Malawi's Minister of Health Khumbize Chiponda, places Covid-19 vaccines in an incinerator, in Lilongwe, Malawi, May 19. Malawi has burned nearly 20,000 doses of AstraZeneca vaccines because they had expired. AP
Malawi's Minister of Health Khumbize Chiponda, places Covid-19 vaccines in an incinerator, in Lilongwe, Malawi, May 19. Malawi has burned nearly 20,000 doses of AstraZeneca vaccines because they had expired. AP
Malawi's Minister of Health Khumbize Chiponda, places Covid-19 vaccines in an incinerator, in Lilongwe, Malawi, May 19. Malawi has burned nearly 20,000 doses of AstraZeneca vaccines because they had e
The World Health Organisation’s decision-making assembly begins today at an inflection point in the pandemic. In this, the second year of the coronavirus crisis, there is little consensus about how to vaccinate richer and poorer countries in tandem.s
Though almost everyone agrees that no one is safe anywhere until everyone is safe everywhere, a bitter row is brewing over who gets what, when and how. Every week, there are calls for affluent countries to share their stash of pre-ordered vaccine doses with low- and middle-income countries and to prioritise the least vaccinated parts of the world over potential booster shots in the autumn for their own people or jabs for younger sections of their populations.
Unicef, the WHO, the IMF and the World Bank have each made a plea for a global vaccination effort that would spread the limited supplies of doses more widely.
Former Swedish prime minister Carl Bildt, special envoy for the WHO’s Access to Covid-19 Tools (ACT) Accelerator for equitable vaccine access, suggests that sharing demonstrates good global citizenship. “If the choice is vaccinating young people in Austria or Germany or Sweden, and vaccinating health workers in Africa (the latter should have) higher priority,” he says.
Another former prime minister, Britain's Gordon Brown, is urging the forthcoming G7 summit of leading industrial nations to underwrite the costs of producing and supplying vaccines to immunise poorer parts of the world, especially Africa.
It will not be charity, he argues, but an act of self-protection, because arresting the spread of the disease will prevent the virus from mutating and threatening the economic and psychological recovery of rich countries and their carefully vaccinated people.
People gather in Central Park in New York, US on May 22. After 16 months, New Yorkers can now enjoy a city where most restrictions have been lifted. AFP
Stickers seen in Las Vegas, Nevada, US. AFP
A mural by Brazilian artist Eduardo Kobra is dedicated to victims of the Covid-19, in Sao Paulo, Brazil, May 22. Covid-19 has now killed more than 1 million people in Latin America and the Caribbean. Getty
Italian Prime Minister Mario Draghi (L) and European Commission President Ursula von der Leyen talk upon arrival for the Global Health Summit at the Villa Doria Pamphili in Rome on May 21. AFP.
Britain's Prince William receives his coronavirus vaccine in London, May 18. Kensington Palace via AP
Two men from the Haredi Orthodox Jewish community at an event to encourage vaccine uptake in Britain's Haredi community at the John Scott Vaccination Centre in London, February 13. AP
A medical health worker injects the Oxford/AstraZeneca Covid-19 vaccine to a woman as they visit door-to-door to deliver the vaccines to people who live far from health facilities in Siaya, Kenya, on May 18. AFP
Malawi's Minister of Health Khumbize Chiponda, places Covid-19 vaccines in an incinerator, in Lilongwe, Malawi, May 19. Malawi has burned nearly 20,000 doses of AstraZeneca vaccines because they had expired. AP
A health worker inoculates a man with a dose of the Covishield vaccine on the outskirts of Amritsar on May 24. AFP
A notice at a primary health centre in Hyderabad on May 24, as India passed more than 300,000 deaths from coronavirus. AFP
All of this is true. The blistering pace of vaccination in the US and UK may be a singular triumph for those countries. Nearly half their populations have already received at least one dose, but what of sub-Saharan Africa, where little more than 1 per cent is protected from Covid-19?
As of May 23, Our World in Data, the international tracker that’s updated with official figures every day, showed 1.65 billion vaccinations worldwide, with the bulk of them in Asia (854.24 million), North America (340.83 million) and Europe (319.77 million).
Africa, a continent of 1.2 billion people, had vaccinated just 27.16 million, which leaves it stranded between Turkey (27.8 million) and Russia (26.42 million). Clearly, Africa is a long way off from the African Union's (AU) target of vaccinating 300 million people this year, not to speak of the mishandling that led to tens of thousands of vaccine shots being binned in Malawi and South Sudan.
It seemed to make sense for countries like India and South Africa to demand a waiver for Covid-19 vaccine patent
This is a grim situation. As Yale professor and former World Bank Group chief economist Pinelopi Koujianou Goldberg recently noted, only universal vaccination can end the cycle of coronavirus misery.
But how to get there? Covax, the Covid-19 Vaccine Global Access scheme, planned to make two billion doses available to poorer countries by the end of 2021.
But the initiative, launched last year by the WHO, Gavi, the Vaccine Alliance, and the Coalition for Epidemic Preparedness Innovations, and paid for by advanced economies, has managed just 68 million doses, or 3.4 per cent of its target.
The shortage will only get worse because Covax was depending on the Serum Institute of India, the world’s largest vaccine manufacturer, to supply a third of this year’s planned doses. But India’s own spiralling coronavirus crisis has halted shipments for the remainder of 2021.
In the circumstances, it seemed to make sense for countries like India and South Africa to demand a waiver for Covid-19 vaccine patents. And for the US administration to declare its support for such a step, in the hope that the global manufacturing and distribution of vaccines can be accelerated. But the proposal has run into problems.
