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
June 26,2020

Dubai, Jun 26: As summers in Dubai bloom in its full glory, the most savoured summer fruit - Mongo - is getting the most special treatment in the city as it gets delivered to customers via an emperor like ride of a Lamborghini.

As per a video report by Gulf News, the Pakistan Supermarket in Dubai is delivering the king of fruits to the doorsteps of its customers in a green coloured Lamborghini to match the level of its supremacy among fruits.

"The king should travel like a king," says the managing director of the store, Mohammad Jehanzeb who delivers the pulpy fruit by himself and also takes the customers on a short ride in the luxury car.

In order to avail the offer rolled out on the Facebook page of the famous supermarket, customers are required to make a minimum order of Dh100, reports the Gulf News.

"The idea is to put a smile on people's faces and make them feel special," says Jehanzeb who has put a smile on the face of dozens of Dubai residents amidst the throes of a pandemic with his 'Mangoes in Lamborghini' campaign.

The delicacy this year has gone viral with videos of delighted mango lovers taking a joy ride in the supercar doing rounds over the internet.

"The joy ride was essentially meant for kids who have been sequestered at homes because of the coronavirus but adults are equally thrilled at the prospect of getting behind the wheels of my Lamborghini Huracan. I am happy to oblige them too," says Jehanzeb.

"Each order takes about an hour. We do about 7-8 home deliveries a day but are hoping to ramp up the numbers to 12," he adds.

Arshad Khan who hails from the Indian city of nawabs - Lucknow- ordered the 'nawabi' varieties - Sindhri and Anwar Ratol - and said that his children were exhilarated after hearing the roar of the Lamborghini outside their Falcon City villa.

"For someone who hails from Lucknow -- the land of the famous dussheri and landga mangoes -- I was a bit skeptical about the taste of Pakistani mangoes. I ordered them for the sheer experience of seeing them come to my place in a luxury supercar," Gulf News quoted Khan as saying.

"It was quite exhilarating and I must confess that the mangoes were as delicious as the ones back home," he added.

Mango fruit has been a delicacy in the 16th-century Hindustan sub-continent. It holds a fascinating narrative in Babur Nama which is an autobiography of the Mughal emperor Zahiruddin Muhammad Babur.

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News Network
March 12,2020

Mar 12: Three women were arrested for allegedly administrating fake coronavirus vaccines to villagers in Maharashtra's Jalna district, police said on Thursday.

The police on Wednesday arrested Beed residents Radha Ramnath Saamse, Seema Krishna Andhale and Sangeeta Rajendra Avhad, who allegedly posed as doctors and healthcare workers, an official said.

The trio met villagers of Pipalgoan in Ambad tehsil, informed them about a vaccine that could protect them from coronavirus and administered it to gullible locals, he said.

Some villagers informed Dr Mahadev Munde, a medical officer at a rural health centre, about this, after which a complaint was lodged, the official said.

Fake vaccines and bottles, which were seized from the accused, have been sent to the state health department, he said, adding that a case of cheating has been registered against the trio.

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News Network
February 2,2020

Feb 2: Prime Minister Narendra Modi’s second budget in seven months disappointed investors who were hoping for big-bang stimulus to revive growth in Asia’s third-largest economy.

The fiscal plan -- delivered by Finance Minister Nirmala Sitharaman on Saturday -- proposed tax cuts for individuals and wider deficit targets but failed to provide specific steps to fix a struggling financial sector, improve infrastructure and create jobs. Stocks slumped as a proposal to scrap the dividend distribution tax for companies failed to impress investors.

"Far from being a game changer, the budget provides little in terms of short-term growth stimulus,” said Priyanka Kishore, head of India and South East Asia economics at Oxford Economics Ltd. in Singapore. “While income tax cuts will provide some relief on the consumption front, the multiplier effect is low and the overall stance of the budget is not expansionary."

India has gone from being the world’s fastest-growing major economy three years ago, expanding at 8%, to posting its weakest performance in more than a decade this fiscal year, estimated at 5%.

While the government has taken a number of steps in recent months to spur growth, they’ve fallen short of spurring demand in the consumption-driven economy. Saturday’s budget just added to the glum sentiment.

Okay Budget

“It’s an okay budget but not firing on all cylinders that the market was hoping for,” said Andrew Holland, chief executive officer at Avendus Capital Alternate Strategies in Mumbai.

The government had limited scope for a large stimulus given a huge shortfall in revenues in the current year. The slippage induced Sitharaman to invoke a never-used provision in fiscal laws, allowing the government to exceed the budget gap by 0.5 percentage points. The result: the deficit for the year ending March was widened to 3.8% of gross domestic product from a planned 3.3%.

On Friday, India’s chief economic adviser Krishnamurthy Subramanian said reviving economic growth was an “urgent priority” and deficit goals could be relaxed to achieve that. The adviser’s Economic Survey estimated growth will rebound to 6%-6.5% in the year starting April.

The fiscal gap will narrow to 3.5% next year, as the government budgeted for gross market borrowing to rise marginally to 7.8 trillion rupees from 7.1 trillion rupees in the current year. A plan to earn 2.1 trillion rupees by selling state-owned assets in the year starting April will also help plug the deficit.

Total spending in the coming fiscal year will increase to 30.4 trillion rupees, representing a 13% increase from the current year’s budget, according to latest data.

Key highlights from the budget:

* Tax on annual income up to 1.25 million rupees pared, with riders

* Dividend distribution tax to be levied on investors, instead of companies

* Farm sector budget raised 28%, transport infrastructure gets 7% more

* Spending on education raised 5%

* Fertilizer subsidy cut 10%

Analysts said the muted spending plan to keep the deficit in check will lead to more downside risks to growth in the coming months.

“It is very doubtful that the increase in expenditure will push demand much,” Chakravarthy Rangarajan, former governor at the Reserve Bank of India told BloombergQuint, adding that achieving next year’s budget deficit goal of 3.5% of GDP was doubtful.

With the government sticking to a conservative fiscal path, the focus will now turn to central bank, which is set to review monetary policy on Feb. 6. Given inflation has surged to a five-year high of 7.35%, the RBI is unlikely to lower interest rates.

What Bloomberg’s Economists Say:

The burden of recovery now falls solely on the Reserve Bank of India. With inflation breaching RBI’s target at present, any rate cuts by the central bank are likely to be delayed and contingent upon inflation falling below the upper end of its 2%-6% target range.

-- Abhishek Gupta, India economist

Governor Shaktikanta Das may instead focus on unconventional policy tools such as the Federal Reserve-style Operation Twist -- buying long-end debt while selling short-tenor bonds -- to keep borrowing costs down.

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