SHARJAH // Inspectors from the Sharjah Department of Naturalisation and Residency say they have found 25 runaway maids living in a one-bedroom apartment. Furthermore, 39 maids who fled their jobs elsewhere in the emirates were found living illegally in Sharjah last month as part of ongoing inspections, said Col Dr Abdullah Ali Saeed bin Sahoo, department director. There are increasingly more runaway maids in the emirate, Mr bin Sahoo said, which is why the department is conducting raids. The campaign will continue until the end of the year, he said.
Among the 25 maids arrested in the same apartment, 15 were from Indonesia, nine from the Philippines and one from Sri Lanka. The department arrested 14 other maids, 13 Ethiopians and one Indian, who were living in the Abu Shagara, Buteena and Bu Daniq areas. The runaway maids would find work by giving their phone numbers to building watchmen, who would approach residents and ask if they were looking for maids, Mr bin Sahoo said.
Only nine of the maids arrested had Sharjah visas, he said, and others were from other emirates. "We are going through the right procedure to have all of them taken back to their country," he said. A senior official from the Sharjah operations room said police received a number of calls about runaway maids stealing from their part-time employers. Police warned residents that using part time maids was dangerous and illegal.
"We don't want to threaten residents not to report theft cases by these maids, but we want them to know that they are also doing something wrong to hire part-time maids that are mostly living illegally in the country," the official said. "Once the case is reported to us we shall also have to talk to the resident why he chose this illegal alternative." A number of residents in Sharjah believe recruitment agents are partly to blame because they offer a very short guarantee period.
One man, a lecturer at Sharjah University, who asked to be identified as Hakim, said he had used up to three maids in one year. "My wife had asked me to only bring Ethiopian maids because they were close to our African culture," he said. "Every three months, the maid would run away. I was so disturbed to go through the same bureaucracy and pay more fees for a new maid." He said getting a legal new maid always cost him up to Dh20,000 (US$5,400) including the salary deposit of Dh12,000, agents fees and visa and air ticket repayment.
ykakande@thenational.ae
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PROFILE
Name: Enhance Fitness
Year started: 2018
Based: UAE
Employees: 200
Amount raised: $3m
Investors: Global Ventures and angel investors
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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.”
Company profile
Company: Verity
Date started: May 2021
Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif
Based: Dubai
Sector: FinTech
Size: four team members
Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000
Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors
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