Visa amnesty center at the General Directorate of Residency and Foreigners Affairs Dubai in Al Awir area in Dubai. Pawan Singh / The National
Visa amnesty center at the General Directorate of Residency and Foreigners Affairs Dubai in Al Awir area in Dubai. Pawan Singh / The National
Visa amnesty center at the General Directorate of Residency and Foreigners Affairs Dubai in Al Awir area in Dubai. Pawan Singh / The National
Visa amnesty center at the General Directorate of Residency and Foreigners Affairs Dubai in Al Awir area in Dubai. Pawan Singh / The National


The UAE visa amnesty is easing stress on the system and in residents' lives


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September 06, 2024

The first week of the UAE’s eight-week visa amnesty programme – in which people who have overstayed in the country are given a chance to regularise their stay or leave without penalties – is drawing to a close. The amnesty applies to anyone in the country with a visa that expired before September 1, though it does not apply to those who entered the UAE illegally.

The last time the country held a visa amnesty programme, in 2018, 105,000 people, a little over 1 per cent of the population, took advantage of the opportunity. The presence of so many overstayers was simultaneously a source of concern and a symptom of the country’s dynamism. The UAE is a welcoming destination for those seeking opportunity, but its pro-migration policies make it tempting for many to circumvent the rules to extend their stay. In some cases, those policies are also exploited by unscrupulous agencies and even criminal networks.

The result is a strain on elements of law enforcement, the labour market, and, not least, the lives of those who have overstayed. Anyone living in another country, without legal documents such as a valid visa, falls into the shadows. They often lack health insurance and are vulnerable to exploitation. Most overstayers are jobseekers, but some are victims of fraud or, in extreme cases, human trafficking. Fearful of penalties if they approach authorities, some end up separated from their families back in their home countries for years. The National interviewed such people in the UAE at the country’s visa amnesty centres this week.

People remaining in the UAE without valid visas fall into the shadows

The damage done to people’s lives by prolonging such a situation makes visa amnesties an important part of the policy toolkit. They allow authorities to understand better who is in the country and why, and also help to bridge gaps in the labour market. This week, some amnesty centres have played host to job recruiters looking to hire from the pool of those wishing to remain in the Emirates.

For a country poised for continued population growth and an accompanying economic boom over the next decade, managing policies to continue as an attractive destination for foreign workers is critical.

Visa amnesties are ultimately a stopgap, and UAE policymakers know this. In recent years, the country has introduced a host of new legislation and regulations that make it easier for people’s presence in the Emirates to remain above-board, and to prevent those whose stay would be unsustainable from entering. The introduction of jobseekers’ visas is one such measure, as is the 10-year golden visa for those who merit more flexibility in the labour market. This year, authorities stopped those who arrived at UAE airports on visitor visas without a return ticket or sufficient funds.

Migration is one of the most complex portfolios for any government. A host country’s policies towards newcomers is a reflection of its own aspirations. It is a theme as old as the history of human migration itself: people move to new places in search of a second chance, and they tend to thrive when they are given one, as the UAE has made evident.

STAGE 4 RESULTS

1 Sam Bennett (IRL) Deceuninck-QuickStep - 4:51:51

2 David Dekker (NED) Team Jumbo-Visma

3 Caleb Ewan (AUS) Lotto Soudal 

4 Elia Viviani (ITA) Cofidis

5 Matteo Moschetti (ITA) Trek-Segafredo

General Classification

1 Tadej Pogacar (SLO) UAE Team Emirates - 12:50:21

2 Adam Yates (GBR) Teamn Ineos Grenadiers - 0:00:43

3 Joao Almeida (POR) Deceuninck-QuickStep - 0:01:03

4 Chris Harper (AUS) Jumbo-Visma - 0:01:43

5 Neilson Powless (USA) EF Education-Nippo - 0:01:45

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.”

A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

INFO

What: DP World Tour Championship
When: November 21-24
Where: Jumeirah Golf Estates, Dubai
Tickets: www.ticketmaster.ae.

COMPANY%20PROFILE
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Juliet, Naked
Dir: Jesse Peretz
Starring: Chris O'Dowd, Rose Byrne, Ethan Hawke​​​​​​​
​​​​​​​Two stars

The cost of Covid testing around the world

Egypt

Dh514 for citizens; Dh865 for tourists

Information can be found through VFS Global.

Jordan

Dh212

Centres include the Speciality Hospital, which now offers drive-through testing.

Cambodia

Dh478

Travel tests are managed by the Ministry of Health and National Institute of Public Health.

Zanzibar

AED 295

Zanzibar Public Health Emergency Operations Centre, located within the Lumumba Secondary School compound.

Abu Dhabi

Dh85

Abu Dhabi’s Seha has test centres throughout the UAE.

UK

From Dh400

Heathrow Airport now offers drive through and clinic-based testing, starting from Dh400 and up to Dh500 for the PCR test.

Updated: September 08, 2024, 2:35 PM