Boxes of vials of the Oxford-AstraZeneca Covid-19 vaccine are seen in a refrigerator at Ashton Gate Stadium in Bristol, south-west England. AFP
Boxes of vials of the Oxford-AstraZeneca Covid-19 vaccine are seen in a refrigerator at Ashton Gate Stadium in Bristol, south-west England. AFP
Boxes of vials of the Oxford-AstraZeneca Covid-19 vaccine are seen in a refrigerator at Ashton Gate Stadium in Bristol, south-west England. AFP
Boxes of vials of the Oxford-AstraZeneca Covid-19 vaccine are seen in a refrigerator at Ashton Gate Stadium in Bristol, south-west England. AFP

UK helps to raise more than £737m for global vaccine programme


Soraya Ebrahimi
  • English
  • Arabic

Britain said on Sunday it has helped to raise more than £737 million ($1 billion) from global donors towards the drive to help developing countries have access to coronavirus vaccines, by matching donations.

The UK said it also committed £548m to the Covax Advance Market Commitment, after giving £1 for every £2.95 pledged by other donors.

Canada, Japan and Germany are among the countries to make contributions matched by Britain, helping the Covax commitment to raise more than £1.25bn so far.

The fund will allow for a billion Covid-19 vaccine doses to be sent to 92 developing countries this year, said Britain’s Foreign, Commonwealth & Development Office.

“We’ll only be safe from this virus when we’re all safe, which is why we’re focused on a global solution to a global problem,” Foreign Secretary Dominic Raab said.

Britain is marking the 75th anniversary of the first meeting of the UN General Assembly in London, by hosting Secretary General Antonio Guterres for an online visit starting Sunday.

Mr Guterres said the world was “at a 1945 moment”, but this time is at war “against a microscopic virus”.

“The pandemic has revealed the deep fragilities in our world,” he said.

Mr Guterres said it was a human tragedy but also an opportunity to increase global co-operation on many issues.

“The past months have shown that huge transformations are possible, when there is political will and consensus on the way forward,” he said.

Mr Guterres will meet Mr Raab and Prime Minister Boris Johnson on Monday, as well as outgoing business secretary Alok Sharma. This week, Mr Sharma this week became full-time president of the UN’s next major climate summit, Cop26, which will take place in November.

Mr Sharma previously had the role part-time alongside his UK government position of secretary of state for business, energy and industrial strategy, which he left on Friday.

Also on Monday, Mr Guterres and global leaders would try to reignite international environmental diplomacy with a biodiversity summit to launch a critical year for efforts to stem the devastating effects of global warming and species loss.

The One Planet Summit, a largely online event hosted by France in partnership with the UN and the World Bank, will include French President Emmanuel Macron, German Chancellor Angela Merkel and European Commission chief Ursula von der Leyen.

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%3Cul%3E%0A%3Cli%3ECystic%20fibrosis%20is%20a%20genetic%20disorder%20that%20affects%20the%20lungs%2C%20pancreas%20and%20other%20organs.%3C%2Fli%3E%0A%3Cli%3EIt%20causes%20the%20production%20of%20thick%2C%20sticky%20mucus%20that%20can%20clog%20the%20airways%20and%20lead%20to%20severe%20respiratory%20and%20digestive%20problems.%3C%2Fli%3E%0A%3Cli%3EPatients%20with%20the%20condition%20are%20prone%20to%20lung%20infections%20and%20often%20suffer%20from%20chronic%20coughing%2C%20wheezing%20and%20shortness%20of%20breath.%3C%2Fli%3E%0A%3Cli%3ELife%20expectancy%20for%20sufferers%20of%20cystic%20fibrosis%20is%20now%20around%2050%20years.%3C%2Fli%3E%0A%3C%2Ful%3E%0A

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.”

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

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