ABU DHABI // The opening of a UAE Consulate in Kerala is a boon for many UAE residents from the southern Indian state who had to travel to New Delhi or Mumbai for consular services, Indian expatriates said.
In the past, Keralites had to travel more than 2,500 kilometres to the UAE Embassy in Delhi or to the consulate in Mumbai to complete visa procedures.
Gopalan Vijayaragavan, a Keralite resident of Abu Dhabi, said the previous other option was to use recruitment agencies “who charge a hefty amount”.
“We need our certificates to be attested by the UAE mission, so we had to travel to New Delhi,” said Mr Vijayaragavan, whose home in Kerala is less than a kilometre from the new consulate in Thiruvananthapuram, the capital of Kerala.
Last Wednesday, the UAE inaugurated the consulate and appointed Jamal Al Zaabi Consul General.
“Now it’s very convenient for us and saves us time and money,” said Mr Vijayaragavan, who believes that the new consulate will boost bilateral trade and tourism ties and prevent the exploitation of Keralites who wish to work in the UAE.
“There are many fraudulent recruitment agencies who take unnecessary money under the guise of visa and consular services,” he said.
“The UAE employment permit is free but some people have paid 150,000 Indian rupees (Dh8,240) for that.
“Now workers can approach the mission and check the status of their visa and company.”
Last week, Mr Al Zaabi said: “A large number of workers who come to the UAE every year to realise their job ambitions and improve their living standards hail from Kerala.”
Padmanabhan Veetil, honorary president of the Kerala Social Centre in Abu Dhabi, said the new consulate in Kerala would benefit the Indian state and the UAE “as we have good trade and tourism relations”.
The Ministry of Foreign Affairs and International Cooperation said the opening of the second UAE Consulate in India would bolster bilateral relations.
Arun Kumar, a Keralite lorry driver who lives in Sharjah, hailed the opening of the consulate in Kerala.
“This is good news for all of us,” he said. “India is a vast country and we have to travel thousands of kilometres to reach another state. It’s not like the UAE.
“Now we don’t have to cough up money to agents and we can directly visit the consulate and get our work done.
“Just before the opening of the mission, my brother travelled to Delhi to access consular service. We always went to Delhi or Mumbai.”
anwar@thenational.ae
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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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How will Gen Alpha invest?
Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.
Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
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