Permanent residency: A golden boon for UAE economy

KT
May 22, 2019

Dubai, May 22: The UAE's decision to grant permanent residency to investors will attract long-term residents, investors and world's best talent in diverse fields, hence increasing the size of the UAE's economy and stabilising it, analysts, businessmen and entrepreneurs have said.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Tuesday announced permanent residency scheme Golden Card, which will be granted to qualifying investors, entrepreneurs, professional talents, researchers in various fields of science and knowledge, and outstanding students.

It is believed that the first beneficiary of this game-changing initiative will be existing businessmen, entrepreneurs and highly-skilled and qualified professionals and students who will convert their status and obtain the Golden Card.

Osama Al Rahma, CEO of Al Fardan Exchange and vice-chairman of Foreign Exchange and Remittance Group (FERG), said the permanent residency scheme will be very encouraging for the expat community and will reinforce their confidence in the country's governance and economy.

"The announcement is great news for investors in the UAE, especially those who have been here for a long time, as they are now able to benefit from greater security and stability. Investors will be able to plan long-term strategies for their businesses and invest more in existing businesses, thus allowing capital to remain within the UAE," Al Rahma said.

Dr Azad Moopen, founder chairman and managing director, Aster DM Healthcare, said this initiative has been a long-felt desire of the expat community to stay here permanently as many of them consider UAE as home.

"The ability to get a permanent residency will prompt people from many countries to come to the UAE and establish business. This will in turn improve the economy and increase employment opportunity," said Moopen.

Praising the UAE's decision of permanent residency, Taher Shams, managing director, Zulekha Healthcare Group, said this initiative will enable the group to plan long-term and look forward to greater success.

Nigel Green, founder and CEO of deVere Group, noted that the UAE is one of the world's top destinations for expatriates looking to embark upon or further their careers because of the fantastic possibilities offered in terms of finance, trade and commerce, plus that famous 'can do' attitude and the low-tax environment.

"The Golden Card will ensure the UAE becomes even more attractive for overseas talent as it provides permanency and, therefore, more certainty and stability. It will inevitably make recruiting more top talent easier for UAE-based firms and this can be expected to add real value to the country and its economy. The initiative will further fuel confidence that the UAE is a place for international companies to do business and invest. Its business powerhouse reputation will be galvanised by this proactive and forward-thinking new development," Green said.

"We are indeed very delighted for the Golden Card scheme. This is a great news and it will help attract investments and retain talented people who have contributed to the growth and development of the UAE," said Kamal Vachani, group director, Al Maya Group.

Fadi Ghandour, chairman and CEO, Wamda Capital, said it is a very timely and quite bold decision. "Lots of entrepreneurs and various people of talent will take it very seriously. It will certainly have a positive long term impact on the economy."

USA

>Sponsorship by a family member

>Special employment

>Has made a major investment (minimum $500,000 or Dh1.825M)

>Qualified for the Diversity Lottery -  around 50,000 immigrant visas are made available annually aimed at diversifying the immigrant population in the US, by selecting applicants from countries with low numbers of immigrants in the previous five years.

>Referred by the UNHCR as a refugee (or has request asylum in the US)

Singapore

>Must be spouse and unmarried children (below 21 years old) of a Singapore citizen or PR

>Any skilled workerwho the country thinks will make valuable contribution

>Aged parents of a citizen.

>Investors or entrepreneurs meeting eligibility criteria under the Singapore Investment Visa or Global Investor Program (GIP) - a scheme that allows people to bring their investment initiative to Singapore and obtain a permanent residence in the country immediately after making the pouring of money worth at least SGD2.5 million (Dh6.6M)

New Zealand

>Must be a resident visa holder for two years or more, and can show a commitment to live in New Zealand

>Must be under 56 years of age

>Must meet all health, character and English ability requirements

>Must be able to meet a pass mark of 100 points in the Points System to register an Expression of Interest. Points are awarded for age, having family members in New Zealand, employment, previous work experience, and qualifications - all these should  meet the minimum threshold of 100 points

Canada

>Must be physically present in Canada for at least 730 days (2 years) in every 5-year period.

>The person has to be at least 18 years old in order to apply for a PR visa

>Having a bachelor's degree gives a higher chance of getting selected for Canada PR immigration while for the 'Express Entry points system', the highest points are given to people with PhDs.

