Nomadic was born out of the need to simplify short-term travel compliance and ease the challenges associated with organising international trips and securing the necessary travel documentation.
Tailored to support business travel, the platform was launched in the UAE by US-based Fragomen, a company specialising in immigration services worldwide.
The start-up establishes travel profiles, setting risk tolerance, automating the completion and filing of applications, and managing the validity of existing permissions.
“I have believed for many years that Fragomen needed a market solution that enables total management for short-term global travel programmes. Nomadic is that solution,” says co-founder Brendan Ryan.
Nomadic originated from the team’s extensive experience within Fragomen and Mr Ryan’s own understanding as a partner in the firm, supporting clients in substantive immigration matters such as work permits, permanent residency and more.
“That often involved support for short-term business travel – both advising on visa restrictions, obtaining visas for travellers and supporting when problems arise,” says Mr Ryan, who is also chief executive of Nomadic.
Fragomen launched Nomadic in the UAE last year, amid the sharp recovery in travel after the Middle East’s strong economic recovery from the Covid-19 pandemic. However, globally, Nomadic was launched as an offshoot of Fragomen in 2018.
While the UAE is the only market in the Middle East Nomadic is present in currently, it is also present in India, Singapore, the UK and the US.
“We are also shortly opening in Germany and a number of other jurisdictions. However, through our vast network, we are able to provide support to clients in more than 70 countries,” says Mr Ryan.
He did not, however, say which other markets Nomadic will expand to in the Middle East.
“Our vision for Nomadic's presence and impact in the Middle East over the next few years is to establish ourselves as the leading business travel solution provider in the region, in line with the significant economic and travel growth that the Middle East is currently experiencing,” he says.
The company set up operations at a time when the region is experiencing a surge in demand for technology-driven travel solutions.
Nomadic says its technology is designed to ensure compliance with immigration regulations through real-time location tracking and automatic visa requirement updates.
Lingering pandemic travel restrictions, border digitalisation and other regulatory changes have led business travel to become an area of compliance risk, the company says.
“Our tech-driven solutions ensure timely and precise compliance, which is crucial in the Middle East’s rigorous regulatory environment. We also set the standard by prioritising data security, addressing the region’s strong emphasis on privacy,” Mr Ryan says.
With corporate companies as its clients, Nomadic customises solutions across business visas, passport services and document management.
The company was also key in streamlining UAE visa applications for people attending the Cop28 climate summit, which was held in Dubai in November.
Nomadic helped the process of completing online visa applications for attendees through Robotic Process Automation (RPA), which taps into stored data from a client’s traveller profile, completing applications in only four minutes – a task that manually would take about 35, he says.
“In a fully integrated process, our team can manage the entire end-to-end process to obtain the visa on behalf of the traveller,” says Mr Ryan.
The business travel industry has proven itself resilient after Covid as it moves into a new era of post-pandemic stabilisation.
Global business travel spending is forecast to hit a record $1.48 trillion by the end of this year and grow to nearly $1.8 trillion by 2027 amid stable economic conditions, according to the Global Business Travel Association (GBTA).
The rebound was led in 2023 by the US, the Middle East and Africa, and Latin America, all achieving 100 per cent or more of 2019 spending numbers, the travel body said.
The accelerated pace of recovery is due to pent-up demand, the return of in-person meetings and widespread economic recessions failing to materialise, as per GBTA's outlook report last year.
It said the two biggest drivers of stabilisation in the past six months have been the return of physical meetings and corporate events, as well as the recovery of some international business travel capacity and volumes.
Tourism industry expansion in the Middle East, meanwhile, is estimated to grow at a compound annual rate of 5.1 per cent until 2034, data from Future Market Insights indicates. The sector in the region is forecast to reach $453.28 billion by 2034, it said, from an estimated $275.64 billion this year.
Dubai alone hosted 9.31 million overnight international visitors from January to June this year, up by nearly 9 per cent annually, on the back of the emirate’s push to strengthen and expand its tourism sector.
Oversight of business visits and cross-border moves is now a pressing need for companies and their travelling workforces, says Nomadic.
A wholly owned business within Fragomen, Nomadic is “adequately funded”, says Mr Ryan.
“Nomadic is an important initiative of Fragomen, and it will continue to fund enhancements to the technology and the general growth of the business.”
However, challenges to growth remain. These include “regulatory complexity, client education and adoption, scalability and competition”, Mr Ryan says.
“One of our main challenges is dealing with the different rules and regulations for immigration in various countries,” he says. "We’re investing in smart technology to keep track of these changes and make sure our clients are always compliant.
“The UAE is a prime destination for business travellers, yet the market can become saturated with businesses offering similar services.”
