DUBAI // Indian diplomatic missions in the UAE are stocking up on blank passports and increasing staff numbers to deal with the influx of people expected during the two-month visa amnesty starting next week.
Officials have requested passports from New Delhi ahead of the amnesty for illegal residents who have overstayed their visas or residency permits.
People without visas can leave the UAE from December 4 without being fined. After February 4, they will face fines of Dh100 a day for visa offences and Dh25 a day for residency offences.
"We have set in motion administrative measures in the embassy and the consulate," said MK Lokesh, the Indian ambassador, after a meeting with consulate officials last Thursday.
"We are having a discussion to have additional staff and passport booklets. We have informed authorities in India to dispatch them quickly. We want to ensure we have adequate manpower, stationery and passport books. We are getting ourselves ready."
This is the fourth amnesty declared by the UAE for illegal immigrants. The first was in 2002 followed by 2005 and 2007. During the previous amnesty, an estimated 40,000 Indian nationals left the country while another 37,000 legalised their status to remain in the Emirates, making Indians the largest expatriate community to take advantage of the pardon.
This time, however, officials estimate a relatively smaller number will leave.
"In the first amnesty in 2002, there were more than 100,000 applications," said K Kumar, head of the Indian Community Welfare Committee (ICWC), whose volunteers have helped at previous amnesties.
"This year, it would be a maximum of 25,000 applicants."
He said he had arrived at this estimate based on the "floating population" of the community. The Indian ambassador said the missions did not "expect large numbers" this time.
All 16 branches of the Indian government's outsourced passport and visa centre - the BLS International Visa and Passport Services - will accept amnesty applications and forward them to the diplomatic missions. This is the first time the outsourcing centre is helping with the process.
Mr Lokesh said Indian nationals without proper travel documents could start approaching the centre from tomorrow.
"Those who have valid passports but no valid visa do not have to come to us. They can go to the immigration directly. But, in cases where people don't have passports or their passports have expired, they should immediately approach BLS International. They will, however, need some ID to prove they are Indian nationals."
A photocopy of the passport or any ID establishing their nationality will suffice, he said.
"In the majority of cases, we will issue documents in three or four days. In cases when applicants may not have travel documents, it will take time."
The ambassador said staff will approach state governments in India to arrange air tickets if necessary.
He said: "We are hoping the majority will find their own means to buy tickets. Only in extreme cases, depending on the numbers, will we approach government authorities."
Meanwhile, over 200 volunteers from the ICWC will aid the Indian consulate during the amnesty period.
"We are waiting to hear from the consulate. We have given details of what we did the last time," Mr Kumar said.
The Sharjah Indian Association said it was awaiting instructions from the consulate for this year's procedures.
"We helped fill applications and submit them to the consulate last time. We hope to do the same this year," said a spokesman.
pkannan@thenational.ae
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UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
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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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Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.
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After Brexit took place, the party focused on the reformation of British democracy.
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