Question: I have been approached about moving to Saudi Arabia to take up a senior role. I am getting conflicting information, so would like to know if I would be able to sponsor my husband? I was told by one person that women cannot sponsor their husbands but someone else said it is possible.
I can’t move without my spouse and our young children, so need to know before I make any decisions. RC, UK
Answer: It can be possible, but it depends on the type of visa and contract that RC is offered. It needs to provide for family sponsorship, so the potential employer needs to confirm that.
The contract of employment must state “family status”. It is extremely hard to change to this if that is not how the initial contract and Iqama (residence permit) are set up.
RC can apply for residency permits for her husband and children after hers has been issued, and it is always easier if the employer assists. Her husband’s iqama will state that he is not permitted to work. If he wishes to take up employment at some time in the future, he will need to be sponsored by his employer.
Q: My father is due to travel to Abu Dhabi soon to stay with us for a few weeks. He sent us a copy of his passport and there are only five months left before it expires. I was told by a friend that people need six months to enter the UAE, but that sometimes three months is OK.
I’d like to know if he can travel here to visit us without having to renew his passport. ON, Abu Dhabi
A: The rules are generally strict regarding having six months’ validity on a passport to enter the UAE, or indeed any country, unless someone has residency or is a citizen.
As in most of the world, the UAE requires visitors to have a passport with validity of at least six months upon entry. Without that, a person is unlikely to be permitted to check in for the flight as the airlines have initial responsibility and can be fined if they allow someone to board an aircraft without the correct documentation and passport validity.
I have heard of cases where people have been able to board a non-national carrier and been refused entry at UAE immigration. That is not a risk anyone should take.
There can sometimes be exemptions given for compassionate reasons, but not for a holiday. ON’s father will need to renew his passport before travelling to the UAE.
For expatriates with valid UAE residency visas who wish to enter the UAE, the minimum validity is three months.
Q: I have resigned from my job and am working through my notice period. I have another job lined up and will start that soon after a short holiday.
I don’t want my bank account to be frozen as I have bills to pay. My question is whether my employer has to notify my bank that it is my last payment from them?
I also have a small balance outstanding on a credit card. Is there anything I can do to stop my account being frozen? AL, Dubai
A: When someone receives their last salary payment before leaving employment, it is standard for the payment to be marked as “final settlement”. Indeed, the employer is obliged to do this, especially when they are aware that someone may have outstanding liabilities, such as a personal loan or other debts.
A company can be fined for failing to follow the law. Once a bank is informed of a final salary payment, they are likely to freeze an account, especially where there are outstanding liabilities.
The reason for this is that so many people have withdrawn their money and left the country without repaying what they owe. This course of action reduces the debt problems for banks.
The timescale of a bank unfreezing an account will vary. If there are no debts, then an account should be unfrozen very quickly.
Where an individual expects an account to be frozen, it would be wise to withdraw some cash before the last salary payment
Some banks will apply the final salary payment and any end-of-service gratuity against the debt, so AL needs to check the terms of his account.
Where there is an outstanding debt, certain banks will only unfreeze an account on being shown sight of a new job offer or a new employment visa. Some will not unfreeze an account until the first new salary payment is made.
In a situation where an individual expects an account to be frozen, it would be wise to withdraw some cash before the last salary payment so that they can manage for a few weeks.
Having a good relationship with a bank and advising them of circumstances may also be helpful as it shows that there is every intention of repaying the debt and the bank may then be more amenable.
Contact her at keren@holbornassets.com or at www.financialuae.com
The advice provided in our columns does not constitute legal advice and is provided for information only
How to become a Boglehead
Bogleheads follow simple investing philosophies to build their wealth and live better lives. Just follow these steps.
• Spend less than you earn and save the rest. You can do this by earning more, or being frugal. Better still, do both.
• Invest early, invest often. It takes time to grow your wealth on the stock market. The sooner you begin, the better.
• Choose the right level of risk. Don't gamble by investing in get-rich-quick schemes or high-risk plays. Don't play it too safe, either, by leaving long-term savings in cash.
• Diversify. Do not keep all your eggs in one basket. Spread your money between different companies, sectors, markets and asset classes such as bonds and property.
• Keep charges low. The biggest drag on investment performance is all the charges you pay to advisers and active fund managers.
• Keep it simple. Complexity is your enemy. You can build a balanced, diversified portfolio with just a handful of ETFs.
• Forget timing the market. Nobody knows where share prices will go next, so don't try to second-guess them.
• Stick with it. Do not sell up in a market crash. Use the opportunity to invest more at the lower price.
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Evacuations to France hit by controversy
- Over 500 Gazans have been evacuated to France since November 2023
- Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
- The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
- Artists and researchers fall under a programme called Pause that began in 2017
- It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
- Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
- Unlike students, they are allowed to bring their families to France
Russia's Muslim Heartlands
Dominic Rubin, Oxford
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.”
Results
6.30pm: The Madjani Stakes (PA) Group 3 Dh175,000 (Dirt) 1,900m
Winner: Aatebat Al Khalediah, Fernando Jara (jockey), Ali Rashid Al Raihe (trainer).
7.05pm: Maiden (TB) Dh165,000 (D) 1,400m
Winner: Down On Da Bayou, Royston Ffrench, Salem bin Ghadayer.
7.40pm: Maiden (TB) Dh165,000 (D) 1,600m
Winner: Dubai Avenue, Fernando Jara, Ali Rashid Al Raihe.
8.15pm: Handicap (TB) Dh190,000 (D) 1,200m
Winner: My Catch, Pat Dobbs, Doug Watson.
8.50pm: Dubai Creek Mile (TB) Listed Dh265,000 (D) 1,600m
Winner: Secret Ambition, Tadhg O’Shea, Satish Seemar.
9.25pm: Handicap (TB) Dh190,000 (D) 1,600m
Winner: Golden Goal, Pat Dobbs, Doug Watson.
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
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Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
