A family in Dubai desperately trying to return to Australia are in limbo after their fourth flight in as many months was cancelled.
Brian and Martha Fisher have waited more than four months to fly home after Mr Fisher was made redundant from his job in June as a result of the coronavirus pandemic.
The couple and their four-year-old twins were booked on to an Emirates flight to Sydney on September 28 but it was cancelled weeks before because Australia capped the number of international passenger arrivals to combat the virus.
They have had three further flights cancelled, on November 2, December 23 and January 27.
We understand the government needs to protect Australians but there needs to be a balance
"We're frustrated, heartbroken and feel completely stuck in limbo," Ms Fisher told The National.
“In March, at the start of the pandemic, the Australian government told its citizens who were travelling abroad on holiday to return home.
“If you were working overseas and secure, you were advised to shelter in place, which is what we did.
“Not long after, my husband was made redundant and we had no choice but to make the decision to go back to Australia.”
Australia's caps quota was introduced last year to ease pressure on state and territory quarantine facilities. Everyone entering the country is required to quarantine on arrival for 14 days in approved locations.
Under recent changes to the rules, the number of flights returning to Australia was reduced.
Until February 15, New South Wales will be allowed to take a maximum of 1,505 people a week into hotel quarantine.
Queensland will be allowed a maximum of 500 people a week, while Western Australia will cap numbers at 512.
As a result, airlines around the world have cancelled flights because of low passenger demand, leaving citizens like the Fishers stranded overseas.
Staying in a small hotel apartment in Deira, the family said they were at their wits end.
"We shipped all our belongings back to Australia in September when our first flight home was booked," Mr Fisher said.
“We understand the government needs to protect Australians but there needs to be a balance.
“The human cost of this caps system is becoming even bigger than Covid-19 itself, for us at least.
“Thankfully, we haven’t contracted the virus but we have been dramatically affected by it."
The Australian government recently announced it would operate 20 repatriation flights from around the world and the family are trying to register for the service.
Although Mr Fisher was made redundant from his construction consultancy company in June, his last working day was September 21.
Since then, the family have not had an income and have been living off their savings.
Mr Fisher's former employer has been supporting the family with their accommodation costs.
“Our kids are struggling to sleep at night and adjust to this new norm,” Mr Fisher said.
“We had to take them out of school because we thought we were going home in September.
“We can’t enrol them again as we are worried they might get sick, plus we are now on tourist visas.”
Mr Fisher’s residence visa expired on January 8, as did those of his wife and children, who were sponsored under his name.
On January 15, Emirates airline said it was suspending flights to Australia's three largest cities. It last flew to Brisbane on January 16, to Sydney on January 18 and to Melbourne on January 20.
“We had a flight scheduled for January 27. It was the closest we have ever been to getting home and we really thought it was going to work but we found out just a few days ago that it was cancelled,” Mr Fisher said.
"We have been trying to get on standby flights but failed.
“People have said why don’t we fly to another city or country like Bangkok or Singapore and connect on a flight there, but if we do that we run the risk of the connecting flight to Australia being cancelled again.
“We have lived in the UAE for 13 years so at least if we stay here and keep trying to fly out, we have a small support system in place.”
Although the couple has been in contact with the Australian consulate in the UAE, they said everyone's hands were tied.
“We are at the mercy of this caps system and we just desperately hope things change soon,” Ms Fisher said.
“Australia is my home and I always had this vision that I could go home and be safe whenever I wanted.
“Right now I feel lost and the thought of not knowing when I will see my mum again is heartbreaking.”
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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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Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.