Iran identifies first case of monkeypox


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Iran has identified its first case of monkeypox after a woman in the city of Ahvaz tested positive, agencies reported on Tuesday.

It comes as the World Health Organisation called on the public to help change the name of the virus.

The case in Iran was reported by the semi-official Fars agency. The patient, 34, was “immediately quarantined” and after final tests she is now staying at home, said another agency, Isna.

Iran was the first country in the Middle East to report cases of the coronavirus.

But monkeypox, now considered by the WHO as an epidemic, has already been reported in Lebanon, Morocco and the UAE.

Experts have also recently issued a warning that the disease can spread to pets.

A report from France last week showed that a dog was infected with the virus. It's owners said it had been allowed to sleep on their bed.

The animal, an Italian greyhound, developed skin lesions and was later diagnosed with the virus.

Last week, the WHO said monkeypox spreads through human-to-human contact. It appealed to people not to hurt animals, after primates were attacked in Brazil following a surge in cases there.

Calls to change name of disease

The WHO is also calling on the public to help change the name of the virus to “align the names of the monkeypox disease, virus and variants with current best practices”.

People are able to submit proposals through a website set up by the organisation.

“Current best practice is that newly identified viruses, related disease and virus variants should be given names with the aim to avoid causing offence to any cultural, social, national, regional, professional or ethnic groups, and minimise any negative impact on trade, travel, tourism or animal welfare,” the WHO said.

Monkeypox has been known to doctors since at least the 1970s and has been a serious challenge in Africa for years.

With only a limited global supply of vaccines, authorities are racing to stop the spread of the disease.

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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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