Update: Mahzooz, the UAE's Dh50 million weekly draw, is back and here's how to play it
Emirates Loto – a new weekly raffle with a jackpot of Dh35 million – will hold its inaugural draw on April 18 after it was postponed from March 28 to align with the UAE government’s precautionary measures to contain the spread of Covid-19.
The draw will be live-streamed on digital platforms at 7.30pm each Saturday, but without a live audience as originally planned.
"We're going to follow the government guidelines, so whatever comes out, we'll adapt to the changes," Paul Sebestyen, chief executive of Emirates Loto, told The National. "Our plan is to have the drawing on the 18th, unless the government informs us otherwise."
Mr Sebestyen said the lottery, which could go up to as much as Dh50m on May 9, is a “break for the community” at a time when many people across the globe are following stay-at-home directives and consumed by concerns about the spread of the virus.
The jackpot is one of the largest offered in the UAE. Abu Dhabi Duty Free’s Big Ticket, which was live-streamed on Facebook last month and this month, offers a Dh10m prize, while the Dubai Duty Free Millennium Millionaire’s top award is $1m (Dh3.67m).
New travel restrictions were imposed in Dubai on Saturday with residents asked to stay at home unless they need to leave for food or medicine, as the sterilisation programme is extended to 24 hours a day for two weeks.
There are 1,505 confirmed cases in the UAE – three times the number last week. Ten people have died and 125 recovered. Worldwide there are more than 1.2 million confirmed Covid-19 cases and about 65,000 deaths as of Sunday, according to Johns Hopkins University, which is tracking the pandemic. More than 252,000 have recovered.
To participate in Emirates Loto, anyone over the age of 18 in the UAE and abroad can purchase “collectable” cards for Dh35 either on the website, through the app or at Choithrams supermarkets. Previously the cards could be purchased at more than 10,000 retail outlets, but most stores – with the exception of supermarkets and pharmacies – were closed last month to control the coronavirus outbreak. There are courier charges of Dh15 in the UAE on online card purchases; Dh35 in the GCC, Levant and North Africa; and Dh50 in the rest of the world. Buyers also have the option to “donate” their cards, but still participate in the draw.
Each card allows the buyer to generate six numbers (1-49) through the Emirates Loto website or app. The live event will be hosted by Lebanese TV presenter Wissam Breidy and Indian entrepreneur Aishwarya Ajit. Mr Sebestyen said the studio taping will follow physical distancing guidelines and “have as limited people as possible”.
Three number matches will give the buyer a free entry to the next draw, four number matches give Dh300 and five number matches Dh350,000. If all six numbers match, the buyer can win a share in a minimum jackpot of Dh35m, which will be divided equally among all winners.
If no one matches the six numbers drawn, the prize will increase by Dh5m every week until it reaches Dh50m.
Emirates Loto has been approved by a Fatwa issued by the General Authority of Islamic Affairs & Endowments in Abu Dhabi no 205/2020, according to its website. As per Sharia principles, there needs to be an exchange of value, hence why draw participants must purchase the collectable cards.
The images on the cards will change every quarter. There are currently eight cards with pictures of iconic UAE sites, including Burj Al Arab in Dubai and Capital Gate in Abu Dhabi. Participants have the option to buy the collectable cards and decline the option to enter the draw.
Emirates Loto has been in the works for a little over a year, Mr Sebestyen said. The organisation is currently in discussions with charities to donate a portion of the proceeds.
“We’re raising funds to change lives, not only for the people who are lucky enough to have won, but also for the money that will be donated to charities and other organisations for people in need,” he said.
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Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
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Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
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Credit Score explained
What is a credit score?
In the UAE your credit score is a number generated by the Al Etihad Credit Bureau (AECB), which represents your credit worthiness – in other words, your risk of defaulting on any debt repayments. In this country, the number is between 300 and 900. A low score indicates a higher risk of default, while a high score indicates you are a lower risk.
Why is it important?
Financial institutions will use it to decide whether or not you are a credit risk. Those with better scores may also receive preferential interest rates or terms on products such as loans, credit cards and mortgages.
How is it calculated?
The AECB collects information on your payment behaviour from banks as well as utilitiy and telecoms providers.
How can I improve my score?
By paying your bills on time and not missing any repayments, particularly your loan, credit card and mortgage payments. It is also wise to limit the number of credit card and loan applications you make and to reduce your outstanding balances.
How do I know if my score is low or high?
By checking it. Visit one of AECB’s Customer Happiness Centres with an original and valid Emirates ID, passport copy and valid email address. Liv. customers can also access the score directly from the banking app.
How much does it cost?
A credit report costs Dh100 while a report with the score included costs Dh150. Those only wanting the credit score pay Dh60. VAT is payable on top.
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Key recommendations
- Fewer criminals put behind bars and more to serve sentences in the community, with short sentences scrapped and many inmates released earlier.
- Greater use of curfews and exclusion zones to deliver tougher supervision than ever on criminals.
- Explore wider powers for judges to punish offenders by blocking them from attending football matches, banning them from driving or travelling abroad through an expansion of ‘ancillary orders’.
- More Intensive Supervision Courts to tackle the root causes of crime such as alcohol and drug abuse – forcing repeat offenders to take part in tough treatment programmes or face prison.
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• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
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.”