Germany

>Must have been living in Germany for five uninterrupted years

>Must have a secure livelihood with health insurance and provision for retirement (pension) and adequate living space (at least 13sqm per person)

>Highly qualified workers may be issued with a German settlement permit immediately

>Graduates of a German higher education institute may be able to get a German permanent residence after two years

>EU Blue Card holders can apply after working 33 months (or just 21 months with a level B1 language certificate)

>Self-employed people, with an established business and secure livelihood, may be able to get permanent residency in Germany after three years.

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News Network
January 8,2020

Dubai, Jan 8: A Ukrainian airliner crashed soon after taking off from Tehran's Imam Khomeini airport on Wednesday, killing all 176 people aboard, Iran's state television and Ukraine's leaders said.

The Boeing 737 belonging to Ukraine International Airlines crashed near the airport and burst into flames. Ukraine's embassy in Iran, citing preliminary information, said the plane had suffered engine failure and the crash was not caused by "terrorism".

Ukraine President Volodymyr Zelenskiy said there were no survivors.

"My sincere condolences to the relatives and friends of all passengers and crew," Zelenskiy said in a statement, adding that Ukraine was seeking to establish the circumstances of the crash and the death toll.

Iranian TV said the crash was due to technical problems but did not elaborate. State broadcaster IRIB said on its website that one of the plane's two black boxes - the flight data recorder and the cockpit voice recorder - had been found.

Iranian media quoted an Iranian aviation official as saying the pilot of the airliner did not declare an emergency.

There was no official word from Ukraine International Airlines. It was the Kiev-based airline's first fatal crash.

"The fire is so heavy that we cannot (do) any rescue... we have 22 ambulances, four bus ambulances and a helicopter at the site," Pirhossein Koulivand, head of Iran's emergency services, told Iranian state television.

Ukraine's prime minister and Iranian state TV said 167 passengers and 9 crew were on board. Iranian TV said 32 of those on board were foreigners.

Television footage showed debris and smouldering engine parts strewn across a field, and rescue workers with face masks retrieving bodies of the victims.

According to air tracking service FlightRadar24, the plane that crashed was Flight PS 752 and was flying to Kiev. The plane was three years old and was a Boeing 737-800NG, it said.

The model's twin engines are made by CFM International, a U.S.-French venture co-owned by General Electric and France's Safran.

Modern aircraft are designed and certified to cope with an engine failure shortly after take-off and to fly for extended periods on one engine. However, an uncontained engine failure releasing shrapnel can cause damage to other aircraft systems.

A spokesman for Boeing said the company was aware of media reports of a plane crash in Iran and was gathering more information. The plane manufacturer grounded its 737 MAX fleet in March after two crashes that killed 346 people.

The 737-800 is one of the world's most-flown models with a good safety record and which does not have the software feature implicated in crashes of the 737 MAX.

Under international rules overseen by the United Nations, Iran is responsible for leading the crash investigation.

Ukraine would be involved and the United States would usually be accredited as the country where the Boeing jet was designed and built. France, where the engine maker CFM has half its activities, may also be involved.

There was no immediate word on whether the U.S. National Transportation Safety Board would be involved in the probe amid escalating tensions between the U.S. and Iran. The NTSB usually invites Boeing to give technical advice in such investigations.

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News Network
March 3,2020

Mar 3: Just hours after the ending of a week-long “reduction” in violence that was crucial for Donald Trump’s peace deal in Afghanistan, the Taliban struck again: On Monday, they killed three people and injured about a dozen at a football match in Khost province. This resumption of violence will not surprise anyone actually invested in peace for that troubled country. The point of the U.S.-Taliban deal was never peace. It was to try and cover up an ignominious exit for the U.S., driven by an election-bound president who feels no responsibility toward that country or to the broader region.

Seen from South Asia, every point we know about in the agreement is a concession by Trump to the Taliban. Most importantly, it completes a long-term effort by the U.S. to delegitimize the elected government in Kabul — and, by extension, Afghanistan’s constitution. Afghanistan’s president is already balking at releasing 5,000 Taliban prisoners before intra-Afghan talks can begin — a provision that his government did not approve.

One particularly cringe-worthy aspect: The agreement refers to the Taliban throughout  as “the Islamic Emirate of Afghanistan that is not recognized by the United States as a state and is known as the Taliban.” This unwieldy nomenclature validates the Taliban’s claim to be a government equivalent to the one in Kabul, just not the one recognised at the moment by the U.S. When read together with the second part of the agreement, which binds the U.S. to not “intervene in [Afghanistan’s] domestic affairs,” the point is obvious: The Taliban is not interested in peace, but in ensuring that support for its rivals is forbidden, and its path to Kabul is cleared.

