The opening ceremony of Dubai Expo 2020. Reuters
The opening ceremony of Dubai Expo 2020. Reuters
The opening ceremony of Dubai Expo 2020. Reuters
The opening ceremony of Dubai Expo 2020. Reuters


Why expats are choosing the UAE more than ever


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October 20, 2021

Over the past 50 years, the UAE has been climbing up through a number of global rankings, be they focused on growing tourism, foreign investment or development. Yesterday, news broke of its rising prominence on two global rankings that measure among the most fundamental factors behind a country’s success: whether people at home and abroad respect and value it.

In an important sign of things going well at home, the UAE jumped 10 places to be ranked the fourth-best place in the world in which to live and work, according to HSBC’s 14th annual Expat Explorer study, which polled people who live and work abroad in 46 countries.

And in a global sense, the firm Brand Finance listed the UAE at number 11 in its global brand Strength Index. This position beats the UK and US, something that “challenges the western status quo”, according to Andrew Campbell, managing director at Brand Finance Middle East.

Brand value brings together metrics that contribute to an overall global reputation, including brand investment, brand equity and brand performance, as well as results from the Global Soft Power Index. Soft power, defined by the Cambridge Dictionary as “the use of a country's cultural and economic influence to persuade other countries to do something”, has had a particularly strong few months in the UAE. From the country’s Mars Mission to Expo 2020 Dubai, the world’s eyes have been on the Emirates this year.

  • Al Madam ghost town, Sharjah. Photo: Mohammad Azizi
    Al Madam ghost town, Sharjah. Photo: Mohammad Azizi
  • Al Madam ghost town, Sharjah. Photo: Mohammad Azizi
    Al Madam ghost town, Sharjah. Photo: Mohammad Azizi
  • Al Madam ghost town, Sharjah. Photo: Mohammad Azizi
    Al Madam ghost town, Sharjah. Photo: Mohammad Azizi
  • Al Suhub Rest House, Khor Fakkan, Sharjah. Photo: Altamash Javed
    Al Suhub Rest House, Khor Fakkan, Sharjah. Photo: Altamash Javed
  • View from Al Suhub Rest House, Khor Fakkan, Sharjah. Photo: Altamash Javed
    View from Al Suhub Rest House, Khor Fakkan, Sharjah. Photo: Altamash Javed
  • View from Al Suhub Rest House, Khor Fakkan, Sharjah. Photo: Altamash Javed
    View from Al Suhub Rest House, Khor Fakkan, Sharjah. Photo: Altamash Javed
  • The view from a balcony at Central Park Towers, Dubai. Photo: Kareem Mazhar
    The view from a balcony at Central Park Towers, Dubai. Photo: Kareem Mazhar
  • Get the best shots of the Burj Khalifa from Central Park Towers. Photo: Kareem Mazhar
    Get the best shots of the Burj Khalifa from Central Park Towers. Photo: Kareem Mazhar
  • A view from Central Park Towers. Photo: Kareem Mazhar
    A view from Central Park Towers. Photo: Kareem Mazhar
  • Al Wathba Fossil Dunes, Abu Dhabi. Photo: Mohammad Azizi
    Al Wathba Fossil Dunes, Abu Dhabi. Photo: Mohammad Azizi
  • Al Wathba Fossil Dunes, Abu Dhabi. Photo: Mohammad Azizi
    Al Wathba Fossil Dunes, Abu Dhabi. Photo: Mohammad Azizi
  • Al Qudra Lakes. Photo: Kareem Mazhar
    Al Qudra Lakes. Photo: Kareem Mazhar
  • Al Qudra Lakes, Dubai. Photo: Kareem Mazhar
    Al Qudra Lakes, Dubai. Photo: Kareem Mazhar
  • Al Qudra tree road, Al Qudra cycle path, Dubai. Photo: Mohammad Azizi
    Al Qudra tree road, Al Qudra cycle path, Dubai. Photo: Mohammad Azizi
  • Wadi Abadilah, Fujairah. Photo: Kareem Mazhar
    Wadi Abadilah, Fujairah. Photo: Kareem Mazhar
  • Wadi Abadilah, Fujairah. Photo: Kareem Mazhar
    Wadi Abadilah, Fujairah. Photo: Kareem Mazhar
  • Wadi Abadilah, Fujairah. Photo: Kareem Mazhar
    Wadi Abadilah, Fujairah. Photo: Kareem Mazhar
  • Abdulkhaliq Gargash Masjid, Dubai. Photo: Altamash Javed
    Abdulkhaliq Gargash Masjid, Dubai. Photo: Altamash Javed
  • Abdulkhaliq Gargash Masjid, Dubai. Photo: Altamash Javed
    Abdulkhaliq Gargash Masjid, Dubai. Photo: Altamash Javed
  • Abdulkhaliq Gargash Masjid, Dubai. Photo: Altamash Javed
    Abdulkhaliq Gargash Masjid, Dubai. Photo: Altamash Javed

And beyond long-term projects, the unplanned-for disaster of Covid-19 and the UAE’s response to it has also lifted it up the rankings. David Haigh, chairman and chief executive of Brand Finance, has pointed to the fact that recovery from the virus favours those who dealt with it proactively in the first place. That is one of the reasons why the UAE's global reputation is growing further, and why the UK, US, France and Japan have all dropped out of Brand Finance’s top 10.

Instead, it was in countries such as the Emirates where global events returned, and have been under way for some time. And, fundamentally, this is where an effective response to the pandemic garnered a reputation for competence.

Closer to home, HSBC’s survey reminds us that the same success that ensures an international outlook also secures life at home. In the UAE, 86 per cent of overseas workers said their overall quality of life is better than in their home country and more than 80 per cent of residents feel optimistic that life will return to normal in the next 12 months. There are very few countries, even rich ones, that can command such confidence. The global average was 75 per cent.

In recent years, the UAE has been growing consistently in its status and influence. That it was able to continue doing so during one of the greatest crises in modern times is even more remarkable. It is no surprise, then, that so many want to live here and be associated with the country.

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Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

The specs

Engine: Four electric motors, one at each wheel

Power: 579hp

Torque: 859Nm

Transmission: Single-speed automatic

Price: From Dh825,900

On sale: Now

Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
The specs

Price, base / as tested Dh1,470,000 (est)
Engine 6.9-litre twin-turbo W12
Gearbox eight-speed automatic
Power 626bhp @ 6,000rpm
Torque: 900Nm @ 1,350rpm
Fuel economy, combined 14.0L / 100km

Pieces of Her

Stars: Toni Collette, Bella Heathcote, David Wenham, Omari Hardwick   

Director: Minkie Spiro

Rating:2/5

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”.

 

 

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.”

Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

Available: Now

RACE CARD

6.30pm Maiden (TB) Dh82.500 (Dirt) 1,400m

7.05pm Handicap (TB) Dh87,500 (D) 1,400m

7.40pm Handicap (TB) Dh92,500 (Turf) 2,410m

8.15pm Handicap (TB) Dh105,000 (D) 1,900m

8.50pm UAE 2000 Guineas Trial (TB) Conditions Dh183,650 (D) 1,600m

9.25pm Dubai Trophy (TB) Conditions Dh183,650 (T) 1,200m

10pm Handicap (TB) Dh102,500 (T) 1,400m

Updated: October 21, 2021, 5:14 PM