The owners of ExCeL London will cover the cost of running the centre after it was turned into a huge pop-up hospital.
Abu Dhabi National Exhibitions Company said it had not charged Britain's National Health Service rent and has offered to cover running costs.
ExCeL was turned into one of the world's largest hospitals, named NHS Nightingale, in the past two weeks with 4,000 beds in 80 wards.
The decision was made after projections that the capital would need thousands of hospital beds for Londoners diagnosed with Covid-19, the condition caused by the coronavirus.
The Sunday Times had reported that the NHS would have to pay between £2 million (Dh9m/US$2.4m) and £3m a month in rent.
Adnec clarified it was not going to charge rent and will now pay for the running costs.
“The use of ExCeL London for NHS Nightingale has always been provided to the NHS rent-free," said Jeremy Rees, chief executive of ExCeL London.
"We joined the national effort to combat coronavirus immediately and worked in close partnership with the NHS to ensure this hospital could be up and running in a matter of days.
“The initial agreement with the NHS included contribution to some operational fixed costs. We have since decided to cover the costs ourselves.
“The ExCeL London facility is fully available to the NHS and we are here to support all their needs and requirements during this crisis.
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The new NHS Nightingale Hospital, built to fight against the spread of coronavirus, in London. Courtesy: Reuters -

Contractors and members of the armed forces help to build the new NHS Nightingale Hospital. Courtesy: Reuters -

Vital use is being made of the spacious exhibition centre. Courtesy: Reuters -

Members of the Queen's Ghurka Engineers Regiment have been enlisted for the task of turning an exhibition space into a medical facility. Courtesy EPA -

A member of the Queen's Ghurka Engineers Regiment helps to build the new NHS Nightingale Hospital. Courtesy Reuters -

Members of the Queen's Ghurka Engineers Regiment, 36 Engineer Regiment, help to build the new NHS Nightingale Hospital. REUTERS -

Soldiers from 1 Royal Anglian Regiment gt to work on constructing the emergency hospital. Courtesy EPA -

Soldiers from 1 Royal Anglian Regiment arrive at the Excel Centre to build the new NHS Nightingale Hospital. Courtesy Reuters -

Soldiers from 1 Royal Anglian Regiment assist with the construction of the new NHS Nightingale Hospital. Courtesy Reuters -

Members of the Queen's Ghurka Engineers Regiment lend a vital helping hand to efforts to tackle the coronavirus pandemic. Courtesy Reuters -

ExCel London is being transformed into a 4,000-bed field hospital. Courtesy: Reuters -

Soldiers from 1 Royal Anglian Regiment arrive at the Excel Centre to build the new NHS Nightingale Hospital. Courtesy Reuters -