The company is also investing in scalable infrastructure and expanding its workforce, Mr Ryan adds.
Q&A with Brendan Ryan, co-founder, Nomadic
Where do you want to be in five years?
Managing Nomadic, which will have grown to be the largest business travel compliance company.
If you could do it all differently, what would you change?
I would have started Nomadic five years earlier.
Who is your role model?
I have had the privilege of working with some brilliant people, but I have learnt the most from working closely for decades with the co-chair of Fragomen, Lance Kaplan.
What is your next big dream to make happen?
To continue to build Nomadic and then smoothly transitioning it to the next generation of leaders in the business.
Any plans for an initial public offering?
No current plans.
COMPANY PROFILE
Name: Nomadic
Started: 2018
Founder: Brendan Ryan
Based: New Jersey, US
Sector: IT Services and Consulting
Current number of staff: 150 employees
Investment stage: Privately funded investors, founder funding and Fragomen
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.”
Have you been targeted?
Tuan Phan of SimplyFI.org lists five signs you have been mis-sold to:
1. Your pension fund has been placed inside an offshore insurance wrapper with a hefty upfront commission.
2. The money has been transferred into a structured note. These products have high upfront, recurring commission and should never be in a pension account.
3. You have also been sold investment funds with an upfront initial charge of around 5 per cent. ETFs, for example, have no upfront charges.
4. The adviser charges a 1 per cent charge for managing your assets. They are being paid for doing nothing. They have already claimed massive amounts in hidden upfront commission.
5. Total annual management cost for your pension account is 2 per cent or more, including platform, underlying fund and advice charges.
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Recipe
Garlicky shrimp in olive oil
Gambas Al Ajillo
Preparation time: 5 to 10 minutes
Cooking time: 5 minutes
Serves 4
Ingredients
180ml extra virgin olive oil; 4 to 5 large cloves of garlic, minced or pureed (or 3 to 4 garlic scapes, roughly chopped); 1 or 2 small hot red chillies, dried (or ¼ teaspoon dried red chilli flakes); 400g raw prawns, deveined, heads removed and tails left intact; a generous splash of sweet chilli vinegar; sea salt flakes for seasoning; a small handful of fresh flat-leaf parsley, roughly chopped
Method
▶ Heat the oil in a terracotta dish or frying pan. Once the oil is sizzling hot, add the garlic and chilli, stirring continuously for about 10 seconds until golden and aromatic.
▶ Add a splash of sweet chilli vinegar and as it vigorously simmers, releasing perfumed aromas, add the prawns and cook, stirring a few times.
▶ Once the prawns turn pink, after 1 or 2 minutes of cooking, remove from the heat and season with sea salt flakes.
▶ Once the prawns are cool enough to eat, scatter with parsley and serve with small forks or toothpicks as the perfect sharing starter. Finish off with crusty bread to soak up all that flavour-infused olive oil.
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
Super Saturday race card
4pm: Mahab Al Shimaal Group 3 | US$350,000 | (Dirt) | 1,200m
4.35pm: Al Bastakiya Listed | $300,000 | (D) | 1,900m
5.10pm: Nad Al Sheba Turf Group 3 | $350,000 | (Turf) | 1,200m
5.45pm: Burj Nahaar Group 3 | $350,000 | (D) | 1,600m
6.20pm: Dubai City of Gold Group 2 | $300,000 | (T) | 2,410m
6.55pm: Al Maktoum Challenge Round 3 Group 1 | $600,000 | (D) | 2,000m
7.30pm: Jebel Hatta Group 1 | $400,000 | (T) | 1,800m
HOW DO SIM CARD SCAMS WORK?
Sim swap frauds are a form of identity theft.
They involve criminals conning mobile phone operators into issuing them with replacement Sim cards, often by claiming their phone has been lost or stolen
They use the victim's personal details - obtained through criminal methods - to convince such companies of their identity.
The criminal can then access any online service that requires security codes to be sent to a user's mobile phone, such as banking services.
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MATCH INFO
Barcelona 4 (Messi 23' pen, 45 1', 48', Busquets 85')
Celta Vigo 1 (Olaza 42')
The Birkin bag is made by Hermès.
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.
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Crops that could be introduced to the UAE
1: Quinoa
2. Bathua
3. Amaranth
4. Pearl and finger millet
5. Sorghum
BAD%20BOYS%3A%20RIDE%20OR%20DIE
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Adil%20El%20Arbi%20and%20Bilall%20Fallah%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EWill%20Smith%2C%20Martin%20Lawrence%2C%20Joe%20Pantoliano%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203.5%2F5%3C%2Fp%3E%0A