A Sinopharm sign is seen at the 2020 China International Fair for Trade in Services in Beijing, China. Reuters
A Sinopharm sign is seen at the 2020 China International Fair for Trade in Services in Beijing, China. Reuters
A Sinopharm sign is seen at the 2020 China International Fair for Trade in Services in Beijing, China. Reuters
A Sinopharm sign is seen at the 2020 China International Fair for Trade in Services in Beijing, China. Reuters

China's Sinopharm Covid vaccine 79.34% effective


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The company making a Covid-19 vaccine with China’s state-owned manufacturer Sinopharm, said on Wednesday that its shot is 79.34 per cent effective and they are seeking to get approval to start distributing the first coronavirus drug in China.

The vaccine is already being used in several countries as global Phase 3 trials continue. As different trials progress, fragmentary efficiency data have been released, but this is the first indication from the company behind the drug.

The efficacy rate, based on an interim analysis of Phase 3 clinical trials, is lower than the 86 per cent rate for the same vaccine announced by the United Arab Emirates on December 9, based on preliminary data from trials there. The company did not elaborate on the divergence in results but said further data would be released in time.

Covid around the world – in pictures 

  • Registered nurse Patricia Cummings administers the COVID-19 vaccine to Vice President-elect Kamala Harris at the United Medical Center in Washington, DC. AFP
    Registered nurse Patricia Cummings administers the COVID-19 vaccine to Vice President-elect Kamala Harris at the United Medical Center in Washington, DC. AFP
  • The first five vaccinated hospital staff and Health Director Alberto Deales pose for a photo as the Covid-19 vaccine is administered at the Umberto I Hospital in Rome, Italy. A vaccination campaign against Covid-19 started across the EU on 27 December. EPA
    The first five vaccinated hospital staff and Health Director Alberto Deales pose for a photo as the Covid-19 vaccine is administered at the Umberto I Hospital in Rome, Italy. A vaccination campaign against Covid-19 started across the EU on 27 December. EPA
  • A patient with the COVID-19 breaths in oxygen in the COVID-19 ward at Khayelitsha Hospital, about 35km from the centre of Cape Town. The patents in this ward are not critically serious, but do require oxygen and to lie down. South Africa has become the first African nation to record one million coronavirus cases, according to new data published by the country's health ministry on December 27, 2020. Currently suffering a second wave of infections, of which the majority are a new variant of the coronavirus, South Africa is the hardest hit country on the African continent. AFP
    A patient with the COVID-19 breaths in oxygen in the COVID-19 ward at Khayelitsha Hospital, about 35km from the centre of Cape Town. The patents in this ward are not critically serious, but do require oxygen and to lie down. South Africa has become the first African nation to record one million coronavirus cases, according to new data published by the country's health ministry on December 27, 2020. Currently suffering a second wave of infections, of which the majority are a new variant of the coronavirus, South Africa is the hardest hit country on the African continent. AFP
  • City of Tshwane's Special Infection Unit Leading Emergency Care Practitioner Rocco Veer and Station Officer Arrie Visser do final check on the isolation chamber equipped with a negative pressure filtration system used to transport positive Covid-19 patients before starting their night shift at the Hatfield Emergency Station in Pretoria. AFP
    City of Tshwane's Special Infection Unit Leading Emergency Care Practitioner Rocco Veer and Station Officer Arrie Visser do final check on the isolation chamber equipped with a negative pressure filtration system used to transport positive Covid-19 patients before starting their night shift at the Hatfield Emergency Station in Pretoria. AFP
  • Medical staff administer the Pfizer/BioNTech vaccine against the coronavirus, at the Military Field Number 1A in Mexico City. Mexico will first apply the vaccine to all health personnel and the elderly as part of their mass immunization program. AFP
    Medical staff administer the Pfizer/BioNTech vaccine against the coronavirus, at the Military Field Number 1A in Mexico City. Mexico will first apply the vaccine to all health personnel and the elderly as part of their mass immunization program. AFP
  • A woman on a scooter has her temperature taken and is given a facemask at a checkpoint set up to examine people in a bid to halt the spread of the Covid-19 coronavirus in the southern Thai province of Narathiwat. AFP
    A woman on a scooter has her temperature taken and is given a facemask at a checkpoint set up to examine people in a bid to halt the spread of the Covid-19 coronavirus in the southern Thai province of Narathiwat. AFP
  • Gabriel Cervera and Sanjana Krishnan take a break from treating patients infected with the coronavirus disease at United Memorial Medical Center in Houston, Texas, U.S. Reuters
    Gabriel Cervera and Sanjana Krishnan take a break from treating patients infected with the coronavirus disease at United Memorial Medical Center in Houston, Texas, U.S. Reuters
  • People line up in their vehicles at Dodger Stadium as post-Christmas COVID-19 testing resumes during a surge in positive coronavirus disease cases in Los Angeles, California, U.S. Reuters
    People line up in their vehicles at Dodger Stadium as post-Christmas COVID-19 testing resumes during a surge in positive coronavirus disease cases in Los Angeles, California, U.S. Reuters
  • People wait for their turn during a mass coronavirus testing in Palma de Mallorca, Spain. Palma de Mallorca records 621 cases per 100,000 inhabitants and has become Spain's hardest hit area. EPA
    People wait for their turn during a mass coronavirus testing in Palma de Mallorca, Spain. Palma de Mallorca records 621 cases per 100,000 inhabitants and has become Spain's hardest hit area. EPA
  • Passengers wearing protective face masks wait at a station for a subway during an evening rush hour in Wuhan, China. Life in Wuhan, a Chinese city of more than 11 million, which nearly a year ago became the epicenter of the coronavirus outbreak is returning to normal. Since May the capital of Hubei province has not recorded locally-transmitted cases of Covid-19. EPA
    Passengers wearing protective face masks wait at a station for a subway during an evening rush hour in Wuhan, China. Life in Wuhan, a Chinese city of more than 11 million, which nearly a year ago became the epicenter of the coronavirus outbreak is returning to normal. Since May the capital of Hubei province has not recorded locally-transmitted cases of Covid-19. EPA
  • An Iranian health worker prepares a dose of locally made COVID-19 vaccine during phase one of its trial test in Tehran, Iran, 29 December 2020. Media reports state that Iran inaugurated and tested its local made coronavirus disease vaccine during the first phase of trial session. EPA
    An Iranian health worker prepares a dose of locally made COVID-19 vaccine during phase one of its trial test in Tehran, Iran, 29 December 2020. Media reports state that Iran inaugurated and tested its local made coronavirus disease vaccine during the first phase of trial session. EPA
  • Buses carrying some inmates infected with coronavirus disease leave Dongbu Detention Center in Seoul, South Korea, for a medical clinic. A total of 792 inmates there have come down with the virus so far. EPA
    Buses carrying some inmates infected with coronavirus disease leave Dongbu Detention Center in Seoul, South Korea, for a medical clinic. A total of 792 inmates there have come down with the virus so far. EPA
  • People wearing face masks to protect against the spread of the coronavirus visit the Ameyoko shopping street to purchase ingredients for New Year's dishes, in Tokyo. AP
    People wearing face masks to protect against the spread of the coronavirus visit the Ameyoko shopping street to purchase ingredients for New Year's dishes, in Tokyo. AP
  • Villagers wave away journalists visiting a village near Danaoshan in southern China's Yunnan province. A mine shaft in the area once harbored bats infected with the closest known relative of the COVID-19 virus. AP
    Villagers wave away journalists visiting a village near Danaoshan in southern China's Yunnan province. A mine shaft in the area once harbored bats infected with the closest known relative of the COVID-19 virus. AP
  • A medical worker waits for the next individual to take a swab test for the COVID-19 coronavirus at a hospital in Beijing. AFP
    A medical worker waits for the next individual to take a swab test for the COVID-19 coronavirus at a hospital in Beijing. AFP

