A medical worker dressed in PPE prepares to take swabs from subjects being tested for Covid-19 coronavirus disease Iraq's southern Basra. AFP
A medical worker dressed in PPE prepares to take swabs from subjects being tested for Covid-19 coronavirus disease Iraq's southern Basra. AFP
A medical worker dressed in PPE prepares to take swabs from subjects being tested for Covid-19 coronavirus disease Iraq's southern Basra. AFP
A medical worker dressed in PPE prepares to take swabs from subjects being tested for Covid-19 coronavirus disease Iraq's southern Basra. AFP

Coronavirus: Baghdad government mulling use of Russian drug


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The Iraqi ambassador in Moscow said his government will be talking to Russia about using a new coronavirus drug he described as curing up to 90 per cent of the cases.

Ambassador Abdulrahman Al Husseini said on Twitter on Tuesday he had told the Iraqi Health Ministry about the drug Avifavir.

Reuters reported that Russia will start giving Avifavir as an approved medicine to treat COVID-19 in the coming week.

Mr Al Husseini said the Russian authorities “proved that Avifavir “has a 90 per cent efficacy to treat those infected with the coronavirus“

“It was agreed to conduct talks with the Russian side to study the properties of this medicine and the possibility of making use of it in Iraq,” Mr Al Husseini said.

But the Iraqi health Ministry was more circumvent on Thursday. Its Secretary General Hazem Al Jumeili told the Iraqi National News Agency that the ministry asked the ambassador to know more about the drug from the Russian side.

Mr Al Jumeili said the ambassador will be providing Information about “how the mechanism of the drug works and its side effects.”

Japan has been performing trials on the same drug, known there as Avigan, using $128 million in government funding, but Avigan is yet to be approved for use.

Avifavir appeared on an official Russian list of approved drugs on Saturday.

Local officials in Iraq have repeatedly warned that the country could lose the containment effort against the contagion amid widespread lack of adherence to bans on movement.

Official coronavirus cases in Iraq surpassed 7,000 cases this week with 235 recorded fatalities.

Coronavirus in the region - in pictures

  • A Yemeni man walks at a market in the old quarter of Sanaa. Reuters
    A Yemeni man walks at a market in the old quarter of Sanaa. Reuters
  • Aswin Sarang, head of Reliable Robotics company, stands with a fever detection and hand sanitiser dispenser robot in Dubai. Before the pandemic, the company had been renting the robots out for events to welcome guests, but since the Covid-19 outbreak, Reliable Robotics has used its technology to help fight the spread of coronavirus. EPA
    Aswin Sarang, head of Reliable Robotics company, stands with a fever detection and hand sanitiser dispenser robot in Dubai. Before the pandemic, the company had been renting the robots out for events to welcome guests, but since the Covid-19 outbreak, Reliable Robotics has used its technology to help fight the spread of coronavirus. EPA
  • Iraqi Kurds gather during a demonstration demanding the end of coronavirus lockdown in the city of Sulaimaniyah, in the Kurdish autonomous region of northern Iraq. AFP
    Iraqi Kurds gather during a demonstration demanding the end of coronavirus lockdown in the city of Sulaimaniyah, in the Kurdish autonomous region of northern Iraq. AFP
  • A traffic jam at the Dubai border going towards Abu Dhabi on Sheikh Zayed road in Dubai, as Abu Dhabi Police check movement permits. Pawan Singh / The National
    A traffic jam at the Dubai border going towards Abu Dhabi on Sheikh Zayed road in Dubai, as Abu Dhabi Police check movement permits. Pawan Singh / The National
  • Palestinians gather at a stall to buy fish in Gaza City. AFP
    Palestinians gather at a stall to buy fish in Gaza City. AFP
  • A Palestinian man displays office chairs for sale outside a store, in Ramallah in the occupied West Bank. Reuters
    A Palestinian man displays office chairs for sale outside a store, in Ramallah in the occupied West Bank. Reuters
  • Palestinian vendors wait for customers behind their stall in Gaza City. AFP
    Palestinian vendors wait for customers behind their stall in Gaza City. AFP
  • A Palestinian woman walks past the construction site of an office building, in Ramallah in the Israeli-occupied West Bank. Reuters
    A Palestinian woman walks past the construction site of an office building, in Ramallah in the Israeli-occupied West Bank. Reuters
  • A mask-clad man cares for a garden near the Erbil Citadel in the capital of the northern Iraqi Kurdish autonomous region. AFP
    A mask-clad man cares for a garden near the Erbil Citadel in the capital of the northern Iraqi Kurdish autonomous region. AFP
  • Pigeons flying in an empty square outside Erbil Citadel in the capital of the northern Iraqi Kurdish autonomous region. AFP
    Pigeons flying in an empty square outside Erbil Citadel in the capital of the northern Iraqi Kurdish autonomous region. AFP
  • A banner with pictures of the English football club Liverpool player Mohamed Salah, Barcelona's Lionel Messi and Cristiano Ronaldo of the Italian club Juventus, is seen above a cafe that has been transformed into a vegetable shop in Cairo, Egypt. Reuters
    A banner with pictures of the English football club Liverpool player Mohamed Salah, Barcelona's Lionel Messi and Cristiano Ronaldo of the Italian club Juventus, is seen above a cafe that has been transformed into a vegetable shop in Cairo, Egypt. Reuters
  • A worker carries tomatoes at a cafe that has been transformed into a vegetable shop, in Cairo, Egypt. Reuters
    A worker carries tomatoes at a cafe that has been transformed into a vegetable shop, in Cairo, Egypt. Reuters
  • Passengers wait in line for check-in for their repatriation flight for Libya, at the Tunis Carthage International Airport in Tunis, Tunisia. EPA
    Passengers wait in line for check-in for their repatriation flight for Libya, at the Tunis Carthage International Airport in Tunis, Tunisia. EPA
  • A worker disinfects surfaces at the Terminal of the Tunis Carthage International Airport in Tunis, Tunisia. EPA
    A worker disinfects surfaces at the Terminal of the Tunis Carthage International Airport in Tunis, Tunisia. EPA
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Profile

Company: Justmop.com

Date started: December 2015

Founders: Kerem Kuyucu and Cagatay Ozcan

Sector: Technology and home services

Based: Jumeirah Lake Towers, Dubai

Size: 55 employees and 100,000 cleaning requests a month

Funding:  The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups. 

UAE currency: the story behind the money in your pockets
Company profile

Company name: Suraasa

Started: 2018

Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker

Based: India, UAE and the UK

Industry: EdTech

Initial investment: More than $200,000 in seed funding

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.”

Captain Marvel

Director: Anna Boden, Ryan Fleck

Starring: Brie Larson, Samuel L Jackson, Jude Law,  Ben Mendelsohn

4/5 stars

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