As some areas of the Middle East lurch deeper into political tumult, wealth managers, law firms and financial brokers are earning big money as they advise on and manage the wealth of Arabs seeking citizenship in other countries through investment programmes.
The film star Robert de Niro may have chosen Antigua and Barbuda in December to invest in a US$250 million five-star resort as another exotic investment, but for a number of moneyed Arabs, investments in the Caribbean promise a citizenship status that can grant them much sought after global mobility.
For a $200,000 donation into Antigua and Barbuda’s national development fund, overseas investors receive passports that provide visa-free travel in 131 countries, including Canada and European countries, usually in the space of couple of months.
This programme is one of four in the Caribbean that is attracting investments from Arabs and other nationalities restricted from travelling by the passports they hold.
Starting from $100,000 in the Caribbean state of Dominica per application up to millions of dollars in western countries, Caribbean and European states are jumping on the citizenship by investment bandwagon.
While hundreds of US nationals are renouncing their citizenship to avoid paying taxes, many Arabs are hunting for easy programmes to provide them visa-free access to places such as the US, Canada and Europe. Thousands of Arabs apply each year for citizenship and residency programmes across the globe, led by Lebanese, Iraqis, Syrians, Jordanians and Egyptians, citizenship experts say, as they are otherwise unable to travel freely to many nations, if at all.
“The Arab Spring had an effect on the citizenship by investment and investor immigration markets as more businessmen and families realised the importance of having the freedom to move in the event that there was an unfortunate turn in the economic and political situation in their countries,” says Micha Rose-Emmett, the managing director of the international legal advisory group CS Global Partners.
The rise of ISIL, in Iraq, the turmoil in Syria, the takeover of Yemen by the Houthi movement and the split of leadership in Libya are all causes of concern to many Arab citizens who are nationals of those countries.
“Business has doubled year-on-year because people are becoming more acquainted with these programmes,” says Sam Bayat, the managing director of Bayat Legal Services, a Dubai law firm specialising in immigration law. “Secondly, people are looking to have a parachute in case they need to travel.”
UAE property firms are starting to capitalise on the demand for citizenship and are building hotels in the Caribbean that entitle investors to apply for citizenship. The UAE’s Range Developments is on track to this year finish constructing a $150 million, 134-room Park Hyatt hotel in St Kitts and Nevis, the Caribbean state that has the world’s oldest citizenship by investment programme. So far 80 per cent of the project, in which investors pitch in $430,000 to gain citizenship, has been sold and the firm is looking at another property project in a different location that qualifies investors for citizenship, says the Range chief executive Munaf Ali. He declines to name the location of the new development.
Another property firm based in this country, Al Caribi Developments, plans in the next month or two to start building an estimated $200m hotel project in Antigua that also entitles investors for citizenship for a $400,000 investment in redeemable shares in the development.
Caribbean countries are offering more and more such programmes as a way to boost foreign investment and tourism, create jobs and help to tackle government debt. For example, St Kitts and Nevis has managed to cut its debt from 164 per cent of GDP in 2010 to 104 per cent of GDP at the end of 2013, partly thanks to its citizenship by investment programme, according to the IMF. Grenada revived its programme in 2013 to help tame its public debt which reached about 110 per cent of GDP at end of that year.
European countries are also coming to the fore with citizenship by investment and residency programmes in a bid to ease financial woes. Malta and Cyprus currently provide citizenship investment opportunities, while Bulgaria and Hungry offer residency programmes among other European states. Cyprus, which was engulfed in a financial crisis in 2013, started last year granting citizenship by investment.
But many western states such as Canada are limiting their investment by citizenship programmes, as they tighten immigration requirements amid a wave of anti-immigration movements and abuse of passports, prompting investors to look for alternatives.
Canada recently removed its visa waiver for St Kitts and Nevis after reports of people abusing their passports, a move that has hit the programme and shifted applications to Antigua and Barbuda, experts say. Mr Munaf says the visa waiver has not adversely affected those with investments in St Kitts and Nevis.
