Coronavirus: Saudi Arabia faces 'critical moment' in dealing with the pandemic


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Saudi authorities strengthened strict bans on movement on Tuesday as the kingdom's top health official said coronavirus infections could soon spike to 200,000 due to lack of compliance.
Government tracking data shows 2,795 recorded coronavirus cases in Saudi Arabia, the epicentre of world oil exports, and 41 confirmed deaths from the pandemic.
Health Minister Tawfiq Al Rabiah cited four studies by Saudi and foreign specialists that predict cases rising in the kingdom from anything between 10,000 to 200,000 in the next few weeks, depending on the public's observance of public health measures.

"There is no doubt that if we commit to instructions to the letter, cases will reach their minimum while non-compliance will result in a steep increase in casualties," Mr Al Rabiah told reporters in Riyadh.
He said that while social distancing and the lockdown are generally being observed, too many people are not taking the coronavirus dangers seriously.
"More measures need to be taken to protect society from those people," Mr Al Rabiah said. "We are at a critical juncture that requires a rising to responsibility as a society."

The Interior Ministry later announced new restrictions in areas where restrictions fall short of a 24-hour lockdown.
The ministry said in a statement that a window of movement in those regions has been narrowed to a period between six in the morning to three in the afternoon. Residents are allowed to leave their homes only for medical or food needs inside their neighbourhoods.

The authorities on Monday imposed 24-hour curfews on Riyadh, Tabuk, Dammam, Dhahran and Hofuf as well as the whole Jeddah, Taif, Qatif and Khobar governorates. Several major Saudi cities have already been sealed off in the last two weeks.

Government data shows that road traffic was down only 46 per cent compared to normal days before the outbreak.

The kingdom's first coronavirus cases were first reported in the eastern oil-producing province of Qatif, among pilgrims returning from Iran. The province was sealed off four weeks ago.

Recorded cases continued to rise across the Arab Gulf, with Kuwait announcing 78 new infections, and curfews extended in several areas. Total cases in Kuwait stand at 743.

Oman confirmed that coronavirus infections rose by 40 on Tuesday to 371 cases. The Health Ministry said the death toll remains at two, urging the public “not to leave home except when necessary”.

The UAE extended the closure of all businesses classed as "non-essential" in the commercial hub of Dubai until April 18. Prompted by the pandemic, the Cabinet approved the formation of a new state organisation to streamline supplies and the volunteer effort.

Key products and UAE prices

iPhone XS
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iPhone XS Max
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iPhone XR
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Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.

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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Sevilla 0

Red cards: Ronald Araujo, Ousmane Dembele (Barcelona)

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Date Started: September 2018

Founders: Walid and Karim Dib

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Employees: Nine

Amount raised: $1.2 million

Funders: Oman Technology Fund, AB Accelerator, 500 Startups, private backers

 

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3. Hajj 

4. Shahada 

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34 goals - Robert Lewandowski (68 points)

34 - Ciro Immobile (68)

31 - Cristiano Ronaldo (62)

28 - Timo Werner (56)

25 - Lionel Messi (50)

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23 - Romelu Lukaku (46)

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Sara El Bakkali bt Anisha Kadka
Bantamweight
Mohammed Adil Al Debi bt Moaz Abdelgawad
Welterweight
Amir Boureslan bt Mahmoud Zanouny
Featherweight
Mohammed Al Katheeri bt Abrorbek Madaminbekov
Super featherweight
Ibrahem Bilal bt Emad Arafa
Middleweight
Ahmed Abdolaziz bt Imad Essassi
Bantamweight (female)
Ilham Bourakkadi bt Milena Martinou
Welterweight
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Welterweight
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Super welterweight
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Tottenham 1

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Manchester City 0

if you go

Getting there

Etihad (Etihad.com), Emirates (emirates.com) and Air France (www.airfrance.com) fly to Paris’ Charles de Gaulle Airport, from Abu Dhabi and Dubai respectively. Return flights cost from around Dh3,785. It takes about 40 minutes to get from Paris to Compiègne by train, with return tickets costing €19. The Glade of the Armistice is 6.6km east of the railway station.

Staying there

On a handsome, tree-lined street near the Chateau’s park, La Parenthèse du Rond Royal (laparenthesedurondroyal.com) offers spacious b&b accommodation with thoughtful design touches. Lots of natural woods, old fashioned travelling trunks as decoration and multi-nozzle showers are part of the look, while there are free bikes for those who want to cycle to the glade. Prices start at €120 a night.

More information: musee-armistice-14-18.fr ; compiegne-tourisme.fr; uk.france.fr

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