File photo: A man receives a coronavirus disease vaccine at a vaccination centre in Tunis, Tunisia, April 26, 2021. Reuters
File photo: A man receives a coronavirus disease vaccine at a vaccination centre in Tunis, Tunisia, April 26, 2021. Reuters
File photo: A man receives a coronavirus disease vaccine at a vaccination centre in Tunis, Tunisia, April 26, 2021. Reuters
File photo: A man receives a coronavirus disease vaccine at a vaccination centre in Tunis, Tunisia, April 26, 2021. Reuters

Arab countries pledge aid as Tunisia struggles with Covid pandemic


Soraya Ebrahimi
  • English
  • Arabic

Several countries promised to help Tunisia fight the coronavirus on Friday as the north African country recorded its highest daily death toll since the pandemic began, putting its health care system under severe stress and depleting oxygen supplies.

President Kais Saied said in a statement that Saudi Crown Prince Mohammed bin Salman had pledged to send vaccinations and whatever medical equipment Tunisia needed.

Libya also pledged to send medical aid, the president's office said in a separate statement. Officials and local media said that Kuwait, Turkey and Algeria had promised to help.

Qatar had already sent a military plane with a field hospital on board, including 200 medics and 100 respirators. Egypt soon followed with plane-loads of assistance.

"Two Egyptian military planes arrived on Saturday at the military base in El Aouina, carrying various medical equipment, quantities of medicines, breathing monitoring machines and oxygen concentrators," read a statement by the Tunisian presidency office.

"It reflects the deep and solid relations between Tunisia and Egypt, as well as the values of solidarity that exist between the two brotherly countries and peoples," the presidency added.

After successfully containing the virus in the first wave last year, Tunisia is now grappling with a rise in infections. Government scientific advisors had proposed a six-week national lockdown to stop hospitals from being overwhelmed, but the government decided the economy could not sustain more damage.

That decision was partially amended last week when the government imposed a lockdown in some cities, measures that still fell short of what scientists recommended.

Further lockdowns for would risk piling on more damage to the vital tourism sector, which has already witnessed catastrophic losses since the start of the global health emergency.

Tunisia recorded 189 deaths on Friday, the highest daily toll since the pandemic began last year. It reported 8,500 new coronavirus cases.

"We are in a catastrophic situation ... the health system has collapsed, we can only find a bed in hospitals with great difficulty," health ministry spokesperson Nisaf Ben Alaya said.

"We are struggling to provide oxygen ... doctors are suffering from unprecedented fatigue," she said. "The boat is sinking."

The total number of coronavirus cases so far in Tunisia has climbed to around 480,000, with more than 16,000 deaths.

Vaccinations lag far behind other countries. So far, only 715,000 people have received two doses out of a total of 11.6 million residents.

The president's office said last week that the United States pledged to donate 500,000 vaccination doses.

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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How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

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