My family lived in the UAE for almost 15 years. My father lost his job in June 2016 and because of the market conditions he could not secure a job for almost six months.
He had a personal loan but could not pay this or his credit cards. I had to move to another country for work and my family moved back to India. Now since my assignment is over I wanted to move back to Dubai. I would like to know if I can be held responsible for his debt? I want to move back but at the same time don't want any legal complications because of my father.
TC, KSA
My understanding is that the outstanding debts are in TC’s father’s sole name and so he is the person who is legally responsible for them. Only the person who has borrowed the money, or both parties if a debt is in joint names, has liability for the repayments. Another party is only responsible if they have stood as a guarantor for a loan but that is not a common situation in the UAE.
I have started a new job under a limited contract in an LLC company in Dubai which pays me Dh12,500 per month. I am a science graduate. If I am terminated by my employer during the probation period can I join another LLC company based in Ajman on a higher wage? Or will I get a ban? If I do get a ban what can I do to get around it as I need to work? Do I have to pay anything?
KK, Dubai
Employment bans tend to be less punitive than in the past but will apply in certain circumstances, especially when someone leaves a job of their own accord. In this case, KK is asking about bans if he is terminated, or made redundant, and no employee should receive an employment ban if they lose their job through no fault of their own, no matter how long they have been employed.
The employer is not required to give notice of termination during probation and rights to other benefits or the usual compensation for breaking a contract do not apply. The employer must however, pay the employee in full for the time worked.
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Read more:
Will my bank account be frozen when my residence visa is cancelled?
Will I receive less UAE gratuity for resigning before three years?
The Debt Panel: 'Can I defer my debts if I was made redundant and my employer did not pay me?'
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I own an apartment in Dubai and the mortgage will soon be repaid in full. I am planning a move back to my home country of Canada later this year but I do not want to sell the apartment at this time. I do not know if I will return to the UAE to live and may want to sell it in a few years’ time. Is there a way of doing this without coming back to the UAE? It’s a long way and expensive so can I give a good friend authority to handle a sale on my behalf? I don’t want to give anyone full Power of Attorney over my affairs, or access to my bank account, so can someone just deal with the property sale for me? How can I set this up?
ER, Dubai
A Power of Attorney is a written legal document that gives someone authority to act for another person in legal or financial matters. It is possible to arrange a Power of Attorney that relates to just one issue but it will need to be worded carefully so that it properly covers the complete topic, doesn’t cover other areas, and will be accepted by all relevant parties. It is not uncommon for a Power of Attorney to be used in connection with real estate when one or more parties is not present to deal with a transaction, especially in the UAE where there are many overseas investors. This is usually known as a Special Power of Attorney and can be limited in scope and/or timeframe. In the case of the sale of a property in Dubai, the Land Department will take the original on the day of sale, providing further protection.
The person appointed needs to be of the required legal age, so at least aged 21 in the UAE and, if in relation to a property transaction, they must not be a registered real estate agent. As the representative is being given full authority to act and make decisions, it is important that there is full trust and the confidence that they will act in the right way as any decisions or actions that they take will be legally binding.
In the UAE, a Power of Attorney can be arranged via the Public Notary, or via a lawyer in a registered practice. It must be fully certified and attested legally by the relevant government authorities. If someone is resident in Dubai this will usually be the Public Notary but if they are outside of the UAE, it must be legalised in whatever country they are based, and then also the Ministry of Foreign Affairs in the UAE. In Dubai a Power of Attorney is usually valid for a period of two years only.
Keren Bobker is an independent financial adviser and Senior Partner with Holborn Assets in Dubai, with over 25 years’ experience. Contact her at keren@holbornassets.com. Follow her on Twitter at @FinancialUAE.
The advice provided in our columns does not constitute legal advice and is provided for information only.
Drivers’ championship standings after Singapore:
1. Lewis Hamilton, Mercedes - 263
2. Sebastian Vettel, Ferrari - 235
3. Valtteri Bottas, Mercedes - 212
4. Daniel Ricciardo, Red Bull - 162
5. Kimi Raikkonen, Ferrari - 138
6. Sergio Perez, Force India - 68
JOKE'S%20ON%20YOU
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Guns N’ Roses’s last gig before Abu Dhabi was in Hong Kong on November 21. We were there – and here’s what they played, and in what order. You were warned.
- It’s So Easy
- Mr Brownstone
- Chinese Democracy
- Welcome to the Jungle
- Double Talkin’ Jive
- Better
- Estranged
- Live and Let Die (Wings cover)
- Slither (Velvet Revolver cover)
- Rocket Queen
- You Could Be Mine
- Shadow of Your Love
- Attitude (Misfits cover)
- Civil War
- Coma
- Love Theme from The Godfather (movie cover)
- Sweet Child O’ Mine
- Wichita Lineman (Jimmy Webb cover)
- Wish You Were Here (instrumental Pink Floyd cover)
- November Rain
- Black Hole Sun (Soundgarden cover)
- Knockin’ on Heaven’s Door (Bob Dylan cover)
- Nightrain
Encore:
- Patience
- Don’t Cry
- The Seeker (The Who cover)
- Paradise City
The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
Results:
2.15pm: Handicap (PA) Dh60,000 1,200m.
Winner: AZ Dhabyan, Adam McLean (jockey), Saleha Al Ghurair (trainer).
2.45pm: Maiden (PA) Dh60,000 1,200m.
Winner: Ashton Tourettes, Sam Hitchcott, Ibrahim Aseel.
3.15pm: Conditions (PA) Dh60,000 2,000m.
Winner: Hareer Al Reef, Gerald Avranche, Abdallah Al Hammadi.
3.45pm: Maiden (PA) Dh60,000 1,700m.
Winner: Kenz Al Reef, Gerald Avranche, Abdallah Al Hammadi.
4.15pm: Sheikh Ahmed bin Rashid Al Maktoum Cup (TB) Dh 200,000 1,700m.
Winner: Mystique Moon, Sam Hitchcott, Doug Watson.
4.45pm: The Crown Prince Of Sharjah Cup Prestige (PA) Dh200,000 1,200m.
Winner: ES Ajeeb, Sam Hitchcott, Ibrahim Aseel.
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.”
Killing of Qassem Suleimani
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The specs
Engine: 2.0-litre 4-cyl
Power: 153hp at 6,000rpm
Torque: 200Nm at 4,000rpm
Transmission: 6-speed auto
Price: Dh99,000
On sale: now
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Engine: 5.6-litre V8
Transmission: seven-speed automatic
Power: 400hp
Torque: 560Nm
Price: Dh234,000 - Dh329,000
On sale: now
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