Grenada stopped its previous programme in 2001 due to US security concerns and Canadian concerns over money laundering. Still, the international consulting firm Henley & Partners, which specialises in property, residency and citizenship services, has seen its business double since the start of the Arab spring but insists it practices prudence when dealing with citizenship investment programmes. It does not work with Iranians because of international sanctions and it has not engaged with the current Grenada programme so far, it says.
“It didn’t pass our due diligence,” says Marco Gantenbein, a partner of the firm based in Dubai. “We are in discussion with them and if they do a few moves in their programme and do what we would like to have, then we will consider doing it.”
With a greater focus on due diligence and tightening of regulations around such programmes, more Arabs are going for more than one citizenship.
“There is a fear there will be a more regulated industry and it is this fear that creates a lot of urgent demand now for plan b and plan c,” says Armand Arton, the chief executive of Arton Capital, a financial advisory business based in Montreal dealing in immigrant investor schemes.
Programmes such as the ones in the United Kingdom and Canada also demand physical presence, another deterrent for business people looking for options that allow them to travel freely.
“Programmes are changing. Big countries like Australia and the UK believe the economic impact does not justify their existence,” says Mr Arton.
But for Arabs looking to the Caribbean, the outlook remains sunny.
dalsaadi@thenational.ae
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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.”
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
The essentials
What: Emirates Airline Festival of Literature
When: Friday until March 9
Where: All main sessions are held in the InterContinental Dubai Festival City
Price: Sessions range from free entry to Dh125 tickets, with the exception of special events.
Hot Tip: If waiting for your book to be signed looks like it will be timeconsuming, ask the festival’s bookstore if they have pre-signed copies of the book you’re looking for. They should have a bunch from some of the festival’s biggest guest authors.
Information: www.emirateslitfest.com
COMPANY%20PROFILE
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COMPANY%20PROFILE
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Profile of Bitex UAE
Date of launch: November 2018
Founder: Monark Modi
Based: Business Bay, Dubai
Sector: Financial services
Size: Eight employees
Investors: Self-funded to date with $1m of personal savings
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
'Saand Ki Aankh'
Produced by: Reliance Entertainment with Chalk and Cheese Films
Director: Tushar Hiranandani
Cast: Taapsee Pannu, Bhumi Pednekar, Prakash Jha, Vineet Singh
Rating: 3.5/5 stars
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
The specS: 2018 Toyota Camry
Price: base / as tested: Dh91,000 / Dh114,000
Engine: 3.5-litre V6
Gearbox: Eight-speed automatic
Power: 298hp @ 6,600rpm
Torque: 356Nm @ 4,700rpm
Fuel economy, combined: 7.0L / 100km
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
Company%C2%A0profile
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Company%20profile
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If you go
The flights
Etihad and Emirates fly direct from the UAE to Chicago from Dh5,215 return including taxes.
The hotels
Recommended hotels include the Intercontinental Chicago Magnificent Mile, located in an iconic skyscraper complete with a 1929 Olympic-size swimming pool from US$299 (Dh1,100) per night including taxes, and the Omni Chicago Hotel, an excellent value downtown address with elegant art deco furnishings and an excellent in-house restaurant. Rooms from US$239 (Dh877) per night including taxes.
CONFIRMED%20LINE-UP
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The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
Company%C2%A0profile
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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
Sweet%20Tooth
%3Cp%3E%3Cstrong%3ECreator%3A%20%3C%2Fstrong%3EJim%20Mickle%3Cbr%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EChristian%20Convery%2C%20Nonso%20Anozie%2C%20Adeel%20Akhtar%2C%20Stefania%20LaVie%20Owen%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A
MATCH INFO
Norwich City 1 (Cantwell 75') Manchester United 2 (Aghalo 51' 118') After extra time.
Man of the match Harry Maguire (Manchester United)
MATCH INFO
Rugby World Cup (all times UAE)
Third-place play-off: New Zealand v Wales, Friday, 1pm
Final: England v South Africa, Saturday, 1pm
Aayan%E2%80%99s%20records
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Illegal%20shipments%20intercepted%20in%20Gulf%20region
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The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
The biog
Name: Gul Raziq
From: Charsadda, Pakistan
Family: Wife and six children
Favourite holes at Al Ghazal: 15 and 8
Golf Handicap: 6
Childhood sport: cricket
