The streets of Stockholm are quiet but not deserted. People still sit at outdoor cafes in the center of Sweden’s capital. Vendors still sell flowers. Teenagers still chat in groups in parks. Some still greet each other with hugs and handshakes.
After a long, dark Scandinavian winter, the coronavirus pandemic is not keeping Swedes at home even while citizens in many parts of the world are sheltering in place and won’t find shops or restaurants open on the few occasions they are permitted to venture out.
Swedish authorities have advised the public to practice social distancing and to work from home, if possible, and urged those over 70 to self-isolate as a precaution. Yet compared to the lockdowns imposed elsewhere in the world, the government’s response to the virus allows a liberal amount of personal freedom.
Standing at bars has been banned in Sweden, but restaurant customers can still be served at tables instead of having to take food to go. High schools and universities are closed, but preschools and primary schools are still running classes in person.
“Sweden is an outlier on the European scene, at least,” said Johan Giesecke, the country’s former chief epidemiologist and now adviser to the Swedish Health Agency, a government body. “And I think that’s good.”
Other European nations “have taken political, unconsidered actions” instead of ones dictated by science, Giesecke asserted.
It remains unclear how long Sweden’s exceptional state will last.
Prime Minister Stefan Lofven, warning of “many tough weeks and months ahead,” announced on Friday that as of Sunday, gatherings would be limited to 50 people instead of 500. The government noted that weddings, funerals and Easter celebrations would be affected.
Still, to reduce the spread of the virus in Germany and the UK, groups larger than two are currently prohibited unless they are composed of people who already live together. Officials in Italy and France introduced increasingly restrictive limits on public activities and eventually authorised fines because they said too many people ignored social distancing recommendations.
For now, the Swedish government maintains that citizens can be trusted to exercise responsibility for the greater good and will stay home if they experience any COVID-19 symptoms. Many Swedes are indeed keeping the recommended distance from others.
Victoria Holmgren, 24, praised the Swedish government’s handling of the public health crisis as “very good.”
“And it’s partly because I don’t think I could manage being inside the whole day,” Holmgren said.
But some scientists have criticised the Swedish Public Health Agency’s approach as irresponsible during a worldwide pandemic that has already killed over 21,000 people in Europe. In an open letter to the government, some 2,000 academics called for greater transparency and more justification for its infection prevention strategy.
Sten Linnarsson, a professor at Karolinska Institute, a prominent medical university in Sweden, said the concern centers on “the assessments and the course that the Swedish government has taken through this epidemic, and especially because there is really a lack of scientific evidence being put forward for these policies.”
Linnarsson compared Sweden’s handling of the virus to letting a kitchen fire burn with the intent of extinguishing it later.
“That doesn’t make any sense. And the danger, of course, is that it burns the whole house down,” he said.
Sweden’s current chief epidemiologist, Anders Tegnell, argued that even if the country’s comparatively permissive policies are an anomaly, they are more sustainable and effective in protecting the public’s health than “drastic” moves like closing schools for four or five months.
Sweden, a nation of 10 million, had a total of 3,447 confirmed virus cases and and 105 deaths by Sunday, according to a Johns Hopkins University tally. However, there has been limited testing, with some 24,500 tests conducted by Wednesday, according to official statistics.
“The goal is to slow down the amount of new people getting infected so that health care gets a reasonable chance to take care of them. And that’s what we all do in every country in Europe,” Tegnell said. “We just choose different methods to do it.”
Susanna Moberg, a 63-year-old retired teacher, said she trusted the government and also believes Sweden’s experience with the virus will not be as dire as Italy’s, which has by far the most virus-related deaths in the world at more than 10,000.
“I’m not so worried. I’m not 70 years yet. And my children are not sick so we will go to a restaurant on Sunday,” Moberg said. “We said ‘Everybody is well and the restaurant is open.’ So we will go there to celebrate. We can’t stay at home the whole day, all week.”
READ MORE ABOUT CORONAVIRUS
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Countdown to Zero exhibition will show how disease can be beaten
Countdown to Zero: Defeating Disease, an international multimedia exhibition created by the American Museum of National History in collaboration with The Carter Center, will open in Abu Dhabi a month before Reaching the Last Mile.
Opening on October 15 and running until November 15, the free exhibition opens at The Galleria mall on Al Maryah Island, and has already been seen at the Jimmy Carter Presidential Library and Museum in Atlanta, the American Museum of Natural History in New York, and the London School of Hygiene and Tropical Medicine.
Gulf rugby
Who’s won what so far in 2018/19
Western Clubs Champions League: Bahrain
Dubai Rugby Sevens: Dubai Hurricanes
West Asia Premiership: Bahrain
What’s left
UAE Conference
March 22, play-offs:
Dubai Hurricanes II v Al Ain Amblers, Jebel Ali Dragons II v Dubai Tigers
March 29, final
UAE Premiership
March 22, play-offs:
Dubai Exiles v Jebel Ali Dragons, Abu Dhabi Harlequins v Dubai Hurricanes
March 29, final
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.”
Scoreline
Abu Dhabi Harlequins 17
Jebel Ali Dragons 20
Harlequins Tries: Kinivilliame, Stevenson; Cons: Stevenson 2; Pen: Stevenson
Dragons Tries: Naisau, Fourie; Cons: Love 2; Pens: Love 2
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More from Rashmee Roshan Lall
Strait of Hormuz
Fujairah is a crucial hub for fuel storage and is just outside the Strait of Hormuz, a vital shipping route linking Middle East oil producers to markets in Asia, Europe, North America and beyond.
The strait is 33 km wide at its narrowest point, but the shipping lane is just three km wide in either direction. Almost a fifth of oil consumed across the world passes through the strait.
Iran has repeatedly threatened to close the strait, a move that would risk inviting geopolitical and economic turmoil.
Last month, Iran issued a new warning that it would block the strait, if it was prevented from using the waterway following a US decision to end exemptions from sanctions for major Iranian oil importers.
COMPANY%20PROFILE
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Brahmastra%3A%20Part%20One%20-%20Shiva
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
BACK%20TO%20ALEXANDRIA
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
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About Proto21
Date started: May 2018
Founder: Pir Arkam
Based: Dubai
Sector: Additive manufacturing (aka, 3D printing)
Staff: 18
Funding: Invested, supported and partnered by Joseph Group
Studying addiction
This month, Dubai Medical College launched the Middle East’s first master's programme in addiction science.
Together with the Erada Centre for Treatment and Rehabilitation, the college offers a two-year master’s course as well as a one-year diploma in the same subject.
The move was announced earlier this year and is part of a new drive to combat drug abuse and increase the region’s capacity for treating drug addiction.