• Lea Wittenborg, right, tests her colleague Annika Tschirbs at the Engel pharmacy in Soest, Germany. Germany's coronavirus infection rate dropped to its lowest level in nearly two months on Friday. AP Photo
    Lea Wittenborg, right, tests her colleague Annika Tschirbs at the Engel pharmacy in Soest, Germany. Germany's coronavirus infection rate dropped to its lowest level in nearly two months on Friday. AP Photo
  • Residents queue at a sports hall to get vaccinated against the coronavirus disease in Berlin, Germany. Reuters
    Residents queue at a sports hall to get vaccinated against the coronavirus disease in Berlin, Germany. Reuters
  • A woman wearing a face mask walks on a bridge over the river Main in Frankfurt, Germany. AP Photo
    A woman wearing a face mask walks on a bridge over the river Main in Frankfurt, Germany. AP Photo
  • People are vaccinated with the Pfizer-BioNTech vaccine in Barcelona, Spain. Spaniards under 60 were invited to receive a vaccination this week, with a target set to vaccinate 70 percent of Spain's population by the end of August. Getty Images
    People are vaccinated with the Pfizer-BioNTech vaccine in Barcelona, Spain. Spaniards under 60 were invited to receive a vaccination this week, with a target set to vaccinate 70 percent of Spain's population by the end of August. Getty Images
  • Tourists leave the international airport of Heraklion upon their arrival to spend their holidays on the island of Crete. Greece kickstarts its tourism season on May 14, with both the government and travel operators hoping the lure of sun, sand and sea will bring a sorely needed revenue boost. AFP
    Tourists leave the international airport of Heraklion upon their arrival to spend their holidays on the island of Crete. Greece kickstarts its tourism season on May 14, with both the government and travel operators hoping the lure of sun, sand and sea will bring a sorely needed revenue boost. AFP
  • People visit the Acropolis Museum, as museums open following the easing of measures against the spread of the coronavirus disease in Athens, Greece. Reuters
    People visit the Acropolis Museum, as museums open following the easing of measures against the spread of the coronavirus disease in Athens, Greece. Reuters
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    A drone photo of participants of a march to express dissatisfaction with the coronavirus restrictive measures in Den Bosch, the Netherlands. EPA
  • Preparations are underway on the beach of Bagno Elena in Naples, Italy, as the historic seaside resort of Posillipo will reopen to the public this weekend. EPA
    Preparations are underway on the beach of Bagno Elena in Naples, Italy, as the historic seaside resort of Posillipo will reopen to the public this weekend. EPA
  • Employees attend a meeting at the Paris Zoological Park in the Bois de Vincennes before the reopening in France. Reuters
    Employees attend a meeting at the Paris Zoological Park in the Bois de Vincennes before the reopening in France. Reuters
  • People queue outside a mass vaccination center in Paris, France. Reuters
    People queue outside a mass vaccination center in Paris, France. Reuters

Lab leak as source of Covid-19 outbreak remains viable


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The theory that the coronavirus outbreak was caused by a laboratory leak should be taken seriously until proven wrong, leading scientists said.

Covid-19, which emerged in Wuhan, China in late 2019, has killed 3.34 million people, cost the world trillions of dollars in lost income and upended normal life for billions of people.

Eighteen scientists from prestigious universities including Cambridge and Stanford, wrote in a letter to Science magazine that "more investigation is still needed to determine the origin of the pandemic".

"Theories of accidental release from a lab and zoonotic spillover both remain viable," they wrote.

“Knowing how Covid-19 emerged is critical for informing global strategies to mitigate the risk of future outbreaks.”

The authors of the letter said the World Health Organisation's investigation into the origins of the virus had not made a "balanced consideration" of the theory that it may have come from a laboratory incident.

In its final report, written jointly with Chinese scientists, the WHO-led team that spent four weeks in and around Wuhan between January and February said the virus had probably been transmitted from bats to human beings through another animal, and that a lab leak was "extremely unlikely" as a cause.

But there are myriad different ideas about the origin of the virus, including numerous conspiracy theories.

The scientists, who include researchers Jesse Bloom and Ravindra Gupta, said “we must take hypotheses about both natural and laboratory spillovers seriously until we have sufficient data”.

Firefighters prepare to disinfect Wuhan airport on April 3 last year. Scientists said the theory that a lab leak caused the pandemic cannot be ruled out. Getty Images
Firefighters prepare to disinfect Wuhan airport on April 3 last year. Scientists said the theory that a lab leak caused the pandemic cannot be ruled out. Getty Images

"A proper investigation should be transparent, objective, data-driven, inclusive of broad expertise, subject to independent oversight, and responsibly managed to minimise the impact of conflicts of interest," they wrote.

"Public health agencies and research laboratories alike need to open their records to the public. Investigators should document the veracity and provenance of data from which analyses are conducted and conclusions drawn, so that analyses are reproducible by independent experts."

The scientists called on the international community to rally behind the cause.

"In this time of unfortunate anti-Asian sentiment in some countries, we note that at the beginning of the pandemic, it was Chinese doctors, scientists, journalists and citizens who shared with the world crucial information about the spread of the virus – often at great personal cost,” they said.

"We should show the same determination in promoting a dispassionate science-based discourse on this difficult but important issue."

More on coronavirus

RESULTS
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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.”

Innotech Profile

Date started: 2013

Founder/CEO: Othman Al Mandhari

Based: Muscat, Oman

Sector: Additive manufacturing, 3D printing technologies

Size: 15 full-time employees

Stage: Seed stage and seeking Series A round of financing 

Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now. 

Persuasion
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Company profile

Company name: Dharma

Date started: 2018

Founders: Charaf El Mansouri, Nisma Benani, Leah Howe

Based: Abu Dhabi

Sector: TravelTech

Funding stage: Pre-series A 

Investors: Convivialite Ventures, BY Partners, Shorooq Partners, L& Ventures, Flat6Labs