The UAE is the only Arab country ranked on the list of the world's top 20 most powerful passports in the first quarter of 2022, according to the Henley Passport Index.
The Emirates moved up one place into 15th place on the global index, the highest spot the Arab world's second-largest economy has achieved since the index was launched in 2006.
UAE passport holders can now enter 175 destinations around the world visa-free, according to the index, which ranks the strength of 199 passports.
Japan and Singapore were crowned joint first on the Henley Passport Index, which assesses the travel documents based on how many countries citizens have access to without the need for a visa, using data from the International Air Transport Association.
Passport holders of the two Asian countries can now enter 192 destinations around the world visa-free – 166 more than Afghans, who rank last and only have access to 26 countries where they do not require a visa in advance, according to the research findings released on Tuesday.
“Passports and visas are among the most important instruments [affecting] social inequality worldwide as they determine opportunities for global mobility,” said Christian Kaelin, chairman of global investment migration company Henley & Partners.
Germany and South Korea held on to joint second spot, with their passport holders able to enter 190 destinations visa-free, while Finland, Italy, Luxembourg and Spain shared third place, with their citizens having visa-free access to 189 destinations.
US and UK passports regained some of their previous strength after falling to eighth place in 2020 – the lowest spot held by either country in the index’s 16-year history.
Both countries are now ranked sixth, with a visa-free/visa-on-arrival score of 186, according to the index.
Ukraine and Georgia also made significant progress, with both moving up 25 spots in the rankings over the past 10 years, making them the highest climbers in the Commonwealth of Independent States region.
Passports and visas are among the most important instruments [affecting] social inequality worldwide as they determine opportunities for global mobility
Christian Kaelin,
chairman of Henley & Partners
In the Middle East, Qatar is ranked 53rd, followed closely by Kuwait in 54th place. Bahrain is ranked 62nd while Oman is 64th and Saudi Arabia is in 65th position.
The most recent data from the Henley Passport Index shows a worrying gap in global mobility, the biggest in the index’s history.
In 2006, a person could, on average, visit 57 countries without needing a visa in advance, according to Henley & Partners. Today, that number has grown to 107.
However, the overall increase masks a growing disparity between countries, with citizens from nations such as Sweden and the US able to visit more than 180 destinations visa-free while passport holders from Angola, Cameroon and Laos are only able to enter about 50 countries.
Wealthier countries’ gains in travel freedom have come at the expense of poorer countries, which have experienced mounting barriers to entry in recent years, according to research by Henley & Partners.
“The research reinforces the harsh realities of global mobility today: if you are fortunate enough to have a passport from a rich and stable country – regardless of form of government – you can move relatively easily across international borders,” said Erol Yayboke, director of the Project on Fragility and Mobility at the Centre for Strategic and International Studies in Washington.
“If not, the difficulties of poverty and conflict forcing you to leave home are just the beginning of a tough journey abroad.”
Meanwhile, the movement restrictions imposed to contain the spread of Covid-19 resulted in a wider global move to embrace other citizenships, the research found.
Ultra-high-net-worth individuals (UHNWI) are seeking alternative residencies and citizenship as a result of the pandemic, property consultancy Knight Frank said in a report last year.
Globally, about a quarter of UHNWIs planned to apply for a second passport or citizenship in 2020, the Knight Frank survey said.
“During the current economic crisis, countries with established residence-by-investment programmes have benefitted from the alternative revenue stream,” said Juerg Steffen, chief executive of Henley & Partners.
"Clearly, governments that adjust their policies to allow foreign investors to settle with ease will win the competitive race for both revenue and talent in 2022."
The UAE announced last year that non-Emiratis can obtain Emirati citizenship. Skilled professionals will be nominated by government or royal court officials.
People eligible for nomination include investors, people with specialist qualifications – such as doctors or scientists – as well as artists and other “talented” or “creative” people.
The strongest passports in the first quarter of 2022:
- Japan and Singapore
- Germany and South Korea
- Finland, Italy, Luxembourg and Spain
- Austria, Denmark, France, Netherlands and Sweden
- Ireland and Portugal
- Belgium, New Zealand, Norway, Switzerland, the UK and the US
- Australia, Canada, Czech Republic, Greece and Malta
- Hungary and Poland
- Lithuania and Slovakia
- Estonia, Latvia and Slovenia
The weakest passports in the first quarter of 2022:
- Afghanistan
- Iraq
- Syria
- Pakistan
- Yemen
- Somalia
- Nepal and Palestine
- North Korea
- Bangladesh, Kosovo and Libya
- Lebanon, Sri Lanka and Sudan
UAE jiu-jitsu squad
Men: Hamad Nawad and Khalid Al Balushi (56kg), Omar Al Fadhli and Saeed Al Mazroui (62kg), Taleb Al Kirbi and Humaid Al Kaabi (69kg), Mohammed Al Qubaisi and Saud Al Hammadi (70kg), Khalfan Belhol and Mohammad Haitham Radhi (85kg), Faisal Al Ketbi and Zayed Al Kaabi (94kg)
Women: Wadima Al Yafei and Mahra Al Hanaei (49kg), Bashayer Al Matrooshi and Hessa Al Shamsi (62kg)
Scorecard
Scotland 220
K Coetzer 95, J Siddique 3-49, R Mustafa 3-35
UAE 224-3 in 43,5 overs
C Suri 67, B Hameed 63 not out
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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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Engine 3.9L twin-turbo V8
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Saturday's results
West Ham 2-3 Tottenham
Arsenal 2-2 Southampton
Bournemouth 1-2 Wolves
Brighton 0-2 Leicester City
Crystal Palace 1-2 Liverpool
Everton 0-2 Norwich City
Watford 0-3 Burnley
Manchester City v Chelsea, 9.30pm
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
