In August, officials unveiled a “new generation” Emirates ID card.
The card includes a 3D picture, showing the date of birth of the cardholder, along with enhanced protection of “non-visible data” and a longer service life of more than 10 years.
It will also store extra data, such as employment information.
Anyone who is waiting for their new card can follow the steps below.
How can I use my Emirates ID if it has expired?
You can download a digital version of the card.
Services and businesses that require Emirates ID cards have been instructed to accept the digital version, the ICA said previously.
Emirates ID cards are mandatory for residents and widely used for identification purposes across the UAE.
How do I download a digital copy?
There are two ways to do it.
The first is through the ICA UAE Smart app, which can be downloaded free from the Apple and Android stores.
Once you have logged into the app, click on the Emirates ID button on the home screen.
That will show you an exact copy of how the new card looks, if the new-style card has been issued. This will happen if the card is new or has been renewed, or replaced recently.
The new-look card includes the EID number, name, date of birth, nationality, gender issue and expiry date, along with a copy of the cardholder’s signature on the front.
On the back, it includes the person’s occupation and employer, as well as the card number.
It is possible to either download a PDF copy, or generate a QR code by clicking on the “view QR code” button above the card, which can be used by a service or business for authentication.
Alternatively, you can download a copy of your EID using the UAE Pass app, available on the Apple and Android stores.
It can also generate a QR code for authentication.
This can be used until the new card arrives.
When will I receive my new EID card?
The first recipients of the new cards will be those whose current Emirates ID has expired, as well as those requesting replacements for lost or damaged cards.
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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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