ABU DHABI // Today marks India's national independence day but while there will be celebrations and festivities, for many expatriates in the UAE, the day is tinged with frustrations.
The Indian missions in Abu Dhabi and Dubai will play host to celebrations marking the country's 67th year free from British rule, however, many believe true freedom is hampered by the abject poverty, corruption and illiteracy that are still an everyday feature in society.
India has come a long way since an independence movement noted for largely non-violent resistance led by the Indian National Congress achieved its goals and ended almost 100 years of British rule on August 15, 1947, however, many Indians believe the country has not come far enough.
There are about two million Indians that call the UAE home, which makes them the largest community in the country. Of that figure, one million hail from the southern state of Kerala alone.
For many of these people, the decision to move overseas was shaped by a desire to earn a decent wage to support their families, something that is seen as increasingly difficult in their homeland.
"There are several challenges [in India], like poverty, which is increasing because of corruption as the rich people get richer and poor people get poorer and there is nothing in between," said Preeti Sahani, a home teacher and housewife in Sharjah.
She believes growing financial pressures mean both husband and wife now have to work in India, meaning there is less spare time for parents to instil their values in children, and for parents to teach their offspring about Indian culture.
"It's a major concern for parents, thinking what your child would see 20 years down the line and how they would cope with the poverty, the cost of living; I don't know," Ms Sahani said.
"I will teach my daughter about the values of the day [Indian Day] then leave for Indian consulate in Dubai for the celebrations. This year, I would focus on teaching my child.
"We need to instil the true values of the day among children and the young generation, who are not aware of it."
Jonia Mathew, the honorary president of the Indian Ladies Association, in Abu Dhabi, fears that the India's younger generations who are living abroad are not aware of the struggles in their homeland.
She believes that makes attending India Day festivities all the more important, so children can learn.
"Families need to spend time with children to explain to them the true meaning of the day," she said. "In this modern day, people are more devoted to their own work and career."
Like Ms Sahani, Ms Mathew cited widespread corruption as a major stumbling blocks to progress. To make India a corruption-free society, she said many measures need to be taken and "it has to start from the top. I feel only the people in power can make a difference".
"It's also extremely difficult to get some small things done because of too much bureaucracy back home. The government should take measures to make things easier," Ms Mathew said.
"It's very difficult for a person who has stayed abroad for many years to go back and adjust there due to the situation, and also in terms of jobs and services."
One person who is travelling back to India for the national holiday is Dr Arattuculam Titus, a GP at the Cosmopolitan Medical Centre, in Abu Dhabi.
"This is first time I'll be travelling to India to mark the day along with family, friends and relatives," he said. "We indulge in big celebrations back home."
Buoyed by the impending celebrations, Dr Titus has a different view on corruption, blaming the public for encouraging the practise.
"For example, to obtain a passport or process work quickly, they bribe middle men. People need to stop this first. We are the people who make officials corrupt," he said.
There should be an awareness among people to obey rules and avoid indulging in illegal means of doing things, Dr Titus said.
Despite some reservations, many Indian expats are looking forward to celebrating their national identity.
Indian community centres in Abu Dhabi are uniting to hold joint festivities at the India Social and Cultural Centre on Mina Road.
A flag will be hoisted at 7am this morning and festivities will run from 8.30pm and midnight in the evening.
The Indian Embassy in Abu Dhabi and consulate in Dubai will also have flag ceremonies at 8am, followed immediately by cultural and traditional performances.
All festivities are open to anyone who wishes to attend.
anwar@thenational.ae
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Company Profile
Name: JustClean
Based: Kuwait with offices in other GCC countries
Launch year: 2016
Number of employees: 130
Sector: online laundry service
Funding: $12.9m from Kuwait-based Faith Capital Holding
Brief scoreline:
Tottenham 1
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Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Emergency
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Company name: Nybl
Date started: November 2018
Founder: Noor Alnahhas, Michael LeTan, Hafsa Yazdni, Sufyaan Abdul Haseeb, Waleed Rifaat, Mohammed Shono
Based: Dubai, UAE
Sector: Software Technology / Artificial Intelligence
Initial investment: $500,000
Funding round: Series B (raising $5m)
Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up
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Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
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- Full hormone production regained within 4-6 months
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
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Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
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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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Zakat definitions
Zakat: an Arabic word meaning ‘to cleanse’ or ‘purification’.
Nisab: the minimum amount that a Muslim must have before being obliged to pay zakat. Traditionally, the nisab threshold was 87.48 grams of gold, or 612.36 grams of silver. The monetary value of the nisab therefore varies by current prices and currencies.
Zakat Al Mal: the ‘cleansing’ of wealth, as one of the five pillars of Islam; a spiritual duty for all Muslims meeting the ‘nisab’ wealth criteria in a lunar year, to pay 2.5 per cent of their wealth in alms to the deserving and needy.
Zakat Al Fitr: a donation to charity given during Ramadan, before Eid Al Fitr, in the form of food. Every adult Muslim who possesses food in excess of the needs of themselves and their family must pay two qadahs (an old measure just over 2 kilograms) of flour, wheat, barley or rice from each person in a household, as a minimum.
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