Turkish researchers said on Thursday that their interim results from a Covid-19 vaccine developed by China's Sinovac Biotech showed 91.25 per cent efficacy, only to see a confusing readout the same day from Brazil, which said the vaccine's efficacy was between 50 per cent and 90 per cent.

Health experts said that piecemeal data without sufficient detail could undermine confidence in vaccines.

While the efficacy of the China-developed inoculations trails the more than 90 per cent success rate of rival vaccines from Pfizer and its partner BioNTech, or Moderna, it points to progress China has made in the global race to develop successful Covid-19 vaccines.

China, whose President Xi Jinping pledged to make its vaccines a global public good, has won several large supply deals with countries including Indonesia and Brazil – the most populous countries in South-East Asia and Latin America respectively.

But detailed efficacy data is yet to be released by any of China’s drug makers.

"I think it's very positive news. The results for other Covid vaccines were also released initially in very short press releases, and within a few weeks more details were provided," said Benjamin Cowling, a public health professor at the University of Hong Kong.

Experts said that it is still early to conclude how successful the Sinopharm vaccine is.

"Data can only be interpreted when key details, such as the study design, number of participants, period of observation and number of cases, are described," said Ooi Eng Eong, an immunology professor at the National University of Singapore.

The Sinopharm vaccine is among the five most advanced candidates from China in terms of development and has been used in its emergency use programme that has vaccinated hundreds of thousands of people since July.

Its developer, Beijing Biological Products Institute, a unit of Sinopharm subsidiary China National Biotec Group, said that it had applied to the National Medical Products Administration for conditional approval of the vaccine.

CNBG has another vaccine in late-stage trials and both have been approved for emergency use in China despite studies not yet being complete.

The approval request in China came as Britain on Wednesday approved a second Covid-19 vaccine, a shot developed by the University of Oxford and AstraZeneca, as the country battles a major winter surge driven by a new variant of the virus.

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.”

