ABU DHABI // An increasingly powerful Emirati passport that grants its citizens visa-free travel to 121 countries is a reflection of the growing role the country is playing on the world stage.
Recent agreements that will add Brazil and Argentina to the list come at a time when the UAE is expanding diplomatic efforts and economic opportunities.
“There is no doubt that promoting the UAE passport strength would enhance the UAE’s position at regional and global levels,” said Ahmed Al Daheri, assistant undersecretary for consular affairs at the Ministry of Foreign Affairs and International Cooperation.
The ministry recently started to further enhance the power of the UAE passport to allow Emiratis visa-free travel in as many countries as possible, with plans to sign deals with another 18 countries this year alone.
The more agreements the UAE reaches, the more keen other countries will be to establish closer ties with the Emirates, Mr Al Daheri said.
The UAE passport is currently the most valuable in the GCC, according to a global ranking of the world’s passports.
Arton Capital, a financial advisory firm specialising in investor programmes for residence and citizenship, ranked the Emirati passport 28th in the world, with a score of 125. Removing the obstacle of citizens having to obtain a visa would help to improve political, economic, social and cultural ties with countries, Mr Al Daheri said.
“Such agreements will free citizens of both parties to travel freely to each other’s countries and do business, thus increasing the volume of trade and business exchanges, and leading to strengthening relations between the two sides.”
Mr Al Daheri said young Emiratis in particular had contributed to furthering the ministry’s achievements.
While the visa-exemption policy has benefited UAE citizens in removing obstacles in their pursuit of enriching themselves through the experiencing other countries cultures, customs, and traditions through tourism, education and training abroad, Mr Al Daheri said young Emiratis had contributed to furthering the Ministry’s achievements.Their travels across the globe for education or economic reasons have further encouraged diplomatic efforts to ease their experiences and enable them to better achieve their goals, he said.
“The confidence of the wise leadership in the UAE youth has made them a pioneering model for ambitious and responsible youth, which reflects a positive image in all countries of the world,” Mr Al Daheri said.
An Emirati who travels frequently said he had noticed a significant difference in the ease of travel since his journeys abroad began more than 15 years ago.
“The process of obtaining visas used to be a huge barrier in heading to countries,” said 35-year-old Yaser Albehdaz, who has scaled two of the seven highest continental peaks.
“With work you would only get a few days off and you would have to take some of those just to get the visa,” he said.
Mr Albehdaz said the process was discouraging but now he said there was one less barrier to achieving his dream of scaling all seven summits.
UAE’s recent diplomacy efforts have centred around strengthening ties with South and Central American countries, with official visits by Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Cooperation, and the opening of embassies and consulates in Brazil, Argentina and Cuba.
Brazil has recently strengthened its economic ties with the UAE and other Arab countries.
Non-oil trade between the UAE and Brazil was US$2.5 billion (Dh9.181bn) last year, while exports of Brazilian textiles to the region surged by 87.5 per cent during the first two months of this year, compared with the same period last year, according to the Arab Brazilian Chamber of Commerce.
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THE BIO
Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13
Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier
Favourite place to travel to: Any walkable city. I also love nature and wildlife
What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents.
Favorite place to go in the UAE: A quiet beach.
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6pm: Wathba Stallions Cup - Maiden (PA) Dh70,000 (T) 1,600m; Winner: Alsaied, Szczepan Mazur, Ibrahim Al Hadhrami
6.30pm: Emirates Fillies Classic – Prestige (PA) Dh100,000 (T) 1,600m; Winner: Mumayaza, Antonio Fresu, Eric Lemartinel
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Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
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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.”