• During a cabinet meeting chaired by Sheikh Mohammed, a new remote work visa was approved. All pictures courtesy Dubai Media Office
    During a cabinet meeting chaired by Sheikh Mohammed, a new remote work visa was approved. All pictures courtesy Dubai Media Office
  • The new remote working visa enables employees from all over the world to live and work remotely from the UAE even if their companies are based in another country
    The new remote working visa enables employees from all over the world to live and work remotely from the UAE even if their companies are based in another country
  • The cabinet also approved a multiple entry tourist visa for all nationalities
    The cabinet also approved a multiple entry tourist visa for all nationalities
  • This new tourist visa has the aime of strengthening the UAE’s status as a global economic capital
    This new tourist visa has the aime of strengthening the UAE’s status as a global economic capital
  • A number of economic measures were announced during the meeting
    A number of economic measures were announced during the meeting
  • A cabinet meeting chaired by Sheikh Mohammed on Sunday
    A cabinet meeting chaired by Sheikh Mohammed on Sunday
  • A cabinet meeting chaired by Sheikh Mohammed on Sunday
    A cabinet meeting chaired by Sheikh Mohammed on Sunday

UAE remote working visas to attract new talent and open up global business opportunities, experts say


Kelly Clarke
  • English
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The introduction of a one-year residency permit for remote workers in the UAE will help attract more talent to the region and boost business opportunities, experts said.

On Sunday, Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, announced that overseas remote working professionals could live in the Emirates while continuing to serve their employers in their home country.

Bernard Lee, chief executive of GlassQube Coworking, a workspace operator that has four locations in Abu Dhabi, said the visa was extremely attractive for international corporations and small and medium-sized enterprises.

"Essentially it could lower the cost of setting up teams and a large office base here," Mr Lee said.

Bernard Lee, chief executive of GlassQube Coworking, a workspace operator in the UAE, said the scheme was extremely attractive. Victor Besa / The National
Bernard Lee, chief executive of GlassQube Coworking, a workspace operator in the UAE, said the scheme was extremely attractive. Victor Besa / The National

“Instead, companies could send in exploratory teams, even one or two employees, that are fully protected as domestic residents.

“By doing that they have a chance to really see what the business landscape has to offer them without investing large sums of money upfront.”

For it to be truly attractive, Mr Lee said the cost of the visa would have to be “materially less than setting up a branch LLC” in the country.

“It will be interesting to find out what the costs are, once more details come out,” he said.

Murtaza Khan, managing partner for the Middle East and Africa at Fragomen, an immigration consultancy, said the move caters to people whose nature of work allows them to adopt the “work from anywhere model” that has become more prevalent in the Covid-19 age.

“This provides a legal way for foreign nationals to live and work in the UAE, but where their actual job or place of work in the true sense is outside of the UAE,” he said.

He said a remote working programme launched in Dubai in October had already proven successful.

“The scheme has already helped attract many remote workers to Dubai, not only by providing this pathway for a visa, but by the overall proposition of the UAE as a destination, in terms of the quality of life and high-quality infrastructure.”

He said the time zone for people coming from western Europe made it manageable for remote working, and in recent months, his consultancy has seen interest from North America too.

“This will have a knock-on impact on the economy in terms of the spend of foreign nationals residing in the UAE," he said.

"But more importantly it attracts the talent, and often those in the generation belonging to the gig economy – specifically technology."

Shot of two colleagues video chatting with each other on a computer at work
Shot of two colleagues video chatting with each other on a computer at work

As this influx of talent arrives in the country, Mr Khan said they are able to further connect with the industry and possibly explore opportunities available to them, such as establishing a main office.

In a tweet on Sunday, Sheikh Mohammed wrote that the UAE's development is continuous and change will not stop.

"Our teams continue day and night to consolidate our international economic and political position and establish a quality of life that is the best in the world for our people and all those residing here," he said.

Louise Vine, managing director of Inspire Selection, a recruitment firm, said the availability of a residency visa for remote workers opens doors for companies based overseas who want a presence in the UAE.

“[They can explore opportunities] without having to get a full trade licence, office space and workforce,” she said.

“It will, therefore, increase the number of opportunities to candidates and consumers, giving them more choice.

“Sales managers or key account managers are likely to be employees to take advantage of this new visa.”

If a company has historically had an office here but had to close during the pandemic, Ms Vine said the new Cabinet decision meant they could still do some business locally.

“Rather than shutting the door on doing any business face to face in the UAE, companies could now allow the opportunity for one or two key workers to remain in the country, legally,” she said.

“Whereas previously, someone may have either visited from overseas on a renewable tourist visa, they can now avail the benefits of being a resident.”

World record transfers

1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m

MATCH INFO

Uefa Champions League, last-16. first leg

Atletico Madrid v Juventus, midnight (Thursday), BeIN Sports

The National in Davos

We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.

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.”

Ain Dubai in numbers

126: The length in metres of the legs supporting the structure

1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch

16 A380 Airbuses: The equivalent weight of the wheel rim.

9,000 tonnes: The amount of steel used to construct the project.

5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place

192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.

SNAPSHOT

While Huawei did launch the first smartphone with a 50MP image sensor in its P40 series in 2020, Oppo in 2014 introduced the Find 7, which was capable of taking 50MP images: this was done using a combination of a 13MP sensor and software that resulted in shots seemingly taken from a 50MP camera.

Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

Price: From Dh450,000, Autograph model from Dh510,000

Available: Now

MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

Results

Ashraf Ghani 50.64 per cent

Abdullah Abdullah 39.52 per cent

Gulbuddin Hekmatyar 3.85 per cent

Rahmatullah Nabil 1.8 per cent

THE%20SPECS
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Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

David Haye record

Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4

MATCH INFO

Manchester United 1 (Rashford 36')

Liverpool 1 (Lallana 84')

Man of the match: Marcus Rashford (Manchester United)