Lebanon has detected its first case of the mutated coronavirus, which has been spreading rapidly across southern England, on a flight from London, Health Minister Hamad Hassan said on Friday.
The new variant, which experts say is more contagious, was carried by a passenger on an incoming Middle East Airlines flight 202 from London on December 21.
"We ask travellers from the UK, particularly those on the said flight and their relatives, to be vigilant and to commit to precautionary measures," Mr Hassan said.
The virus has killed over 1,350 people since its outbreak in Lebanon in February with over 165,000 registered cases so far.
This week, President Michel Aoun approved the necessary funds to purchase the Pfizer-BioNtech vaccine with the first batch expected to arrive in two months.
Last week, Lebanon eased Covid-19 related restrictions, allowing bars and nightclubs and restaurants to operate at a 50 per cent capacity during the holidays.
The Covid-19 pandemic has exacerbated the country's economic and financial crisis amid a political paralysis that has left Lebanon without a fully functioning Cabinet since August.
A year in Lebanon - in pictures
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Carlos Ghosn's home at Ashrafieh St., in Beirut, Lebanon. Sunniva Rose for The National -

Japanese journalists that were waiting outside, including when they were filming a car leaving Ghosn's house (unfortunately the driver did not look like him). Sunniva Rose for The National -

BEIRUT, LEBANON - OCTOBER 17: People wave Lebanese flags and chant to mark the one-year anniversary of anti-government protests with a background of the destroyed silos on the seaport on October 17, 2020 in Beirut, Lebanon. On the one year anniversary since the unprecedented mass protests of Lebanese demanding political change as the country buckled under social and economic devastation, Beirut remains in rubble after the August 4 port blast. (Photo by Marwan Tahtah/Getty Images) -

BEIRUT, LEBANON - JUNE 11: Protesters burn tires as large-scale protests resume on June 11, 2020 in Beirut, Lebanon. The Lebanese pound has lost 70% of its value since October when protests began. Although they abated during the coronavirus lockdown, the country's economic condition steadily worsened. (Photo by Diego Ibarra Sanchez/Getty Images) -

BEIRUT, LEBANON - SEPTEMBER 04: Protesters hold torches and nooses, which have become symbols of public anger against the Lebanese government, as they commemorate a month since the city's deadly explosion on September 4, 2020 in Beirut, Lebanon. On August 4th, a fire at Beirut's port ignited a stockpile of ammonium nitrate causing a massive explosion that killed more than 200 people, destroyed surrounding neighborhoods and upended countless lives. (Photo by Marwan Tahtah/Getty Images) -

BEIRUT, LEBANON - SEPTEMBER 10: Firefighters walk through a burned out warehouse as they respond to a huge blaze at Beirut port on September 10, 2020 in Beirut, Lebanon. The fire broke out in a structure in the city's heavily damaged port facility, the site of last month's explosion that killed more than 190 people. (Photo by Sam Tarling/Getty Images) -

BEIRUT, LEBANON - AUGUST 08: Protesters throw stones during an anti-government demonstrations on August 8, 2020 in Beirut, Lebanon. The Lebanese capital is reeling from this week's massive explosion that killed at least 150 people, wounded thousands, and destroyed wide swaths of the city. Residents are demanding accountability for the blast, whose suspected cause was 2,700 tons of ammonium nitrate stored for years at the city's port. (Photo by Marwan Tahtah/Getty Images) -

BEIRUT, LEBANON - SEPTEMBER 12: An anti-government protester gives water to a policeman after other protesters attacked his vehicle during a march toward the Presidential Palace, on September 12, 2020 in Baabda, Beirut, Lebanon. (Photo by Sam Tarling/Getty Images) -

BEIRUT, LEBANON - SEPTEMBER 12: Anti-government protesters clash with security forces during a march toward the Presidential Palace, on September 12, 2020 in Baabda, Beirut, Lebanon. (Photo by Sam Tarling/Getty Images) -

BEIRUT, LEBANON - JANUARY 22: Anti government protesters and riot police clash during a second day of violence, on January 22, 2020 in an upscale shopping district in Beirut, Lebanon. Weeks of bickering between the Hezbollah-allied political factions backing Lebanon's new Prime Minister Hassan Diab as to who gets which ministries has led protesters to decry his new government as partisan and political, and not the technocratic leadership they have been demanding since protests began on Oct 17th last year. (Photo by Sam Tarling/Getty Images) -

