Layla Yousif with her daughters, Mariam, 5, and Mahra, 4. The woman is seeking financial assistance from her husband. Jeffrey E Biteng / The National
Layla Yousif with her daughters, Mariam, 5, and Mahra, 4. The woman is seeking financial assistance from her husband. Jeffrey E Biteng / The National

Abandoned divorcee struggles to support Emirati daughters



AJMAN // A Tanzanian mother of two Emirati daughters is destitute and unable to send her girls to school after their father abandoned them.

Layla Yousif, a mother of four and five-year-old girls, is afraid of approaching authorities for help as she has no residency visa, which has also meant that charities are unable to help her.

The 32-year-old and her girls, Mariam and Mahra, live with her brother in his two-bedroom flat with his wife, daughter, their mother and another sister and brother.

She said that her life went from bad to worse after marrying Mohammed Al Naqbi in 2007.

Initially, Ms Yousif was put up in a home by her now ex-husband, but she said he continually put off sponsoring her until he eventually refused, saying that being married to a foreigner would lead to him being fired from his Armed Forces job.

Now, Mr Al Naqbi’s mother said he is in jail for unknown offences, though Ms Yousif disputes this.

Ms Yousif only has copies of her girls’ passports and IDs, meaning she cannot register them at school.

“We got married in 2007 in my country and he brought me here through a visit visa. His friend who has a shop sponsored me because Mohammed worked in the Armed Forces and he didn’t want them to know that he married an expat in case they fired him,” she said.

“After that, he started avoiding getting me a residency visa. In 2010, I delivered my first daughter and he told me, ‘when she becomes a one-year-old, I will do you [an Emirati] passport’, and then I got pregnant with my second one, and when my visa finished, he told me, ‘I won’t sponsor you’.”

After six years she opened a court case to get herself a residency visa and passports for her daughters. “Since 2013 until now my case is in the court [her residency visa request]. I asked for a divorce and I got it in 2015, and my daughters got their Emirati passports, IDs and health cards but the originals are with him, he just gave me a copy,” Ms Yousif said.

According to the court documents, Mr Al Naqbi, 35, was told to pay Dh5,000 per month to his ex-wife and daughters but he said he could not pay as he lost his job because of his marriage to her, he has debts and he spends money on his son from his first wife.

He said he could pay Dh3,000 per month but he gave a one-off of Dh30,000 and then the money ran out.

Ahmed Mohammed Al Khadim, of the Ministry of Social Affairs, said that charities need to see a valid residency visa before they can assist in cases.

“The system requires having a valid visa, it is one of the clauses to get the support. Through the visa, the cases can been studied to know if the person is divorced, sick or having a difficult life. Those who don’t have a visa? The charity can’t study their case,” he said.

The mother of Mr Al Naqbi said that he provided his ex-wife with a house, maid and expenses during their marriage but he could no longer do so as he was jobless.

“Because he worked in the army, he can’t marry an expat and, when they knew, they fired him, so he can’t pay her because he doesn’t have money,” she said.

Hassan Elhais, legal consultant at Al Rowaad Advocates & Legal Consultants, said that the father, as the children’s guardian, has the right to hold their passports but that guardianship is taken away from father if “he is sentenced to punishment in a felony crime or intended misdemeanour that he did on the child” or “if he has been sentenced to serve a jail term”.

Ms Yousif said she is working on getting a residency visa. Her overstaying fines have been waived and now she needs to deal with paperwork before applying for the visa.

roueiti@thenational.ae

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Nepotism is the name of the game

Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad. 

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Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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Al Wasl Football Club; six teams, five-a-side

Delhi Dragons: Ronaldinho
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Mumbai Warriors: Ryan Giggs
Chennai Ginghams: Hernan Crespo
Telugu Tigers: Deco
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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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Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
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Other ways to buy used products in the UAE

UAE insurance firm Al Wathba National Insurance Company (AWNIC) last year launched an e-commerce website with a facility enabling users to buy car wrecks.

Bidders and potential buyers register on the online salvage car auction portal to view vehicles, review condition reports, or arrange physical surveys, and then start bidding for motors they plan to restore or harvest for parts.

Physical salvage car auctions are a common method for insurers around the world to move on heavily damaged vehicles, but AWNIC is one of the few UAE insurers to offer such services online.

For cars and less sizeable items such as bicycles and furniture, Dubizzle is arguably the best-known marketplace for pre-loved.

Founded in 2005, in recent years it has been joined by a plethora of Facebook community pages for shifting used goods, including Abu Dhabi Marketplace, Flea Market UAE and Arabian Ranches Souq Market while sites such as The Luxury Closet and Riot deal largely in second-hand fashion.

At the high-end of the pre-used spectrum, resellers such as Timepiece360.ae, WatchBox Middle East and Watches Market Dubai deal in authenticated second-hand luxury timepieces from brands such as Rolex, Hublot and Tag Heuer, with a warranty.

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Retirement funds heavily invested in equities at a risky time

Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.

Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.

The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.

The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.

Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.

The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.

• Bloomberg

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