Germany, France and some other European governments are not keen, arguing that patent suspension would stifle future innovation. Pharmaceutical companies are aggrieved. Some experts argue fiercely against abrogating intellectual property protections, saying the basic challenges would remain, notably the need for know-how, technical and human expertise in the manufacture of complex biologic drugs like vaccines for Covid-19. In any case, the head of the World Trade Organisation says a vote on any waiver will not be held until December.
Even the vice-chancellor of Oxford University, which produces one of the first western vaccines with a commercial partner at cost, has said a patent waiver won’t be “a quick fix”. Louise Richardson explained that creating the necessary infrastructure for vaccine production involves profound political, commercial and logistical challenges, which makes it hard to see how a patent-waiver “could increase vaccine supply this year”.
The alternative, Ms Richardson suggests, is for manufacturers to do the same as AstraZeneca – that is, transfer technology and support to sites around the world “and contribute to the development of infrastructure in low- and middle-income countries”.
There are signs of a push along those lines. Last week’s global health summit in Rome, hosted by European Commission president Ursula von der Leyen and Italy’s prime minister Mario Drasghi, promised to boost Africa’s capacity to manufacture vaccines. This would complement an AU goal to supply 60 per cent of Africa’s routine vaccine needs from within the continent by 2040. It currently stands at just 1 per cent.
This is good news. South Africa has already produced its first batch of Johnson & Johnson doses for the coronavirus. In Senegal, the Institut Pasteur is working with France and the European Investment Bank to produce 300 million vaccines a year for Covid-19 from 2022. Algeria will make the Russian Sputnik vaccine from September. Egypt, Tunisia and Morocco already have experience making vaccines for yellow fever, tetanus and cholera. Ghana, Kenya, Nigeria and Ethiopia also have potential. Rwanda is trying to get two mRNA vaccine manufacturers to set up in the country. The business case for such infrastructural investment is simple and goes beyond the pandemic. Childhood vaccines will always be needed, as will those for yellow fever, chikungunya, dengue and Zika.
Africa has much going for it, not least the new continent wide free-trade area, which came into force this year, creating a huge single market for vaccines.
That said, Africa too will need to do its bit. It has been many years since an African Medicines Agency was proposed as a regulatory and certifying authority for the continent but a treaty to establish this has not yet been ratified.
The pandemic’s human and economic costs on poorer parts of the world are immense but with effort on all sides, it may also force through long overdue change.
Rashmee Roshan Lall is a columnist for The National
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.”
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side 8 There are eight players per team 9 There have been nine Indoor Cricket World Cups for men. Australia have won every one. 5 Five runs are deducted from the score when a wickets falls 4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs B Side nets, between the striker and halfway down the pitch: 1 run C Side nets between halfway and the bowlers end: 2 runs D Back net: 4 runs on the bounce, 6 runs on the full
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
RACE CARD
6.30pm: Maiden (TB) Dh82,500 (Dirt) 1,200m
7.05pm: Maiden (TB) Dh82,500 (D) 1,900m
7.40pm: Handicap (TB) Dh102,500 (D) 2,000m
8.15pm: Conditions (TB) Dh120,000 (D) 1,600m
8.50pm: Handicap (TB) Dh95,000 (D) 1,600m
9.25pm: Handicap (TB) Dh87,500 (D) 1,400m
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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
Details
Through Her Lens: The stories behind the photography of Eva Sereny
Forewords by Jacqueline Bisset and Charlotte Rampling, ACC Art Books
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Suspend strict budget rules to allow member countries to step up defence spending
Create new "instrument" providing €150 billion of loans to member countries for defence investment
Use the existing EU budget to direct more funds towards defence-related investment
Engage the bloc's European Investment Bank to drop limits on lending to defence firms
Create a savings and investments union to help companies access capital
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
UAE jiu-jitsu squad
Men: Hamad Nawad and Khalid Al Balushi (56kg), Omar Al Fadhli and Saeed Al Mazroui (62kg), Taleb Al Kirbi and Humaid Al Kaabi (69kg), Mohammed Al Qubaisi and Saud Al Hammadi (70kg), Khalfan Belhol and Mohammad Haitham Radhi (85kg), Faisal Al Ketbi and Zayed Al Kaabi (94kg)
Women: Wadima Al Yafei and Mahra Al Hanaei (49kg), Bashayer Al Matrooshi and Hessa Al Shamsi (62kg)
Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
Sustainable Development Goals
1. End poverty in all its forms everywhere
2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture
3. Ensure healthy lives and promote well-being for all at all ages
4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all
5. Achieve gender equality and empower all women and girls
6. Ensure availability and sustainable management of water and sanitation for all
7. Ensure access to affordable, reliable, sustainable and modern energy for all
8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation
10. Reduce inequality within and among countries
11. Make cities and human settlements inclusive, safe, resilient and sustainable
12. Ensure sustainable consumption and production patterns
13. Take urgent action to combat climate change and its effects
14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development
15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss
16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels
17. Strengthen the means of implementation and revitalise the global partnership for sustainable development
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
Final round
25 under - Antoine Rozner (FRA)
23 - Francesco Laporta (ITA), Mike Lorenzo-Vera (FRA), Andy Sullivan (ENG), Matt Wallace (ENG)
21 - Grant Forrest (SCO)
20 - Ross Fisher (ENG)
19 - Steven Brown (ENG), Joakim Lagergren (SWE), Niklas Lemke (SWE), Marc Warren (SCO), Bernd Wiesberger (AUT)
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