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

FIXTURES

Saturday, November 3
Japan v New Zealand
Wales v Scotland
England v South Africa
Ireland v Italy

Saturday, November 10
Italy v Georgia
Scotland v Fiji
England v New Zealand
Wales v Australia
Ireland v Argentina
France v South Africa

Saturday, November 17
Italy v Australia
Wales v Tonga
England v Japan
Scotland v South Africa
Ireland v New Zealand

Saturday, November 24
|Italy v New Zealand
Scotland v Argentina
England v Australia
Wales v South Africa
Ireland v United States
France v Fiji

Gender pay parity on track in the UAE

The UAE has a good record on gender pay parity, according to Mercer's Total Remuneration Study.

"In some of the lower levels of jobs women tend to be paid more than men, primarily because men are employed in blue collar jobs and women tend to be employed in white collar jobs which pay better," said Ted Raffoul, career products leader, Mena at Mercer. "I am yet to see a company in the UAE – particularly when you are looking at a blue chip multinationals or some of the bigger local companies – that actively discriminates when it comes to gender on pay."

Mr Raffoul said most gender issues are actually due to the cultural class, as the population is dominated by Asian and Arab cultures where men are generally expected to work and earn whereas women are meant to start a family.

"For that reason, we see a different gender gap. There are less women in senior roles because women tend to focus less on this but that’s not due to any companies having a policy penalising women for any reasons – it’s a cultural thing," he said.

As a result, Mr Raffoul said many companies in the UAE are coming up with benefit package programmes to help working mothers and the career development of women in general. 

Where to buy art books in the UAE

There are a number of speciality art bookshops in the UAE.

In Dubai, The Lighthouse at Dubai Design District has a wonderfully curated selection of art and design books. Alserkal Avenue runs a pop-up shop at their A4 space, and host the art-book fair Fully Booked during Art Week in March. The Third Line, also in Alserkal Avenue, has a strong book-publishing arm and sells copies at its gallery. Kinokuniya, at Dubai Mall, has some good offerings within its broad selection, and you never know what you will find at the House of Prose in Jumeirah. Finally, all of Gulf Photo Plus’s photo books are available for sale at their show. 

In Abu Dhabi, Louvre Abu Dhabi has a beautiful selection of catalogues and art books, and Magrudy’s – across the Emirates, but particularly at their NYU Abu Dhabi site – has a great selection in art, fiction and cultural theory.

In Sharjah, the Sharjah Art Museum sells catalogues and art books at its museum shop, and the Sharjah Art Foundation has a bookshop that offers reads on art, theory and cultural history.

SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

UAE cricketers abroad

Sid Jhurani is not the first cricketer from the UAE to go to the UK to try his luck.

Rameez Shahzad Played alongside Ben Stokes and Liam Plunkett in Durham while he was studying there. He also played club cricket as an overseas professional, but his time in the UK stunted his UAE career. The batsman went a decade without playing for the national team.

Yodhin Punja The seam bowler was named in the UAE’s extended World Cup squad in 2015 despite being just 15 at the time. He made his senior UAE debut aged 16, and subsequently took up a scholarship at Claremont High School in the south of England.

UAE currency: the story behind the money in your pockets
Squid Game season two

Director: Hwang Dong-hyuk 

Stars:  Lee Jung-jae, Wi Ha-joon and Lee Byung-hun

Rating: 4.5/5

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COMPANY%20PROFILE
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Fines for littering

In Dubai:

Dh200 for littering or spitting in the Dubai Metro

Dh500 for throwing cigarette butts or chewing gum on the floor, or littering from a vehicle. 
Dh1,000 for littering on a beach, spitting in public places, throwing a cigarette butt from a vehicle

In Sharjah and other emirates
Dh500 for littering - including cigarette butts and chewing gum - in public places and beaches in Sharjah
Dh2,000 for littering in Sharjah deserts
Dh500 for littering from a vehicle in Ras Al Khaimah
Dh1,000 for littering from a car in Abu Dhabi
Dh1,000 to Dh100,000 for dumping waste in residential or public areas in Al Ain
Dh10,000 for littering at Ajman's beaches 

The Greatest Royal Rumble card as it stands

The Greatest Royal Rumble card as it stands

50-man Royal Rumble - names entered so far include Braun Strowman, Daniel Bryan, Kurt Angle, Big Show, Kane, Chris Jericho, The New Day and Elias

Universal Championship Brock Lesnar (champion) v Roman Reigns in a steel cage match

WWE World Heavyweight ChampionshipAJ Styles (champion) v Shinsuke Nakamura

Intercontinental Championship Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe

United States Championship Jeff Hardy (champion) v Jinder Mahal

SmackDown Tag Team Championship The Bludgeon Brothers (champions) v The Usos

Raw Tag Team Championship (currently vacant) Cesaro and Sheamus v Matt Hardy and Bray Wyatt

Casket match The Undertaker v Chris Jericho

Singles match John Cena v Triple H

Cruiserweight Championship Cedric Alexander v tba