BioNTech founders Dr Ozlem Tureci, left, and her husband, Dr Ugur Sahin, have been widely celebrated for spearheading the creation of a Covid-19 vaccine. Photo: AP
BioNTech founders Dr Ozlem Tureci, left, and her husband, Dr Ugur Sahin, have been widely celebrated for spearheading the creation of a Covid-19 vaccine. Photo: AP
BioNTech founders Dr Ozlem Tureci, left, and her husband, Dr Ugur Sahin, have been widely celebrated for spearheading the creation of a Covid-19 vaccine. Photo: AP
BioNTech founders Dr Ozlem Tureci, left, and her husband, Dr Ugur Sahin, have been widely celebrated for spearheading the creation of a Covid-19 vaccine. Photo: AP

A matter of time as BioNTech scientists wait for Nobel Prize


Tim Stickings
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The vaccine pioneers who led the fight against the pandemic were left empty-handed when a Nobel Prize jury gave the 2021 prize in physiology or medicine to biologists who shone a light on human senses.

But after scooping other awards sometimes regarded as precursors to the Nobel, the team behind the Pfizer-BioNTech shot could yet be honoured in the future.

Scientific breakthroughs are not like Oscar-nominated movies, with only one chance of recognition. Nobel prizes can be presented many years after the event.

The secrecy around the award means there is no official word on who else was in contention.

Winners are picked behind closed doors and nominations kept secret for 50 years.

But the pandemic is likely to remain high in the public mind, and the scientists who helped to turn the tide against Covid-19 have already been widely commended.

“It’s hard to think of any parallel here, a discovery that’s had such a huge impact,” said Dr Jason Sheltzer, a US biologist who has published research on the Nobel Prize. He spoke before this year’s winners were announced.

He said Nobel judges were generally conservative and looked for safe choices whose work had been widely embraced by the scientific community over time.

But the breakthrough vaccine technology has been in development for years. “You could say the initial discoveries aren’t recent, it’s just their application that’s taken the world by storm,” Dr Sheltzer said.

The Pfizer-BioNTech vaccine was the first to be approved by the World Health Organisation, and has helped prevent untold numbers of deaths and lift countries out of the monotony of lockdown. It was created in record time – earlier vaccines typically took a decade or more to develop.

The Ehrlich Prize, Germany’s top medical award, last month went to three scientists from BioNTech: founders Ugur Sahin and Ozlem Tureci, and biochemist Katalin Kariko.

Drs Sahin and Tureci, who are married, created the company in 2008. After the success of their Covid vaccine, the German-Turkish couple hope to use the same technology to take on malaria.

Dr Kariko also won the Lasker Award, a US prize, with her collaborator, Dr Drew Weissman. He worked on the development of the mRNA vaccines that have proved spectacularly successful against Covid-19.

Theirs are not the only names to watch in future Nobel ballots. Arthur Horwich and Franz-Ulrich Hartl have been widely honoured for their work on proteins and how they take their shape.

Recipients of the Canada Gairdner International Award in 2004, they more recently won the $3 million Breakthrough Prize in Life Sciences in 2019.

Another scientist with those two prizes, but no Nobel to his name, is American biologist Dr C David Allis, a pioneer in the field of epigenetics.

“I feel like there are dozens of [scientists] that would qualify for the Nobel, and if they won the Nobel, people would say that’s terrific, very well deserved,” Dr Sheltzer said.

“But with one prize in medicine and one prize in chemistry each year, there are so many deserving ones that haven’t been recognised.”

Every scientist relies on colleagues and collaborators to win awards. “To some extent, they’re a fiction,” Dr Sheltzer said of the Nobel Prizes.

“The idea that you can pick one or two or three people and say they did this discovery, they did this amazing thing – that’s not exactly how science works in 2021.”

