Cemetery workers wear protective gear in New Delhi. Getty Images
Cemetery workers wear protective gear in New Delhi. Getty Images
Cemetery workers wear protective gear in New Delhi. Getty Images
Cemetery workers wear protective gear in New Delhi. Getty Images

How India's second wave risks causing global scramble for vaccines


Tim Stickings
  • English
  • Arabic

Vaccine supply issues caused by India's alarming second wave of Covid-19 could have "huge repercussions" because the world is so reliant on imports from the subcontinent, an expert said.

Dr Sarah Schiffling, a vaccine supply chain expert at Liverpool John Moores University, said the world faced a “scramble for some time to come” as the crisis limits production capacity and India reserves more shots for itself.

She told The National her biggest worry was the potential effect on the global Covax scheme which is distributing shots to developing countries.

Covax had expected to receive more than 100 million doses from the Serum Institute of India between February and May, but has so far received only about 18.2m.

Vaccine shipments to Britain were also delayed last month because of hold-ups in India and the virus situation has worsened significantly since then.

Britain on Monday added India to its travel-ban red list because of the rampant surge in cases and fears over a new variant of Covid-19 which has already been detected in the UK.

Scientists in Britain are now examining whether the new variant is more contagious than others and whether it is able to evade vaccines or antibodies.

Why is India on Britain's travel red list? 

India’s infection rate reached a new high on Tuesday with the seven-day average reaching 233,000 new cases per day.

The figure has risen by about 275 per cent since the start of April.

More than 1.6 million new cases were recorded in the past week alone, along with nearly 9,500 deaths.

When adjusted for population, India’s infection rate is still lower than in some European countries, such as France and Germany.

However, UK authorities said there was a heightened risk of importing the “Indian variant” of Covid-19.

UK Prime Minister Boris Johnson was forced to cancel a visit to India which had already been postponed and then truncated because of the pandemic.

The travel ban will take effect at 4am London time on Friday.

British and Irish citizens and people with residency rights in the UK will have to stay in quarantine hotels if they arrive in the UK from India.

Overseas visitors with no residency rights will not be allowed to enter Britain if they have been in India in the previous 10 days.

