I've never had Covid - and maybe it's time to stop worrying that I will

I’m part of an exclusive group that gets smaller by the day.

This week it was announced that the UAE had passed one million Covid-19 infections since the start of the global outbreak in early 2020.

In what feels like a crazy statistic that I sometimes can't believe I'm actually a part of — since the start of the pandemic, I have yet to test positive for Covid-19.

I realise that by writing this, I may be tempting fate, but while I’m feeling grateful for never having caught the illness, I've admittedly lived in fear of doing so, too.

I am fully vaccinated, but living in Abu Dhabi has undoubtedly helped. The emirate has been strict in regards to its Covid rules around social distancing, face masks, limiting large gatherings and the use of Al Hosn app, which turns green for a set number of days after a negative PCR test result and allows entry into a variety of venues.

My first result on Al Hosn was a negative DPI (finger prick) test from August 9, 2020 and then I continued to receive negative PCR results up to my most recent one on Thursday, essentially a span of two years of little green dots filling up my app.

Of course, there is also the off-chance I may have had undetected Covid or been asymptomatic at a time when I haven't been tested, but my partner, who lives with me, has also never tested positive.

As we’re more than two years into the pandemic now, however, I am realising my fear of catching the virus has stopped me from doing things that I really love. That's the problem with trying to be so careful: it can hold you back.

Initially I had some hesitation over going back to the gym when they first reopened in Abu Dhabi and visiting hotels at one point felt stressful, although those worries have since faded. I still have a fear of travelling, however, something that's brought me the most happiness over the years and which I desperately miss.

During my eight years in Abu Dhabi, I’ve solo travelled to most of Europe as well as places such as Zanzibar and Chang Mai, but my last solo outing was to Prague in August 2019.

Since the pandemic began, I’ve either stayed in the UAE or gone home to the US to see my family. While it’s always been the safest option, it isn't the one that necessarily sparks the most joy.

Solo travel has helped me to create countless memories while allowing me to meet new people along the way. Waking up in a new city is a wonderful reprieve from normal, everyday life.

But the thought of catching Covid while alone in a foreign country scares me. And it's what's stopped me from just booking a flight to anywhere.

While I don't suggest anyone be any less cautious, as more places ease their Covid restrictions and case numbers continue to drop in the UAE, I've decided it's perhaps time for me to let that fear go. It's time for me to stop putting things off and focus on what the future could hold in a post-pandemic world.

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What is blockchain?

Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.

The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.

Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.

However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.

Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.

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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