BEIRUT, LEBANON - AUGUST 07: An aerial view of ruined structures near the city's port, the site of Tuesday's explosion, on August 7, 2020 in Beirut, Lebanon. By Friday, the official death toll from Tuesday's blast stood at 145, with thousands injured. Public anger swelled over the possibility that government negligence over the storage of tons of ammonium nitrate was behind the catastrophe. (Photo by Haytham Al Achkar/Getty Images) -

BEIRUT, LEBANON - AUGUST 05: An aerial view of ruined structures at the port, damaged by an explosion a day earlier, on August 5, 2020 in Beirut, Lebanon. As of Wednesday, more than 100 people were confirmed dead, with thousands injured, when an explosion rocked the Lebanese capital. Officials said a waterfront warehouse storing explosive materials, reportedly 2,700 tons of ammonium nitrate, was the cause of the blast. (Photo by Haytham Al Achkar/Getty Images) -

BEIRUT, LEBANON - FEBRUARY 11: Anti-government protesters are hit by a water cannon as they pull down a concrete barricade during a failed attempt to block politicians from accessing Parliament where they will vote whether to accept Lebanon's new government, on February 11, 2020 in Beirut, Lebanon. (Photo by Sam Tarling/Getty Images) -

BEIRUT, LEBANON - AUGUST 5: Destroyed buildings are visible a day after a massive explosion occurred at the port on Aug. 5, 2020 in Beirut, Lebanon. As of Wednesday morning, more than 100 people were confirmed dead, with thousands injured, when an explosion rocked the Lebanese capital. Officials said a waterfront warehouse storing explosive materials, reportedly 2,700 tons of ammonium nitrate, was the cause of the blast. (Photo by Daniel Carde/Getty Images) -

BEIRUT, LEBANON - SEPTEMBER 10: An aerial view of the black smoke following a fire that erupted in Beirut Ports Free Zone on September 10, 2020 in Beirut, Lebanon. The fire broke out in a structure in the city's heavily damaged port facility, the site of last month's explosion that killed more than 190 people. (Photo by Haytham Al Achkar/Getty Images) -

BEIRUT, LEBANON - AUGUST 17: Family members mourn as the coffins of firefighters Charbel Hetti, Najeeb Hetti and Charbel Karem who were killed in the August 4th, Beirut port explosion are carried to the church during their funeral service in their hometown of Qartaba on August 17, 2020 in Beirut, Lebanon. Najeeb Hetti, 27 his cousin Charbel Hetti, 22 and his sisters husband Charbel Karam, 37 were killed during the Beirut port explosion along with 7 other firefighters from the Karatina fire department, who were the first responders to the blaze. The remains of Najeeb and Charbel were found on August 13th, however the family refused to bury them until the body of Charbel Karam was found, his remains were recovered on August 15th. There has been little visible support from government agencies to help residents clear debris and help the displaced, although scores of volunteers from around Lebanon have descended on the city to help clean. (Photo by Chris McGrath/Getty Images) -

BEIRUT, LEBANON - AUGUST 07: A general view of buildings heavily damaged in Tuesday's explosion, on August 7, 2020 in Beirut, Lebanon. By Friday, the official death toll from Tuesday's blast stood at 145, with thousands injured. Public anger swelled over the possibility that government negligence over the storage of tons of ammonium nitrate was behind the catastrophe. (Photo by Haytham Al Achkar/Getty Images) -

BEIRUT, LEBANON - OCTOBER 30: A demonstrator throws stones at police at an anti-France protest on October 30, 2020 in Beirut, Lebanon. Following a series of deadly attacks, France's President Macron declared a crackdown on Islamist extremism by shutting down mosques and other organisations accused of instigating violence. The comments sparked protests across the Muslim world and calls for a boycott of French goods. (Photo by Sam Tarling/Getty Images) -

-- AFP PICTURES OF THE YEAR 2020 -- An injured man lies at the back of a car before being rushed away from the scene of a massive explosion at the port of Lebanon's capital Beirut on August 4, 2020. Two huge explosion rocked the Lebanese capital Beirut, wounding dozens of people, shaking buildings and sending huge plumes of smoke billowing into the sky. Lebanese media carried images of people trapped under rubble, some bloodied, after the massive explosions, the cause of which was not immediately known. - / AFP / Marwan TAHTAH -

-- AFP PICTURES OF THE YEAR 2020 -- A helicopter puts out a fire at the scene of an explosion at the port of Lebanon's capital Beirut on August 4, 2020. AFP / STR
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COMPANY PROFILE
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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