UAE leaders have pardoned more than 2,600 prisoners ahead of Eid Al Adha.
On Wednesday, President Sheikh Mohamed ordered the release of 988 inmates.
This decision was made in an effort to give those serving sentences an opportunity to rebuild their lives, state news agency Wam reported.
The UAE leader grants such pardons each year to boost family ties and to highlight the generous spirit of the religious festival, Wam said.
Rulers of the emirates typically free prisoners to mark religious occasions, of which Eid Al Adha is one of the most significant.
On Thursday, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, ordered the release of 650 inmates of various nationalities.
Sheikh Dr Sultan bin Muhammad Al Qasimi, Ruler of Sharjah, directed that 390 inmates be released from prisons in the emirate.
In Ras Al Khaimah, 356 inmates will be released ahead of Eid, by order of the emirate's ruler Sheikh Saud bin Saqr Al Qasimi.
Sheikh Humaid bin Rashid Al Nuaimi, Ruler of Ajman, agreed to free 166 prisoners who have "demonstrated good conduct", Wam said.
Sheikh Hamad bin Mohammed Al Sharqi, Ruler of Fujairah, ordered the release of 108 prisoners.
Sheikh Saud bin Rashid Al Mualla, Ruler of Umm Al Quwain, also pardoned prisoners ahead of the religious festival and expressed his wish for them to "integrate positively back into society".
It was not announced how many inmates would be released.
Freed prisoners typically include many who have committed minor offences and financial crimes, or who have shown good behaviour throughout their sentences.
Eid Al Adha – which means “festival of the sacrifice” – will begin on June 28.
It is observed during Dhu Al Hijja, the 12th and final month of the Islamic calendar, which began on Monday.
Dhu Al Hijja is considered one of the four sacred months for Muslims, called Al Ash-hur Al Hurom.
The annual Hajj pilgrimage also takes place during the month, beginning on June 26.
As with other religious holidays in the Emirates, Eid Al Adha is a time for friends and family to gather, often over meals, and reflect on their lives and faith.
Eid Al Adha 2022 – in pictures
Citizenship-by-investment programmes
United Kingdom
The UK offers three programmes for residency. The UK Overseas Business Representative Visa lets you open an overseas branch office of your existing company in the country at no extra investment. For the UK Tier 1 Innovator Visa, you are required to invest £50,000 (Dh238,000) into a business. You can also get a UK Tier 1 Investor Visa if you invest £2 million, £5m or £10m (the higher the investment, the sooner you obtain your permanent residency).
All UK residency visas get approved in 90 to 120 days and are valid for 3 years. After 3 years, the applicant can apply for extension of another 2 years. Once they have lived in the UK for a minimum of 6 months every year, they are eligible to apply for permanent residency (called Indefinite Leave to Remain). After one year of ILR, the applicant can apply for UK passport.
The Caribbean
Depending on the country, the investment amount starts from $100,000 (Dh367,250) and can go up to $400,000 in real estate. From the date of purchase, it will take between four to five months to receive a passport.
Portugal
The investment amount ranges from €350,000 to €500,000 (Dh1.5m to Dh2.16m) in real estate. From the date of purchase, it will take a maximum of six months to receive a Golden Visa. Applicants can apply for permanent residency after five years and Portuguese citizenship after six years.
“Among European countries with residency programmes, Portugal has been the most popular because it offers the most cost-effective programme to eventually acquire citizenship of the European Union without ever residing in Portugal,” states Veronica Cotdemiey of Citizenship Invest.
Greece
The real estate investment threshold to acquire residency for Greece is €250,000, making it the cheapest real estate residency visa scheme in Europe. You can apply for residency in four months and citizenship after seven years.
Spain
The real estate investment threshold to acquire residency for Spain is €500,000. You can apply for permanent residency after five years and citizenship after 10 years. It is not necessary to live in Spain to retain and renew the residency visa permit.
Cyprus
Cyprus offers the quickest route to citizenship of a European country in only six months. An investment of €2m in real estate is required, making it the highest priced programme in Europe.
Malta
The Malta citizenship by investment programme is lengthy and investors are required to contribute sums as donations to the Maltese government. The applicant must either contribute at least €650,000 to the National Development & Social Fund. Spouses and children are required to contribute €25,000; unmarried children between 18 and 25 and dependent parents must contribute €50,000 each.
The second step is to make an investment in property of at least €350,000 or enter a property rental contract for at least €16,000 per annum for five years. The third step is to invest at least €150,000 in bonds or shares approved by the Maltese government to be kept for at least five years.
Candidates must commit to a minimum physical presence in Malta before citizenship is granted. While you get residency in two months, you can apply for citizenship after a year.
Egypt
A one-year residency permit can be bought if you purchase property in Egypt worth $100,000. A three-year residency is available for those who invest $200,000 in property, and five years for those who purchase property worth $400,000.
Source: Citizenship Invest and Aqua Properties
Building boom turning to bust as Turkey's economy slows
Deep in a provincial region of northwestern Turkey, it looks like a mirage - hundreds of luxury houses built in neat rows, their pointed towers somewhere between French chateau and Disney castle.
Meant to provide luxurious accommodations for foreign buyers, the houses are however standing empty in what is anything but a fairytale for their investors.
The ambitious development has been hit by regional turmoil as well as the slump in the Turkish construction industry - a key sector - as the country's economy heads towards what could be a hard landing in an intensifying downturn.
After a long period of solid growth, Turkey's economy contracted 1.1 per cent in the third quarter, and many economists expect it will enter into recession this year.
The country has been hit by high inflation and a currency crisis in August. The lira lost 28 per cent of its value against the dollar in 2018 and markets are still unconvinced by the readiness of the government under President Recep Tayyip Erdogan to tackle underlying economic issues.
The villas close to the town centre of Mudurnu in the Bolu region are intended to resemble European architecture and are part of the Sarot Group's Burj Al Babas project.
But the development of 732 villas and a shopping centre - which began in 2014 - is now in limbo as Sarot Group has sought bankruptcy protection.
It is one of hundreds of Turkish companies that have done so as they seek cover from creditors and to restructure their debts.
Should late investors consider cryptocurrencies?
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
UAE currency: the story behind the money in your pockets
Racecard
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7.10pm: British Business Group – Maiden (TB) Dh82,500 (D) 1,200m
7.45pm: CCI France UAE – Handicap (TB) Dh87,500 (D) 1,400m
8.20pm: Czech Business Council – Rated Conditions (TB) Dh105,000 (D) 1,400m
8.55pm: Netherlands Business Council – Rated Conditions (TB) Dh95,000 (D) 1,600m
9.30pm: Indian Business and Professional Council – Handicap (TB) Dh95,000 (D) 1,200m
GAC GS8 Specs
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Price: From Dh149,900
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Winner: AF Momtaz, Antonio Fresu, Musabah Al Muhairi.
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7.30pm: Maiden (PA) Dh80,000 2.200m
Winner: Ezz Al Rawasi, Connor Beasley, Helal Al Alawi.
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