Resource centre for Indian workers opens


Ramola Talwar Badam
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Dubai // A free, walk-in resource centre providing Indian workers, especially semi-skilled and unskilled labourers, direct access to welfare services was inaugurated last night by Pratibha Patil, India's president.

Workers in distress can call a toll-free number, 800 46342 (800-India), from anywhere in the UAE to seek counselling, information or advice relating to legal issues such as contracts and financial matters.

The centre is located on Khalid bin Waleed Street and will be open from 3pm to 7pm every day.

The phone lines will be open 24 hours a day and will be available in several languages, including English, Hindi, Tamil, Malayalam and Telugu. Other Indian languages will be added later.

In cases of disputes concerning contracts and other legal documents, workers will be referred to a qualified advisor. In addition, one-on-one sessions can be arranged for labourers in need of psychological counselling.

Of the 1.75 million Indians that make up the Indian expatriate community in the UAE, more than half work as blue-collar workers in the construction industry.

Low wages, delayed salary payments and isolation are the leading causes of depression among workers in the Emirates, said KV Shamsudheen, the chairman of the Pravasi Bandhu Welfare Trust, an organisation that advises expatriates, particularly low-income Indians, on financial matters.

"It's an excellent idea, a very good initiative," said Mr Shamsudheen, who launched a similar helpline six years ago. "It will be a great relief for people to be able to phone in any time of day. As a non-profit organisation we had our own limitations."

He conducted a workshop last week for a group of 10 men and women who will field calls for the centre.

"I told them that they must be very patient, that the person calling must feel that you sincerely want to help," Mr Shamsudheen said. "They just want to know that there is someone listening to their problems."

Suresh Kumar, an electrician from the southern Indian Andhra Pradesh state, said: "I heard on the radio that they will answer in Telugu, Tamil and many other languages. Then I will feel comfortable talking because I can't properly understand what the man in the bank says. This will help settle my mind."

rtalwar@thenational.ae

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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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Launched: March 2017 on UAE Mother’s Day

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