A doctor at a hospital treating coronavirus patients in Egypt’s Suez Canal city of Ismailia on Sunday became the first person in the nation to be vaccinated.
Dr Abdel Monaim Salim, who is in his 30s, was injected with the vaccine from Chinese company Sinopharm in Ismailia’s Abu Khalifa hospital, as Health Minister Hala Zayed looked on.
“I work at the hospital’s intensive care unit, where my chances of infection are greater than anyone else,” Dr Salim said after his vaccination.
“The vaccine is certainly less of a danger than what I am exposed to at work. I believe in and trust the vaccine.”
Ms Zayed, who has been the face of the government’s campaign to contain the virus since it hit last year, said medical staff dealing with Covid-19 patients were the top priority in the government’s vaccine campaign.
Next come medical staff handling non-Covid-19 patients and then elderly people with chronic or immunity-related conditions.
At least 300 doctors have died with Covid-19 since the outbreak in February last year, while at least 5,000 were infected with the deadly respiratory disease.
“We will never forget them. Their memory will forever be in our hearts,” Ms Zayed said.
Sunday’s vaccination came as the country was gripped by a second wave of the virus.
The Health Ministry has for the past week reported about 1,000 new infections daily and fewer than 60 fatalities.
But government officials and experts said that while the ministry’s figures were a reliable indicator of the curve, the cases might be 10 times those numbers.
Fearing an economic meltdown, the government is determined not to order a repeat of the March-July lockdown that battered the economy and hurt businesses.
Its message has chiefly centred around preventive measures such as wearing masks in crowded public places and keeping distance.
Egypt, home to more than 100 million people, took delivery of the Sinopharm vaccine in December and, Ms Zayed said, reserved as many as 100 million doses of this and other vaccines.
She said more vaccines were due to arrive in the next few days from various sources, but she gave no details.
Medical workers will receive the vaccination at their workplace, while ordinary Egyptians will receive it at centres in each of the country’s 27 provinces.
It will be given free of charge to Egyptians who cannot afford to pay and to wealthier people at a small fee, Ms Zayed said.
“Egypt today became the first nation in Africa to roll out a vaccination programme,” she said.
Cairo also held talks with representatives of several pharmaceutical companies producing coronavirus vaccines to make them locally, Ms Zayed said.
“We aim to meet our needs and export to the rest of Africa.”
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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The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en