US and Canadian flags at the Thousand Islands Bridge border crossing, which remains closed to non-essential traffic because of the pandemic. Reuters
US and Canadian flags at the Thousand Islands Bridge border crossing, which remains closed to non-essential traffic because of the pandemic. Reuters
US and Canadian flags at the Thousand Islands Bridge border crossing, which remains closed to non-essential traffic because of the pandemic. Reuters
US and Canadian flags at the Thousand Islands Bridge border crossing, which remains closed to non-essential traffic because of the pandemic. Reuters

Fully vaccinated Canadians to be exempt from quarantine, starting July 5


Willy Lowry
  • English
  • Arabic

More than 15 months after Canada closed its borders in an effort to slow the spread of Covid-19, the country will begin easing restrictions from early July.

On Monday, the government announced that fully vaccinated Canadians and permanent residents will be exempt from the mandatory 14-day quarantine as of July 5 at 11.59pm.

This means fully vaccinated Canadian travellers arriving by air will no longer be required to quarantine in a hotel, a move some have criticised as being expensive and unnecessary.

“This is the first phase of our precautionary approach to easing Canada’s border measures,” said Dominic LeBlanc, president of the Queen’s Privy Council for Canada and minister of intergovernmental affairs.

The move is part of Prime Minister Justin Trudeau's plan to reopen the border in phases.

Last week, Public Safety Minister Bill Blair announced that the US and Canada were extending the border closure until July 21.

The extension came despite pressure from US and Canadian border cities to reopen.

“Our phased approach to easing border measures is guided by facts, scientific evidence and the advice of our public health experts,” Mr Blair said.

“In all that we’re doing in response to this pandemic, our top priority continues to be the health, safety and security of all Canadians.”

The pandemic has caused Canada to enact some of the strictest border restrictions in the world.

In February, the federal government introduced a mandatory hotel quarantine for travellers arriving by air, requiring them to pay for their own three-day stay at government-approved hotels until they received the results of their on-arrival Covid-19 tests. They were then required to quarantine at home for another 11 days.
Those arriving by land must follow home quarantine for two weeks upon arrival.

All travellers will still be required to provide a negative Covid-19 test taken within 72 hours of travel and undergo an additional test on arrival.

Vaccinated travellers claiming quarantine exemption will need to have received at least the first dose of any of the four shots approved by Canada – Pfizer, Moderna, AstraZeneca or Johnson & Johnson.

Those entering the country will also need to use the ArriveCAN application to authenticate their vaccination status.

A ban on flights from India has been extended by another 30 days, but a similar restriction on flights from Pakistan has not been renewed.

Mr Trudeau has said he will not reopen the borders completely until 75 per cent of Canadians are vaccinated.

About 67 per cent of Canadians have received their first dose, but fewer than 20 per cent are fully vaccinated.

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The five pillars of Islam

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Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

The candidates

Dr Ayham Ammora, scientist and business executive

Ali Azeem, business leader

Tony Booth, professor of education

Lord Browne, former BP chief executive

Dr Mohamed El-Erian, economist

Professor Wyn Evans, astrophysicist

Dr Mark Mann, scientist

Gina MIller, anti-Brexit campaigner

Lord Smith, former Cabinet minister

Sandi Toksvig, broadcaster

 

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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Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

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