Russia’s development of the Sputnik V vaccine is an example of "how sovereign wealth funds [can] mobilise their capital … to invest in breakthrough projects around the world", the head of the Russian Direct Investment Fund said.
"We, from the beginning of the pandemic, really focused on how we, as a fund, can make the best contribution to fight the pandemic," Kirill Dmitriev, RDIF’s chief executive said last week in an address to the Future Investment Initiative.
"We believe … sovereign wealth funds can be more and more socially responsible and really focus on solving some of the biggest challenges for the world, such as pandemics."
RDIF was set up in 2011 to make co-investments alongside other global investors and currently has about $10bn of reserved capital under management.
It began funding the development of the Sputnik V vaccine produced by Moscow’s Gamaleya Centre last year.
More than 1.5 million people have already received the vaccine, RDIF said on January 21 after the UAE's Ministry of Health approved its use. Hungary became the first European Union nation to authorise the vaccine on the same day.
"We focused on having [a] vaccine that is not only more than 90 per cent efficient but also is safe, can be stored at good temperature and can actually be affordable for the world," Mr Dmitriev said.
The vaccine can be stored at between 2-10 degrees Celsius and costs less than $10 per shot.
The fund is working with a number of other countries, including Brazil, China, India and South Korea, to facilitate local production of the vaccine. It is also co-operating with UK-based pharmaceuticals company AstraZeneca on a trial "to increase the efficacy of their vaccine by using one of our shots", Mr Dmitriev said.
RDIF is also seeking to deepen its relationship with Saudi Arabia, he said.
"We see major partnerships that we have built with Saudi Arabia through oil ... where we were able to stabilise energy markets. We enjoy $2.6bn of joint investments with the Public Investment Fund of Saudi Arabia," he added.
Russia can do "many more deals" through the joint business council between the two nations covering new areas of technology, Mr Dmitriev said.
"We believe the new horizons … is about genetics, it’s about artificial intelligence," he said.
"We are confident that by working very closely with PIF and with the Ministry of Investment of Saudi Arabia, we will continue to invest in breakthrough projects and technologies that will really transform the kingdom [into] being a consumer in some of those sectors to really being a producer and one of the most vibrant creators of technological content."
EPL's youngest
- Ethan Nwaneri (Arsenal)
15 years, 181 days old
- Max Dowman (Arsenal)
15 years, 235 days old
- Jeremy Monga (Leicester)
15 years, 271 days old
- Harvey Elliott (Fulham)
16 years, 30 days old
- Matthew Briggs (Fulham)
16 years, 68 days old
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Key changes
Commission caps
For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:
• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term).
• On the protection component, there is a cap of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).
• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated.
• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.
• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.
Disclosure
Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.
“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”
Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.
Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.
“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.
Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