  • A woman takes care of her husband who has Covid-19 as they wait outside the casualty ward at Guru Teg Bahadur Hospital, in New Delhi, India. Reuters
    A woman takes care of her husband who has Covid-19 as they wait outside the casualty ward at Guru Teg Bahadur Hospital, in New Delhi, India. Reuters
  • Family members mourn after a man is declared dead amid a surge in coronavirus cases in India. Reuters
    Family members mourn after a man is declared dead amid a surge in coronavirus cases in India. Reuters
  • A patient with breathing problems is seen inside a car while waiting to enter a hospital for treatment, amid the spread of the coronavirus in Ahmedabad, India. Reuters
    A patient with breathing problems is seen inside a car while waiting to enter a hospital for treatment, amid the spread of the coronavirus in Ahmedabad, India. Reuters
  • India’s second Covid-19 wave is devastating, with more than new 200,000 coronavirus cases recorded each day. Reuters
    India’s second Covid-19 wave is devastating, with more than new 200,000 coronavirus cases recorded each day. Reuters
  • Dr Rajesh Bhagchandani, centre, a director at Apex hospital in Bhopal city, intubates a patient. He feels helpless that the hospital, which is now reserved for critically ill Covid-19 patients, cannot accommodate more people who require oxygen. Dr Rajesh Bhagchandani
    Dr Rajesh Bhagchandani, centre, a director at Apex hospital in Bhopal city, intubates a patient. He feels helpless that the hospital, which is now reserved for critically ill Covid-19 patients, cannot accommodate more people who require oxygen. Dr Rajesh Bhagchandani
  • Dr Himanshu Dewan, director of critical care at QRG hospital in Faridabad, a town near India’s capital New Delhi, says the number of deaths will climb because patients do not have access to treatment. Dr Himanshu Dewan
    Dr Himanshu Dewan, director of critical care at QRG hospital in Faridabad, a town near India’s capital New Delhi, says the number of deaths will climb because patients do not have access to treatment. Dr Himanshu Dewan
  • A health worker arranges oxygen cylinders that are being used for Covid-19 coronavirus patients at a private hospital in Allahabad. AFP
    A health worker arranges oxygen cylinders that are being used for Covid-19 coronavirus patients at a private hospital in Allahabad. AFP
  • Dr Himanshu Dewan, director of critical care at QRG hospital in Faridabad, a town near India’s capital New Delhi, is acutely aware a patient could die on the road if turned by hospitals that cannot admit more Covid-19 cases . Courtesy: Dr Himanshu Dewan
    Dr Himanshu Dewan, director of critical care at QRG hospital in Faridabad, a town near India’s capital New Delhi, is acutely aware a patient could die on the road if turned by hospitals that cannot admit more Covid-19 cases . Courtesy: Dr Himanshu Dewan
  • A man carries an empty oxygen cylinder to get it refilled at a private refilling station, for his relative who is suffering from the coronavirus disease, in New Delhi. Reuters
    A man carries an empty oxygen cylinder to get it refilled at a private refilling station, for his relative who is suffering from the coronavirus disease, in New Delhi. Reuters
  • Patients with breathing problems are seen inside an ambulance waiting to enter a Covid-19 hospital for treatment in Ahmedabad. Reuters
    Patients with breathing problems are seen inside an ambulance waiting to enter a Covid-19 hospital for treatment in Ahmedabad. Reuters
  • A health worker collects a nasal swab sample from a woman in Amritsar. AFP
    A health worker collects a nasal swab sample from a woman in Amritsar. AFP
  • An Indian police officer distributes face masks in Hyderabad. AP Photo
    An Indian police officer distributes face masks in Hyderabad. AP Photo
  • A health worker administers the Covidshield vaccine at a government hospital in Hyderabad. AP Photo
    A health worker administers the Covidshield vaccine at a government hospital in Hyderabad. AP Photo
  • People wearing masks wait to test for Covid-19 at a hospital in Hyderabad. AP Photo
    People wearing masks wait to test for Covid-19 at a hospital in Hyderabad. AP Photo
  • A health worker takes a mouth swab sample at a hospital in Hyderabad. AP Photo
    A health worker takes a mouth swab sample at a hospital in Hyderabad. AP Photo
  • Nuns wait to take a test for Covid-19 at a test center in Kolkata, Eastern India. EPA
    Nuns wait to take a test for Covid-19 at a test center in Kolkata, Eastern India. EPA

What is the variant that is worrying the UK government?

Known as B.1.617, the variant was first detected in India and most of the cases picked up in Britain are linked to international travel.

There have been 77 confirmed cases in the UK, of which 73 were in England and four in Scotland.

It has also been detected in 19 other countries including the United States, with the earliest samples dating back to October.

We only have a tiny window into which variants are becoming the most common

Scientists were on Tuesday still assessing whether the strain is more transmissible than other variants or potentially resistant to vaccines.

This means it has the status of a “variant under investigation” rather than a “variant of concern”.

Dr Jeffrey Barrett, the director of the Covid-19 genomics initiative at the Wellcome Sanger Institute, said the variant had “a couple of potentially concerning mutations”.

He said they were probably not as serious as some of the mutations seen in the UK, Brazilian and South African variants of Covid-19.

“This could be because we have had less time to study them, so these mutations should be watched carefully,” he said.

It is not clear whether the new variant is driving the second wave of infections in India.

“It is certainly possible that there is a cause-and-effect relationship but there have only been about 1,000 sequences published from India out of about four million cases in this wave so far,” Dr Barrett said.

“So we only have a tiny window into which variants are becoming the most common and it’s not clear if they are fully representative.”

What does this mean for global vaccine supplies?

India is the world’s biggest vaccine manufacturer and is sometimes described as the “pharmacy to the world”.

However, the world’s reliance on India means that global supplies are vulnerable to being delayed, Dr Schiffling said.

“There’s been a lot of reliance, particularly in Western countries, to say that we’re just going to import from India, making use of those vast production capacities that other countries just do not have,” she said.

“If you are producing these vaccines and you’ve got an urgent need for them, then obviously it’s very difficult to communicate that we’re just exporting them to countries that are less affected at the moment.

“Basically it comes down to – we have mass demand, but we currently do not have the production capacity to fulfil that demand any time soon.

