People wait to receive a vaccine at a hospital in Prayagraj, Uttar Pradesh, India. In many rural areas, residents are reluctant to be inoculated. AP
People wait to receive a vaccine at a hospital in Prayagraj, Uttar Pradesh, India. In many rural areas, residents are reluctant to be inoculated. AP
People wait to receive a vaccine at a hospital in Prayagraj, Uttar Pradesh, India. In many rural areas, residents are reluctant to be inoculated. AP
People wait to receive a vaccine at a hospital in Prayagraj, Uttar Pradesh, India. In many rural areas, residents are reluctant to be inoculated. AP

Europe

Gavi Covax pledge drive secures $2.4bn for poor nations’ Covid shots

Nearly 40 donor countries, companies and charities pledged money and medicine

Simon Rushton
Simon Rushton

June 02, 2021

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Dozens of countries have pledged a total of almost $2.4 billion to the Covax vaccine-sharing plan, which is distributing inoculations to the world's poorer nations.

UN Secretary General Antonio Guterres said Wednesday’s drive put Covax "on a war footing to finance the fight".

During a video conference hosted by Japan and the Gavi Vaccine Alliance, which leads the Covax programme alongside the World Health Organisation, almost 40 donor nations, companies and charities promised money and medicine.

Among the donors were Canada, Sweden, Austria, Switzerland, Luxembourg and Mauritius.

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“There’s a need to close the funding gap as soon as possible,” said Toshimitsu Motegi, Japan’s Foreign Minister.

The Japanese Prime Minister, Yoshihide Suga, pledged $800 million after an emergency call last week from Covax to help fill a funding shortfall caused by the Covid-19 outbreak in India.

Mr Suga called the drive "an extremely significant and meaningful step" towards equitable vaccine access.

"We have taken a big step towards ‘one world protected'," said Jose Manuel Barroso, the chairman of Gavi.

Mr Barroso said the new funds took total Covax financing to $9.6bn.

"Only by leading by example will we be effective in preaching solidarity," said Spanish Prime Minister Pedro Sanchez, who pledged 15 million doses and €50m ($61m).

Covax wants to distribute 2 billion vaccine doses to the world by the end of the year.

So far, it has distributed 77 million doses to 127 countries and it aims to increase access to cover nearly 30 per cent of the populations of poorer nations.

Kenyan tour guide Daniel Ole Kissipan receives a vaccine shot under the Covax scheme. Reuters
Kenyan tour guide Daniel Ole Kissipan receives a vaccine shot under the Covax scheme. Reuters

"Of the 1.8 billion vaccines administered globally, just 0.4 per cent have been administered in low-income countries,” said the WHO's Director General, Dr Tedros Adhanom Ghebreyesus.

"This is ethically, epidemiologically and economically unacceptable."

Dr Tedros repeated long-running concerns that western nations had vaccinated high percentages of their people, while health workers in places such as Africa remained unprotected.

Green ambitions
  • Trees: 1,500 to be planted, replacing 300 felled ones, with veteran oaks protected
  • Lake: Brown's centrepiece to be cleaned of silt that makes it as shallow as 2.5cm
  • Biodiversity: Bat cave to be added and habitats designed for kingfishers and little grebes
  • Flood risk: Longer grass, deeper lake, restored ponds and absorbent paths all meant to siphon off water 
Tips to keep your car cool
  • Place a sun reflector in your windshield when not driving
  • Park in shaded or covered areas
  • Add tint to windows
  • Wrap your car to change the exterior colour
  • Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
  • Avoid leather interiors as these absorb more heat

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.”

Going grey? A stylist's advice

If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”

UAE currency: the story behind the money in your pockets

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