The news that Dubai is in consultation with the World Bank about the idea of pensions for expatriates, reported on Page One of The National yesterday, surely startled quite a few of our readers - and not in a bad way.
To be sure, the notion is still purely theoretical, and there would be years of obstacles and objections to overcome, and much study needed. But this idea deserves serious consideration, and at the federal level.
The potential benefits are significant for individuals, but there is also a less-apparent benefit for the UAE's economy: such a pool of capital, properly managed, could energise and diversify the UAE's economy. Today, much of the cash expatriates earn is sent abroad. Keeping more onshore would be a certain boon to the national books.
A pension fund - made up of contributions from employees, employers and even Government - would have to be invested prudently, with robust safeguards. Managers would have to be free to invest outside the country, but some share of the cash could be reserved for domestic investment - in bonds, in property or in local stock markets.
Naturally most people will assess this idea in terms of its effect on their own finances. And that effect could be substantial. Emiratis enjoy guaranteed pension plans, but expatriates are generally on their own. The end-of-service gratuity is capped at two years' pay by federal law, and only a few employers offer pension plans to foreign workers.
This leaves long-time residents with little to take home after even a 30-year career, unless they have provided for themselves. Human nature being what it is, few people focus on retirement saving until ripe middle age. A reliable UAE pension would be a considerable encouragement to skilled young professionals considering a move to this country, and could also prompt expatriates to stay longer.
A moment's thought reveals why such a plan would have to be federal: the competitive advantage for any one emirate would be so great that others would have to follow, and there's no advantage in a patchwork of pension regimes. Also, to the extent that there is a cost to government, not all emirates could afford to make the same contributions.
Any pension fund covering expatriates would need to be hedged with safeguards and managed transparently. The whole system would take a lot of rigorous planning, and even then might be shelved. One study in Abu Dhabi three years ago did not produce results. It is time to revisit.
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Transmission: Eight-speed automatic
Power: 355hp @ 5,500rpm
Torque: 500Nm @ 4,500rpm
Fuel economy, combined: 8.9L / 100km
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Newcastle v Manchester City
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'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
A list of the animal rescue organisations in the UAE
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Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Captain Marvel
Director: Anna Boden, Ryan Fleck
Starring: Brie Larson, Samuel L Jackson, Jude Law, Ben Mendelsohn
4/5 stars
ROUTE TO TITLE
Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2
Martin Sabbagh profile
Job: CEO JCDecaux Middle East
In the role: Since January 2015
Lives: In the UAE
Background: M&A, investment banking
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Three ways to limit your social media use
Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.
1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.
2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information.
3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.
US PGA Championship in numbers
1 Joost Luiten produced a memorable hole in one at the par-three fourth in the first round.
2 To date, the only two players to win the PGA Championship after winning the week before are Rory McIlroy (2014 WGC-Bridgestone Invitational) and Tiger Woods (2007, WGC-Bridgestone Invitational). Hideki Matsuyama or Chris Stroud could have made it three.
3 Number of seasons without a major for McIlroy, who finished in a tie for 22nd.
4 Louis Oosthuizen has now finished second in all four of the game's major championships.
5 In the fifth hole of the final round, McIlroy holed his longest putt of the week - from 16ft 8in - for birdie.
6 For the sixth successive year, play was disrupted by bad weather with a delay of one hour and 43 minutes on Friday.
7 Seven under par (64) was the best round of the week, shot by Matsuyama and Francesco Molinari on Day 2.
8 Number of shots taken by Jason Day on the 18th hole in round three after a risky recovery shot backfired.
9 Jon Rahm's age in months the last time Phil Mickelson missed the cut in the US PGA, in 1995.
10 Jimmy Walker's opening round as defending champion was a 10-over-par 81.
11 The par-four 11th coincidentally ranked as the 11th hardest hole overall with a scoring average of 4.192.
12 Paul Casey was a combined 12 under par for his first round in this year's majors.
13 The average world ranking of the last 13 PGA winners before this week was 25. Kevin Kisner began the week ranked 25th.
14 The world ranking of Justin Thomas before his victory.
15 Of the top 15 players after 54 holes, only Oosthuizen had previously won a major.
16 The par-four 16th marks the start of Quail Hollow's so-called "Green Mile" of finishing holes, some of the toughest in golf.
17 The first round scoring average of the last 17 major champions was 67.2. Kisner and Thorbjorn Olesen shot 67 on day one at Quail Hollow.
18 For the first time in 18 majors, the eventual winner was over par after round one (Thomas shot 73).
COMPANY PROFILE
Company name: Switch Foods
Started: 2022
Founder: Edward Hamod
Based: Abu Dhabi, UAE
Industry: Plant-based meat production
Number of employees: 34
Funding: $6.5 million
Funding round: Seed
Investors: Based in US and across Middle East