ABU DHABI // High agency fees for bringing domestic workers into the UAE must be monitored, a Federal National Council member will argue this week.
At the FNC session on Tuesday, Ali Al Nuaimi (Ajman) will point out to the Minister of Economy how hiring agencies are exploiting residents with fees between Dh8,000 and Dh12,000.
“The fees are not unified between the different agencies,” he said. “It is all commercial and some agencies are not monitored.”
He said that once the fees were paid and a maid was brought to the country, if she decided to leave or was not compatible with the family, agencies would not refund the fees.
In his capacity as the head of the Higher Committee for Consumer Protection, Sultan Al Mansouri will be asked about the discrepancies and what acts the ministry is taking to monitor the agencies.
“Through discussions I will raise a proposal for an agreement between the UAE and countries maids come from on fees to bring them to the UAE,” he said.
Mr Al Nuaimi also plans to question Mr Al Mansouri over the ministry’s work to encourage Emirati exports.
Other members who plan to question Mr Al Mansouri include Marwan bin Ghalita (Dubai), about the ministry’s efforts to monitor economic activity in the country’s free zones, and Mohammed Al Raqbani, about support given to small and medium enterprises and how to help them to benefit from the country’s Expo 2020 victory.
"Basically, the country won Expo 2020, and this file is now given to the country, not the emirate. The question is what the Ministry of Economy is doing to support small and medium-size companies in getting investment opportunities for Expo 2020," he said.
He said benefits of the event should not go only to international companies, but that SMEs should also profit.
“The Ministry of Economy should let SMEs know of what opportunities are available for them,” he said. “What support are we willing to give to these companies?”
He said it was now the ministry’s turn to reach out to all emirates to offer insight on all Expo 2020 prospects.
“People think that it is like any other exhibition,” he said.
During the second half of the session, members will debate the anti-fraud bill, replacing the outdated 35-year-old law.
According to Mr Al Nuaimi, amendments made to the law will increase its coverage to combat service and contractor fraud, as well as commercial fraud.
Even though commercial fraud was minimal, Mr Al Nuaimi said it was still a concern in respect to counterfeit goods, including bags, toys, clothes, electronics and car parts. Occasionally cases involve fake food and medication.
Those found to be breaking the law will be subject to two years in prison and/or a fine between Dh50,000 and Dh250,000.
Those who commit commercial fraud in human or animal food products or medication could face the same prison term and up to Dh1 million in fines with the new law, up from the previous Dh10,000.
The new bill also punishes establishments that advertise bogus prizes and those with unclear product descriptions on items for sale.
Contractors will also be subject to the law if they fail to meet contract specifications.
The public session will be held at the FNC headquarters in Abu Dhabi, starting at 9am.
osalem@thenational.ae
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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.”
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
Du Football Champions
The fourth season of du Football Champions was launched at Gitex on Wednesday alongside the Middle East’s first sports-tech scouting platform.“du Talents”, which enables aspiring footballers to upload their profiles and highlights reels and communicate directly with coaches, is designed to extend the reach of the programme, which has already attracted more than 21,500 players in its first three years.
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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
Neil Thomson – THE BIO
Family: I am happily married to my wife Liz and we have two children together.
Favourite music: Rock music. I started at a young age due to my father’s influence. He played in an Indian rock band The Flintstones who were once asked by Apple Records to fly over to England to perform there.
Favourite book: I constantly find myself reading The Bible.
Favourite film: The Greatest Showman.
Favourite holiday destination: I love visiting Melbourne as I have family there and it’s a wonderful place. New York at Christmas is also magical.
Favourite food: I went to boarding school so I like any cuisine really.