“So it’s going to be a scramble for some time to come.”

Dr Schiffling warned that manufacturing problems could affect not only vaccine makers but also the supply of essential items such as glass vials and biological compounds.

“It just comes down to pure capacity,” she said.

“There’s not enough to go around in the first place, so every little hiccup in the production and every change in terms of exporting – or not exporting, in the case of India now – has huge repercussions for worldwide vaccination programmes.”

Dr Schiffling said the UK’s travel restrictions should not have a major effect because the rules for individuals were different from those for exporters.

However, said her biggest concern was about supplies to the Covax scheme, which she said was largely reliant on exports from India.

Covax is holding talks with the Indian government for the Serum Institute to resume supplies of the Oxford/AstraZeneca vaccine.

"These are countries that already are being forecast, many of them, to not have a decent vaccination rate for years to come,” Dr Schiffling said.

“So delays to that will have much larger knock-on effects than delays to the UK, the EU or other countries like that.”

More on Covid-19 vaccinations

One in a million: The truth about blood clots and vaccines

All the countries that are open to vaccinated travellers

Denmark's AstraZeneca ban could lead to 'a lot of dead people'

What is Reform?

Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.

It was founded in 2018 and originally called the Brexit Party.

Many of its members previously belonged to UKIP or the mainstream Conservatives.

After Brexit took place, the party focused on the reformation of British democracy.

Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.

The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.

At a glance - Zayed Sustainability Prize 2020

Launched: 2008

Categories: Health, energy, water, food, global high schools

Prize: Dh2.2 million (Dh360,000 for global high schools category)

Winners’ announcement: Monday, January 13

 

Impact in numbers

335 million people positively impacted by projects

430,000 jobs created

10 million people given access to clean and affordable drinking water

50 million homes powered by renewable energy

6.5 billion litres of water saved

26 million school children given solar lighting

UAE%20Warriors%2045%20Results
%3Cp%3E%3Cstrong%3E%0DMain%20Event%0D%3A%20Lightweight%20Title%3C%2Fstrong%3E%0D%3Cbr%3EAmru%20Magomedov%20def%20Jakhongir%20Jumaev%20-%20Round%201%20(submission)%0D%3Cbr%3E%3Cstrong%3ECo-Main%20Event%0D%3A%20Bantamweight%3C%2Fstrong%3E%0D%3Cbr%3ERany%20Saadeh%20def%20Genil%20Franciso%20-%20Round%202%20(submission)%0D%3Cbr%3E%3Cstrong%3ECatchweight%20150%20lbs%3C%2Fstrong%3E%0D%3Cbr%3EWalter%20Cogliandro%20def%20Ali%20Al%20Qaisi%20-%20Round%201%20(TKO)%0D%3Cbr%3E%3Cstrong%3EBantamweight%3C%2Fstrong%3E%0D%3Cbr%3ERenat%20Khavalov%20def%20Hikaru%20Yoshino%20-%20Round%202%20(TKO)%0D%3Cbr%3E%3Cstrong%3EFlyweight%3C%2Fstrong%3E%0D%3Cbr%3EVictor%20Nunes%20def%20Nawras%20Abzakh%20-%20Round%201%20(TKO)%0D%3Cbr%3E%3Cstrong%3EFlyweight%3C%2Fstrong%3E%0D%3Cbr%3EYamato%20Fujita%20def%20Sanzhar%20Adilov%20-%20Round%201%20(submission)%0D%3Cbr%3E%3Cstrong%3ELightweight%3C%2Fstrong%3E%0D%3Cbr%3EAbdullo%20Khodzhaev%20def%20Petru%20Buzdugen%20-%20Round%201%20(TKO)%0D%3Cbr%3E%3Cstrong%3ECatchweight%20139%20lbs%3C%2Fstrong%3E%0D%3Cbr%3ERazhabali%20Shaydullaev%20def%20Magomed%20Al-Abdullah%20-%20Round%202%20(submission)%0D%3Cbr%3E%3Cstrong%3EFlyweight%3C%2Fstrong%3E%0D%3Cbr%3ECong%20Wang%20def%20Amena%20Hadaya%20-%20Points%20(unanimous%20decision)%0D%3Cbr%3E%3Cstrong%3EMiddleweight%3C%2Fstrong%3E%0D%3Cbr%3EKhabib%20Nabiev%20def%20Adis%20Taalaybek%20Uulu%20-%20Round%202%20(submission)%0D%3Cbr%3E%3Cstrong%3ELight%20Heavyweight%3C%2Fstrong%3E%0D%3Cbr%3EBartosz%20Szewczyk%20def%20Artem%20Zemlyakov%20-%20Round%202%20(TKO)%3C%2Fp%3E%0A
What the law says

Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.