All that the U.S. has effectively gotten in return is the Taliban’s assurance that it will not allow the soil of Afghanistan to be used against the “U.S. and its allies.” True, the U.S. under Trump has shown a disturbing willingness to trust solemn assurances from autocrats; but its apparent belief in promises made by a murderous theocratic movement is even more ridiculous. Especially as the Taliban made much the same promise to an Assistant Secretary of State about Osama bin Laden while he was in the country plotting 9/11.

Nobody in the region is pleased with this agreement except for the Taliban and their backers in the Pakistani military. India has consistently held that the legitimate government in Kabul must be the basic anchor of any peace plan. Ordinary Afghans, unsurprisingly, long for peace — but they are, by all accounts, deeply skeptical about how this deal will get them there. The brave activists of the Afghan Women’s Network are worried that intra-Afghan talks will take place without adequate representation of the country’s women — who have, after all, the most to lose from a return to Taliban rule.

But the Pakistani military establishment is not hiding its glee. One retired general tweeted: “Big victory for Afghan Taliban as historic accord signed… Forced Americans to negotiate an accord from the position of parity. Setback for India.” Pakistan’s army, the Taliban’s biggest backer, longs to re-install a friendly Islamist regime in Kabul — and it has correctly estimated that, after being abandoned by Trump, the Afghan government will have sharply reduced bargaining power in any intra-Afghan peace talks. A deal with the Taliban that fails also to include its backers in the Pakistani military is meaningless.

India, meanwhile, will not see this deal as a positive for regional peace or its relationship with the U.S. It comes barely a week after Trump’s India visit, which made it painfully clear that shared strategic concerns are the only thing keeping the countries together. New Delhi remembers that India is not, on paper, a U.S. “ally.” In that respect, an intensification of terrorism targeting India, as happened the last time the U.S. withdrew from the region, would not even be a violation of Trump’s agreement. One possible outcome: Over time the government in New Delhi, which has resolutely sought to keep its ties with Kabul primarily political, may have to step up security cooperation. Nobody knows where that would lead.

The irresponsible concessions made by the U.S. in this agreement will likely disrupt South Asia for years to come, and endanger its own relationship with India going forward. But worst of all, this deal abandons those in Afghanistan who, under the shadow of war, tried to develop, for the first time, institutions that work for all Afghans. No amount of sanctimony about “ending America’s longest war” should obscure the danger and immorality of this sort of exit.

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News Network
March 26,2020

Riyadh, Mar 26: Leaders of the Group of 20 nations will hold a summit today via video conference to discuss measures to protect the global economy, amid coronavirus pandemic which has claimed over 18,000 lives globally.
The summit, which will be chaired by Saudi Arabia's King Salman bin Abdulaziz Al Saud, aims to "advance a coordinated global response to the COVID-19 pandemic and its human and economic implications," according to the statement published by the G20 Secretariat on Tuesday.
The lethal virus which was first detected in December last year in the Chinese city of Wuhan, has since, infected over 4,14,179 people around the world.
The coronavirus has already resulted in major disruption of global supply chains, volatility and large drops in the stock market and could cause a financial crisis as stated by IMF Managing Director Kristalina Georgieva.
India is a member nation of the G20 group.
Speaking on the summit on Wednesday, Prime Minister Narendra Modi said that the Group of 20 (G20) has an important role to play in the fight against coronavirus.
He said: "The G20 has an important global role to play in addressing the #COVID19 pandemic. I look forward to productive discussions tomorrow at the G20 Virtual Summit, being coordinated by the Saudi G20 Presidency."
The other members include Argentina, Australia, Brazil, Canada, China, Germany, France, India, Indonesia, Italy, Japan, Mexico, the Russian Federation, Saudi Arabia, South Africa, South Korea, Turkey, the UK, the US, and the European Union.
In view of the coronavirus outbreak situation, several international organisations -- including the United Nations, World Bank, the World Health Organization and the World Trade Organization will take part.
Leaders from the Food and Agriculture Organization, the Financial Stability Board, the International Labour Organization, International Monetary Fund, the Organization for Economic Cooperation and Development -- will also be the part of the conference.

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