Dubai airport authorities have toughened up on rules that require visitors to have a return ticket and a minimum amount of money for their stay.
Immigration officials are, in some cases, asking for proof that passengers have at least Dh3,000 in cash or credit and a return ticket home.
The rules, which are not new, are to ensure people are not using the tourist visa system to stay beyond 30 or 60 days, for example, and to catch out jobseekers that have no intention of leaving.
The General Directorate of Residency and Foreigners Affairs (GDRFA) has not commented on the recent checks, but travel agents and passengers said authorities have asked travellers in some cases.
The rules are very clear, and if the travellers have all the documents then there should be no problem
Afi Ahammad,
India-based travel agent
UAE immigration rules state that visitors should also be able to provide a hotel booking or the address of a relative, though they are often only asked if immigration officials are suspicious.
Afi Ahammad, a travel agent in India who services the UAE market, said the rules are clear.
"They must carry Dh3,000 to Dh5,000 in cash or have a credit or debit card to show enough balance to fund their stay, a return flight ticket, and a proof of residence," he said.
"If they are staying with a relative, then they need to show proof of their residence and [their relative's] Emirates ID.
Airlines in Kerala have, in some cases, prevented passengers from boarding because they cannot show they sufficient funds or lack documents.
A number of passengers who have arrived at Dubai airport recently told The National they were unable to meet the requirements and had to stay in the terminal until they could fly home.
"Often they are first-time travellers and are unable to speak the language and convince officials even though they have all the documents," Mr Ahammad said.
"The rules are very clear, and if the travellers have all the documents then there should be no problem.
"So many travellers enter the UAE on the same visa without any trouble every day."
Passengers held in halls
First time visitor Aju, who did not give a surname, flew with carrier Spicejet to Dubai. He was held up at Dubai airport when he was unable to show he had Dh3,000 in his bank account.
“I was allowed to board the flight at Kochi airport after the airline staff checked if I had the contact number of my relative in Dubai and a copy of their Emirates ID,” said Aju, a resident of the south Indian city of Kannur.
"But, they didn't ask me about the funds."
He said he had to stay at Dubai airport for six days before flying back.
Another traveller, who would not give their name, was held up by officials when he arrived and was unable to show he had Dh3,000 with him.
"I've been to the UAE before and was carrying my return ticket and a copy of the visit visa with me," he said.
He was later moved to a waiting hall with other passengers who had also not met the entry criteria.
"I understand that the UAE has the right to outline their visa rules but airlines and travel agents are equally responsible to keep us up-to-date," he said.
He was at Dubai airport for seven days before being able to return home. While some travellers were sent back, UAE immigration officials did allow those who were able to sort out the documentation correctly to enter the country, passengers said.
The UAE’s immigration laws states that those entering on a visit visa must be in the country for tourism purposes only, and not to look for employment.
A special visa for jobseekers was introduced in 2022. The UAE 60-day, multi-entry jobseeker’s visa is to help attract young talent and skilled professionals find employment in the country.
It requires a sponsor or a host, and a different set of documents.
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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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Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
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How Tesla’s price correction has hit fund managers
Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.
It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.
The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.
Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.
Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.
He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.
AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”
A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.
Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.
Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.
Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.
By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.
Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.
In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”
Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.
She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.
Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.
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