Dubai offers a freelance licence called a talent pass as part of its drive to attract and retain global talent.
The scheme is run by the Dubai Airport Free Zone (DAFZ) and aimed at industries including arts, media, technology, marketing, culture, education and consultancy.
The pass was launched in January 2022 in line with the emirate's goal to boost its freelance workforce.
Freelancers with the talent pass are able to obtain a three-year residence visa and rent commercial office space in the DAFZ.
Here is everything you need to know about the talent pass.
What is the talent pass?
The talent pass is a freelance licence being offered by DAFZ and is targeted at freelance workers, especially within creative sectors.
This initiative will further boost the free zone’s business environment and strengthen Dubai’s position as a global destination for innovators and talent, a statement from DAFZ said.
“When the Covid-19 pandemic broke out in 2020, there was the rise of the gig economy. The talent pass freelance licence helps to make this service more legit,” said Abdulaziz Al Hammadi, senior vice president – marketing and business growth at DAFZ.
What are the benefits of the talent pass?
The talent pass offers freelancers a three-year residence visa and a licence.
"Dubai Culture and the General Directorate of Residency and Foreigners Affairs will also offer a golden visa to eligible talent pass holders validated by DAFZ," Mr Al Hammadi said.
Dubai Culture and the General Directorate of Residency and Foreigners Affairs will offer a golden visa to eligible talent pass holders validated by DAFZ
Abdulaziz Al Hammadi,
senior vice president – marketing and business growth, DAFZ
“Issuing a golden visa is a defined process between Dubai Culture and GDRFA, depending on the submission of profile and recommendation."
Talent pass holders are not required to rent office space in the free zone and can operate their business from anywhere. However, licence holders have the option to operate a dedicated desk and leverage other business facilities the free zone offers such as meeting rooms, he said.
These licence holders can also access a directory of free zone companies who can hire their services. “For instance, companies in the free zone might require an editor or a photographer. They can hire the talent through a centralised directory of freelancers who are licensed by DAFZ,” Mr Al Hammadi said.
Free zone customers range from international companies to small and medium enterprises as well as entrepreneurs.
How do you apply for the talent pass?
Applications for the talent pass should be made via the DAFZ website - https://www.dafz.ae/en/talent-pass/
How much does a talent pass cost?
The talent pass costs Dh9,500 ($2,586) and is renewable annually, Mr Al Hammadi said. However, the renewal fee varies, depending on the category of the visa applied for and the applicant’s profile.
What documents are required for a talent pass?
The following is required when applying for the freelance licence:
- Passport copy
- Current visa copy (if applicable)
- Portfolio/educational degree/reference letters
- Proof of previous experience in the field
- CV
- Service list and fees
The DAFZ website adds that those engaged in "tech activities" must either have a relevant education degree, a letter from an employer detailing their experience, or proof of relevant training courses.
If the user is a graduate in the specialised field, they do not need to submit a letter of recommendation, Mr Al Hammadi said.
DAFZ will evaluate and process applications for the talent pass and issue licences to practise commercial activities within the free zone.
Why did DAFZ launch the talent pass?
This initiative will further boost the free zone’s business environment and strengthen Dubai’s position as a global destination for innovators and talent, a statement from DAFZ said.
“When the Covid-19 pandemic broke out in 2020, there was the rise of the gig economy. The talent pass freelance licence helps to make this service more legit,” Mr Al Hammadi said.
What the experts say
The talent pass initiative is similar to the Tecom Group’s GoFreelance licence that was launched to attract freelance talent to Dubai Media City, Dubai Internet City, Dubai Knowledge Park and Dubai Design Destrict, said David McKenzie, group managing director of recruitment agency Mackenzie Jones. It costs Dh7,500 a year, he said.
“DAFZ realised that the local economy is moving towards a gig economy where we encourage freelancers to base themselves in the UAE and work globally. We are going to start to move to a freelance economy because it’s cheaper for companies to operate on that basis,” he said.
The talent pass is just another way of attracting talent with different skills to the market
David McKenzie,
group managing director, Mackenzie Jones
The talent pass is another way of attracting talent with different skills to the market, he said.
The existing licences offered by DAFZ focus more on the business, trade and service industries and not much on professionals in the creative industry. This new category will act as a bridge connecting the global talent with a rewarding platform, said M R Raghu, chief executive of Marmore Mena Intelligence.
“This seems to be an extension of various initiatives taken to encourage the emirate’s creative segment. Dubai seems to be focusing on increasing the creative sector’s contribution to its gross domestic product and of late it has been introducing different reforms in that regard,” he said.
“This is also a response to the evolving business needs in the post-pandemic era.”
How else is Dubai promoting its creative industries?
Dubai seeks to make its creative and cultural sectors a vital part of its economy.
In November, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, launched the UAE’s National Strategy for the Cultural and Creative Industries to promote the growth of these sectors and increase their contribution to the country’s gross domestic product, accounting for 5 per cent of output over the next decade.
Also on the agenda is a plan to double the number of businesses operating in the sector as well as creating new jobs and raising the average income of workers.
In December, the Dubai Culture and Arts Authority and the Department of Economy and Tourism unveiled a Creatives Journey initiative with the goal of providing the legislative, investment and technical environment necessary for the growth of the sector. It will help creative talent establish businesses within minutes.
“Sheikh Mohammed announced that Dubai will be the capital of creative talent. We wanted to increase our contribution to the creative economy,” said Mr Al Hammadi.
Tributes from the UAE's personal finance community
• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style
“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.
Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term.
From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”
• Sam Instone, director of financial advisory firm AES International
"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed. Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."
• Demos Kyprianou, a board member of SimplyFI.org
"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."
• Steve Cronin, founder of DeadSimpleSaving.com
"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.
His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.
Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."
• Zach Holz, who blogs about financial independence at The Happiest Teacher
"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen. He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”
• Tuan Phan, a board member of SimplyFI.org
"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."
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Results
6.30pm: Dubai Millennium Stakes Group Three US$200,000 (Turf) 2,000m; Winner: Ghaiyyath, William Buick (jockey), Charlie Appleby (trainer).
7.05pm: Handicap $135,000 (T) 1,600m; Winner: Cliffs Of Capri, Tadhg O’Shea, Jamie Osborne.
7.40pm: UAE Oaks Group Three $250,000 (Dirt) 1,900m; Winner: Down On Da Bayou, Mickael Barzalona, Salem bin Ghadayer.
8.15pm: Zabeel Mile Group Two $250,000 (T) 1,600m; Winner: Zakouski, James Doyle, Charlie Appleby.
8.50pm: Meydan Sprint Group Two $250,000 (T) 1,000m; Winner: Waady, Jim Crowley, Doug Watson.
'Gold'
Director:Anthony Hayes
Stars:Zaf Efron, Anthony Hayes
Rating:3/5
The specs: 2019 Infiniti QX50
Price, base: Dh138,000 (estimate)
Engine: 2.0L, turbocharged, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 268hp @ 5,600rpm
Torque: 380Nm @ 4,400rpm
Fuel economy: 6.7L / 100km (estimate)
MATCH INFO
Europa League final
Who: Marseille v Atletico Madrid
Where: Parc OL, Lyon, France
When: Wednesday, 10.45pm kick off (UAE)
TV: BeIN Sports
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
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Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
Biography
Favourite book: Zen and the Art of Motorcycle Maintenance
Holiday choice: Anything Disney-related
Proudest achievement: Receiving a presidential award for foreign services.
Family: Wife and three children.
Like motto: You always get what you ask for, the universe listens.
The Bio
Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity
Another way to earn air miles
In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.
An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.
“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.
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The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
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