A billboard in Manama, the capital of Bahrain, urges people to sign up for a voluntary vaccine. AFP
A billboard in Manama, the capital of Bahrain, urges people to sign up for a voluntary vaccine. AFP
A billboard in Manama, the capital of Bahrain, urges people to sign up for a voluntary vaccine. AFP
A billboard in Manama, the capital of Bahrain, urges people to sign up for a voluntary vaccine. AFP

Talks ongoing ahead of Bahrain's Janssen single shot vaccine roll-out


Nick Webster
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A single shot coronavirus vaccine supplied by Janssen is yet to be added to the inoculation schedule in Bahrain after the Belgian drug maker said discussions with the government in Manama were continuing.

As The National reported on Monday, supplies of the vaccine by Johnson & Johnson-owned Janssen were expected to arrive in Bahrain.

Residents were able to access the Sinopharm, Pfizer-BioNTech, AstraZeneca and Sputnik V vaccines on Wednesday. They can choose a vaccine where available.

Bahrain was the first Gulf nation, and one of the first worldwide, to approve the vaccine for use after the US last week.

"We are in ongoing discussions with kingdom of Bahrain government authorities regarding supply of the Janssen Covid-19 vaccine. However, the details of these negotiations are confidential," a representative of Johnson & Johnson said.

“We will provide an update as and when an agreement is finalised.”

In December 2020, Janssen reached an agreement in principle with Gavi, the Vaccine Alliance to provide up to 500 million doses of its coronavirus vaccine candidate in support of the Covax facility.

Covax is designed to meet the initial vaccination needs of 190 participant economies, including Bahrain.

It is jointly led by the Coalition for Epidemic Preparedness Innovations, Gavi and the World Health Organisation, alongside delivery partner Unicef.

Its aim is to accelerate the development and manufacture of vaccines, and to guarantee fair and equitable access for every country in the world.

Similar to the UAE, Bahrain was among global leaders in the race to vaccinate its small population.

Since the early days of the roll-out, the nation has faced setbacks as supplies of scheduled vaccines slowed.

So far, Bahrain has administered vaccines providing protection to roughly 17 per cent of the population.

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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.”

Abu Dhabi World Pro 2019 remaining schedule:

Wednesday April 24: Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-6pm

Thursday April 25:  Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-5pm

Friday April 26: Finals, 3-6pm

Saturday April 27: Awards ceremony, 4pm and 8pm

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