• A Syrian municipality worker disinfects a bus in the northern city of Aleppo. AFP
    A Syrian municipality worker disinfects a bus in the northern city of Aleppo. AFP
  • A Palestinian worker wearing a protective face mask cleans a table as another sanitises a classroom at a UN-run school before the start of new academic year, amid concerns about the spread of the coronavirus, in Gaza City. Reuters
    A Palestinian worker wearing a protective face mask cleans a table as another sanitises a classroom at a UN-run school before the start of new academic year, amid concerns about the spread of the coronavirus, in Gaza City. Reuters
  • A shopkeeper wearing a protective mask looks at his mobile phone as he waits for customers at Grand Bazaar in Istanbul, Turkey. Reuters
    A shopkeeper wearing a protective mask looks at his mobile phone as he waits for customers at Grand Bazaar in Istanbul, Turkey. Reuters
  • Yas Waterworld Abu Dhabi opens with 30 per cent capacity as Covid-19 restrictions are slowly withdrawn. Victor Besa / The National
    Yas Waterworld Abu Dhabi opens with 30 per cent capacity as Covid-19 restrictions are slowly withdrawn. Victor Besa / The National
  • Yas Waterworld Abu Dhabi opens with 30 per cent capacity as Covid-19 restrictions are eased gradually. Victor Besa / The National
    Yas Waterworld Abu Dhabi opens with 30 per cent capacity as Covid-19 restrictions are eased gradually. Victor Besa / The National
  • A souvenir shop at Yas Waterworld Abu Dhabi. Victor Besa / The National
    A souvenir shop at Yas Waterworld Abu Dhabi. Victor Besa / The National
  • A Palestinian worker wearing a protective face mask cleans a classroom in a UN-run school before the start of a new academic year in Gaza City. Reuters
    A Palestinian worker wearing a protective face mask cleans a classroom in a UN-run school before the start of a new academic year in Gaza City. Reuters
  • An Iraqi man, wearing a protective mask waits at a money exchange office in Sulaimaniyah city. AFP
    An Iraqi man, wearing a protective mask waits at a money exchange office in Sulaimaniyah city. AFP
  • A Syrian municipality worker disinfects passing cars in the heart of the northern Syrian city of Aleppo. AFP
    A Syrian municipality worker disinfects passing cars in the heart of the northern Syrian city of Aleppo. AFP

Egypt reports dramatic fall in coronavirus cases

Interior Ministry said 66,836 public transport drivers have been ticketed over the past month for not wearing masks or allowing passengers to ride without one

Hamza Hendawi
Hamza Hendawi
Cairo

August 05, 2020

  • English
  • Arabic

Egypt appears to be bringing the battle against the coronavirus pandemic under control for now, posting steadily declining numbers of Covid-19 cases and fatalities as life in the country of 100 million people continues to move closer to normality.

The Health Ministry said late on Tuesday that a total of 94,752 Covid-19 cases had been recorded since the pandemic began in mid-February. Deaths from the disease reached 4,912, it added.

The actual number of cases and fatalities is believed to be much higher due to the large number of patients who show mild symptoms of the disease and are independently treated as well as the low number of tests conducted. However, the figures released daily by the ministry are a reliable indicator of the infections curve.

In the eight days up to Tuesday, the number of confirmed Covid-19 cases has declined every day, going from 465 on July 28 to just 112 on Tuesday, a staggering drop over an eight-day period. The figures are a far cry from June, the worst month of the epidemic in Egypt, when the number of cases averaged about 1,500 a day.

The number of fatalities during the July 28-August 4 period has been significantly down, although somewhat erratic. They ranged from 24 on Tuesday to 46 on July 30. They compare favourably to an average of 80-plus deaths during the first half of July and most of June.

The greatly reduced number of cases and fatalities in the last week followed the near-complete reopening of the country in late June, a move that led many to fear that the decision was hasty, put the economy before people’s well-being and could fuel the pandemic.

In the end, it seems the government was right and its forecast that the curve would be flattened by the second half of July was validated.

However, Egyptians are continuing to embrace a casual approach to the pandemic, raising fears that a second wave like the ones sweeping countries elsewhere in the world could hit in the autumn or winter. The government has repeatedly told Egyptians that, in the absence of a vaccine, they must learn to live with Covid-19 while social distancing, wearing masks and observing hygienic practices.

But most Egyptians ignore these rules, prompting the government to warn last week it would reintroduce “severe” measures if the number of cases rise again.

Providing evidence of the public’s negligence, the Interior Ministry, which oversees Egypt’s large police force, said on Tuesday that 66,836 public transport drivers have been ticketed over the past month for not wearing masks or allowing passengers to ride without one.

It said the police also fined 256 cafes and 9,912 stores nationwide for flouting regulations on business hours introduced as part of the fight against the coronavirus pandemic.

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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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If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

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