The Doha skyline, Qatar. Picture Alliance / Getty Images
The Doha skyline, Qatar. Picture Alliance / Getty Images

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Qatar admitted to US Visa Waiver Programme

It is the first Gulf country to enter the programme

The National

September 24, 2024

Qatar has been admitted to the US Visa Waiver Programme, US officials announced on Tuesday. This will allow Qatari citizens to travel to the US for tourism or business for up to 90 days without first obtaining a visa.

“Qatar has been an exceptional partner for the United States, and our strategic relationship has only grown stronger over the past few years,” US Secretary of State Antony Blinken and Secretary of Homeland Security Alejandro Mayorkas said in a statement. “This is further evidence of our strategic partnership and our shared commitment to security and stability.”

The statement added that Qatar's participation in the programme increases information-sharing regarding one of the world's busiest travel and transfer centres, strengthening US security.

The country presented “a significant, whole-of-government effort” to meet the programme requirements, the statement said. Qatar is the first Gulf country to enter the programme.

“Qatar’s fulfilment of the stringent security requirements to join the Visa Waiver Programme will deepen our strategic partnership and enhance the flow of people and commerce between our two countries. Qatar’s entry will make travel between the United States and Qatar safer, more secure, and easier for both Americans and Qataris,” Mr Blinken said.

Qatari citizens will be able to fill out an Electronic System for Travel Authorisation application that allows countries in the Visa Waiver Programme to travel to the US without a visa.

Americans are already able to travel to Qatar without a visa but starting on October 1, they will be able to stay in the country for up to 90 days.

The programme builds comprehensive security partnerships between the US and designated countries that meet strict requirements related to counter-terrorism, law enforcement, immigration enforcement, document security and border management.

These requirements include that the country has a rate of non-immigrant visa refusals, issues secure travel documents, extends reciprocal entry privileges to all US citizens and works closely with American law enforcement and counter-terrorism authorities.

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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.”

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Updated: September 24, 2024, 8:45 PM