Blue Visa holders will deepen the UAE’s talent pool, much in the same way its current Golden Visa residents are contributing to other key sectors, such as health care, technology, education and the arts. Photo: iStock
Blue Visa holders will deepen the UAE’s talent pool, much in the same way its current Golden Visa residents are contributing to other key sectors, such as health care, technology, education and the arts. Photo: iStock
Blue Visa holders will deepen the UAE’s talent pool, much in the same way its current Golden Visa residents are contributing to other key sectors, such as health care, technology, education and the arts. Photo: iStock
Blue Visa holders will deepen the UAE’s talent pool, much in the same way its current Golden Visa residents are contributing to other key sectors, such as health care, technology, education and the ar


The UAE's new visa offers a real return on investment


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  • Arabic

May 17, 2024

The fight against climate change should be a collective effort. And yet, the race to save the planet from global warming has become highly competitive. In the search for technical and scientific solutions to mitigate or even reverse the alarming changes taking place in our environment, the field’s best and brightest thinkers are in high demand.

That’s what makes the UAE Cabinet’s recent approval of a 10-year Blue Residency visa for people who make “exceptional contributions” towards protecting the environment a timely development. Global environmental targets are fuelling the need for skilled professionals, and the UAE is trading on its strengths – its stability, its high quality of life and innovative environment – to attract top talent, a strategy it has pursued since the foundation of the state.

Indeed, the competition for cutting-edge researchers and forward-thinking investors who could produce a climate breakthrough has been in play for years. In 2017, France offered four-year grants and information on how to gain work visas to US climate scientists, students and entrepreneurs alienated by then-president Donald Trump’s decision to pull America out of the Paris Agreement on global warming.

But do such special visas work? Other countries' experience suggests the answer is yes. The US, which remains a prime destination for global talent, has its EB-1 visa – more commonly known as the “Einstein visa” – for extraordinary people who have made significant contributions in their fields, including environmentalists. Among the occupations eligible for the UK’s Tier 2 skilled worker visas are roles such as energy manager, environmental consultant, flood risk managerand environmental scientist.

Other countries offer residency to investors who can bring much-needed financial firepower to green projects. For example, in 2019 Portugal introduced of a residency programme for investors in environmentally sustainable projects, such as organic agriculture, ecotourism and renewable energy. This was particularly appealing to investors from outside the EU, as Portuguese residence offers greater access to the rest of the bloc’s 26 other countries.

The UAE’s Blue Visa scheme, however, is about more than attracting skills and experience. It reflects the government’s policy and political priority of building a more sustainable future. Offering residency based on an individual’s contribution to that aim is a natural progression that follows other high-profile Emirati commitments in the fight against global warming, such as holding the Cop28 presidency which included hosting the Cop28 climate summit in Dubai last year, where the country’s stewardship went a long way to achieving much-needed international consensus.

Bringing people along on this journey – not just for a conference or a short-term project – is a crucial step forwards in developing successful climate strategies for the future and dealing with the challenges it presents today. Blue Visa holders will deepen the UAE’s talent pool, much in the same way its current Golden Visa residents are contributing to other key sectors, such as healthcare, technology, education and the arts.

This type of residency is about creating a long-term presence of climate specialists who will generate knowledge that will build a better future for the next generations. That is quite a return on investment.

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

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Translated by Paul McCarthy
Daunt Books 

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Man of the Match: Dominic Calvert-Lewin (Everton)

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Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal 

Rating: 2/5

Will the pound fall to parity with the dollar?

The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.

Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.

New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.

“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.

The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.

The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.

Bloomberg

MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

UK-EU trade at a glance

EU fishing vessels guaranteed access to UK waters for 12 years

Co-operation on security initiatives and procurement of defence products

Youth experience scheme to work, study or volunteer in UK and EU countries

Smoother border management with use of e-gates

Cutting red tape on import and export of food

Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request

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

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Director: Goran Hugo Olsson

Rating: 5/5

Tributes from the UAE's personal finance community

• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style

“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.

Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term. 

From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”

• Sam Instone, director of financial advisory firm AES International

"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed.  Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."

• Demos Kyprianou, a board member of SimplyFI.org

"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."

• Steve Cronin, founder of DeadSimpleSaving.com

"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.

His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.

Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."

• Zach Holz, who blogs about financial independence at The Happiest Teacher

"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen.  He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”

• Tuan Phan, a board member of SimplyFI.org

"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Updated: May 17, 2024, 5:20 AM`