My employer has been paying our wages late and now they are saying that they plan to pay by cheque rather than by bank account as before. This is obviously much less convenient but I would like to know if this is even allowed or if it will cause any other problems for employees. PS, Dubai
The Wages Protection System (WPS) was introduced in 2009 with the aim of overseeing and regulating the payment of salaries to all employees in the UAE. It is an electronic transfer system that is overseen by the UAE Central Bank and allows the Ministry of Human Resources and Emiratisation (MoHRE) to monitor payments and identify problems. It was announced that over time all employers must use the WPS and this has been codified in Ministerial Decree No. 739 of 2016 ‘Concerning the Protection of Wages’. The decree reinforces that employers must subscribe to the WPS and any that fail to do so will find that they will have issues dealing with MoHRE. Not paying employees via WPS is contrary to government guidelines and the employer could be subject to fines and be unable to take on any further employees.
In addition to the Governmental issues, not being paid properly by bank transfer can cause problems for an employee as they may have problems obtaining credit. Also, if someone has an existing loan, they may find that they are technically in breach of the contract terms if monthly salary transfer is a condition of the loan. In that scenario the bank could demand immediate repayment.
If the employer does not comply with the WPS, then employees can register a case with the Ministry.
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Should I accept a three-year Dubai job contract that penalises me if I resign early?
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I have a query about a work visa being rejected. Some months ago, I went to Dubai and joined a company for a trial period of three weeks. I did not sign any contracts and because I decided that the job was no good, I came back to my own country. I then found another job, with a five-star hotel, also in the UAE, but when the hotel applied for my work visa it was rejected. I then found another job, signed a letter and when they applied for my visa it was also rejected. So now, I am wondering what the problem is. What can be done in this situation? AC, The Philippines
It is illegal for anyone to work on any kind of visit or tourist visa so I assume that the original employer made an application for a residency visa. If AC left without this being cancelled it will still be showing in the system and any subsequent applications will be rejected. If she left without giving notice to the employer, there is a possibility that she is listed as an absconder and is therefore banned from working in the UAE for six months or a year - another possible reason for rejection.
The first step is to contact the original employer and find out the situation regarding the visa. Assuming an application was made, AC should ask if it was properly cancelled or if there is black mark against her name? If the visa was not cancelled, that can be organised but if she has a ban no further action can be taken, or a further application approved, until this has expired. If the original employer has cancelled the visa, and there is no obvious reason for rejection, then there is little that can be done as the government is not obliged to disclose the reason for any rejection. An employer making the application can enquire as to why there is an issue but may not necessarily receive details.
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How long can I overstay on a UAE residence visa before I am fined?
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I worked in Dubai from September 2014 until June 2017 when my job was terminated. My visa was cancelled and I left the country leaving a bank loans and some credit card debts. I plan to come back and search for a new job next month so I would like to know what happens when someone does not pay back their debts. How many payments can I miss before the bank make a police case and I have a problem? SK, India
Generally, a bank will register a police case if three payments have been missed and there has been no discussion about how payments can be made. If however, someone has left the country and not made the payments due and the bank becomes aware of this they could immediately request that an immigration ban be placed on someone by claiming that there is intent not to pay the debt due. SK would be wise to contact his bank and a least make partial payments to try and prevent any serious consequences. Failing to make a payment is an automatic breach of contract, per the agreements that were signed, and banks have the right to take prompt action, especially if they are not informed of a situation.
Keren Bobker is an independent financial adviser and senior partner with Holborn Assets in Dubai, with over 20 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.
COMPANY%20PROFILE
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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.”
The design
The protective shell is covered in solar panels to make use of light and produce energy. This will drastically reduce energy loss.
More than 80 per cent of the energy consumed by the French pavilion will be produced by the sun.
The architecture will control light sources to provide a highly insulated and airtight building.
The forecourt is protected from the sun and the plants will refresh the inner spaces.
A micro water treatment plant will recycle used water to supply the irrigation for the plants and to flush the toilets. This will reduce the pavilion’s need for fresh water by 30 per cent.
Energy-saving equipment will be used for all lighting and projections.
Beyond its use for the expo, the pavilion will be easy to dismantle and reuse the material.
Some elements of the metal frame can be prefabricated in a factory.
From architects to sound technicians and construction companies, a group of experts from 10 companies have created the pavilion.
Work will begin in May; the first stone will be laid in Dubai in the second quarter of 2019.
Construction of the pavilion will take 17 months from May 2019 to September 2020.
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
WISH
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UAE currency: the story behind the money in your pockets
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EQureos%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EUAE%0D%3Cbr%3E%3Cstrong%3ELaunch%20year%3A%20%3C%2Fstrong%3E2021%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%20%3C%2Fstrong%3E33%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3ESoftware%20and%20technology%0D%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3E%243%20million%0D%3Cbr%3E%3C%2Fp%3E%0A
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
The five pillars of Islam
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
