The goal is to deliver two billion doses to countries most in need by the end of the year.
“There is a moral obligation, a public health obligation for all of us to ensure that vaccines are reaching all those in need and at-risk individuals,” Ms Van Kerkhove said.
She said the WHO was continuously studying the severity and transmission of the virus and was now beginning to look into the effects of long Covid.
Key to overcoming the virus's spread lies in the community and belief in science-based advice to avoid an undermining of efforts, Ms Van Kerkhove said.
"We need to redouble our efforts to suppress transmission and protect lives and protect the vulnerable in a comprehensive and co-ordinated way," she said.
"We need strong global collective action to end this pandemic, strong and cohesive national leadership co-ordinated at global and regional levels because viruses know no boundaries.
"All of us are unsafe until we are safe."
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.”
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
RESULTS
5pm: Wathba Stallions Cup – Maiden (PA) Dh70,000 (Dirt) 1,400m
Winner: Yas Xmnsor, Sean Kirrane (jockey), Khalifa Al Neyadi (trainer)
5.30pm: Falaj Hazza – Handicap (PA) Dh70,000 (D) 1,600m
Winner: Arim W’Rsan, Dane O’Neill, Jaci Wickham
6pm: Al Basrah – Maiden (PA) Dh70,000 (D) 1,800m
Winner: Kalifano De Ghazal, Abdul Aziz Al Balushi, Helal Al Alawi
6.30pm: Oud Al Touba – Handicap (PA) Dh70,000 (D) 1,800m
Winner: Pharitz Oubai, Sean Kirrane, Ibrahim Al Hadhrami
7pm: Sieh bin Amaar – Conditions (PA) Dh80,000 (D) 1,800m
Winner: Oxord, Richard Mullen, Abdalla Al Hammadi
7.30pm: Jebel Hafeet – Conditions (PA) Dh85,000 (D) 2,000m
Winner: AF Ramz, Sean Kirrane, Khalifa Al Neyadi
8pm: Al Saad – Handicap (TB) Dh70,000 (D) 2,000m
Winner: Sea Skimmer, Gabriele Malune, Kareem Ramadan
