The UAE has emerged as a melting pot for diverse businesses, attracting entrepreneurs and enterprises from all corners of the world.
The dynamic hub’s strategic location, business-friendly policies and modern infrastructure have fostered an environment conducive to innovation and growth.
In addition, the UAE’s open economy and free zones offer numerous incentives, including 100 per cent foreign ownership, tax exemptions and streamlined regulations, making it an ideal destination for international companies seeking to establish a presence in the Middle East.
World's most powerful passports – in pictures
It is no surprise that in this increasingly interconnected and globalised world, businesses and entrepreneurs in the UAE are constantly seeking to expand their reach and seize international opportunities.
One way of doing this is using the UAE’s position as a travel hub to visit other countries for conferences and further networking.
Unfortunately, not all passports carry the same level of strength.
For those with passports that need to obtain a visa to certain countries, the traditional application process can present significant hurdles that hinder the mobility and growth potential of people and their companies, leading to time-consuming delays and additional costs.
This is where obtaining a second passport can be a game-changer, offering businesspeople in the UAE greater freedom of movement and enhancing their company’s global branding.
Here are a few more reasons why getting a second passport can help to bring you and your business to new heights.
Global mobility and business opportunities
Global mobility is the cornerstone of modern businesses. Entrepreneurs and business leaders are constantly on the lookout for potential markets, partnerships and investment opportunities across borders.
A second passport can significantly enhance their ability to travel seamlessly to foreign countries, opening up new horizons and expanding business networks beyond domestic borders.
With greater mobility, entrepreneurs can attend international conferences, negotiate deals and explore untapped markets, ultimately leading to increased business growth and success.
Overcoming visa hurdles
The traditional visa application process can be lengthy, uncertain and burdensome, often requiring people to undergo rigorous background checks and provide extensive documentation.
Delays in visa approvals can lead to missed business opportunities, affecting a company's reputation and hindering its expansion plans.
Having a second passport can alleviate these challenges by providing visa-free or visa-on-arrival access to numerous countries.
This newfound freedom can save valuable time and resources, enabling businesspeople to focus on their core objectives and seize opportunities promptly.
Strengthening global branding
In the global business landscape, reputation and branding are critical.
A second passport from a country known for its strong international standing can positively affect a business's image.
It reflects that the businessperson is a global citizen with ties to multiple jurisdictions, fostering trust among potential partners and clients worldwide.
As businesses increasingly operate across borders, having strong global branding is an invaluable asset that can lead to increased credibility and, consequently, more opportunities.
Diversification and risk management
In an unpredictable geopolitical climate, having a second passport can act as a form of insurance against unforeseen risks.
It provides a safety net in case of political instability, economic downturns or sudden changes in visa regulations in the home country.
Diversifying citizenship can offer entrepreneurs and their families greater security and flexibility, ensuring that their businesses can continue to thrive regardless of external challenges.
Access to favourable business jurisdictions
Some countries offer unique business advantages, such as favourable tax regimes, business-friendly regulations and access to global financial markets.
By obtaining a second passport from one of these jurisdictions, entrepreneurs can tap into these benefits and optimise their business operations.
Moreover, having a presence in several countries can facilitate cross-border transactions and help businesses to avoid excessive bureaucracy and red tape in certain regions.
Cultivating a global mindset
In 2023, the business landscape demands adaptability, agility and a global mindset.
Furthermore, having a global mindset is crucial in the current business landscape and a second passport can create a powerful synergistic effect, leading to exponential growth and international success.
However, it is crucial to note that the process of obtaining a second passport is subject to various legal and regulatory considerations.
Engaging with experienced immigration professionals and legal advisers is vital to navigate the complexities involved and ensure a smooth and lawful transition.
With careful planning and the right strategies, a second passport can become a catalyst for unparalleled opportunities.
Veronica Cotdemiey is chief executive of Citizenship Invest
More from Rashmee Roshan Lall
The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
MATCH INFO
Who: UAE v USA
What: first T20 international
When: Friday, 2pm
Where: ICC Academy in Dubai
UAE currency: the story behind the money in your pockets
UAE%20v%20West%20Indies
%3Cp%3EFirst%20ODI%20-%20Sunday%2C%20June%204%20%0D%3Cbr%3ESecond%20ODI%20-%20Tuesday%2C%20June%206%20%0D%3Cbr%3EThird%20ODI%20-%20Friday%2C%20June%209%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EMatches%20at%20Sharjah%20Cricket%20Stadium.%20All%20games%20start%20at%204.30pm%0D%3Cbr%3E%0D%3Cbr%3E%3Cstrong%3EUAE%20squad%3C%2Fstrong%3E%0D%3Cbr%3EMuhammad%20Waseem%20(captain)%2C%20Aayan%20Khan%2C%20Adithya%20Shetty%2C%20Ali%20Naseer%2C%20Ansh%20Tandon%2C%20Aryansh%20Sharma%2C%20Asif%20Khan%2C%20Basil%20Hameed%2C%20Ethan%20D%E2%80%99Souza%2C%20Fahad%20Nawaz%2C%20Jonathan%20Figy%2C%20Junaid%20Siddique%2C%20Karthik%20Meiyappan%2C%20Lovepreet%20Singh%2C%20Matiullah%2C%20Mohammed%20Faraazuddin%2C%20Muhammad%20Jawadullah%2C%20Rameez%20Shahzad%2C%20Rohan%20Mustafa%2C%20Sanchit%20Sharma%2C%20Vriitya%20Aravind%2C%20Zahoor%20Khan%0D%3C%2Fp%3E%0A
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.”
UAE currency: the story behind the money in your pockets
THE%20SPECS
%3Cp%3EEngine%3A%203-litre%20V6%20turbo%20(standard%20model%2C%20E-hybrid)%3B%204-litre%20V8%20biturbo%20(S)%0D%3Cbr%3EPower%3A%20350hp%20(standard)%3B%20463hp%20(E-hybrid)%3B%20467hp%20(S)%0D%3Cbr%3ETorque%3A%20500Nm%20(standard)%3B%20650Nm%20(E-hybrid)%3B%20600Nm%20(S)%0D%0D%3Cbr%3EPrice%3A%20From%20Dh368%2C500%0D%3Cbr%3EOn%20sale%3A%20Now%3C%2Fp%3E%0A
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Simran
Director Hansal Mehta
Stars: Kangana Ranaut, Soham Shah, Esha Tiwari Pandey
Three stars
ULTRA PROCESSED FOODS
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- Margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars
- Energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- Infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes
- Many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
More from Neighbourhood Watch
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
Klopp at the Kop
Matches 68; Wins 35; Draws 19; Losses 14; Goals For 133; Goals Against 82
- Eighth place in Premier League in 2015/16
- Runners-up in Europa League in 2016
- Runners-up in League Cup in 2016
- Fourth place in Premier League in 2016/17
The specs
Engine: 4.0-litre, twin-turbocharged V8
Transmission: nine-speed automatic
Power: 630bhp
Torque: 900Nm
Price: Dh810,000
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
