International students at universities in the UAE will be able to sponsor their families and bring them over for the duration of their courses.
On Sunday, the UAE Cabinet approved the move, which will likely encourage more students to travel to the Emirates for undergraduate and postgraduate study.
"We approved changes in the residency and nationality procedures in the country by enabling foreign students to bring their families whenever they have the financial means," said Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai.
Sheikh Mohammed, who is also Vice President, said the country had become a "regional education destination" with more than 77 universities attracting tens of thousands of students each year.
The decision was one among many made during the Cabinet's first meeting of the year, in Abu Dhabi.
Work continues and the process of national recovery will not stop
Led by Sheikh Mohammed, the ministers approved a federal government public debt strategy to build a bond market in the local currency.
At present, individual emirates, such as Abu Dhabi, Dubai and Sharjah, are issuers of international debt. The UAE has no debt of its own but is planning to begin selling federal bonds soon.
On Sunday, Sheikh Mohammed said the goal behind the new strategy was to "revitalise the financial and banking sector in the country".
The Cabinet also agreed to adopt a circular economy policy to achieve "clean production, sustainable transportation and consumption, and efficient waste management" while still preserving the country's environment and generating new economic opportunities. They formed a federal Circular Economy Council to see these plans through.
A new media strategy for the country was also approved to maintain the global interest generated in the UAE last year.
Sheikh Mohammed said 2020 was a "pivotal" year for the Emirates drawing international attention. He said maintaining this would require a "different way of thinking and new interaction."
He said the UAE ranked 18th worldwide in indicators of its soft power and 11th globally in influence. "[The UAE] is classified among the most active countries in the international arena," he said.
"Our goal is to communicate more with people and convey our story to the world in new formats."
Finally, the Cabinet approved the formation of the Emirates Tourism Council with the aim of boosting tourism, co-ordinating federal marketing efforts and supporting local tourism projects.
Sheikh Mohammed said the "World's Coolest Winter" campaign, launched last month, "highlighted the beauty of working as a single national tourism team".
The 45-day nationwide domestic tourism campaign invited residents and Emiratis to explore the hidden gems of the seven emirates.
He said the aim of the new tourism council would be to encourage young people to benefit from tourism sector opportunities across the country.
After a busy first meeting of the year, Sheikh Mohammed said they were just getting started.
"Work continues and the process of national recovery will not stop," he said, of the UAE's plans of an economic bounce-back since the Covid-19 outbreak.
"Preserving health will remain the priority above everything and our society will end this year with greater power and more beautiful energy towards the future, God willing."
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.”
Abu Dhabi GP starting grid
1 Lewis Hamilton (Mercedes)
2 Valtteri Bottas (Mercedes)
3 Sebastian Vettel (Ferrari)
4 Kimi Raikkonen (Ferrari)
5 Daniel Ricciardo (Red Bull)
6 Max Verstappen (Red Bull)
7 Romain Grosjean (Haas)
8 Charles Leclerc (Sauber)
9 Esteban Ocon (Force India)
10 Nico Hulkenberg (Renault)
11 Carlos Sainz (Renault)
12 Marcus Ericsson (Sauber)
13 Kevin Magnussen (Haas)
14 Sergio Perez (Force India)
15 Fernando Alonso (McLaren)
16 Brendon Hartley (Toro Rosso)
17 Pierre Gasly (Toro Rosso)
18 Stoffe Vandoorne (McLaren)
19 Sergey Sirotkin (Williams)
20 Lance Stroll (Williams)
Results
Stage 4
1. Dylan Groenewegen (NED) Jumbo-Visma 04:16:13
2. Gaviria (COL) UAE Team Emirates
3. Pascal Ackermann (GER) Bora-Hansgrohe
4. Sam Bennett (IRL) Deceuninck-QuickStep
5. Caleb Ewan (AUS) Lotto Soudal
General Classification:
1. Adam Yates (GBR) Mitchelton-Scott 16:46:15
2. Tadej Pogacar (SLO) UAE Team Emirates 0:01:07
3. Alexey Lutsenko (KAZ) Astana Pro Team 0:01:35
4. David Gaudu (FRA) Groupama-FDJ 0:01:40
5. Rafal Majka (POL) Bora-Hansgrohe
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
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Zayed Sustainability Prize
EMILY%20IN%20PARIS%3A%20SEASON%203
%3Cp%3ECreated%20by%3A%20Darren%20Star%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Lily%20Collins%2C%20Philippine%20Leroy-Beaulieu%2C%20Ashley%20Park%3C%2Fp%3E%0A%3Cp%3ERating%3A%202.75%2F5%3C%2Fp%3E%0A
My Cat Yugoslavia by Pajtim Statovci
Pushkin Press
Company%20profile
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Fifa Club World Cup quarter-final
Esperance de Tunis 0
Al Ain 3 (Ahmed 02’, El Shahat 17’, Al Ahbabi 60’)
Marathon results
Men:
1. Titus Ekiru(KEN) 2:06:13
2. Alphonce Simbu(TAN) 2:07:50
3. Reuben Kipyego(KEN) 2:08:25
4. Abel Kirui(KEN) 2:08:46
5. Felix Kemutai(KEN) 2:10:48
Women:
1. Judith Korir(KEN) 2:22:30
2. Eunice Chumba(BHR) 2:26:01
3. Immaculate Chemutai(UGA) 2:28:30
4. Abebech Bekele(ETH) 2:29:43
5. Aleksandra Morozova(RUS) 2:33:01
COMPANY%20PROFILE%20
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