UK opens new (stressless) visa centre



ABU DHABI // You may just want a visa, but you will be able to apply in style - and perhaps plan your journey while you are waiting. Britain yesterday opened an upgraded application centre in the capital that offers, among other things, tickets to tourist attractions and a business-class lounge. "The British Government warmly welcomes UAE and other properly qualified travellers to the UK, and is committed to ensuring that the process of securing a UK visa should be as simple, swift, straightforward, family-friendly and culturally sensitive as possible," Edward Oakden, Britain's ambassador to the UAE, said at the official opening. "Our Visa Application Centre represents a step-change in customer service for visa applicants."

The remodelled centre on Khalidiya Street has a staff of 19 who can now handle more than 300 applications a day. Travellers can also apply for visas online, but must attend the centre to provide biometric information such as fingerprints. Prices start at Dh370 (US$100) for a six-month visa. More than 72,000 visa applications were made in the past 12 months, according to the UK Border Agency and VisitBritain, the national tourism agency, which has a stand at the centre.

The British Council also has a desk enabling people to find out more, for example, about booking English language exams while applying for a visa. Holidaymakers can also buy tickets at the centre for popular tourist attractions such as the London Eye, Madame Tussaud's and bus tours of the UK. A business-class lounge is available to applicants who pay the Dh150 entrance fee. British visa applications have included a biometric component since 2007 which has helped identify around 5,000 people trying to enter the UK from various countries with fraudulent documents.

Lin Homer, head of the UK Border Agency, who came to Abu Dhabi for the opening, said this was a relatively small percentage of the 2.25 million people who visited the UK each year. The original visa centre opened in September 2007 but has been upgraded because of the volume of requests. A second centre in Dubai is being moved to larger premises in Umm Hurair and will be opened later this month.
chamilton@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.”

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