  • Malala Yousafzai became the youngest person to receive this prize in 2014. Getty Images
    Malala Yousafzai became the youngest person to receive this prize in 2014. Getty Images
  • Swiss philanthropist Jean Henri Dunant was one of the first to receive the Nobel Peace Prize in 1901 for his role in the founding of the International Red Cross. Getty Images
    Swiss philanthropist Jean Henri Dunant was one of the first to receive the Nobel Peace Prize in 1901 for his role in the founding of the International Red Cross. Getty Images
  • Belgian Dominican friar Dominique Pire's (right) work helping refugees in post-World War II Europe saw him receive the Nobel Peace Prize in 1958. Getty Images
    Belgian Dominican friar Dominique Pire's (right) work helping refugees in post-World War II Europe saw him receive the Nobel Peace Prize in 1958. Getty Images
  • American civil rights leader Martin Luther King, Jr., left, announced that he would turn over the prize money to the furtherance of the civil rights movement. Getty Images
    American civil rights leader Martin Luther King, Jr., left, announced that he would turn over the prize money to the furtherance of the civil rights movement. Getty Images
  • Mother Teresa was awarded the Nobel Peace Prize for her humanitarian work with the poor in 1979. Getty Images
    Mother Teresa was awarded the Nobel Peace Prize for her humanitarian work with the poor in 1979. Getty Images
  • South African Archbishop Mgr Desmond Tutu, left, was honored with the Peace Prize for his opposition to apartheid. AFP
    South African Archbishop Mgr Desmond Tutu, left, was honored with the Peace Prize for his opposition to apartheid. AFP
  • Guatemalan Indian activist Rigoberta Menchu, right, was the ninth woman to win the award. AFP
    Guatemalan Indian activist Rigoberta Menchu, right, was the ninth woman to win the award. AFP
  • From left: Palestinian leader Yaser Arafat, Israeli Foreign Minister Shimon Peres and Israeli Prime Minister Yitzak Rabin are the joint Nobel Peace Prize winners for 1994 for their efforts to create peace in the Middle East. Getty Images
    From left: Palestinian leader Yaser Arafat, Israeli Foreign Minister Shimon Peres and Israeli Prime Minister Yitzak Rabin are the joint Nobel Peace Prize winners for 1994 for their efforts to create peace in the Middle East. Getty Images
  • President of the UN General Assembly, South Korean Foreign Minister Han Seung-soo, right, looks at Secretary-General of the United Nations Kofi Annan at the Nobel Peace Awards in 2001. The prize was awarded to Annan for his work as secretary-general and the UN represented by Han Seung-soo. AFP
    President of the UN General Assembly, South Korean Foreign Minister Han Seung-soo, right, looks at Secretary-General of the United Nations Kofi Annan at the Nobel Peace Awards in 2001. The prize was awarded to Annan for his work as secretary-general and the UN represented by Han Seung-soo. AFP
  • Iranian lawyer and human rights activist Shirin Ebadi, right, receives the 2003 Nobel Peace Prize for her democracy-building efforts and her work to improve human rights in Iran, making her the first Muslim woman to receive the award. AFP
    Iranian lawyer and human rights activist Shirin Ebadi, right, receives the 2003 Nobel Peace Prize for her democracy-building efforts and her work to improve human rights in Iran, making her the first Muslim woman to receive the award. AFP
  • Mohamed ElBaradei, director general of the International Atomic Energy Agency, left, and Yukiya Amano, chairman of its board of governors, received the 2005 Nobel Peace Prize at a ceremony for their efforts to halt the spread of nuclear weapons. AFP
    Mohamed ElBaradei, director general of the International Atomic Energy Agency, left, and Yukiya Amano, chairman of its board of governors, received the 2005 Nobel Peace Prize at a ceremony for their efforts to halt the spread of nuclear weapons. AFP
  • US President Barack Obama was awarded the 2009 Nobel Peace Prize "for his extraordinary efforts to strengthen international diplomacy and cooperation between peoples." AFP
    US President Barack Obama was awarded the 2009 Nobel Peace Prize "for his extraordinary efforts to strengthen international diplomacy and cooperation between peoples." AFP
  • Dr. Denis Mukwege and Nadia Murad have been jointly awarded the 2018 Nobel peace prize in recognition for their efforts to end the use of sexual violence as a weapon in war. Getty Images
    Dr. Denis Mukwege and Nadia Murad have been jointly awarded the 2018 Nobel peace prize in recognition for their efforts to end the use of sexual violence as a weapon in war. Getty Images

The medical winners are chosen by a 50-strong panel known as the Nobel Assembly. Based at the Karolinska Institute, an academy founded by Swedish royals in 1810, it typically meets in a private room with curtains drawn.

Selected scientists are invited to nominate their fellow researchers for the prize, but nobody is told whether they are under consideration.

The nominations are kept secret for 50 years, meaning runners-up may never know how close they came.

The jackpot is 10m Swedish kronor ($1.1m), although it is often shared. The winner also receives a medal from the King of Sweden.

Some winners, according to tongue-in-cheek legend, become afflicted by “Nobel Disease” – an outbreak of overconfidence that leads them to stray into fields they are not qualified to comment on.

But to be eligible for the prize, they must have made a discovery that benefits all of humankind. It sets a high bar for entry.

That was the wish of Alfred Nobel, the Swedish dynamite tycoon who left the prizes in his will when he died in 1896.

It takes many years before the field recognises that the discovery you’ve made
Juleen Zierath

He said the winner should be “the person who made the most important discovery within the domain of physiology or medicine”.

Discoveries must “extend the horizon of human knowledge in profound ways,” the committee says, although this often does not become clear for many years. Judges can choose to give no award at all if there is no suitable candidate.

Dr Juleen Zierath, a jury member and biologist, said the significance of a scientific breakthrough was sometimes quite obscure at first.

In remarks published by prize organisers, she said scientists were sometimes blindsided by being given the award when they were tracked down by the committee.

“By the time we come to the decision, it is a big surprise to the individuals who have been selected,” she said. “And so, it’s generally unexpected and it changes their lives.

“What I would say is often it takes many years before the field recognises that the discovery you’ve made is of a distinction that should be considered for a Nobel Prize. So sometimes you have to be quite patient.”

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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Some of Darwish's last words

"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008

His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.

Updated: October 04, 2021, 3:36 PM