The UAE has fined more than 500 companies for breaking Emiratisation rules.
Latest figures, released on Wednesday, show that more than 81,000 Emiratis are employed in the private sector, up from 79,000 at the start of July. They are employed by 17,000 companies.
From July 7, private sector companies with at least 50 employees needed to ensure that Emiratis made up made up 3 per cent of their workforce.
A total of 565 companies have been penalised for false Emiratisation since June last year, with 129 companies fined since July.
False Emiratisation includes family members being hired with no real role, or forging employment records by obtaining false work permits in the name of UAE citizens.
The Ministry of Human Resources and Emiratisation said the penalised companies have been issued with fines ranging from Dh20,000 to Dh100,000.
It said those companies no longer receive financial benefits from the Emirati Talent Competitiveness Council programme for employing UAE nationals.
Companies that violate the rules are also downgraded to the lowest categories within the private sector classification system. This means they now face higher service fees for work permits and transfer fees. Instead of paying only Dh250 for certain permits, they will pay Dh3,750.
UAE authorities had previously warned private companies against posting misleading job adverts and offering unskilled positions and reduced salaries to citizens under the country's Emiratisation drive.
Employers at eligible companies are required to reach a 4 per cent target by the end of the year, increasing to 6 per cent by the close of 2024, 8 per cent the following year and 10 per cent by the end of 2026.
In July, small businesses were told they must recruit Emiratis to their workforce in a major expansion of the drive.
Companies with 20 to 49 employees must hire at least one UAE citizen by next year and another by 2025.
The requirement applies to privately-owned companies across 14 sectors, including real estate, education, construction and health care.
Previously, only firms with 50 or more employees needed to meet the targets on hiring UAE citizens.
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Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Expected completion: 2022
Height: 24 meters
Ground floor banquet hall: 370 square metres to accommodate about 750 people
Ground floor multipurpose hall: 92 square metres for up to 200 people
First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time
First floor terrace areas: 2,30 square metres
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Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
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Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
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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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Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road
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Moment of the day Dinesh Chandimal has inherited a challenging job, after being made Sri Lanka’s Test captain. He responded in perfect fashion, with an easy-natured century against Pakistan. He brought up three figures with a majestic cover drive, which he just stood and admired.
Stat of the day – 33 It took 33 balls for Dilruwan Perera to get off the mark. His time on zero was eventful enough. The Sri Lankan No 7 was given out LBW twice, but managed to have both decisions overturned on review. The TV replays showed both times that he had inside edged the ball onto his pad.
The verdict In the two previous times these two sides have met in Abu Dhabi, the Tests have been drawn. The docile nature of proceedings so far makes that the likely outcome again this time, but both sides will be harbouring thoughts that they can force their way into a winning position.
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