Metropolitan Police officers stand outside the new NHS Nightingale Hospital at ExCeL London. Courtesy Getty Images
“I’ve seen first-hand the fantastic work that NHS Nightingale London is doing to save lives and respond to the largest national emergency the UK has faced in a generation.
"It is a privilege to support the NHS and its wonderful staff working tirelessly night and day to protect people and save lives.”
Nightingale Hospital was named after Florence Nightingale, who is regarded as one of the founders of modern nursing.
Similar hospitals are being set up in cities including Manchester, Birmingham and Glasgow to handle thousands of virus patients, if needed.
In the UK, more than 47,000 cases have been confirmed and 4,900 people have died from Covid-19.
“We are doing all that we can to help the UK through these challenging times," said Humaid Al Dhaheri, manager director of Adnec.
"To be clear, profit has always been the furthest thing from our minds.
"The venue was offered rent-free from the initial conversation with the NHS and Adnec Group will ensure the ExCeL London partnership comes at no cost to the NHS.
“It is our firm commitment that we will not charge a penny for the use of our facilities and we will provide the NHS with the operational and logistical support it needs for NHS Nightingale London.
“We stand in solidarity with Britain in facing this crisis together, as friends and partners.”
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Explained
The British in India: Three Centuries of Ambition and Experience
by David Gilmour
Allen Lane
Super Bowl LIII schedule
What Super Bowl LIII
Who is playing New England Patriots v Los Angeles Rams
Where Mercedes-Benz Stadium in Atlanta, United States
When Sunday (start time is 3.30am on Monday UAE time)
Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
England squad
Goalkeepers: Jordan Pickford, Nick Pope, Aaron Ramsdale
Defenders: Trent Alexander-Arnold, Conor Coady, Marc Guehi, Reece James, Harry Maguire, Tyrone Mings, Luke Shaw, John Stones, Ben White
Midfielders: Jude Bellingham, Conor Gallagher, Mason Mount, Jordan Henderson, Declan Rice, James Ward-Prowse
Forwards: Tammy Abraham, Phil Foden, Jack Grealish, Harry Kane, Bukayo Saka, Emile Smith Rowe, Raheem Sterling
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Price, base / as tested From Dh173,775 (base model)
Engine 2.0-litre 4cyl turbo, AWD
Power 249hp at 5,500rpm
Torque 365Nm at 1,300-4,500rpm
Gearbox Nine-speed auto
Fuel economy, combined 7.9L/100km
Apple product price list
iPad Pro
11" - $799 (64GB)
12.9" - $999 (64GB)
MacBook Air
$1,199
Mac Mini
$799
The specs
Engine: 2.0-litre 4-cyl, 48V hybrid
Transmission: eight-speed automatic
Power: 325bhp
Torque: 450Nm
Price: Dh359,000
On sale: now
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Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
More on Palestine-Israeli relations
Albadr Alshateri: US stance has undermined efforts to end conflict
Michael Young: Arab initiative that could be the real path to peace
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While you're here
Damien McElroy: Lockdowns will further widen the political divisions in the West
Daniel Bardsley: The ancient origins of vaccines, and the anti-vaxxer movement
Justin Thomas: We're en route to a vaccine. Now we just need people to take it
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US versus China
Sulaiman Hakemy: Who really deserves to rule the Arctic?
Ni Jian: Covid-19 origins are a matter for science, not politics
Editorial: Global collaboration for a vaccine is the way to go
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
While you're here
National Editorial: Donald Trump has left his mark on the Middle East
Con Coughlin: The thorn in the side of Biden's foreign policy team
James Reinl: Biden’s Yemen U-turn gets thumbs-up overseas
Raghida Dergham: Will Biden's 'maximum diplomacy' with Iran work?
Venue: Sharjah Cricket Stadium
Date: Sunday, November 25
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
'Munich: The Edge of War'
Director: Christian Schwochow
Starring: George MacKay, Jannis Niewohner, Jeremy Irons
Rating: 3/5
Results
Stage Two:
1. Mark Cavendish (GBR) QuickStep-AlphaVinyl 04:20:45
2. Jasper Philipsen (BEL) Alpecin-Fenix
3. Pascal Ackermann (GER) UAE Team Emirates
4. Olav Kooij (NED) Jumbo-Visma
5. Arnaud Demare (FRA) Groupama-FDJ
General Classification:
1. Jasper Philipsen (BEL) Alpecin-Fenix 09:03:03
2. Dmitry Strakhov (RUS) Gazprom-Rusvelo 00:00:04
3. Mark Cavendish (GBR) QuickStep-AlphaVinyl 00:00:06
4. Sam Bennett (IRL) Bora-Hansgrohe 00:00:10
5. Pascal Ackermann (GER) UAE Team Emirates 00:00:12
Lowest Test scores
26 - New Zealand v England at Auckland, March 1955
30 - South Africa v England at Port Elizabeth, Feb 1896
30 - South Africa v England at Birmingham, June 1924
35 - South Africa v England at Cape Town, April 1899
36 - South Africa v Australia at Melbourne, Feb. 1932
36 - Australia v England at Birmingham, May 1902
36 - India v Australia at Adelaide, Dec. 2020
38 - Ireland v England at Lord's, July 2019
42 - New Zealand v Australia in Wellington, March 1946
42 - Australia v England in Sydney, Feb. 1888
Ordinary Virtues: Moral Order in a Divided World by Michael Ignatieff
Harvard University Press
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
RACECARD
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.”
The specs: 2019 Cadillac XT4
Price, base: Dh145,000
Engine: 2.0-litre turbocharged in-line four-cylinder engine
Transmission: Nine-speed automatic
Power: 237hp @ 5,000rpm
Torque: 350Nm @ 1,500rpm
Fuel economy, combined: 8.7L / 100km
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Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital

