• The Grand Souq in Deira. Chris Whiteoak / The National
    The Grand Souq in Deira. Chris Whiteoak / The National
  • Dubai Creek. Reem Mohammed / The National
    Dubai Creek. Reem Mohammed / The National
  • Kite surfers at a beach in Jumeriah, Dubai. Chris Whiteoak / The National
    Kite surfers at a beach in Jumeriah, Dubai. Chris Whiteoak / The National
  • Burj Al Arab. Courtesy Dubai Tourism
    Burj Al Arab. Courtesy Dubai Tourism
  • Dubai Miracle Garden. Courtesy: Dubai Miracle Garden
    Dubai Miracle Garden. Courtesy: Dubai Miracle Garden
  • Flamingos feed at Ras Al Khor wildlife sanctuary. Chris Whiteoak / The National
    Flamingos feed at Ras Al Khor wildlife sanctuary. Chris Whiteoak / The National
  • Dubai Frame was built to be a window between old and new Dubai. Chris Whiteoak / The National/
    Dubai Frame was built to be a window between old and new Dubai. Chris Whiteoak / The National/
  • People paddle boarding in the Burj Khalifa fountain. Karim Sahib / AFP
    People paddle boarding in the Burj Khalifa fountain. Karim Sahib / AFP

Dubai moves to attract world’s remote workers with new residency programme


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Latest: Dubai's new remote working scheme to attract a 'new influx of expats'

Dubai has launched a remote-working programme to allow professionals to live in the emirate while employed by companies overseas.

The initiative aims to encourage workers employed around the world to relocate to Dubai.

Through the programme, applicants can obtain all services available to permanent residents in Dubai, including phone and internet, utilities and schooling. They will also benefit from the tax-free salaries given to UAE residents.

Officials said the scheme is in line with a rapidly developing digital drive in the workplace, prompted by the Covid-19 outbreak.

The global pandemic has changed how we live and work

“The global pandemic has changed how we live and work," said Helal Almarri, director general of Dubai’s Department of Tourism and Commerce Marketing.

"As multinationals and leading start-ups across the world accelerate their rates of digital adoption, the need to be physically present to fulfil professional responsibilities has been redefined.

“People continue to prioritise their health, well-being and ability to ensure a positive work-life balance.

"Dubai is uniquely positioned to offer a safe, dynamic lifestyle opportunity to these digitally savvy workers and their families while they continue to work remotely, whether it is for a couple of months or an entire year.”

Sami Al Qazmi, director general of Dubai's Department of Economic Development, said the scheme would cement the emirate's status as a global business hub.

"With its advanced infrastructure, global connectivity and pro-business ecosystem, the virtual working programme gives Dubai a significant opportunity to enhance business practices and maximise growth,” he said.

The enterprising project is part of a wide-ranging strategy to cement Dubai's status as a prime location to live and work.

Last month, authorities unveiled a five-year visa that allows residents of other countries to retire in Dubai.

Eligible applicants must be older than 55 and have valid UAE health insurance.

Applicants must also fulfil one of these three requirements: earn a monthly income of Dh20,000 ($5,445); have Dh1 million in cash savings; or own property in Dubai worth Dh2m.

Retired expatriates and their spouses can apply for the five-year visa with the possibility of automatic renewal online, provided the retiree continues to meet the criteria.

Last year, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, introduced a golden card 10-year residency scheme for thousands of investors and professionals

The annual remote working programme costs $287, plus medical insurance with valid UAE cover and processing fee per person.

What are the criteria?

  • Passport with minimum six months validity
  • Health insurance with UAE cover validity
  • Proof of employment from current employer with a one-year contract validity, a minimum of $5,000 per month salary, last month's payslip and three preceding months' bank statements
  • If the applicant is a company owner: proof of ownership of company for one year or more, with an average monthly income of $5,000 per month, and three preceding months' bank statements
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Five famous companies founded by teens

There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:

  1. Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate. 
  2. Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc. 
  3. Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway. 
  4. Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
  5. Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
Company%20Profile
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Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

Company profile

Company name: Dharma

Date started: 2018

Founders: Charaf El Mansouri, Nisma Benani, Leah Howe

Based: Abu Dhabi

Sector: TravelTech

Funding stage: Pre-series A 

Investors: Convivialite Ventures, BY Partners, Shorooq Partners, L& Ventures, Flat6Labs

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

COMPANY%20PROFILE
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Schedule:

Sept 15: Bangladesh v Sri Lanka (Dubai)

Sept 16: Pakistan v Qualifier (Dubai)

Sept 17: Sri Lanka v Afghanistan (Abu Dhabi)

Sept 18: India v Qualifier (Dubai)

Sept 19: India v Pakistan (Dubai)

Sept 20: Bangladesh v Afghanistan (Abu Dhabi) Super Four

Sept 21: Group A Winner v Group B Runner-up (Dubai) 

Sept 21: Group B Winner v Group A Runner-up (Abu Dhabi)

Sept 23: Group A Winner v Group A Runner-up (Dubai)

Sept 23: Group B Winner v Group B Runner-up (Abu Dhabi)

Sept 25: Group A Winner v Group B Winner (Dubai)

Sept 26: Group A Runner-up v Group B Runner-up (Abu Dhabi)

Sept 28: Final (Dubai)

Company Profile

Name: JustClean

Based: Kuwait with offices in other GCC countries

Launch year: 2016

Number of employees: 130

Sector: online laundry service

Funding: $12.9m from Kuwait-based Faith Capital Holding

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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