India will test all samples from patients found to have Covid-19 as fears grow of another wave after a rise in cases in China and other countries.
In a renewed attempt to track new strains, the Health Ministry asked all state governments to gear up to test samples. They must ensure all positive samples are sent for genome sequencing every day at the government laboratory network, known as Insacog.
It has 50 labs across the country and was set up during the pandemic in 2020 to study and monitor genome sequencing and virus variants circulating in the country.
A meeting by the health minister was scheduled to review the administration's readiness to tackle any rise in Covid cases, which fell to 131 on Wednesday, according to ministry figures.
India suffered waves of Covid-19 after the global pandemic took hold in early 2020, killing at least 530,000 and infecting around 44 million in the world's second most populous nation.
But cases have fallen in recent months due to vaccination drives and herd immunity. Most coronavirus protocols have been lifted nationally.
Federal Health Secretary Rajesh Bhushan said being better prepared will allow the fast detection of newer variants and lead to the right public health measures.
“In view of the sudden spurt of cases being witnessed in Japan, the United States of America, the Republic of Korea, Brazil and China, it is essential to gear up the whole genome sequencing of positive case samples to track the variants,” Mr Bhushan said.
“Early detection, isolation, testing and timely management of suspected and confirmed cases to detect and contain outbreaks is of crucial importance.”
It is likely that the government will introduce new guidelines for passengers travelling from abroad to block incoming cases during the New Year celebrations.
Globally, cases have remained stable at 3.3 million in a week. But China has been battling a new wave with a surge in daily cases — a month after the government ended nearly three years of lockdowns, quarantines and mass testing.
It officially reported 3,100 new symptomatic Covid cases on Tuesday, taking the total caseload to 386,276.
Unverified images on social media and television channels showed hospitals flooded with patients, some lying on the floor, and workers in hazmat suits working at crematoriums that are reportedly overwhelmed with bodies.
Eric Feigl-Ding, an American health expert, warned of a “thermonuclear bad” situation in the country.
He wrote on Twitter: “One-two million deaths in China is a very common number lately — I’ve seen the models — it’s certainly possible. It could be higher if the government doesn’t do anything, lower if the government curbs virus with heavy mitigations again.”
China had been following a zero-covid policy for the past three years, since the pandemic started in Wuhan.
It had implemented extremely restrictive measures to suppress even small outbreaks of the virus. Experts blame these measures for the lack of immunity resulting from natural infection among its population.
It put even asymptomatic people in hospital if they tested positive and kept suspected cases and all their contacts in a state of long isolation.
“In the absence of population-wide immunity from natural infection, this puts a large number of individuals at risk,” said Dr Rajeev Jayadevan of the Indian Medical Association.
China has administered almost 3.5 billion doses of vaccine to its 1.41 billion population but vaccination booster rates are low among over-80s.
As well as China, Japan, the US, Korea and Brazil have recorded a rise in cases in recent weeks.
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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.”
Company profile
Name: Thndr
Started: October 2020
Founders: Ahmad Hammouda and Seif Amr
Based: Cairo, Egypt
Sector: FinTech
Initial investment: pre-seed of $800,000
Funding stage: series A; $20 million
Investors: Tiger Global, Beco Capital, Prosus Ventures, Y Combinator, Global Ventures, Abdul Latif Jameel, Endure Capital, 4DX Ventures, Plus VC, Rabacap and MSA Capital
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Killing of Qassem Suleimani
Keep it fun and engaging
Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.
“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.
His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.
He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.
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A list of the animal rescue organisations in the UAE
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