Having an Emirates ID card is essential to living and working in the UAE.
Issued by the UAE government, it serves as an identification card and is mandatory for all citizens and residents to possess.
UAE residents must apply for the identity card and it is advisable to carry it at all times.
It works as proof of residency in the UAE, is an essential identification when applying for government services and serves as a travel document to enter or exit the country.
Where do I apply?
You can apply for a new Emirates ID card on the website of the Federal Authority for Identity, Citizenship, Customs and Ports Authority (ICP), on the UAE Pass application or through accredited typing centres across the country.
The first time you apply for an Emirates ID, you will need to visit an ICP or government service centre to provide your biometric details such as fingerprints.
You will also need to complete an application form, which is available online and on the app.
Your employer usually applies for the card for you.
If you are applying on your own, you will need your passport and your residency permit or visa.
It can take about five working days to receive the card.
Why do I need the card?
Residents can use the card to prove their residency, which is required by both government and private companies.
It can be used as proof of identity at airport immigration desks.
Citizens and residents must have an Emirates ID to open a bank account, pay bills, get a driving licence and access government services such as renewing of licences or visas. The card serves as evidence of the identity of the person using the service.
By law, companies do not have the right to withhold an employee's Emirates ID card.
UAE citizens must have their Emirates ID to vote in Federal National Council elections and as a travel document when visiting GCC countries.
How often does it need to be renewed?
The Emirates ID must be renewed along with the residency visa.
While your unique 15-digit identification number will remain the same for life, the expiry date on the card will be updated when renewed.
An electronic chip within the card contains personal data of the holder.
This data can be read by machines used by authorities to confirm the holder’s identity.
Some of the data is encrypted and can only be read by authorised persons for privacy purposes.
How much does it cost?
The cost of obtaining an Emirates ID is Dh370.
An additional Dh150 is charged if you want to receive express service at the customer service centre.
The fees vary depending on whether the application is made online, at a typing centre or the service centres.
The card is typically valid for two years for UAE residents.
What if I don't renew it?
If a resident does not renew his or her Emirates ID within 30 days of the expiry date, they will be charged a fine of Dh20 per day, up to a maximum of Dh1,000.
In addition, a penalty of Dh500 can be levied if a resident permits someone else to use their Emirates ID.
For information on the fines that need to be paid, check the websites of the ICP, the General Directorate of Residency and Foreigners Affairs, Abu Dhabi or Dubai Police. By entering your passport number or residency permit details, you can find out what, if any, fines you have outstanding.
There are specific instances in which you can be exempt from paying a fine, such as if your passport is being renewed or you are overseas when your Emirates ID and residency visa expire.
How soon will I get the identity card?
The card is usually issued within just a few days of obtaining a residency visa.
An urgent 24-hour service known as "fawri" is available.
The urgent service can be used by expatriate residents only in case of replacement or renewal of their Emirates ID.
UAE and GCC citizens can use the 24-hour service for first-time registration, renewal of expired cards or in case of 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.”
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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