LATEST: 'Nobody left behind’ - major push to tackle visa issues as amnesty begins second week
Satheeshma Wedhiti's dreams of going to school in the UAE were dashed after his father lost his job and was unable to legalise his stay.
The 10 year old had arrived in the country two years ago on a visit visa, accompanying his father Pradeep Wedhiti, who was working for a social media marketing firm in Dubai. However, things went sour between his father and his sponsor, who seized his passport over financial problems and filed an absconding case against him.
“I never went to a school in the UAE, but I would love to,” Satheeshma told The National. “For the last two years, I learn my lessons at home.”
The two-month-long UAE visa amnesty offered the father and son a ray of hope. "My father and I want to go to Sri Lanka," he added.
However, their plans hit a roadblock when the 41-year-old was told by officers of the General Directorate of Residency and Foreigners Affairs in Dubai (GDRFA) at Al Awir Centre that he needed his passport to secure the exit pass. Seeing Mr Wedhiti's confusion, the officers used their system to help track his passport to the Sri Lankan consulate in Dubai using their system.
Colonel Abdullah Atiq, Deputy Assistant Director of Investigation Affairs in GDRFA-Dubai, said the authority had possession of seized passports in absconding cases, before the amnesty started on September 1. After that, all passports were sent to the relevant consulates and embassies.
“Once they collect their passports, they can come back and complete the procedure to close the case," he said. Despite the slight setback, the 10 year old remains hopeful he'll get the paperwork sorted to return to the UAE later and join a school. “When I get a proper visa I will come back and go to a school,” he said.
Passports mandatory to secure exit pass
Visa overstayers who have had their passports seized by their sponsors are being advised to check if it has been sent to their country's consulate or embassy. If not, they must file a complaint at the Ministry of Human Resources and Emiratisation.
If the sponsor refuses to hand over the passport they must file a civil case at the Al Adheed Centre, added Colonel Atiq.
"Once the court procedure is completed, an order to regain possession of their passports will be issued. This must be submitted at the police station where the sponsor resides to get the passport back,” Col Atiq told The National.
If this doesn't work they can file a missing passport report at the police station and secure an emergency passport from their consulate.
"They can apply for an exit pass with an emergency passport, which is a one-time travel document to your home country. However, it will not allow them to change their visa status.
"Changing visa status will need a valid passport," he said, adding, "Amnesty seekers can also apply for a new passport at their consulate."
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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RESULTS
6.30pm UAE 1000 Guineas Trial Conditions (TB) US$100,000 (Dirt) 1,400m
Winner Final Song, Christophe Soumillon (jockey), Saeed bin Suroor (trainer).
7.05pm Handicap (TB) $135,000 (Turf) 1,000m
Winner Almanaara, Dane O’Neill, Doug Watson.
7.40pm Handicap (TB) $175,000 (D) 1,900m
Winner Grand Argentier, Brett Doyle, Doug Watson.
8.15pm Meydan Challenge Listed Handicap (TB) $175,000 (T) 1,400m
Winner Major Partnership, Patrick Cosgrave, Saeed bin Suroor.
8.50pm Dubai Stakes Group 3 (TB) $200,000 (D) 1,200m
Winner Gladiator King, Mickael Barzalona, Satish Seemar.
9.25pm Dubai Racing Club Classic Listed Handicap (TB) $175,000 (T) 2,410m
Winner Universal Order, Richard Mullen, David Simcock.
ONCE UPON A TIME IN GAZA
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
Rating: 4.5/5
GRAN%20TURISMO
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Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
The Saga Continues
Wu-Tang Clan
(36 Chambers / Entertainment One)