The first potential coronavirus vaccine tested in the US caused all 45 volunteers in an early-stage trial to produce antibodies.
The vaccine, which was made by US biotech company Moderna, will begin the final stage of human trials on July 27, after encouraging results from an initial test were published on Tuesday.
“No matter how you slice this, this is good news,” Dr Anthony Fauci, the US government’s top infectious disease expert, said.
The phase 3 trial will recruit 30,000 volunteers in the US, with half of them to receive the vaccine at 100 microgram dose levels, and the other half to be given a placebo.
The trial will show whether the vaccine is safe and can prevent infection by the virus or, if people still get infected, whether it can prevent the infection progressing towards symptoms.
The announcement came after The New England Journal of Medicine published results from the first stage of Moderna's vaccine trial, which showed the first 45 participants all developed antibodies to the virus.
The participants were split into three groups of 15 to test doses of 25 micrograms, 100 micrograms and 250 micrograms.
They were given a second dose of the same amount 28 days later.
After the first round, antibody levels were found to be higher with higher doses.
After the second round, participants had higher levels of antibodies than most patients who have had Covid-19 and gone on to generate their own antibodies.
Coronavirus around the world
Moderna is considered to be in a leading position in the global race to find a vaccine against the coronavirus, which has infected more than 13.4 million people and killed 580,000.
Chinese biotech company Sinovac announced it would begin phase 3 trials of its vaccine.
The UAE is also is pushing ahead with efforts to develop two types of Covid-19 vaccine, which are being tested on more than 15,000 volunteers.
It is on the third stage of the clinical trials and if either vaccine is confirmed to be safe and effective, it will move to the manufacturing stage.
On Sunday, Russian news agency Tass announced researchers in the country completed clinical trials on a vaccine, although they had not yet shared their data.
But scientists gave a warning that the first vaccines to come to market may not be the most effective or safest.
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.”