The demise of NMC was sparked by US short seller Muddy Waters. Bloomberg
The demise of NMC was sparked by US short seller Muddy Waters. Bloomberg
The demise of NMC was sparked by US short seller Muddy Waters. Bloomberg
The demise of NMC was sparked by US short seller Muddy Waters. Bloomberg

Oman: coronavirus cases could reach 500 a day at peak


Mina Aldroubi
  • English
  • Arabic

Oman expects the number of coronavirus cases in the country to reach 500 a day at its peak, the country's health minister said on Thursday. 
The Sultanate recorded 109 new cases on Thursday, bringing the country's overall infections to 1,019 and four deaths.
"We expect to record peak cases to be about 500 infections a day, 150 of which will require intensive care,"  Oman's Health Minister, Ahmed Mohammed Al Saeedi, said. 
Precautionary measures must be taken seriously, the minister said. The number of cases, he said, are still on the rise.
The country is expected to reach its peak during the week of April 23, the minister said.

  • Iraqi health workers at a hospital in the central Iraqi city of Karbala. AFP
    Iraqi health workers at a hospital in the central Iraqi city of Karbala. AFP
  • A worker disinfects a street to prevent the spread of the coronavirus during a state of emergency in Rabat, Morocco. AP
    A worker disinfects a street to prevent the spread of the coronavirus during a state of emergency in Rabat, Morocco. AP
  • The deserted Corniche Beirut seaside promenade during the lockdown against the coronavirus pandemic in Beirut, Lebanon. EPA
    The deserted Corniche Beirut seaside promenade during the lockdown against the coronavirus pandemic in Beirut, Lebanon. EPA
  • Syrian workers unload medical supplies from China at the International Airport in Damascus, Syria. EPA
    Syrian workers unload medical supplies from China at the International Airport in Damascus, Syria. EPA
  • Dancers of the Palestinian Jafra Dabke Team perform a traditional dabke dance for people confined because of the coronavirus pandemic lockdown in the village of Tarqumia, north-west of Hebron, in the occupied West Bank. AFP
    Dancers of the Palestinian Jafra Dabke Team perform a traditional dabke dance for people confined because of the coronavirus pandemic lockdown in the village of Tarqumia, north-west of Hebron, in the occupied West Bank. AFP
  • A policeman wearing protective gear as a precaution against the coronavirus guards a security checkpoint in Gaza City. AFP
    A policeman wearing protective gear as a precaution against the coronavirus guards a security checkpoint in Gaza City. AFP
  • Released women prisoners meet their families as they get off a bus near Bakirkoy women's prison in Istanbul. AFP
    Released women prisoners meet their families as they get off a bus near Bakirkoy women's prison in Istanbul. AFP
  • A man walks on a bridge near a bus station in Istanbul a day after Turkish President ordered a fresh lockdown to stop the spread of the coronavirus. AFP
    A man walks on a bridge near a bus station in Istanbul a day after Turkish President ordered a fresh lockdown to stop the spread of the coronavirus. AFP
  • A released woman prisoner hugs her mother after alighting a bus near Bakirkoy women's prison in Istanbul. AFP
    A released woman prisoner hugs her mother after alighting a bus near Bakirkoy women's prison in Istanbul. AFP
  • Members of a Palestinian family look at Al Mathaf hotel, where their relatives are quarantined, to limit the spread of the coronavirus pandemic, in Gaza City. AFP
    Members of a Palestinian family look at Al Mathaf hotel, where their relatives are quarantined, to limit the spread of the coronavirus pandemic, in Gaza City. AFP
  • A staff member at a coronavirus screening tent at Al Bashir hospital in Amman, Jordan. EPA
    A staff member at a coronavirus screening tent at Al Bashir hospital in Amman, Jordan. EPA
  • Workers unload medical supplies from China at Houari Boumediene International Airport in Algiers, Algeria. EPA
    Workers unload medical supplies from China at Houari Boumediene International Airport in Algiers, Algeria. EPA
  • Members of the medical staff at the Mohammmed V military hospital during the coronavirus pandemic crisis, in the Moroccan capital Rabat. AFP
    Members of the medical staff at the Mohammmed V military hospital during the coronavirus pandemic crisis, in the Moroccan capital Rabat. AFP
  • People wearing a face mask drive past empty shops during a state of emergency in Rabat, Morocco. AP
    People wearing a face mask drive past empty shops during a state of emergency in Rabat, Morocco. AP

"Cases are on the rise but we have not seen a sharp rise but rather a slowdown, which is less than the global levels," Mr Al Saeedi said. 
Oman begun using convalescent plasma to treat those infected this week.
The procedure includes using blood of recovered individuals, who are thought to have the coronavirus antibodies in their system, on infected patients.
"The procedure was carried out in co-operation between the Central Blood Bank and the Royal Hospital and a number of other sectors, and we will see the results in the coming days," Mr Al Saeedi said. 
But the procedure is expensive.
"For intensive care patients it reached 1,000 riyals (Dh9,537) per day and for laboratory testing it ranges between 20-50 riyals, additional costs must be included," Mr Al Saeedi said. 
The health minister described the disease as an "enemy that cannot be seen that can be combated by social distancing". 
Oman has taken extensive measures to curb the spreading of the virus during the past few weeks.

Most public venues have been shut and the government has locked down Muscat Governorate, which includes the capital. 
Earlier this week, the government advised its ministries and other sectors to cut spending and announced measures to support the private sector and safeguard Omani jobs. 
The finance ministry said that government agencies must cut their budgets by at least 10 per cent.

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Sector: Generative AI
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
 
COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
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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.”

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UAE squad to face Ireland

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Arsenal 2-2 Crystal Palace (Oct 27, PL)

Liverpool 5-5 Arsenal  (Oct 30, EFL)

Arsenal 1-1 Wolves (Nov 02, PL)

Vitoria Guimaraes 1-1 Arsenal  (Nov 6, Europa)

Leicester 2-0 Arsenal (Nov 9, PL)

Arsenal 2-2 Southampton (Nov 23, PL)

Arsenal 1-2 Eintracht Frankfurt (Nov 28, Europa)

Norwich 2-2 Arsenal (Dec 01, PL)

Arsenal 1-2 Brighton (Dec 05, PL)

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Rating: 3/5