Nadhim Zahawi extols the virtues of vaccines during Wednesday's government media briefing. Reuters
Nadhim Zahawi extols the virtues of vaccines during Wednesday's government media briefing. Reuters
Nadhim Zahawi extols the virtues of vaccines during Wednesday's government media briefing. Reuters
Nadhim Zahawi extols the virtues of vaccines during Wednesday's government media briefing. Reuters

London summit planned to increase vaccine uptake in capital


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The UK government on Wednesday announced it would hold a summit to tackle vaccine hesitancy in London, where vaccination rates are lagging behind the rest of the country.

The event will bring together senior officials, NHS leaders and London Mayor Sadiq Khan to discuss what can be done to encourage more people to be vaccinated.

London's lower rate has been ascribed to its high number of vaccine-hesitant ethnic minorities, but Office for National Statistics data suggests such hesitancy has halved among some groups in recent months.

The shift has seen a sharp rise in those from Afro-Caribbean, Pakistani and Bangladeshi communities taking the vaccine since the start of April.

Vaccines Minister Nadhim Zahawi welcomed the news and said nine in 10 of all UK adults have taken the vaccine or said they wanted to.

Mr Zahawi praised churches, mosques, temples and synagogues for their efforts in distributing the shots in harder-to-reach communities.

"Our vaccination programme has been delivered in the community, by the community and for the community," he said.

The importance of maintaining vaccine momentum was shown in Wednesday's Covid-19 figures, which showed daily infections in the UK were at their highest level for months.

The UK reported 16,135 new cases and 19 coronavirus-related deaths in the latest 24-hour period.

The last time numbers were this high was on February 6, when 18,262 infections were recorded.

Wednesday's infections represent a significant increase on the 11,625 recorded for the previous day.

With infections rising sharply, because of looser Covid restrictions and the highly infectious Delta variant, the government is even more dependent on vaccines to plot its way out of the pandemic.

The latest data looked promising, Mr Zahawi said.

He said 14,000 lives were saved by the vaccination programme and 44,500 hospital admissions prevented.

Most people in hospital with Covid are unvaccinated and from younger age groups than in January.

With three in five UK adults fully vaccinated, walk-in clinics planned for the weekend and a move to address vaccine hesitancy and disinformation, there is room for optimism.

But the threat of mutations that are resistant to vaccines can never be dismissed, especially with the recent emergence of the Delta Plus strain.

Public Health England's Dr Mary Ramsay, speaking alongside Mr Zahawi, said officials were "on top of the situation" in the UK, where 41 cases of the mutation have been recorded.

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.”

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