Testing potential patients early and quickly isolating those who contract Covid-19 are key lessons from Bahrain's response to the pandemic.
Experts and officials discussed how the country was one of the first in the world to mobilise in response to reports of a new virus originating in China. Bahrain took its first steps to set up a task force in late January less than a month after the first reported death in Wuhan.
One of those involved in the data-driven public health response told a webinar hosted by Bahrain's ambassador in London that a main factor in the 26 deaths the country had experienced was that the victims had presented late in the cycle of infection.
Lieutenant Colonel Dr Manaf Al Qahtani, a member of the National Taskforce, told the briefing that Bahrain was using its comprehensive approach to tailor its control system for the pandemic. "We are small in size, but the power of the people of Bahrain is supporting each other to combat the coronavirus.
“The major cause of death is late presentation, this is not a flu-like illness; come, we will test you and treat you,” he said, and added that the authorities were working in foreign embassies to contact members of the labour force to track and trace the illness.
In contrast to the World Health Organisation (WHO), Bahrain’s advice is that asymptomatic spreading is a threat to the public. “Our data showed 44 per cent of those asymptotic were infectious,” he said.
Organised by Sheikh Fawaz bin Mohammed Al Khalifa, Bahrain's ambassador to the United Kingdom, the seminar heard that the country is a world leader in testing, reaching one fifth of its population.
Sheikh Fawaz said he was keen to promote international collaboration with Bahrain as it handled the ongoing outbreak. Attendees included Khalid Mahmood, the senior UK member of parliament, and prominent figures in the medical community.
A total of 367,764 tests have been carried out in Bahrain, where the population is less than two million. There have been 15,120 confirmed cases of Covid-19 and the recovery rate has reached 64 per cent.
Following the establishment of the national task force, Bahrain ramped up procurement of medicines and medical equipment.
According to Waleed Khalifa Al Manea of Bahrain’s Ministry of Health, fast action on testing, including mobile testing units deployed to homes, shopping malls and mosques, helped build a strong picture of where outbreaks were occurring.
By February 26 the country had asked schools and universities to close and safeguarded workers accommodation and other vulnerable sites such as prisons.
“We don’t have a general lockdown of the country,” he said.
"We have enough information about the population because we started very early.”
John Ashton, a British professor who consulted with Bahrain's response team, said the country compared very well on an international basis.
“The establishment of the task force and war room and the links to the epidemiologists are the things that stand out to me,” he said. “The commitment to openness, transparency and good public communications has really set a standard for the international community.”
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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.”