China celebrated its first Lunar New Year largely without Covid-19 restrictions this week, with crowds visiting temples and meeting up with family.
Millions flew from cities to their home villages and towns to ring in the Year of the Rabbit, but some celebrations were smaller than before the pandemic.
Nearly 53,000 offered prayers at Beijing’s Lama Temple but the crowds appeared to be smaller compared to pre-pandemic days. The Tibetan Buddhist site allows up to 60,000 visitors a day, citing safety reasons, and requires an advance reservation.
Throngs of residents and tourists swarmed pedestrian streets in Qianmen, enjoying snacks from barbecue and New Year rice cake stands. Some children wore traditional Chinese rabbit hats. Others held blown sugar or marshmallows shaped like rabbits.
At Taoranting Park, there was no sign of the usual bustling New Year food stalls despite its walkways being decorated with traditional Chinese lanterns. A popular temple fair at Badachu Park that was suspended for three years will be back this week, but similar events at Ditan Park and Longtan Lake Park have yet to return.
The world's largest migration of people, the expected Lunar New Year travel sparked fears of a Covid wave, just months after the government lifted strict measures to prevent the spread of the disease.
Under pressure after widespread protests against the zero-covid policy, which involved prolonged lockdowns and quarantines for close contacts of those with the illness, restrictions were lifted in early December.
Chinese President Xi Jinping said he was "concerned" that Lunar New Year travel could spark Covid outbreaks in rural areas.
Independent British-based forecasting firm Airfinity said up to 36,000 people could die each day from Covid in China after the travel boom, which travel agencies said could involve two billion trips made in 40 days.
One Beijing resident said she hoped the Year of the Rabbit would bring "health to everyone".
"I think this wave of the pandemic is gone," the 57-year-old, who only gave her last name, Fang, told Reuters. "I didn’t get the virus, but my husband and everyone in my family did. I still think it's important to protect ourselves."
In Wuhan, where the disease was first detected in 2019, residents mourned the dead.
"I have friends and family who passed away during this time," a 54-year-old who would only give his surname, Zhang, told AFP as he clutched a bunch of chrysanthemums, which symbolise grief in Chinese culture.
But celebrations were also under way.
Multicoloured lanterns and pennants adorned the city's Jianghan commercial district and a banner with a heart read "I love Wuhan".
An elderly man struggled to pedal his bicycle loaded with packages and food, while a couple with a toddler squeezed on to a scooter on their way back from the shops.
"Of course, it's way better after opening up," one woman, who gave her last name as Zhu, told AFP as she bought decorative flowers.
"Now, since everyone has had Covid already, we can properly have a good Chinese New Year. So that makes us quite happy."
He explained that the New Year's custom in Hubei province, of which Wuhan is the capital, is to visit the homes of people who recently died to give flowers and burn incense as an offering.
At the stroke of midnight, many residents did just that, as street vendors did a brisk business of selling chrysanthemums and other offerings into the early hours of Sunday.
The mass movement of people during the holiday period may spread the pandemic, boosting infections in some areas, but a second Covid wave is unlikely in the near term, Wu Zunyou, chief epidemiologist at the China Centre for Disease Control and Prevention, said on Saturday.
The possibility of a big Covid rebound in China over the next two or three months is remote as 80 per cent of people have been infected, Wu said.
Outside China, Lunar New Year celebrations in California were hit by tragedy when nine people were shot dead after a party in Los Angeles' Monterey Park on Saturday.
The six points:
1. Ministers should be in the field, instead of always at conferences
2. Foreign diplomacy must be left to the Ministry of Foreign Affairs and International Co-operation
3. Emiratisation is a top priority that will have a renewed push behind it
4. The UAE's economy must continue to thrive and grow
5. Complaints from the public must be addressed, not avoided
6. Have hope for the future, what is yet to come is bigger and better than before
The biog
Favourite film: Motorcycle Dairies, Monsieur Hulot’s Holiday, Kagemusha
Favourite book: One Hundred Years of Solitude
Holiday destination: Sri Lanka
First car: VW Golf
Proudest achievement: Building Robotics Labs at Khalifa University and King’s College London, Daughters
Driverless cars or drones: Driverless Cars
How Islam's view of posthumous transplant surgery changed
Transplants from the deceased have been carried out in hospitals across the globe for decades, but in some countries in the Middle East, including the UAE, the practise was banned until relatively recently.
Opinion has been divided as to whether organ donations from a deceased person is permissible in Islam.
The body is viewed as sacred, during and after death, thus prohibiting cremation and tattoos.
One school of thought viewed the removal of organs after death as equally impermissible.
That view has largely changed, and among scholars and indeed many in society, to be seen as permissible to save another life.
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.”
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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COMPANY PROFILE
Name: N2 Technology
Founded: 2018
Based: Dubai, UAE
Sector: Startups
Size: 14
Funding: $1.7m from HNIs
SPECS
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ENGLAND SQUAD
Goalkeepers: Jack Butland, Jordan Pickford, Nick Pope
Defenders: John Stones, Harry Maguire, Phil Jones, Kyle Walker, Kieran Trippier, Gary Cahill, Ashley Young, Danny Rose, Trent Alexander-Arnold
Midfielders: Eric Dier, Jordan Henderson, Dele Alli, Jesse Lingard, Raheem Sterling, Ruben Loftus-Cheek, Fabian Delph
Forwards: Harry Kane, Jamie Vardy, Marcus Rashford, Danny Welbeck
