High-achieving teenagers hope a golden visa will open doors to new opportunities for them when they begin their careers.
Pupils who score 95 per cent or above in their final exams will be granted a 10-year stay, as will their immediate family members, the UAE government announced on Monday.
Dubai teenagers who earned 45 points – a perfect score – in the International Baccalaureate said the rule would help them return to the UAE and give something back to the community that raised them after they study abroad.
Turkish twin sisters Naz and Nil Karadede, 18, attended Deira International School.
Naz will study philosophy, politics and economics at King’s College London this autumn.
She said she would love to secure a golden visa and live in the UAE.
“I would want to come back here and work in the field of public policy,” Naz said.
“Dubai has a lot of opportunities. I have lived here since I was two years old and Dubai is my second home.
“As UAE residents, we are fortunate to get opportunities and education that most children across the world do not have access to.
“It would be my way of giving back to the community that raised me and helped me become who I am today.”
Nil is also excited at the possibility of a golden visa.
She will study medicine at Trinity College Dublin and aspires to become a cardiac thoracic surgeon, and hopes to work in a UAE hospital in the future.
“Heart disease has become prevalent around the world and this visa would enable me to work in a country which gave me the opportunity to reach my goals,” Nil said.
“We grew up here and have been at this school for 15 years; so, I would definitely love to give back to this community that has given me so much.”
She said the golden visa would help their long-term plans and cut down residency costs for the family.
On Tuesday, 37 IB graduates in the UAE were awarded 45 points.
Globally, 1,155 children out of 170,000 earned the maximum score.
Tala Daher, 17, attended Uptown International School and has lived in the UAE for more than a decade.
She plans to begin an integrated master’s degree in architectural engineering at the University of Sheffield, England, in September, and hopes to work in the Emirates after completing her studies.
“The chance of getting a golden visa and living in the UAE is a great opportunity,” said Tala, who is Jordanian.
“As high-achieving pupils, we can achieve our dream careers here.”
She said winning 10-year visas for her parents and 14-year-old sibling offers stability to the family.
Chetan Nair, 19, who went to Gems Wellington International School, will go to Stanford University to study computer science but hopes to build his future in the UAE.
“I think the golden visa is a great initiative to provide hardworking pupils with an added incentive,” Chetan said.
“I grew up in Dubai and have seen how much potential the place has.
“My parents and younger sister are here, and I would love to be a part of this city’s future.”
Durga Chandrashekhar, 18, who is Indian, will attend the American University of Sharjah to study space sciences.
“The scientific community is booming here. With the Mars mission, there are a lot of opportunities and openings for scientists,” she said.
“I know that wherever I go, I will have this home base to come to, and this security is really rewarding.”
She attended Uptown International School.
Sidharth Hariharan, 17, who is also Indian, attended Gems Modern Academy. He hopes to return to the Emirates after completing a degree in maths at Imperial College London.
“The UAE has a clear focus on scientific thought. Its knowledge economy appeals to me,” he said.
Professors granted golden visas - in pictures
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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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MATCH INFO
Schalke 0
Werder Bremen 1 (Bittencourt 32')
Man of the match Leonardo Bittencourt (Werder Bremen)
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
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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Uefa Champions League last-16, second leg:
Real Madrid 1 (Asensio 70'), Ajax 4 (Ziyech 7', Neres 18', Tadic 62', Schone 72')
Ajax win 5-3 on aggregate
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
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An Islamic bond structured in a way to generate returns without violating Sharia strictures on prohibition of interest.
Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
MATCH INFO:
Second Test
Pakistan v Australia, Tuesday-Saturday, 10am daily at Zayed Cricket Stadium, Abu Dhabi
Entrance is free
Our legal consultant
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Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
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6pm Emaar Dubai Sprint – Conditions (TB) $60,000 (Turf) 1,200m
6.35pm Graduate Stakes – Conditions (TB) $100,000 (Dirt) 1,600m
7.10pm Al Khail Trophy – Listed (TB) $100,000 (T) 2,810m
7.45pm UAE 1000 Guineas – Listed (TB) $150,000 (D) 1,600m
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8.55pm Downtown Dubai Cup – Rated Conditions (TB) $80,000 (D) 1,400m
9.30pm Zabeel Mile – Group 2 (TB) $180,000 (T) 1,600m
10.05pm Dubai Sprint – Listed (TB) $100,000 (T) 1,200m
Drivers’ championship standings after Singapore:
1. Lewis Hamilton, Mercedes - 263
2. Sebastian Vettel, Ferrari - 235
3. Valtteri Bottas, Mercedes - 212
4. Daniel Ricciardo, Red Bull - 162
5. Kimi Raikkonen, Ferrari - 138
6. Sergio Perez, Force India - 68
UAE currency: the story behind the money in your pockets