“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.

“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”

If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.

The%20specs
%3Cp%3E%3Cstrong%3EPowertrain%3A%20%3C%2Fstrong%3ESingle%20electric%20motor%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E201hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E310Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20auto%0D%3Cbr%3E%3Cstrong%3EBattery%3A%20%3C%2Fstrong%3E53kWh%20lithium-ion%20battery%20pack%20(GS%20base%20model)%3B%2070kWh%20battery%20pack%20(GF)%0D%3Cbr%3E%3Cstrong%3ETouring%20range%3A%20%3C%2Fstrong%3E350km%20(GS)%3B%20480km%20(GF)%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh129%2C900%20(GS)%3B%20Dh149%2C000%20(GF)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Asia Cup Qualifier

Venue: Kuala Lumpur

Result: Winners play at Asia Cup in Dubai and Abu Dhabi in September

Fixtures:

Wed Aug 29: Malaysia v Hong Kong, Nepal v Oman, UAE v Singapore

Thu Aug 30: UAE v Nepal, Hong Kong v Singapore, Malaysia v Oman

Sat Sep 1: UAE v Hong Kong, Oman v Singapore, Malaysia v Nepal

Sun Sep 2: Hong Kong v Oman, Malaysia v UAE, Nepal v Singapore

Tue Sep 4: Malaysia v Singapore, UAE v Oman, Nepal v Hong Kong

Thu Sep 6: Final

 

Asia Cup

Venue: Dubai and Abu Dhabi

Schedule: Sep 15-28

Teams: Afghanistan, Bangladesh, India, Pakistan, Sri Lanka, plus the winner of the Qualifier

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

THE SPECS

Aston Martin Rapide AMR

Engine: 6.0-litre V12

Transmission: Touchtronic III eight-speed automatic

Power: 595bhp

Torque: 630Nm

Price: Dh999,563

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 currency: the story behind the money in your pockets
THE SPECS

Engine: 1.5-litre turbocharged four-cylinder

Transmission: Constant Variable (CVT)

Power: 141bhp 

Torque: 250Nm 

Price: Dh64,500

On sale: Now

CONCRETE COWBOY

Directed by: Ricky Staub

Starring: Idris Elba, Caleb McLaughlin, Jharrel Jerome

3.5/5 stars

The candidates

Dr Ayham Ammora, scientist and business executive

Ali Azeem, business leader

Tony Booth, professor of education

Lord Browne, former BP chief executive

Dr Mohamed El-Erian, economist

Professor Wyn Evans, astrophysicist

Dr Mark Mann, scientist

Gina MIller, anti-Brexit campaigner

Lord Smith, former Cabinet minister

Sandi Toksvig, broadcaster

 

French business

France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.

Company profile

Date started: 2015

Founder: John Tsioris and Ioanna Angelidaki

Based: Dubai

Sector: Online grocery delivery

Staff: 200

Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends

UAE currency: the story behind the money in your pockets

Best Academy: Ajax and Benfica

Best Agent: Jorge Mendes

Best Club : Liverpool   

 Best Coach: Jurgen Klopp (Liverpool)  

 Best Goalkeeper: Alisson Becker

 Best Men’s Player: Cristiano Ronaldo

 Best Partnership of the Year Award by SportBusiness: Manchester City and SAP

 Best Referee: Stephanie Frappart

Best Revelation Player: Joao Felix (Atletico Madrid and Portugal)

Best Sporting Director: Andrea Berta (Atletico Madrid)

Best Women's Player:  Lucy Bronze

Best Young Arab Player: Achraf Hakimi

 Kooora – Best Arab Club: Al Hilal (Saudi Arabia)

 Kooora – Best Arab Player: Abderrazak Hamdallah (Al-Nassr FC, Saudi Arabia)

 Player Career Award: Miralem Pjanic and Ryan Giggs

'Joker'

Directed by: Todd Phillips

Starring: Joaquin Phoenix

Rating: Five out of five stars

Our legal advisor

Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.

Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation. 

Education: Sagesse University, Beirut, Lebanon, in 2005.

Dubai Creek Open in numbers
  • The Dubai Creek Open is the 10th tournament on this year's Mena Tour
  • It is the first of five events before the season-concluding Mena Tour Championship
  • This week's field comprises 120 players, 21 of which are amateurs
  • 15 previous Mena Tour winners are competing at Dubai Creek Golf and Yacht Club  

First Person
Richard Flanagan
Chatto & Windus 

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Who has been sanctioned?

Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.

Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.

Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.

Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.

The years Ramadan fell in May

1987

1954

1921

1888

Scoreline

Al Wasl 1 (Caio Canedo 90 1')

Al Ain 2 (Ismail Ahmed 3', Marcus Berg 50')

Red cards: Ismail Ahmed (Al Ain) 77'

Scoreline

UAE 2-1 Saudi Arabia

UAE Mabkhout 21’, Khalil 59’

Saudi Al Abed (pen) 20’

Man of the match Ahmed Khalil (UAE)

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.”

Barbie
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Greta%20Gerwig%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Margot%20Robbie%2C%20Ryan%20Gosling%2C%20Will%20Ferrell%2C%20America%20Ferrera%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3Cbr%3E%3C%2Fp%3E%0A
THREE POSSIBLE REPLACEMENTS

Khalfan Mubarak
The Al Jazira playmaker has for some time been tipped for stardom within UAE football, with Quique Sanchez Flores, his former manager at Al Ahli, once labelling him a “genius”. He was only 17. Now 23, Mubarak has developed into a crafty supplier of chances, evidenced by his seven assists in six league matches this season. Still to display his class at international level, though.

Rayan Yaslam
The Al Ain attacking midfielder has become a regular starter for his club in the past 15 months. Yaslam, 23, is a tidy and intelligent player, technically proficient with an eye for opening up defences. Developed while alongside Abdulrahman in the Al Ain first-team and has progressed well since manager Zoran Mamic’s arrival. However, made his UAE debut only last December.

Ismail Matar
The Al Wahda forward is revered by teammates and a key contributor to the squad. At 35, his best days are behind him, but Matar is incredibly experienced and an example to his colleagues. His ability to cope with tournament football is a concern, though, despite Matar beginning the season well. Not a like-for-like replacement, although the system could be adjusted to suit.

UAE SQUAD

Goalkeepers: Ali Khaseif, Fahad Al Dhanhani, Mohammed Al Shamsi, Adel Al Hosani

Defenders: Bandar Al Ahbabi, Shaheen Abdulrahman, Walid Abbas, Mahmoud Khamis, Mohammed Barghash, Khalifa Al Hammadi, Hassan Al Mahrami, Yousef Jaber, Salem Rashid, Mohammed Al Attas, Alhassan Saleh

Midfielders: Ali Salmeen, Abdullah Ramadan, Abdullah Al Naqbi, Majed Hassan, Yahya Nader, Ahmed Barman, Abdullah Hamad, Khalfan Mubarak, Khalil Al Hammadi, Tahnoun Al Zaabi, Harib Abdallah, Mohammed Jumah, Yahya Al Ghassani

Forwards: Fabio De Lima, Caio Canedo, Ali Saleh, Ali Mabkhout, Sebastian Tagliabue, Zayed Al Ameri

The 12 Syrian entities delisted by UK 

Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV

While you're here

Michael Young: Where is Lebanon headed?

Kareem Shaheen: I owe everything to Beirut

Raghida Dergham: We have to bounce back

The specs: 2018 GMC Terrain

Price, base / as tested: Dh94,600 / Dh159,700

Engine: 2.0-litre turbocharged four-cylinder

Power: 252hp @ 5,500rpm

Torque: 353Nm @ 2,500rpm

Transmission: Nine-speed automatic

Fuel consumption, combined: 7.4L  / 100km