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As the Covid-19 pandemic hits, some of the tens of thousands of expatriates in Oman who lost jobs and businesses have been preparing to leave the country many have called home for years.
Mohammed Rafeeq, 56, whose furniture shop collapsed after more than 20 years, has been packing his bags to leave for good this weekend. He is heading to India.
“I have been here for 22 years and my business went well until the pandemic ruined everything for me,” Mr Rafeeq, who had a shop in the Ruwi area of Muscat, told The National.
“It is hard for me to leave Oman and to say goodbye to many friends, not only my compatriots but my Omani colleagues as well,” he said.
More than 63,000 expatriates left Oman between January and last month, according to figures released by the state-run National Centre for Statistics and Information.
Oman’s population is 4,416,603 as of September 4, with 2,778,872 Omanis and 1,637,731 expatriates.
About 33 per cent of the expatriates who left the country this year are Indian nationals, with Bangladeshis, Pakistanis and Sri Lankans the next largest groups.
Ahmed Saleem, a construction pipefitter, has been knocking on many friends' doors in the last three days to say goodbye.
“I came to Oman in 1993 as a 19-year-old teenager and now I am leaving a middle-aged man. I lived more years in Oman than the country of my birth. You can imagine how hard it is for me to say goodbye to the country where I spent a big part of my youth,” Mr Saleem said.
“I made many friends but, unfortunately, I have to leave because my company is downsizing its business,” Mr Saleem, who was a supervisor at Al Sinani Construction Company, told The National.
Those who are lucky enough not to receive their notice of job termination live in constant anxiety about their future.
“I have lost count of how many times friends have said goodbye to me this year. Each time they do that, they leave a hole in my heart. They also remind me that I might be next to lose my job,” said Pakistani national Sadiq Khan, 51, who has been a teacher for 17 years in Muscat.
Human resources managers are braced for more departures.
“We expect more expatriates to leave this year. Covid-19 has hit hard most businesses in Oman." Mohammed Al-Hamdani, an HR manager at Sharqiyah Transportation, told the National.
“Companies know that it is not acceptable to sack Omanis so I am afraid they are left with no choice but to lay off expatriates to make ends meet,” he said.
Staff at Muscat Airport have been busy all summer catering for the departing expatriates and their cargo.
“There has been a hike of departing passengers, mainly expatriates, this summer, by about 25 per cent compared to other months this year. Most of these flights are to the Indian subcontinent countries,” said Ammar Zadjali of Oman Airports Managing Company.
Most were a one-way ticket.
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Power: 182hp @ 6,000rpm
Torque: 244Nm @ 4,000rpm
Transmission: Continuously variable tranmission
Fuel consumption, combined: 7.6L / 100km
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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.”
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
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2012/13 West Brom (loan): 35(15) - 17
2013/14 Chelsea: 2(2) - 0
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2014/15 Everton: 36(4) - 10
2015/16 Everton: 37(1) - 18
2016/17 Everton: 37(1) - 25
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Gulf Men’s League
Pool A – Dubai Exiles, Dubai Hurricanes, Bahrain, Dubai Sports City Eagles
Pool B – Jebel Ali Dragons, Abu Dhabi Saracens, Abu Dhabi Harlequins, Al Ain Amblers
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Pool C – Abu Dhabi Harlequins 2, Roberts Construction, Dubai Exiles 2
Pool D – Dubai Tigers, UAE Shaheen, Sharjah Wanderers, Amman Citadel 2
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Pool B – Emirates Firebirds, Sharjah Wanderers, RAK Rides, Beirut Aconites
Pool C – Dubai Hurricanes, Emirates Firebirds 2, Abu Dhabi Saracens, Transforma Panthers
Pool D – AUC Wolves, Dubai Hawks, Abu Dhabi Harlequins, Al Ain Amblers
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Pool A – Dubai Exiles, BSAK, DESC, Al Maha
Pool B – Arabian Knights, Dubai Hurricanes, Al Ain Amblers, Abu Dhabi Harlequins
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Director: Deon Taylor
Starring: Dennis Quaid, Michael Ealy, Meagan Good
One star
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Transmission Eight-speed automatic
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- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
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- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
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